0001193125-12-085822.txt : 20120228 0001193125-12-085822.hdr.sgml : 20120228 20120228172217 ACCESSION NUMBER: 0001193125-12-085822 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 34 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120228 DATE AS OF CHANGE: 20120228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS GROUP INC CENTRAL INDEX KEY: 0000886982 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 134019460 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14965 FILM NUMBER: 12648746 BUSINESS ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 2129021000 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS GROUP INC/ DATE OF NAME CHANGE: 20010104 10-K 1 d276319d10k.htm FORM 10-K Form 10-K
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

For the fiscal year ended December 31, 2011

Form 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the fiscal year ended December 31, 2011   Commission File Number: 001-14965

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   13-4019460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

200 West Street

New York, N.Y.

 

10282

(Zip Code)

(Address of principal executive offices)  

(212) 902-1000

(Registrant’s telephone number, including area code)

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

 

Title of each class:   Name of each exchange on which registered:

Common stock, par value $.01 per share

 

New York Stock Exchange

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A  

New York Stock Exchange

Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.20% Non-Cumulative Preferred Stock, Series B  

New York Stock Exchange

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C  

New York Stock Exchange

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D  

New York Stock Exchange

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II (and Registrant’s guarantee with respect thereto)  

New York Stock Exchange

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III (and Registrant’s guarantee with respect thereto)  

New York Stock Exchange

Medium-Term Notes, Series B, Index-Linked Notes due February 2013; Index-Linked Notes due April 2013; and Index-Linked Notes due May 2013  

NYSE Amex

Medium-Term Notes, Series A, Index-Linked Notes due 2037 of GS Finance Corp. (and Registrant’s guarantee with respect thereto)  

NYSE Arca

Medium-Term Notes, Series B, Index-Linked Notes due 2037  

NYSE Arca

Medium-Term Notes, Series D, 7.50% Notes due 2019  

New York Stock Exchange

6.125% Notes due 2060  

New York Stock Exchange

6.50% Notes due 2061  

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of the Annual Report on Form 10-K or any amendment to the Annual Report on Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  x   Accelerated filer  ¨   Non-accelerated filer  ¨   Smaller reporting company  ¨
    (Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of June 30, 2011, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $66.6 billion.

As of February 17, 2012, there were 494,904,018 shares of the registrant’s common stock outstanding.

Documents incorporated by reference: Portions of The Goldman Sachs Group, Inc.’s Proxy Statement for its 2012 Annual Meeting of Shareholders are incorporated by reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.


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THE GOLDMAN SACHS GROUP, INC.

ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011

 

INDEX

 

 
Form 10-K Item Number    Page No.  
PART I          1   
Item 1  

Business

     1   
   

Introduction

     1   
   

Our Business Segments and Segment Operating Results

     1   
   

Investment Banking

     2   
   

Institutional Client Services

     3   
   

Investing & Lending

     5   
   

Investment Management

     5   
   

Business Continuity and Information Security

     6   
   

Employees

     6   
   

Competition

     7   
   

Regulation

     8   
   

Available Information

     19   
   

Cautionary Statement Pursuant to the U.S. Private Securities Litigation Reform Act of 1995

     20   
Item 1A  

Risk Factors

     21   
Item 1B  

Unresolved Staff Comments

     34   
Item 2  

Properties

     34   
Item 3  

Legal Proceedings

     34   
Item 4  

Mine Safety Disclosures

     34   
   

Executive Officers of The Goldman Sachs Group, Inc.

     35   
PART II          37   
Item 5  

Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities

     37   
Item 6  

Selected Financial Data

     37   
Item 7  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     38   
Item 7A  

Quantitative and Qualitative Disclosures About Market Risk

     106   
Item 8  

Financial Statements and Supplementary Data

     107   
Item 9  

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

     223   
Item 9A  

Controls and Procedures

     223   
Item 9B  

Other Information

     223   
PART III          223   
Item 10  

Directors, Executive Officers and Corporate Governance

     223   
Item 11  

Executive Compensation

     223   
Item 12  

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

     224   
Item 13  

Certain Relationships and Related Transactions, and Director Independence

     224   
Item 14  

Principal Accountant Fees and Services

     224   
PART IV          225   
Item 15  

Exhibits and Financial Statement Schedules

     225   
SIGNATURES      II-1   

 

   


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

PART I

Item 1. Business

 

Introduction

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

When we use the terms “Goldman Sachs,” “the firm,” “we,” “us” and “our,” we mean The Goldman Sachs Group, Inc. (Group Inc.), a Delaware corporation, and its consolidated subsidiaries.

References to “this Form 10-K” are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. All references to 2011, 2010 and 2009 refer to our fiscal years ended, or the dates, as the context requires, December 31, 2011, December 31, 2010 and December 31, 2009, respectively.

Group Inc. is a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System (Federal Reserve Board). Our U.S. depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank.

As of December 2011, we had offices in over 30 countries and 48% of our total staff was based outside the Americas (which includes the countries in North and South America). Our clients are located worldwide, and we are an active participant in financial markets around the world. In 2011, we generated 38% of our net revenues outside the Americas. For more information on our geographic results, see Note 25 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.

Our Business Segments and Segment Operating Results

We report our activities in four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. The chart below presents our four business segments.

 

 

LOGO

 

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The table below presents our segment operating results.

 

         Year Ended December 1        % of 2011  
$ in millions         2011        2010        2009        Net
Revenues
 

Investment Banking

   Net revenues   $ 4,355         $ 4,810         $ 4,984           15
     Operating expenses     2,962           3,511           3,482              
     Pre-tax earnings   $ 1,393         $ 1,299         $ 1,502              

Institutional Client Services

   Net revenues   $ 17,280         $ 21,796         $ 32,719           60
     Operating expenses     12,697           14,291           13,691              
     Pre-tax earnings   $ 4,583         $ 7,505         $ 19,028              

Investing & Lending

   Net revenues   $ 2,142         $ 7,541         $ 2,863           7
     Operating expenses     2,673           3,361           3,523              
     Pre-tax earnings/(loss)   $ (531      $ 4,180         $ (660           

Investment Management

   Net revenues   $ 5,034         $ 5,014         $ 4,607           18
     Operating expenses     4,018           4,051           3,673              
     Pre-tax earnings   $ 1,016         $ 963         $ 934              

Total

   Net revenues   $ 28,811         $ 39,161         $ 45,173              
     Operating expenses 2     22,642           26,269           25,344              
     Pre-tax earnings   $ 6,169         $ 12,892         $ 19,829              

 

1.

Financial information concerning our business segments for 2011, 2010 and 2009 is included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Financial Statements and Supplementary Data,” which are in Part II, Items 7 and 8, respectively, of this Form 10-K. See Note 25 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for a further breakdown of our net revenues.

 

2.

Includes the following expenses that have not been allocated to our segments: (i) net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively; (ii) charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and (iii) real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

 

 

Investment Banking

Investment Banking serves corporate and government clients around the world. We provide financial advisory services and help companies raise capital to strengthen and grow their businesses. We seek to develop and maintain long-term relationships with a diverse global group of institutional clients, including governments, states and municipalities. Our goal is to deliver to our clients the entire resources of the firm in a seamless fashion, with investment banking serving as the main initial point of contact with Goldman Sachs.

Financial Advisory. Financial Advisory includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs. In particular, we help clients execute large, complex transactions for which we provide multiple services, including “one-stop” acquisition financing and cross-border structuring expertise. Financial Advisory also includes revenues from derivative transactions directly related to these client advisory assignments.

We also assist our clients in managing their asset and liability exposures and their capital. In addition, we may provide lending commitments and bank loan and bridge loan facilities in connection with our advisory assignments.

Underwriting. The other core activity of Investment Banking is helping companies raise capital to fund their businesses. As a financial intermediary, our job is to match the capital of our investing clients — who aim to grow the savings of millions of people — with the needs of our corporate and government clients — who need financing to generate growth, create jobs and deliver products and services. Our underwriting activities include public offerings and private placements, including domestic and cross-border transactions, of a wide range of securities and other financial instruments. Underwriting also includes revenues from derivative transactions entered into with institutional clients in connection with our underwriting activities.

 

 

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Equity Underwriting. We underwrite common and preferred stock and convertible and exchangeable securities. We regularly receive mandates for large, complex transactions and have held a leading position in worldwide public common stock offerings and worldwide initial public offerings for many years.

Debt Underwriting. We underwrite and originate various types of debt instruments, including investment-grade and high-yield debt, bank loans and bridge loans, and emerging- and growth-market debt, which may be issued by, among others, corporate, sovereign, municipal and agency issuers. In addition, we underwrite and originate structured securities, which include mortgage-related securities and other asset-backed securities.

Institutional Client Services

Institutional Client Services serves our clients who come to the firm to buy and sell financial products, raise funding and manage risk. We do this by acting as a market maker and offering market expertise on a global basis. Institutional Client Services makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. In addition, we make markets in and clear client transactions on major stock, options and futures exchanges worldwide. Market makers provide liquidity and play a critical role in price discovery, which contributes to the overall efficiency of the capital markets. Our willingness to make markets, commit capital and take risk in a broad range of products is crucial to our client relationships.

Our clients are primarily institutions that are professional market participants, including investment entities whose ultimate customers include individual investors investing for their retirement, buying insurance or putting aside surplus cash in a deposit account.

Through our global sales force, we maintain relationships with our clients, receiving orders and distributing investment research, trading ideas, market information and analysis. As a market maker, we provide prices to clients globally across thousands of products in all major asset classes and markets. At times we take the other side of transactions ourselves if a buyer or seller is not readily available and at other times we connect our clients to other parties who want to transact. Much of this connectivity between the firm and its clients is maintained on technology platforms and operates globally wherever and whenever markets are open for trading.

Institutional Client Services and our other businesses are supported by our Global Investment Research division, which, as of December 2011, provided fundamental research on more than 3,700 companies worldwide and more than 40 national economies, as well as on industries, currencies and commodities.

Institutional Client Services generates revenues in four ways:

 

Ÿ  

In large, highly liquid markets (such as markets for U.S. Treasury bills, large capitalization S&P 500 stocks or certain mortgage pass-through securities), we execute a high volume of transactions for our clients for modest spreads and fees.

 

Ÿ  

In less liquid markets (such as mid-cap corporate bonds, growth market currencies and certain non-agency mortgage-backed securities), we execute transactions for our clients for spreads and fees that are generally somewhat larger.

 

Ÿ  

We also structure and execute transactions involving customized or tailor-made products that address our clients’ risk exposures, investment objectives or other complex needs (such as a jet fuel hedge for an airline).

 

Ÿ  

We provide financing to our clients for their securities trading activities, as well as securities lending and other prime brokerage services.

Institutional Client Services activities are organized by asset class and include both “cash” and “derivative” instruments. “Cash” refers to trading the underlying instrument (such as a stock, bond or barrel of oil). “Derivative” refers to instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors (such as an option, which is the right or obligation to buy or sell a certain bond or stock index on a specified date in the future at a certain price, or an interest rate swap, which is the agreement to convert a fixed rate of interest into a floating rate or vice versa).

 

 

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Fixed Income, Currency and Commodities Client Execution. Includes interest rate products, credit products, mortgages, currencies and commodities.

 

Ÿ  

Interest Rate Products. Government bonds, money market instruments such as commercial paper, treasury bills, repurchase agreements and other highly liquid securities and instruments, as well as interest rate swaps, options and other derivatives.

 

Ÿ  

Credit Products. Investment-grade corporate securities, high-yield securities, bank and secured loans, municipal securities, emerging market and distressed debt, and credit derivatives.

 

Ÿ  

Mortgages. Commercial mortgage-related securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U.S. government agency-issued collateralized mortgage obligations, other prime, subprime and Alt-A securities and loans), and other asset-backed securities, loans and derivatives.

 

Ÿ  

Currencies. Most currencies, including growth-market currencies.

 

Ÿ  

Commodities. Oil and natural gas, base, precious and other metals, electricity, coal, agricultural and other commodity products.

Equities. Includes equity client execution, commissions and fees, and securities services.

Equities Client Execution. We make markets in equity securities and equity-related products, including convertible securities, options, futures and over-the-counter (OTC) derivative instruments, on a global basis. As a principal, we facilitate client transactions by providing liquidity to our clients with large blocks of stocks or options, requiring the commitment of our capital. In addition, we engage in insurance activities where we reinsure and purchase portfolios of insurance risk and pension liabilities.

We also structure and execute derivatives on indices, industry groups, financial measures and individual company stocks. We develop strategies and provide information about portfolio hedging and restructuring and asset allocation transactions for our clients. We also work with our clients to create specially tailored instruments to enable sophisticated investors to establish or liquidate

investment positions or undertake hedging strategies. We are one of the leading participants in the trading and development of equity derivative instruments.

Our exchange-based market-making activities include making markets in stocks and exchange-traded funds. In the United States, we are one of the leading Designated Market Makers (DMMs) for stocks traded on the NYSE. For ETFs, we are registered market makers on NYSE Arca. In listed options, we are registered as a primary or lead market maker or otherwise make markets on the International Securities Exchange, the Chicago Board Options Exchange, NYSE Arca, the Boston Options Exchange, the Philadelphia Stock Exchange and NYSE Amex. In futures and options on futures, we are market makers on the Chicago Mercantile Exchange and the Chicago Board of Trade.

Commissions and Fees. We generate commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide. We increasingly provide our clients with access to electronic “low-touch” equity trading platforms, and electronic trades account for the majority of our equity trading activity. However, a majority of our net revenues in these activities continue to be derived from our traditional “high-touch” handling of more complex trades. We expect both types of activity to remain important.

Securities Services. Includes financing, securities lending and other prime brokerage services.

 

Ÿ  

Financing Services. We provide financing to our clients for their securities trading activities through margin loans that are collateralized by securities, cash or other acceptable collateral. We earn a spread equal to the difference between the amount we pay for funds and the amount we receive from our client.

 

Ÿ  

Securities Lending Services. We provide services that principally involve borrowing and lending securities to cover institutional clients’ short sales and borrowing securities to cover our short sales and otherwise to make deliveries into the market. In addition, we are an active participant in broker-to-broker securities lending and third-party agency lending activities.

 

 

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Ÿ  

Other Prime Brokerage Services. We earn fees by providing clearing, custody and settlement services globally. In addition, we help our hedge fund and other clients maintain the infrastructure that supports their investing activity by providing a suite of services from the moment a client begins the process of establishing a new investing business. We provide a technology platform and reporting which enables clients to monitor their security portfolios, and manage risk exposures.

Investing & Lending

Our investing and lending activities, which are typically longer-term, include the firm’s investing and relationship lending activities across various asset classes, primarily including debt securities and loans, public and private equity securities, and real estate. These activities include investing directly in publicly and privately traded securities and also through certain investment funds that we manage. We also provide financing to our clients. We manage a diversified global portfolio of investments in equity and debt securities and other investments in privately negotiated transactions, leveraged buyouts, acquisitions and investments in funds managed by external parties.

ICBC. We have an investment in the ordinary shares of ICBC, the largest bank in China.

Equity Securities (excluding ICBC). We make corporate, real estate and infrastructure equity-related investments.

Debt Securities and Loans. We make corporate, real estate and infrastructure debt security-related investments. In addition, we provide credit to corporate clients through loan facilities and to high-net-worth individuals primarily through secured loans.

Other. Our other investments primarily include our consolidated investment entities, which are entities we hold for investment purposes strictly for capital appreciation. These entities have a defined exit strategy and are engaged in activities that are not closely related to our principal businesses. We also invest directly in distressed assets, currencies, commodities and other assets, including power generation facilities.

Investment Management

Investment Management provides investment and wealth advisory services to help clients preserve and grow their financial assets. Our clients include institutions and high-net-worth individuals as well as retail investors, who access our products through a network of third-party distributors around the world.

We manage client assets across a broad range of asset classes and investment strategies, including equity, fixed income and alternative investments. Alternative investments primarily include hedge funds, private equity, real estate, currencies, commodities, and asset allocation strategies. Our investment offerings include those managed on a fiduciary basis by our portfolio managers as well as strategies managed by third-party managers. We offer our investments in a variety of structures, including separately managed accounts, mutual funds, private partnerships, and other commingled vehicles.

We also provide customized investment advisory solutions designed to address our clients’ investment needs. These solutions begin with identifying clients’ objectives and continue through portfolio construction, ongoing asset allocation and risk management and investment realization. We draw from a variety of third-party managers as well as our proprietary offerings to implement solutions for clients.

We supplement our investment advisory solutions for high-net-worth clients with wealth advisory services that include income and liability management, trust and estate planning, philanthropic giving and tax planning. We also use the firm’s global securities and derivatives market-making capabilities to address clients’ specific investment needs.

Management and Other Fees. The majority of revenues in management and other fees is comprised of asset-based management fees on client assets. The fees that we charge vary by asset class and are affected by investment performance as well as asset inflows and redemptions. Other fees we receive include financial counseling fees generated through our wealth advisory services and fees related to the administration of real estate assets.

 

 

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Assets under management include only those client assets where we earn a fee for managing assets on a discretionary basis. This includes net assets in our mutual funds, hedge funds and private equity funds (including real estate funds), and separately managed accounts for institutional and individual investors. Assets under management do not include the self-directed assets of our clients, including brokerage accounts, or interest-bearing deposits held through our bank depository institution subsidiaries.

Incentive Fees. In certain circumstances, we are also entitled to receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. Such fees include overrides, which

consist of the increased share of the income and gains derived primarily from our private equity funds when the return on a fund’s investments over the life of the fund exceeds certain threshold returns. Incentive fees are recognized when all material contingencies are resolved.

Transaction Revenues. We receive commissions and net spreads for facilitating transactional activity in high-net-worth client accounts. In addition, we earn net interest income primarily associated with client deposits and margin lending activity undertaken by such clients.

The tables below present assets under management by asset class and by distribution channel and client category.

 

 

     As of December  
in billions    2011        2010        2009  

Alternative investments

   $ 142         $ 148         $ 146   

Equity

     126           144           146   

Fixed income

     340           340           315   

Total non-money market assets

     608           632           607   

Money markets

     220           208           264   

Total assets under management

   $ 828         $ 840         $ 871   
     As of December  
in billions    2011        2010        2009  

Directly Distributed:

            

Institutional

   $ 283         $ 286         $ 297   

High-net-worth individuals

     227           229           231   

Third-Party Distributed:

            

Institutional, high-net-worth individuals and retail

     318           325           343   

Total

   $ 828         $ 840         $ 871   

 

Business Continuity and Information Security

Business continuity and information security, including cybersecurity, are high priorities for Goldman Sachs. Our Business Continuity Program has been developed to provide reasonable assurance of business continuity in the event of disruptions at the firm’s critical facilities and to comply with regulatory requirements, including those of FINRA. Because we are a bank holding company, our Business Continuity Program is also subject to review by the Federal Reserve Board. The key elements of the program are crisis management, people recovery facilities, business recovery, systems and data recovery, and process improvement. In the area of information security, we have developed and implemented a framework of principles,

policies and technology to protect the information assets provided to us by our clients and those of the firm from cyber attacks and other misappropriation, corruption or loss. Safeguards are applied to maintain the confidentiality, integrity and availability of information resources.

Employees

Management believes that a major strength and principal reason for the success of Goldman Sachs is the quality and dedication of our people and the shared sense of being part of a team. We strive to maintain a work environment that fosters professionalism, excellence, diversity, cooperation among our employees worldwide and high standards of business ethics.

 

 

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Instilling the Goldman Sachs culture in all employees is a continuous process, in which training plays an important part. All employees are offered the opportunity to participate in education and periodic seminars that we sponsor at various locations throughout the world. Another important part of instilling the Goldman Sachs culture is our employee review process. Employees are reviewed by supervisors, co-workers and employees they supervise in a 360-degree review process that is integral to our team approach, and includes an evaluation of an employee’s performance with respect to risk management, compliance and diversity.

As of December 2011, we had 33,300 total staff, excluding staff at consolidated entities held for investment purposes. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Operating Expenses” in Part II, Item 7 of this Form 10-K for additional information on our consolidated entities held for investment purposes.

Competition

The financial services industry — and all of our businesses — are intensely competitive, and we expect them to remain so. Our competitors are other entities that provide investment banking, securities and investment management services, as well as those entities that make investments in securities, commodities, derivatives, real estate, loans and other financial assets. These entities include brokers and dealers, investment banking firms, commercial banks, insurance companies, investment advisers, mutual funds, hedge funds, private equity funds and merchant banks. We compete with some entities globally and with others on a regional, product or niche basis. Our competition is based on a number of factors, including transaction execution, products and services, innovation, reputation and price.

We also face intense competition in attracting and retaining qualified employees. Our ability to continue to compete effectively will depend upon our ability to attract new employees, retain and motivate our existing employees and to continue to compensate employees competitively amid intense public and regulatory scrutiny on the compensation practices of large financial institutions. Our pay practices and those of our principal competitors are subject to review by, and the standards of, the Federal Reserve Board and regulators outside the United States, including the Financial Services Authority (FSA) in the United Kingdom. See “Regulation — Banking Regulation” and “Regulation — Compensation Practices” below and “Risk Factors — Our businesses may be adversely affected if we are unable to hire and retain qualified employees” in Part I, Item 1A of this Form 10-K for more information on the regulation of our compensation practices.

Over time, there has been substantial consolidation and convergence among companies in the financial services industry. This trend accelerated in recent years as the credit crisis caused numerous mergers and asset acquisitions among industry participants. Many commercial banks and other broad-based financial services firms have the ability to support investment banking and securities products with commercial banking, insurance and other financial services revenues in an effort to gain market share, which has resulted in pricing pressure in our investment banking and client execution businesses and could result in pricing pressure in other of our businesses.

Moreover, we have faced, and expect to continue to face, pressure to retain market share by committing capital to businesses or transactions on terms that offer returns that may not be commensurate with their risks. In particular, corporate clients seek such commitments (such as agreements to participate in their commercial paper backstop or other loan facilities) from financial services firms in connection with investment banking and other assignments.

 

 

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Consolidation and convergence have significantly increased the capital base and geographic reach of some of our competitors, and have also hastened the globalization of the securities and other financial services markets. As a result, we have had to commit capital to support our international operations and to execute large global transactions. To take advantage of some of our most significant opportunities, we will have to compete successfully with financial institutions that are larger and have more capital and that may have a stronger local presence and longer operating history outside the United States.

We have experienced intense price competition in some of our businesses in recent years. For example, over the past several years the increasing volume of trades executed electronically, through the internet and through alternative trading systems, has increased the pressure on trading commissions, in that commissions for “low-touch” electronic trading are generally lower than for “high-touch” non-electronic trading. It appears that this trend toward electronic and other “low-touch,” low-commission trading will continue. In addition, we believe that we will continue to experience competitive pressures in these and other areas in the future as some of our competitors seek to obtain market share by further reducing prices.

The provisions of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the requirements promulgated by the Basel Committee on Banking Supervision (Basel Committee) and other financial regulation could affect our competitive position to the extent that limitations on activities, increased fees and compliance costs or other regulatory requirements do not apply, or do not apply equally, to all of our competitors or are not implemented uniformly across different jurisdictions. The impact of the Dodd-Frank Act and other regulatory developments on our competitive position will depend to a large extent on the manner in which the required rulemaking and regulatory guidance evolve, the extent of international convergence, and the development of market practice and structures under the new regulatory regimes as discussed further under “Regulation” below.

Regulation

As a participant in the banking, securities, investment management, OTC derivatives, futures and options and insurance industries, we are subject to extensive regulation worldwide. Regulatory bodies around the world are generally charged with safeguarding the integrity of the securities and other financial markets and with protecting the interests of the customers of market participants, including depositors in banking entities and the customers of broker-dealers.

The financial services industry has been the subject of intense regulatory scrutiny in recent years. Our businesses have been subject to increasing regulation in the United States and other countries, and we expect this trend to continue in the future. In particular, the Dodd-Frank Act, which was enacted in July 2010, significantly altered the financial regulatory regime within which we operate. The implications of the Dodd-Frank Act for our businesses will depend to a large extent on the rules that will be adopted by the Federal Reserve Board, the FDIC, the SEC, the CFTC and other agencies to implement the legislation, as well as the development of market practices and structures under the regime established by the legislation and the implementing rules. Similar reforms are being considered by other regulators and policy makers worldwide, as discussed further throughout this section. We will continue to assess our business, risk management, and compliance practices to conform to developments in the regulatory environment.

Banking Regulation

Group Inc. is a bank holding company under the Bank Holding Company Act of 1956 (BHC Act) and a financial holding company under amendments to the BHC Act effected by the U.S. Gramm-Leach-Bliley Act of 1999 (GLB Act).

 

 

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Supervision and Regulation

As a bank holding company and a financial holding company under the BHC Act, Group Inc. is subject to supervision and examination by the Federal Reserve Board. Under the system of “functional regulation” established under the BHC Act, the Federal Reserve Board serves as the primary regulator of our consolidated organization, but generally defers to the primary regulators of our U.S. non-bank subsidiaries with respect to the activities of those subsidiaries. Such “functionally regulated” non-bank subsidiaries include broker-dealers registered with the SEC, such as our principal U.S. broker-dealer, Goldman, Sachs & Co. (GS&Co.), insurance companies regulated by state insurance authorities, investment advisers registered with the SEC with respect to their investment advisory activities and entities regulated by the CFTC with respect to certain futures-related activities.

Activities

The BHC Act generally restricts bank holding companies from engaging in business activities other than the business of banking and certain closely related activities. As a financial holding company, we may engage in a broader range of financial and related activities than are otherwise permissible for bank holding companies as long as we continue to meet the eligibility requirements for financial holding companies. These requirements include Group Inc. and our U.S. depository institution subsidiaries (currently GS Bank USA and our national bank trust company subsidiary) each maintaining their respective status as “well-capitalized” and “well-managed.” The broader range of permissible activities for financial holding companies

includes underwriting, dealing and making markets in securities, insurance underwriting and making investments in nonfinancial companies. In addition, we are permitted under the GLB Act to continue to engage in certain commodities activities in the United States that may otherwise be impermissible for bank holding companies, so long as the assets held pursuant to these activities do not equal 5% or more of our consolidated assets.

As a bank holding company, we are required to obtain prior Federal Reserve Board approval before engaging in certain banking and other financial activities both in the United States and abroad.

We expect to face additional limitations on our activities upon implementation of those provisions of the Dodd-Frank Act referred to as the “Volcker Rule,” which will prohibit “proprietary trading” (but will allow activities such as underwriting, market-making related activities and risk-mitigation hedging activities) and will limit the sponsorship of, and investment in, hedge funds and private equity funds by banking entities, including bank holding companies. In October 2011, federal regulators proposed rules to implement the Volcker Rule that included an extensive request for comments on the proposal. The proposed rules are highly complex, and many aspects of the Volcker Rule remain unclear. The full impact on us will not be known with certainty until the rules are finalized. The Volcker Rule provisions are scheduled to take effect no later than July 2012, and companies will be required to come into compliance within two years after the effective date (subject to possible extensions).

 

 

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While many aspects of the Volcker Rule remain unclear, we evaluated the prohibition on “proprietary trading” and determined that businesses that engage in “bright line” proprietary trading are most likely to be prohibited. In 2011 and 2010, we liquidated substantially all of our Principal Strategies and global macro proprietary trading positions.

In addition, we evaluated the limitations on sponsorship of, and investments in, hedge funds and private equity funds. The firm earns management fees and incentive fees for investment management services from private equity and hedge funds, which are included in our Investment Management segment. The firm also makes investments in funds, and the gains and losses from such investments are included in our Investing & Lending segment; these gains and losses will be impacted by the Volcker Rule. The Volcker Rule limitation on investments in hedge funds and private equity funds requires the firm to reduce its investment in each private equity and hedge fund to 3% or less of net asset value, and to reduce the firm’s aggregate investment in all such funds to 3% or less of the firm’s Tier 1 capital. Over the period from 1999 through 2011, the firm’s aggregate net revenues from its investments in hedge funds and private equity funds were not material to the firm’s aggregate total net revenues over the same period. We are continuing to manage our existing private equity funds, taking into account the transition periods under the Volcker Rule. With respect to our hedge funds, we currently plan to comply with the Volcker Rule by redeeming certain of our interests in the funds. We currently expect to redeem up to approximately 10% of certain hedge funds’ total redeemable units per quarter over ten consecutive quarters, beginning in the quarter ending March 2012 and ending in June 2014. In addition, we have limited the firm’s initial investment to 3% for certain new funds.

The Dodd-Frank Act also establishes a Bureau of Consumer Financial Protection having broad authority to regulate providers of credit, payment and other consumer financial products and services, and this Bureau has oversight over certain of our products and services.

Capital and Liquidity Requirements

As a bank holding company, we are subject to consolidated regulatory capital requirements administered by the Federal Reserve Board. GS Bank USA is subject to broadly similar capital requirements, as discussed below. Under the Federal Reserve Board’s capital adequacy requirements and the regulatory framework for prompt corrective action that is applicable to GS Bank USA, both Group Inc. and GS Bank USA must meet specific regulatory capital requirements that involve quantitative measures of assets, liabilities and certain off-balance-sheet items. The sufficiency of our capital levels and those of GS Bank USA, as well as GS Bank USA’s prompt corrective action classification, are also subject to qualitative judgments by regulators.

Tier 1 Leverage and Basel 1 Capital Ratios. See Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information on our Tier 1 capital ratio, Tier 1 capital, total capital, risk-weighted assets and Tier 1 leverage ratio, and for a discussion of minimum required ratios. For information on our Tier 1 common ratio, see “— Equity Capital — Consolidated Regulatory Capital Ratios” in Part II, Item 7 of this Form 10-K.

Pending Changes in Capital Requirements. We are currently working to implement the requirements set out in the Federal Reserve Board’s Risk-Based Capital Standards: Advanced Capital Adequacy Framework — Basel 2, as applicable to us as a bank holding company (Basel 2), which are based on the advanced approaches under the Revised Framework for the International Convergence of Capital Measurement and Capital Standards issued by the Basel Committee. U.S. banking regulators have incorporated the Basel 2 framework into the existing risk-based capital requirements by requiring that internationally active banking organizations, such as us, adopt Basel 2, once approved to do so by regulators. As required by the Dodd-Frank Act, U.S. banking regulators have adopted a rule that requires large banking organizations, upon adoption of Basel 2, to continue to calculate risk-based capital ratios under both Basel 2 and the Federal Reserve Board’s regulatory requirements currently applicable to bank holding companies (Basel 1), which are based on the 1988 Capital Accord of the Basel Committee. For each of the Tier 1 and Total capital ratios, the lower of the Basel 1 and Basel 2 ratios calculated will be used to determine whether the bank meets its minimum risk-based capital requirements.

 

 

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The U.S. federal bank regulatory agencies have issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. These modifications are designed to address the adjustments to the market risk framework that were announced by the Basel Committee in June 2010 (Basel 2.5), as well as the prohibition on the use of credit ratings, as required by the Dodd-Frank Act. Once implemented, it is likely that these changes will result in increased capital requirements for market risk.

Additionally, the guidelines issued by the Basel Committee in December 2010 (Basel 3) revise the definition of Tier 1 capital, introduce Tier 1 common equity as a regulatory metric, set new minimum capital ratios (including a new “capital conservation buffer,” which must be composed exclusively of Tier 1 common equity and will be in addition to the minimum capital ratios), introduce a Tier 1 leverage ratio within international guidelines for the first time, and make substantial revisions to the computation of risk-weighted assets (RWAs) for credit exposures. Implementation of the new requirements is expected to take place over the next several years. The federal banking agencies have not yet proposed rules to implement the Basel 3 guidelines in the United States.

In addition, both the Basel Committee and U.S. banking regulators implementing the Dodd-Frank Act have indicated that they will impose more stringent capital standards on systemically important financial institutions. In November 2011, the Basel Committee published its final provisions for assessing the global systemic importance of banking institutions and the range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemically important. The additional capital for these institutions would initially range from 1% to 2.5% of Tier 1 common equity and could be as much as 3.5% for a bank that increases its systemic footprint (e.g., by increasing total assets). The firm was one of 29 institutions identified by the Financial Stability Board (established at the direction of the Group of 20) as globally systemically important under the Basel Committee’s methodology. Therefore, depending upon the manner and timing of the U.S. banking regulators’ implementation of the Basel Committee’s methodology, we expect that the minimum Tier 1 common ratio requirement applicable to us will include this additional capital assessment. The final determination of whether an institution is classified as globally systemically important and the calculation of the required additional capital amount is expected to be disclosed by the Basel Committee no later than November 2014 based on data through the end of 2013.

In December 2011, the Federal Reserve Board proposed rules to implement the enhanced prudential standards and early remediation requirements contemplated by the Dodd-Frank Act. The proposed rules would apply to bank holding companies with $50 billion or more in total consolidated assets such as us, as well as systemically important nonbank financial institutions. With respect to the enhanced prudential standards, the proposed rules address risk-based capital and leverage requirements, liquidity requirements, overall risk management requirements and concentration/credit exposure limits. The proposed rules do not include the additional capital requirements for globally systemically important banking institutions but contemplate the Federal Reserve Board’s adopting such requirements. The proposed rules require increased involvement by boards of directors in liquidity and risk management and stress testing, single-counterparty credit limits (including more stringent requirements for credit exposure among major financial institutions) and public disclosure of the Federal Reserve Board’s annual stress tests and a bank holding company’s annual and semi-annual internal stress tests. The proposed early remediation rules are modeled after the prompt corrective action regime, described below, but are designed to require action beginning in earlier stages of a company’s financial distress by mandating action on the basis of a range of triggers, including capital and leverage, stress test results, liquidity and risk management.

The Dodd-Frank Act will subject us at a firmwide level to the same leverage and risk-based capital requirements that apply to depository institutions and directs banking regulators to impose additional capital requirements. The Federal Reserve Board is expected to adopt the new leverage and risk-based capital regulations in 2012. As a consequence of these changes, Tier 1 capital treatment for our junior subordinated debt issued to trusts will be phased out over a three-year period beginning on January 1, 2013. The interaction among the Dodd-Frank Act, the Basel Committee’s proposed changes and other proposed or announced changes from other governmental entities and regulators adds further uncertainty to our future capital requirements and those of our subsidiaries.

 

 

 

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Liquidity Ratios under Basel 3. Historically, regulation and monitoring of bank and bank holding company liquidity has been addressed as a supervisory matter, both in the United States and internationally, without required formulaic measures. Basel 3 will require banks and bank holding companies to measure their liquidity against two specific liquidity tests that, although similar in some respects to liquidity measures historically applied by banks and regulators for management and supervisory purposes, will be mandated by regulation. One test, referred to as the liquidity coverage ratio, is designed to ensure that the banking entity maintains an adequate level of unencumbered high-quality liquid assets equal to the entity’s expected net cash outflow for a 30-day time horizon (or, if greater, 25% of its expected total cash outflow) under an acute liquidity stress scenario. The other, referred to as the net stable funding ratio, is designed to promote more medium- and long-term funding of the assets and activities of banking entities over a one-year time horizon. These requirements may incentivize banking entities to increase their holdings of U.S. Treasury securities and certain other sovereign debt as a component of assets and increase the use of long-term debt as a funding source. The liquidity coverage ratio is not expected to be introduced as a requirement until January 1, 2015, and the net stable funding ratio is not expected to be introduced as a requirement until January 1, 2018. While the principles behind the new framework are broadly consistent with our current liquidity management framework, it is possible that the refinement and implementation of these standards could impact our liquidity and funding requirements and practices.

We also expect that liquidity requirements applicable to us and several of our subsidiaries will be impacted in the future by the various developments arising from the Basel Committee, the Dodd-Frank Act and actions by other governmental entities and regulators.

Payment of Dividends and Stock Repurchases

Dividend payments by Group Inc. to its shareholders and stock repurchases by Group Inc. are subject to the oversight of the Federal Reserve Board. Under rules adopted by the Federal Reserve Board in November 2011, the dividend and share repurchase policies of large bank holding companies,

such as Group Inc., are reviewed by the Federal Reserve Board based on capital plans and stress tests submitted by the bank holding company, and will be assessed against, among other things, the bank holding company’s ability to meet and exceed minimum regulatory capital ratios, its expected sources and uses of capital over the planning horizon (generally a period of two years) under baseline and stressed scenarios, and any potential impact of changes to its business plan and activities on its capital adequacy and liquidity. The purpose of the capital plan review is to ensure that these institutions have robust, forward-looking capital planning processes that account for each institution’s unique risks and that permit continued operations during times of economic and financial stress. As part of the capital plan review, the Federal Reserve Board will evaluate an institution’s plan to make capital distributions, such as repurchasing or redeeming stock or increasing dividend payments.

Federal and state law impose limitations on the payment of dividends by our depository institution subsidiaries to Group Inc. In general, the amount of dividends that may be paid by GS Bank USA or our national bank trust company subsidiary is limited to the lesser of the amounts calculated under a “recent earnings” test and an “undivided profits” test. Under the recent earnings test, a dividend may not be paid if the total of all dividends declared by the entity in any calendar year is in excess of the current year’s net income combined with the retained net income of the two preceding years, unless the entity obtains prior regulatory approval. Under the undivided profits test, a dividend may not be paid in excess of the entity’s “undivided profits” (generally, accumulated net profits that have not been paid out as dividends or transferred to surplus). The payment of all dividends is subject to approval by the banking regulators, which have authority to prohibit or limit the payment if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization.

In addition, certain of Group Inc.’s non-bank subsidiaries are subject to separate regulatory limitations on dividends and distributions, including our broker-dealer and our insurance subsidiaries as described below.

 

 

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Source of Strength

Federal Reserve Board policy historically has required bank holding companies to act as a source of strength to their bank subsidiaries and to commit capital and financial resources to support those subsidiaries. The Dodd-Frank Act codifies this policy as a statutory requirement. This support may be required by the Federal Reserve Board at times when we might otherwise determine not to provide it. Capital loans by a bank holding company to a subsidiary bank are subordinate in right of payment to deposits and to certain other indebtedness of the subsidiary bank. In addition, if a bank holding company commits to a federal bank regulator that it will maintain the capital of its bank subsidiary, whether in response to the Federal Reserve Board’s invoking its source-of-strength authority or in response to other regulatory measures, that commitment will be assumed by the bankruptcy trustee and the bank will be entitled to priority payment in respect of that commitment, ahead of other creditors of the bank holding company.

The BHC Act provides for regulation of bank holding company activities by various functional regulators and prohibits the Federal Reserve Board from requiring a payment by a holding company subsidiary to a depository institution if the functional regulator of that subsidiary objects to such payment. In such a case, the Federal Reserve Board could instead require the divestiture of the depository institution and impose operating restrictions pending the divestiture.

Compensation Practices

Our compensation practices are subject to oversight by the Federal Reserve Board and, with respect to some of our subsidiaries and employees, by other financial regulatory bodies worldwide. The scope and content of compensation regulation in the financial industry are continuing to develop, and we expect that these policies will evolve over a number of years.

In June 2010, the Federal Reserve Board and other financial regulators jointly issued guidance designed to ensure that incentive compensation arrangements at banking organizations take into account risk and are consistent with safe and sound practices. The guidance sets forth the following three key principles with respect to incentive compensation arrangements: the arrangements should provide employees with incentives that appropriately balance risk and financial results in a manner that does not encourage employees to expose their organizations to imprudent risk; the arrangements should be compatible with effective controls and risk management; and the arrangements should

be supported by strong corporate governance. In addition, the Federal Reserve Board has conducted a review of the incentive compensation policies and practices of a number of large, complex banking organizations, including us. The June 2010 guidance provides that supervisory findings with respect to incentive compensation will be incorporated, as appropriate, into the organization’s supervisory ratings, which can affect its ability to make acquisitions or perform other actions. The guidance also provides that enforcement actions may be taken against a banking organization if its incentive compensation arrangements or related risk management, control or governance processes pose a risk to the organization’s safety and soundness.

The Financial Stability Board has released standards for implementing certain compensation principles for banks and other financial companies designed to encourage sound compensation practices. These standards are to be implemented by local regulators. The European Parliament has adopted amendments to the Capital Requirements Directive designed to implement the Financial Stability Board’s compensation standards within the EU. Regulators in a number of countries, including the United Kingdom, France and Germany, have proposed or adopted compensation policies or regulations applicable to financial institutions pursuant to the Capital Requirements Directive. These are in addition to the guidance issued by U.S. financial regulators discussed above and the Dodd-Frank Act provision discussed below.

The Dodd-Frank Act requires the U.S. financial regulators, including the Federal Reserve Board, to establish joint regulations or guidelines prohibiting incentive-based payment arrangements at specified regulated entities having at least $1 billion in total assets (which would include Group Inc. and some of its depository institution, broker-dealer and investment advisor subsidiaries) that encourage inappropriate risks by providing an executive officer, employee, director or principal shareholder with excessive compensation, fees, or benefits or that could lead to material financial loss to the entity. In addition, these regulators must establish regulations or guidelines requiring enhanced disclosure to regulators of incentive-based compensation arrangements. The initial version of these regulations was proposed by the U.S. financial regulators in early 2011 and the regulations may become effective in 2012. The proposed regulations incorporate the three key principles from the June 2010 regulatory guidance discussed above. If the regulations are adopted in the form initially proposed, they will impose limitations on the manner in which we may structure compensation for our executives.

 

 

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GS Bank USA

Our subsidiary, GS Bank USA, an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the Federal Reserve Board, the FDIC and the New York State Department of Financial Services (formerly the New York State Banking Department) and is subject to minimum capital requirements (described below) that are calculated in a manner similar to those applicable to bank holding companies. A number of our activities are conducted partially or entirely through GS Bank USA and its subsidiaries, including: origination of and market making in bank loans; interest rate, credit, currency and other derivatives; leveraged finance; commercial mortgage origination and trading; structured finance; and agency lending, custody and hedge fund administration services. These activities are subject to regulation by the Federal Reserve Board, the New York State Department of Financial Services and the FDIC.

The Dodd-Frank Act contains “derivative push-out” provisions that, beginning in July 2012, may prevent us from conducting certain swaps-related activities through GS Bank USA or another insured depository institution subsidiary, subject to exceptions for certain interest rate and currency swaps and for hedging or risk mitigation activities directly related to the bank’s business. These precluded activities may be conducted elsewhere within the firm, subject to certain requirements.

Transactions with Affiliates

Transactions between GS Bank USA or its subsidiaries, on the one hand, and Group Inc. or its other subsidiaries and affiliates, on the other hand, are regulated by the Federal Reserve Board. These regulations limit the types and amounts of transactions (including loans to and credit extensions from GS Bank USA or its subsidiaries to Group Inc. or its other subsidiaries and affiliates) that may take place and generally require those transactions to be on an arm’s-length basis. These regulations generally do not apply to transactions between GS Bank USA and its subsidiaries. The Dodd-Frank Act significantly expands the coverage and scope of the regulations that limit affiliate transactions within a banking organization, including by applying these regulations to the credit exposure arising under derivative transactions, repurchase and reverse repurchase agreements, securities borrowing and lending transactions, and transactions with sponsored hedge funds and private equity funds.

Group Inc. has, subject to certain exceptions, guaranteed the payment obligations of GS Bank USA, along with those of GS&Co., Goldman Sachs Bank (Europe) plc (GS Bank Europe) and Goldman Sachs Execution & Clearing, L.P. (GSEC).

“Living Will”

As required by the Dodd-Frank Act, the Federal Reserve Board and FDIC have jointly issued a rule that requires each bank holding company with more than $50 billion in assets and each designated systemically important financial institution to prepare and provide to regulators an annual plan (a so-called “living will”) for its rapid and orderly resolution in the event of material financial distress or failure. The firm’s resolution plan must, among other things, ensure that GS Bank USA is adequately protected from risks arising from our other entities. The regulators’ joint rule sets specific standards for the resolution plans, including requiring a detailed resolution strategy and analyses of the company’s material entities, organizational structure, interconnections and interdependencies, and management information systems, among other elements. We have commenced work on our first resolution plan, which we must submit to the regulators by July 1, 2012. GS Bank USA is also required by the FDIC to submit a plan for its rapid and orderly resolution in the event of material financial distress or failure by July 1, 2012.

Deposit Insurance

GS Bank USA accepts deposits, and those deposits have the benefit of FDIC insurance up to the applicable limits. The FDIC’s Deposit Insurance Fund is funded by assessments on insured depository institutions, such as GS Bank USA. The amounts of these assessments for larger depository institutions (generally those that have $10 billion in assets or more), such as GS Bank USA, are currently based on the average total consolidated assets less the average tangible equity of the insured depository institution during the assessment period and supervisory ratings and forward-looking financial measures used to calculate the assessment rate, which is subject to adjustments by the FDIC. The FDIC required all insured depository institutions to prepay estimated assessments for all of 2010, 2011 and 2012 on December 30, 2009. The FDIC may increase or decrease the assessment rate schedule on a semi-annual basis.

Prompt Corrective Action

The U.S. Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), among other things, requires the federal banking agencies to take “prompt corrective action” in respect of depository institutions that do not meet specified capital requirements. FDICIA establishes five capital categories for FDIC-insured banks: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized.

 

 

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A depository institution is generally deemed to be “well-capitalized,” the highest category, if it has a Tier 1 capital ratio of at least 6%, a total capital ratio of at least 10% and a Tier 1 leverage ratio of at least 5%. GS Bank USA has agreed with the Federal Reserve Board to maintain minimum capital ratios in excess of these “well-capitalized” levels.

See Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information on the calculation of GS Bank USA’s capital ratios under Basel 1 and for a discussion of minimum required ratios.

GS Bank USA computes its capital ratios in accordance with the regulatory capital requirements currently applicable to state member banks, which are based on Basel 1 as implemented by the Federal Reserve Board. An institution may be downgraded to, or deemed to be in, a capital category that is lower than is indicated by its capital ratios if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. FDICIA imposes progressively more restrictive constraints on operations, management and capital distributions, as the capital category of an institution declines. Failure to meet the capital requirements could also subject a depository institution to capital raising requirements. Ultimately, critically undercapitalized institutions are subject to the appointment of a receiver or conservator, as described under “— Insolvency of an Insured Depository Institution or a Bank Holding Company” below.

The prompt corrective action regulations apply only to depository institutions and not to bank holding companies such as Group Inc. However, the Federal Reserve Board is authorized to take appropriate action at the holding company level, based upon the undercapitalized status of the holding company’s depository institution subsidiaries. In certain instances relating to an undercapitalized depository institution subsidiary, the bank holding company would be required to guarantee the performance of the undercapitalized subsidiary’s capital restoration plan and might be liable for civil money damages for failure to fulfill its commitments on that guarantee. Furthermore, in the event of the bankruptcy of the holding company, the guarantee would take priority over the holding company’s general unsecured creditors, as described under “— Source of Strength” above.

Insolvency of an Insured Depository Institution or a Bank Holding Company

If the FDIC is appointed as conservator or receiver for an insured depository institution such as GS Bank USA, upon its insolvency or in certain other events, the FDIC has the power:

 

Ÿ  

to transfer any of the depository institution’s assets and liabilities to a new obligor, including a newly formed “bridge” bank without the approval of the depository institution’s creditors;

 

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to enforce the terms of the depository institution’s contracts pursuant to their terms without regard to any provisions triggered by the appointment of the FDIC in that capacity; or

 

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to repudiate or disaffirm any contract or lease to which the depository institution is a party, the performance of which is determined by the FDIC to be burdensome and the disaffirmance or repudiation of which is determined by the FDIC to promote the orderly administration of the depository institution.

In addition, under federal law, the claims of holders of domestic deposit liabilities and certain claims for administrative expenses against an insured depository institution would be afforded a priority over other general unsecured claims against such an institution, including claims of debt holders of the institution, in the “liquidation or other resolution” of such an institution by any receiver. As a result, whether or not the FDIC ever sought to repudiate any debt obligations of GS Bank USA, the debt holders would be treated differently from, and could receive, if anything, substantially less than, the depositors of GS Bank USA.

The Dodd-Frank Act created a new resolution regime (known as “orderly liquidation authority”) for bank holding companies and their affiliates, and systemically important non-bank financial companies. Under the orderly liquidation authority, the FDIC may be appointed as receiver for the systemically important institution, and its failed non-bank subsidiaries, for purposes of liquidating the entity if, among other conditions, it is determined at the time of the institution’s failure that it is in default or in danger of default and the failure poses a risk to the stability of the U.S. financial system.

 

 

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If the FDIC is appointed as receiver under the orderly liquidation authority, then the powers of the receiver, and the rights and obligations of creditors and other parties who have dealt with the institution, would be determined under the Dodd-Frank Act provisions, and not under the insolvency law that would otherwise apply. The powers of the receiver under the orderly liquidation authority were based on the powers of the FDIC as receiver for depository institutions under the Federal Deposit Insurance Act (FDIA). However, the provisions governing the rights of creditors under the orderly liquidation authority were modified from the FDIA regime in certain respects to reduce disparities with the treatment of creditors’ claims under the U.S. Bankruptcy Code as compared to the treatment of those claims under the new authority. Nonetheless, substantial differences in the rights of creditors exist between these two regimes, including the right of the FDIC under the Dodd-Frank Act provisions to disregard the strict priority of creditor claims in some circumstances, the use of an administrative claims procedure to determine creditors’ claims (as opposed to the judicial procedure utilized in bankruptcy proceedings), and the right of the FDIC to transfer claims to a “bridge” entity.

The orderly liquidation authority provisions of the Dodd-Frank Act became effective upon enactment. However, a number of rulemakings are required under the terms of the Act, and a number of provisions of the new authority require clarification. The FDIC has completed its initial phase of rulemaking under the orderly liquidation authority, but may provide additional guidance. New guidance may affect the manner in which the new authority is applied, particularly with respect to broker-dealer and futures commission merchant subsidiaries of bank holding companies.

Trust Companies

Group Inc.’s two limited purpose trust company subsidiaries are not permitted to and do not accept deposits or make loans (other than as incidental to their trust activities) and, as a result, are not insured by the FDIC. The Goldman Sachs Trust Company, N.A., a national banking association that is limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency and is a member bank of the Federal Reserve System. The Goldman Sachs Trust Company of Delaware, a Delaware limited purpose trust company, is regulated by the Office of the Delaware State Bank Commissioner.

U.S. Securities and Commodities Regulation

Goldman Sachs’ broker-dealer subsidiaries are subject to regulations that cover all aspects of the securities business, including sales methods, trade practices, use and safekeeping of clients’ funds and securities, capital structure, recordkeeping, the financing of clients’ purchases, and the conduct of directors, officers and employees. In the United States, the SEC is the federal agency responsible for the administration of the federal securities laws. GS&Co. is registered as a broker-dealer, a municipal advisor and an investment adviser with the SEC and as a broker-dealer in all 50 states and the District of Columbia. Self-regulatory organizations, such as FINRA and the NYSE, adopt rules that apply to, and examine, broker-dealers such as GS&Co.

In addition, state securities and other regulators also have regulatory or oversight authority over GS&Co. Similarly, our businesses are also subject to regulation by various non-U.S. governmental and regulatory bodies and self-regulatory authorities in virtually all countries where we have offices. GSEC and one of its subsidiaries are registered U.S. broker-dealers and are regulated by the SEC, the NYSE and FINRA. Goldman Sachs Financial Markets, L.P. is registered with the SEC as an OTC derivatives dealer and conducts certain OTC derivatives activities.

The commodity futures and commodity options industry in the United States is subject to regulation under the U.S. Commodity Exchange Act (CEA). The CFTC is the federal agency charged with the administration of the CEA. Several of Goldman Sachs’ subsidiaries, including GS&Co. and GSEC, are registered with the CFTC and act as futures commission merchants, commodity pool operators or commodity trading advisors and are subject to CEA regulations. The rules and regulations of various self-regulatory organizations, such as the Chicago Board of Trade and the Chicago Mercantile Exchange, other futures exchanges and the National Futures Association, also govern the commodity futures and commodity options activities of these entities.

For a discussion of net capital requirements applicable to GS&Co. and GSEC, see Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.

 

 

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Our exchange-based market-making activities are subject to extensive regulation by a number of securities exchanges. As a DMM on the NYSE and as a market maker on other exchanges, we are required to maintain orderly markets in the securities to which we are assigned. Under the NYSE’s DMM rules, this may require us to supply liquidity to these markets in certain circumstances.

J. Aron & Company is authorized by the U.S. Federal Energy Regulatory Commission (FERC) to sell wholesale physical power at market-based rates. As a FERC-authorized power marketer, J. Aron & Company is subject to regulation under the U.S. Federal Power Act and FERC regulations and to the oversight of FERC. As a result of our investing activities, GS&Co. is also an “exempt holding company” under the U.S. Public Utility Holding Company Act of 2005 and applicable FERC rules.

In addition, as a result of our power-related and commodities activities, we are subject to extensive and evolving energy, environmental and other governmental laws and regulations, as discussed under “Risk Factors — Our commodities activities, particularly our power generation interests and our physical commodities activities, subject us to extensive regulation, potential catastrophic events and environmental, reputational and other risks that may expose us to significant liabilities and costs” in Part I, Item 1A of this Form 10-K.

The Dodd-Frank Act will result in additional regulation by the CFTC, the SEC and other regulators of our broker-dealer and regulated subsidiaries in a number of respects. The legislation calls for the imposition of expanded standards of care by market participants in dealing with clients and customers, including by providing the SEC with authority to adopt rules establishing fiduciary duties for broker-dealers and directing the SEC to examine and improve sales practices and disclosure by broker-dealers and investment advisers. The Dodd-Frank Act also contains provisions designed to increase transparency in over-the-counter derivatives markets, including by requiring the registration of all swap dealers and security-based swap dealers, and the clearing and execution of swaps through regulated facilities (subject to limited exceptions, including swaps with non-financial end users and swaps that are not cleared by a clearing agency), in accordance with CFTC and SEC rulemaking. Furthermore, federal banking agencies are required under the Dodd-Frank Act to develop rules whereby anyone who organizes or initiates an asset-backed security transaction must retain a portion (generally, at least five percent) of any credit risk that the person conveys to a third party.

In September 2011, the SEC proposed rules to implement the Dodd-Frank Act’s prohibition against securitization participants’ engaging in any transaction that would involve or result in any material conflict of interest with an investor in a securitization transaction. The proposed rules would except bona fide market-making activities and risk-mitigating hedging activities in connection with securitization activities from the general prohibition.

Insurance and Other Regulation

Our U.S. insurance subsidiaries are subject to state insurance regulation and oversight in the states in which they are domiciled and in the other states in which they are licensed, and Group Inc. is subject to oversight as an insurance holding company in states where our insurance subsidiaries are domiciled. State insurance regulations limit the ability of our insurance subsidiaries to pay dividends to Group Inc. in certain circumstances, and could require regulatory approval for any change in “control” of Group Inc., which may include control of 10% or more of our voting stock. In addition, a number of our other activities require us to obtain licenses, adhere to applicable regulations and be subject to the oversight of various regulators in the states in which we conduct these activities.

Regulation Outside the United States

Goldman Sachs provides investment services outside the United States that are subject to oversight by national regulators as well as the EU. These investment services are regulated in accordance with national laws, many of which implement EU directives, and increasingly by directly applicable EU regulations. These national and EU laws require, among other things, compliance with certain capital adequacy standards, customer protection requirements and market conduct and trade reporting rules.

Goldman Sachs provides investment services in and from the United Kingdom under the regulation of the FSA. Goldman Sachs International (GSI), our regulated U.K. broker-dealer, is subject to the capital requirements imposed by the FSA. Other subsidiaries, including Goldman Sachs International Bank (GSIB), our regulated U.K. bank, and Rothesay Life Limited (Rothesay Life), our U.K. insurance subsidiary, are also regulated by the FSA. As of December 2011, GSI, GSIB and Rothesay Life were in compliance with the FSA capital requirements.

 

 

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Various other Goldman Sachs entities are regulated by the banking, insurance and securities regulatory authorities of the European countries in which they operate, including, among others, the Federal Financial Supervisory Authority (BaFin) and the Bundesbank in Germany, the Autorité de Contrôle Prudentiel and the Autorité des Marchés Financiers in France, Banca d’Italia and the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy, the Federal Financial Markets Service and the Central Bank of the Russian Federation and the Swiss Financial Market Supervisory Authority. GS Bank Europe, our regulated Irish bank, is subject to minimum capital requirements imposed by the Central Bank of Ireland. As of December 2011, this bank was in compliance with all regulatory capital requirements.

The EU and national financial regulators have proposed or adopted numerous market reforms that may impact our businesses. These include stricter capital and liquidity requirements (including the adoption of Basel 2.5, which has resulted in increased capital requirements for market risk for certain of our EU subsidiaries); risk retention and enhanced disclosure requirements for asset-backed security offerings, reporting requirements and restrictions on short selling and credit default swaps, the introduction of standardized execution and clearing, margining and reporting requirements for OTC derivatives, and additional obligations and restrictions on the management and marketing of funds in the EU. In addition, the European Commission, the European Securities Market Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority are formulating regulatory standards and other measures which will be of increasing importance for our European operations. Certain Goldman Sachs entities are also regulated by the European securities, derivatives and commodities exchanges of which they are members.

Goldman Sachs Japan Co., Ltd. (GSJCL), our regulated Japanese broker-dealer, is subject to the capital requirements imposed by Japan’s Financial Services Agency. As of December 2011, GSJCL was in compliance with its capital adequacy requirements. GSJCL is also regulated by the Tokyo Stock Exchange, the Osaka Securities Exchange, the Tokyo Financial Exchange, the Japan Securities Dealers Association, the Tokyo Commodity Exchange, Securities and Exchange Surveillance Commission, Bank of Japan, the Ministry of Finance and the Ministry of Economy, Trade and Industry, among others.

Also, the Securities and Futures Commission in Hong Kong, the Monetary Authority of Singapore, the China Securities Regulatory Commission, the Korean Financial Supervisory Service, the Reserve Bank of India, the Securities and Exchange Board of India, the Australian Securities and Investments Commission and the Australian Securities Exchange, among others, regulate various of our subsidiaries and also have capital standards and other requirements comparable to the rules of the SEC.

Various Goldman Sachs entities are regulated by the banking and regulatory authorities in countries in which Goldman Sachs operates, including, among others, Brazil and Dubai. In addition, certain of our insurance subsidiaries are regulated by the Bermuda Monetary Authority.

Regulations Applicable in and Outside the United States

The U.S. and non-U.S. government agencies, regulatory bodies and self-regulatory organizations, as well as state securities commissions and other state regulators in the United States, are empowered to conduct administrative proceedings that can result in censure, fine, the issuance of cease and desist orders, or the suspension or expulsion of a broker-dealer or its directors, officers or employees. From time to time, our subsidiaries have been subject to investigations and proceedings, and sanctions have been imposed for infractions of various regulations relating to our activities.

 

 

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The U.S. Bank Secrecy Act (BSA), as amended by the USA PATRIOT Act of 2001 (PATRIOT Act), contains anti-money laundering and financial transparency laws and mandated the implementation of various regulations applicable to all financial institutions, including standards for verifying client identification at account opening, and obligations to monitor client transactions and report suspicious activities. Through these and other provisions, the BSA and the PATRIOT Act seek to promote the identification of parties that may be involved in terrorism, money laundering or other suspicious activities. Anti-money laundering laws outside the United States contain some similar provisions.

In addition, we are subject to laws and regulations worldwide, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, relating to corrupt and illegal payments to government officials and others. The obligation of financial institutions, including Goldman Sachs, to identify their clients, to monitor for and report suspicious transactions, to monitor direct and indirect payments to government officials, to respond to requests for information by regulatory authorities and law enforcement agencies, and to share information with other financial institutions, has required the implementation and maintenance of internal practices, procedures and controls that have increased, and may continue to increase, our costs, and any failure with respect to our programs in this area could subject us to substantial liability and regulatory fines.

The SEC, FINRA and regulators in various non-U.S. jurisdictions have imposed both conduct-based and disclosure-based requirements with respect to research reports and research analysts and may impose additional regulations.

Our investment management business is subject to significant regulation in numerous jurisdictions around the world relating to, among other things, the safeguarding of client assets and our management of client funds.

As discussed above, many of our subsidiaries are subject to regulatory capital requirements in jurisdictions throughout the world. Subsidiaries not subject to separate regulation may hold capital to satisfy local tax guidelines, rating agency requirements or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based upon its underlying risk.

Certain of our businesses are subject to compliance with regulations enacted by U.S. federal and state governments, the EU or other jurisdictions and/or enacted by various regulatory organizations or exchanges relating to the privacy of the information of clients, employees or others, and any failure to comply with these regulations could expose us to liability and/or reputational damage.

Available Information

Our internet address is www.gs.com and the investor relations section of our web site is located at www.gs.com/shareholders. We make available free of charge through the investor relations section of our web site, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934 (Exchange Act), as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Also posted on our web site, and available in print upon request of any shareholder to our Investor Relations Department, are our certificate of incorporation and by-laws, charters for our Audit Committee, Risk Committee, Compensation Committee, and Corporate Governance and Nominating Committee, our Policy Regarding Director Independence Determinations, our Policy on Reporting of Concerns Regarding Accounting and Other Matters, our Corporate Governance Guidelines and our Code of Business Conduct and Ethics governing our directors, officers and employees. Within the time period required by the SEC, we will post on our web site any amendment to the Code of Business Conduct and Ethics and any waiver applicable to any executive officer, director or senior financial officer.

In addition, our web site includes information concerning purchases and sales of our equity securities by our executive officers and directors, as well as disclosure relating to certain non-GAAP financial measures (as defined in the SEC’s Regulation G) that we may make public orally, telephonically, by webcast, by broadcast or by similar means from time to time.

Our Investor Relations Department can be contacted at The Goldman Sachs Group, Inc., 200 West Street, 29th Floor, New York, New York 10282, Attn: Investor Relations, telephone: 212-902-0300, e-mail: gs-investor-relations@gs.com.

 

 

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Cautionary Statement Pursuant to the U.S. Private Securities Litigation Reform Act of 1995

 

 

We have included or incorporated by reference in this Form 10-K, and from time to time our management may make, statements that may constitute “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, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. These statements include statements other than historical information or statements of current condition and may relate to our future plans and objectives and results, among other things, and may also include our belief regarding the effect of changes to the capital and leverage rules applicable to bank holding companies, the impact of the Dodd-Frank Act on our businesses and operations, and various legal proceedings as set forth under “Legal Proceedings” in Note 27 to the consolidated financial statements in Part II, Item 8 of this Form 10-K, as well as statements about the objectives and effectiveness of our risk management and liquidity policies, statements about trends in or growth opportunities for our businesses, statements about our future status, activities or reporting under U.S. or non-U.S. banking and financial regulation, and statements about our investment banking transaction backlog.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Important factors that could cause our actual results and financial condition to differ from those indicated in the forward-looking statements include, among others, those discussed below and under “Risk Factors” in Part I, Item 1A of this Form 10-K.

In the case of statements about our investment banking transaction backlog, such statements are subject to the risk that the terms of these transactions may be modified or that they may not be completed at all; therefore, the net revenues, if any, that we actually earn from these transactions may differ, possibly materially, from those currently expected. Important factors that could result in a modification of the terms of a transaction or a transaction not being completed include, in the case of underwriting transactions, a decline or continued weakness in general economic conditions, outbreak of hostilities, volatility in the securities markets generally or an adverse development with respect to the issuer of the securities and, in the case of 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 a discussion of other important factors that could adversely affect our investment banking transactions, see “Risk Factors” in Part I, Item 1A of this Form 10-K.

 

 

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Item 1A. Risk Factors

 

We face a variety of risks that are substantial and inherent in our businesses, including market, liquidity, credit, operational, legal, regulatory and reputational risks. The following are some of the more important factors that could affect our businesses.

Our businesses have been and may continue to be adversely affected by conditions in the global financial markets and economic conditions generally.

Our businesses, by their nature, do not produce predictable earnings, and all of our businesses are materially affected by conditions in the global financial markets and economic conditions generally. In the past several years, these conditions have changed suddenly and, for a period of time, very negatively. In 2008 and through early 2009, the financial services industry and the securities markets generally were materially and adversely affected by significant declines in the values of nearly all asset classes and by a serious lack of liquidity. In 2011, concerns about European sovereign debt risk and its impact on the European banking system, and about U.S. growth and uncertainty regarding the U.S. federal debt ceiling, resulted in significant volatility and declines in the prices of most financial asset classes. In addition, declines in the value of sovereign debt held by financial institutions, as well as increased capital and other regulatory requirements and higher funding costs, have negatively impacted the cost of borrowing and access to debt markets for many financial institutions, including us. Such developments have negatively affected client activity.

Since 2008, governments, regulators and central banks in the United States and worldwide have taken numerous steps to increase liquidity and to restore investor and public confidence. In addition, there are numerous legislative and regulatory actions that have been taken to deal with what regulators, politicians and others believe to be the root causes of the financial crisis, including laws and regulations relating to financial institution capital requirements and compensation practices, restrictions on the type of activities

in which financial institutions are permitted to engage, and generally increased regulatory scrutiny. In some cases, additional taxes have been (or have been proposed to be) imposed on us and certain other financial institutions. Many of the regulations that are required to implement this legislation (including the Dodd-Frank Act) are still being drafted or are not yet in effect; therefore, the exact impact that these regulations will have on our businesses, results of operations and cash flows is presently unclear.

National and local governments continue to face difficult financial conditions due to significant reductions in tax revenues, particularly from corporate and personal income taxes, as well as increased outlays for unemployment benefits due to high unemployment levels and the cost of stimulus programs.

Declines in asset values, the lack of liquidity, general uncertainty about economic and market activities and a lack of consumer, investor and CEO confidence have negatively impacted many of our businesses.

Our financial performance is highly dependent on the environment in which our businesses operate. A favorable business environment is generally characterized by, among other factors, high global gross domestic product growth, transparent, liquid and efficient capital markets, low inflation, high business and investor confidence, stable geopolitical conditions, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by: concerns about sovereign defaults; declines in economic growth, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation, interest rates, exchange rate volatility, default rates or the price of basic commodities; outbreaks of hostilities or other geopolitical instability; corporate, political or other scandals that reduce investor confidence in capital markets; natural disasters or pandemics; or a combination of these or other factors.

 

 

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Our businesses have been and may be adversely affected by declining asset values. This is particularly true for those businesses in which we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral.

Many of our businesses have net “long” positions in debt securities, loans, derivatives, mortgages, equities (including private equity and real estate) and most other asset classes. These include positions we take when we act as a principal to facilitate our clients’ activities, including our exchange-based market-making activities, or commit large amounts of capital to maintain positions in interest rate and credit products, as well as through our currencies, commodities and equities activities. Because nearly all of these investing, lending and market-making positions are marked-to-market on a daily basis, declines in asset values directly and immediately impact our earnings, unless we have effectively “hedged” our exposures to such declines. In certain circumstances (particularly in the case of leveraged loans and private equities or other securities that are

not freely tradable or lack established and liquid trading markets), it may not be possible or economic to hedge such exposures and to the extent that we do so the hedge may be ineffective or may greatly reduce our ability to profit from increases in the values of the assets. Sudden declines and significant volatility in the prices of assets may substantially curtail or eliminate the trading markets for certain assets, which may make it very difficult to sell, hedge or value such assets. The inability to sell or effectively hedge assets reduces our ability to limit losses in such positions and the difficulty in valuing assets may require us to maintain additional capital and increase our funding costs.

In our exchange-based market-making activities, we are obligated by stock exchange rules to maintain an orderly market, including by purchasing shares in a declining market. In markets where asset values are declining and in volatile markets, this results in losses and an increased need for liquidity.

We receive asset-based management fees based on the value of our clients’ portfolios or investment in funds managed by us and, in some cases, we also receive incentive fees based on increases in the value of such investments. Declines in asset values reduce the value of our clients’ portfolios or fund assets, which in turn reduce the fees we earn for managing such assets.

If financial markets decline, revenues from our variable annuity products are likely to decrease. In addition, unanticipated changes in reinvestment returns, policy lapses or mortality rates may also impact earnings from our insurance activities.

We post collateral to support our obligations and receive collateral to support the obligations of our clients and counterparties in connection with our client execution businesses. When the value of the assets posted as collateral declines, the party posting the collateral may need to provide additional collateral or, if possible, reduce its trading position. A classic example of such a situation is a “margin call” in connection with a brokerage account. Therefore, declines in the value of asset classes used as collateral mean that either the cost of funding positions is increased or the size of positions is decreased. If we are the party providing collateral, this can increase our costs and reduce our profitability and if we are the party receiving collateral, this can also reduce our profitability by reducing the level of business done with our clients and counterparties. In addition, volatile or less liquid markets increase the difficulty of valuing assets which can lead to costly and time-consuming disputes over asset values and the level of required collateral, as well as increased credit risk to the recipient of the collateral due to delays in receiving adequate collateral.

 

 

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Our businesses have been and may be adversely affected by disruptions in the credit markets, including reduced access to credit and higher costs of obtaining credit.

Widening credit spreads, as well as significant declines in the availability of credit, have in the past adversely affected our ability to borrow on a secured and unsecured basis and may do so in the future. We fund ourselves on an unsecured basis by issuing long-term debt, by accepting deposits at our bank subsidiaries, by issuing promissory notes and commercial paper or by obtaining bank loans or lines of credit. We seek to finance many of our assets on a secured basis, including by entering into repurchase agreements. Any disruptions in the credit markets may make it harder and more expensive to obtain funding for our businesses. If our available funding is limited or we are forced to fund our operations at a higher cost, these conditions may require us to curtail our business activities and increase our cost of funding, both of which could reduce our profitability, particularly in our businesses that involve investing, lending and market making.

Our clients engaging in mergers and acquisitions often rely on access to the secured and unsecured credit markets to finance their transactions. A lack of available credit or an increased cost of credit can adversely affect the size, volume and timing of our clients’ merger and acquisition transactions — particularly large transactions — and adversely affect our financial advisory and underwriting businesses.

In addition, we may incur significant unrealized gains or losses due solely to changes in our credit spreads or those of third parties, as these changes may affect the fair value of our derivative instruments and the debt securities that we hold or issue.

Our market-making activities have been and may be affected by changes in the levels of market volatility.

Certain of our market-making activities depend on market volatility to provide trading and arbitrage opportunities to our clients, and decreases in volatility may reduce these opportunities and adversely affect the results of these activities. On the other hand, increased volatility, while it can increase trading volumes and spreads, also increases risk as measured by Value-at-Risk (VaR) and may expose us to increased risks in connection with our market-making activities or cause us to reduce our market-making positions in order to avoid increasing our VaR. Limiting the size of our market-making positions can adversely affect our profitability, even though spreads are widening and we may earn more on each trade. In periods when volatility is increasing, but asset values are declining significantly, it

may not be possible to sell assets at all or it may only be possible to do so at steep discounts. In such circumstances we may be forced to either take on additional risk or to incur losses in order to decrease our VaR. In addition, increases in volatility increase the level of our risk weighted assets and increase our capital requirements, both of which in turn increase our funding costs.

Our investment banking, client execution and investment management businesses have been adversely affected and may continue to be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to general declines in economic activity and other unfavorable economic, geopolitical or market conditions.

Our investment banking business has been and may continue to be adversely affected by market conditions. Poor economic conditions and other adverse geopolitical conditions can adversely affect and have adversely affected investor and CEO confidence, resulting in significant industry-wide declines in the size and number of underwritings and of financial advisory transactions, which could have an adverse effect on our revenues and our profit margins. In particular, because a significant portion of our investment banking revenues is derived from our participation in large transactions, a decline in the number of large transactions would adversely affect our investment banking business.

In certain circumstances, market uncertainty or general declines in market or economic activity may affect our client execution businesses by decreasing levels of overall activity or by decreasing volatility, but at other times market uncertainty and even declining economic activity may result in higher trading volumes or higher spreads or both.

Market uncertainty, volatility and adverse economic conditions, as well as declines in asset values, may cause our clients to transfer their assets out of our funds or other products or their brokerage accounts and result in reduced net revenues, principally in our investment management business. To the extent that clients do not withdraw their funds, they may invest them in products that generate less fee income.

 

 

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Our investment management business may be affected by the poor investment performance of our investment products.

Poor investment returns in our investment management business, due to either general market conditions or underperformance (relative to our competitors or to benchmarks) by funds or accounts that we manage or investment products that we design or sell, affects our ability to retain existing assets and to attract new clients or additional assets from existing clients. This could affect the management and incentive fees that we earn on assets under management or the commissions that we earn for selling other investment products, such as structured notes or derivatives.

We may incur losses as a result of ineffective risk management processes and strategies.

We seek to monitor and control our risk exposure through a risk and control framework encompassing a variety of separate but complementary financial, credit, operational, compliance and legal reporting systems, internal controls, management review processes and other mechanisms. Our risk management process seeks to balance our ability to profit from market-making, investing or lending positions with our exposure to potential losses. While we employ a broad and diversified set of risk monitoring and risk mitigation techniques, those techniques and the judgments that accompany their application cannot anticipate every economic and financial outcome or the specifics and timing of such outcomes. Thus, we may, in the course of our activities, incur losses. Market conditions in recent years have involved unprecedented dislocations and highlight the limitations inherent in using historical data to manage risk.

The models that we use to assess and control our risk exposures reflect assumptions about the degrees of correlation or lack thereof among prices of various asset classes or other market indicators. In times of market stress or other unforeseen circumstances, such as occurred during 2008 and early 2009, and to some extent in 2011, previously uncorrelated indicators may become correlated, or conversely previously correlated indicators may move in different directions. These types of market movements have at times limited the effectiveness of our hedging strategies and have caused us to incur significant losses, and they may do so in the future. These changes in correlation can be exacerbated where other market participants are using risk or trading models with assumptions or algorithms that are similar to ours. In these and other cases, it may be difficult to reduce our risk positions due to the activity of other

market participants or widespread market dislocations, including circumstances where asset values are declining significantly or no market exists for certain assets.

To the extent that we have positions through our market-making or origination activities or we make investments directly through our investing activities in securities, including private equity, that do not have an established liquid trading market or are otherwise subject to restrictions on sale or hedging, we may not be able to reduce our positions and therefore reduce our risk associated with such positions. In addition, we invest our own capital in private equity, debt, real estate and hedge funds that we manage and limitations on our ability to withdraw some or all of our investments in these funds, whether for legal, reputational or other reasons, may make it more difficult for us to control the risk exposures relating to these investments.

For a further discussion of our risk management policies and procedures, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in Part II, Item 7 of this Form 10-K.

Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets or by a reduction in our credit ratings or by an increase in our credit spreads.

Liquidity is essential to our businesses. Our liquidity may be impaired by an inability to access secured and/or unsecured debt markets, an inability to access funds from our subsidiaries, an inability to sell assets or redeem our investments, or unforeseen outflows of cash or collateral. This situation may arise due to circumstances that we may be unable to control, such as a general market disruption or an operational problem that affects third parties or us, or even by the perception among market participants that we, or other market participants, are experiencing greater liquidity risk.

The financial instruments that we hold and the contracts to which we are a party are complex, as we employ structured products to benefit our clients and ourselves, and these complex structured products often do not have readily available markets to access in times of liquidity stress. Our investing and lending activities may lead to situations where the holdings from these activities represent a significant portion of specific markets, which could restrict liquidity for our positions.

 

 

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Further, our ability to sell assets may be impaired if other market participants are seeking to sell similar assets at the same time, as is likely to occur in a liquidity or other market crisis. In addition, financial institutions with which we interact may exercise set-off rights or the right to require additional collateral, including in difficult market conditions, which could further impair our access to liquidity.

Our credit ratings are important to our liquidity. A reduction in our credit ratings could adversely affect our liquidity and competitive position, increase our borrowing costs, limit our access to the capital markets or trigger our obligations under certain provisions in some of our trading and collateralized financing contracts. Under these provisions, counterparties could be permitted to terminate contracts with Goldman Sachs or require us to post additional collateral. Termination of our trading and collateralized financing contracts could cause us to sustain losses and impair our liquidity by requiring us to find other sources of financing or to make significant cash payments or securities movements. Certain rating agencies have indicated that the Dodd-Frank Act could result in the rating agencies reducing their assumed level of government support and therefore result in ratings downgrades for certain large financial institutions, including Goldman Sachs. As of December 2011, each of Moody’s Investors Service, Standard & Poor’s Ratings Services and Ratings and Investment Information, Inc. had issued a negative outlook on our long-term credit ratings. As of December 2011, in the event of a one-notch and two-notch downgrade of our credit ratings our counterparties could have called for additional collateral or termination payments in an aggregate amount of $1.30 billion and $2.18 billion, respectively.

Our cost of obtaining long-term unsecured funding is directly related to our credit spreads (the amount in excess of the interest rate of U.S. Treasury securities (or other benchmark securities) of the same maturity that we need to pay to our debt investors). Increases in our credit spreads can significantly increase our cost of this funding. Changes in credit spreads are continuous, market-driven, and subject at times to unpredictable and highly volatile movements. Credit spreads are influenced by market perceptions of our creditworthiness. In addition, our credit spreads may be influenced by movements in the costs to purchasers of credit default swaps referenced to our long-term debt. The market for credit default swaps, although very large, has proven to be extremely volatile and currently lacks a high degree of structure or transparency.

Conflicts of interest are increasing and a failure to appropriately identify and address conflicts of interest could adversely affect our businesses.

As we have expanded the scope of our businesses and our client base, we increasingly must address potential conflicts of interest, including situations where our services to a particular client or our own investments or other interests conflict, or are perceived to conflict, with the interests of another client, as well as situations where one or more of our businesses have access to material non-public information that may not be shared with other businesses within the firm and situations where we may be a creditor of an entity with which we also have an advisory or other relationship.

In addition, our status as a bank holding company subjects us to heightened regulation and increased regulatory scrutiny by the Federal Reserve Board with respect to transactions between GS Bank USA and entities that are or could be viewed as affiliates of ours.

We have extensive procedures and controls that are designed to identify and address conflicts of interest, including those designed to prevent the improper sharing of information among our businesses. However, appropriately identifying and dealing with conflicts of interest is complex and difficult, and our reputation, which is one of our most important assets, could be damaged and the willingness of clients to enter into transactions with us may be affected if we fail, or appear to fail, to identify, disclose and deal appropriately with conflicts of interest. In addition, potential or perceived conflicts could give rise to litigation or regulatory enforcement actions.

 

 

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Group Inc. is a holding company and is dependent for liquidity on payments from its subsidiaries, many of which are subject to restrictions.

Group Inc. is a holding company and, therefore, depends on dividends, distributions and other payments from its subsidiaries to fund dividend payments and to fund all payments on its obligations, including debt obligations. Many of our subsidiaries, including our broker-dealer, bank and insurance subsidiaries, are subject to laws that restrict dividend payments or authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to Group Inc. In addition, our broker-dealer, bank and insurance subsidiaries are subject to restrictions on their ability to lend or transact with affiliates and to minimum regulatory capital requirements, as well as restrictions on their ability to use funds deposited with them in brokerage or bank accounts to fund their businesses. Additional restrictions on related-party transactions, increased capital requirements and additional limitations on the use of funds on deposit in bank or brokerage accounts, as well as lower earnings, can reduce the amount of funds available to meet the obligations of Group Inc. and even require Group Inc. to provide additional funding to such subsidiaries. Restrictions or regulatory action of that kind could impede access to funds that Group Inc. needs to make payments on its obligations, including debt obligations, or dividend payments. In addition, Group Inc.’s right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors.

Furthermore, Group Inc. has guaranteed the payment obligations of certain of its subsidiaries, including GS&Co., GS Bank USA, GS Bank Europe and GSEC subject to certain exceptions, and has pledged significant assets to GS Bank USA to support obligations to GS Bank USA. In addition, Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties. These guarantees may require Group Inc. to provide substantial funds or assets to its subsidiaries or their creditors or counterparties at a time when Group Inc. is in need of liquidity to fund its own obligations. See “Business — Regulation” in Part I, Item 1 of this Form 10-K for a further discussion of regulatory restrictions.

Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe us money, securities or other assets or whose securities or obligations we hold.

We are exposed to the risk that third parties that owe us money, securities or other assets will not perform their obligations. These parties may default on their obligations to us due to bankruptcy, lack of liquidity, operational failure or other reasons. A failure of a significant market participant, or even concerns about a default by such an institution, could lead to significant liquidity problems, losses or defaults by other institutions, which in turn could adversely affect us.

We are also subject to the risk that our rights against third parties may not be enforceable in all circumstances. In addition, deterioration in the credit quality of third parties whose securities or obligations we hold could result in losses and/or adversely affect our ability to rehypothecate or otherwise use those securities or obligations for liquidity purposes. A significant downgrade in the credit ratings of our counterparties could also have a negative impact on our results. While in many cases we are permitted to require additional collateral from counterparties that experience financial difficulty, disputes may arise as to the amount of collateral we are entitled to receive and the value of pledged assets. The termination of contracts and the foreclosure on collateral may subject us to claims for the improper exercise of our rights. Default rates, downgrades and disputes with counterparties as to the valuation of collateral increase significantly in times of market stress and illiquidity.

As part of our clearing and prime brokerage activities, we finance our clients’ positions, and we could be held responsible for the defaults or misconduct of our clients. Although we regularly review credit exposures to specific clients and counterparties and to specific industries, countries and regions that we believe may present credit concerns, default risk may arise from events or circumstances that are difficult to detect or foresee.

 

 

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Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and lending activities.

Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and lending activities. The number and size of such transactions may affect our results of operations in a given period. Moreover, because of concentration of risk, we may suffer losses even when economic and market conditions are generally favorable for our competitors. Disruptions in the credit markets can make it difficult to hedge these credit exposures effectively or economically. In addition, we extend large commitments as part of our credit origination activities. The Dodd-Frank Act will require issuers of asset-backed securities and any person who organizes and initiates an asset-backed securities transaction to retain economic exposure to the asset, which could significantly increase the cost to us of engaging in securitization activities. Our inability to reduce our credit risk by selling, syndicating or securitizing these positions, including during periods of market stress, could negatively affect our results of operations due to a decrease in the fair value of the positions, including due to the insolvency or bankruptcy of the borrower, as well as the loss of revenues associated with selling such securities or loans.

In the ordinary course of business, we may be subject to a concentration of credit risk to a particular counterparty, borrower or issuer, including sovereign issuers, and a failure or downgrade of, or default by, such entity could negatively impact our businesses, perhaps materially, and the systems by which we set limits and monitor the level of our credit exposure to individual entities, industries and countries may not function as we have anticipated. While our activities expose us to many different industries and counterparties, we routinely execute a high volume of transactions with counterparties engaged in financial services activities, including brokers and dealers, commercial banks, clearing houses, exchanges and investment funds. This has resulted in significant credit concentration with respect to these counterparties. Provisions of the Dodd-Frank Act are expected to lead to increased centralization of trading activity through particular clearing houses, central agents or exchanges, which may increase our concentration of risk with respect to these entities.

The financial services industry is highly competitive.

The financial services industry and all of our businesses are intensely competitive, and we expect them to remain so. We compete on the basis of a number of factors, including transaction execution, our products and services, innovation, reputation, creditworthiness and price. Over time, there has been substantial consolidation and convergence among companies in the financial services industry. This trend accelerated over recent years as a result of numerous mergers and asset acquisitions among industry participants. This trend has also hastened the globalization of the securities and other financial services markets. As a result, we have had to commit capital to support our international operations and to execute large global transactions. To the extent we expand into new business areas and new geographic regions, we will face competitors with more experience and more established relationships with clients, regulators and industry participants in the relevant market, which could adversely affect our ability to expand. Governments and regulators have recently adopted regulations, imposed taxes or otherwise put forward various proposals that have or may impact our ability to conduct certain of our businesses in a cost-effective manner or at all in certain or all jurisdictions, including proposals relating to restrictions on the type of activities in which financial institutions are permitted to engage. These or other similar rules, many of which do not apply to all our U.S. or non-U.S. competitors, could impact our ability to compete effectively.

Pricing and other competitive pressures in our businesses have continued to increase, particularly in situations where some of our competitors may seek to increase market share by reducing prices. For example, in connection with investment banking and other assignments, we have experienced pressure to extend and price credit at levels that may not always fully compensate us for the risks we take.

 

 

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We face enhanced risks as new business initiatives lead us to transact with a broader array of clients and counterparties and expose us to new asset classes and new markets.

A number of our recent and planned business initiatives and expansions of existing businesses may bring us into contact, directly or indirectly, with individuals and entities that are not within our traditional client and counterparty base and expose us to new asset classes and new markets. For example, we are increasingly transacting business and investing in new regions, including a wider range of emerging and growth markets. Furthermore, in a number of our businesses, including where we make markets, invest and lend, we directly or indirectly own interests in, or otherwise become affiliated with the ownership and operation of public services, such as airports, toll roads and shipping ports, as well as power generation facilities, physical commodities and other commodities infrastructure components, both within and outside the United States. Recent market conditions may lead to an increase in opportunities to acquire distressed assets and we may determine opportunistically to increase our exposure to these types of assets.

These activities expose us to new and enhanced risks, including risks associated with dealing with governmental entities, reputational concerns arising from dealing with less sophisticated counterparties and investors, greater regulatory scrutiny of these activities, increased credit-related, sovereign and operational risks, risks arising from accidents or acts of terrorism, and reputational concerns with the manner in which these assets are being operated or held.

Derivative transactions and delayed settlements may expose us to unexpected risk and potential losses.

We are party to a large number of derivative transactions, including credit derivatives. Many of these derivative instruments are individually negotiated and non-standardized, which can make exiting, transferring or settling positions difficult. Many credit derivatives require that we deliver to the counterparty the underlying security, loan or other obligation in order to receive payment. In a number of cases, we do not hold the underlying security, loan or other obligation and may not be able to obtain the underlying security, loan or other obligation. This could cause us to forfeit the payments due to us under these contracts or result in settlement delays with the attendant credit and operational risk as well as increased costs to the firm. Derivative transactions may also involve the risk that they are not authorized or appropriate for a counterparty,

that documentation has not been properly executed or that executed agreements may not be enforceable against the counterparty.

Derivative contracts and other transactions, including secondary bank loan purchases and sales, entered into with third parties are not always confirmed by the counterparties or settled on a timely basis. While the transaction remains unconfirmed or during any delay in settlement, we are subject to heightened credit and operational risk and in the event of a default may find it more difficult to enforce our rights. In addition, as new and more complex derivative products are created, covering a wider array of underlying credit and other instruments, disputes about the terms of the underlying contracts could arise, which could impair our ability to effectively manage our risk exposures from these products and subject us to increased costs. The provisions of the Dodd-Frank Act requiring central clearing of credit derivatives and other OTC derivatives, or a market shift toward standardized derivatives, could reduce the risk associated with such transactions, but under certain circumstances could also limit our ability to develop derivatives that best suit the needs of our clients and ourselves and adversely affect our profitability and increase our credit exposure to such platform.

Our businesses may be adversely affected if we are unable to hire and retain qualified employees.

Our performance is largely dependent on the talents and efforts of highly skilled individuals; therefore, our continued ability to compete effectively in our businesses, to manage our businesses effectively and to expand into new businesses and geographic areas depends on our ability to attract new talented and diverse employees and to retain and motivate our existing employees. Factors that affect our ability to attract and retain such employees include our compensation and benefits, and our reputation as a successful business with a culture of fairly hiring, training and promoting qualified employees.

Competition from within the financial services industry and from businesses outside the financial services industry for qualified employees has often been intense. This is particularly the case in emerging and growth markets, where we are often competing for qualified employees with entities that have a significantly greater presence or more extensive experience in the region.

 

 

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As described further in “Business — Regulation — Banking Regulation” and “Regulation — Compensation Practices” in Part I, Item 1 of this Form 10-K, our compensation practices are subject to review by, and the standards of, the Federal Reserve Board. As a large financial and banking institution, we are subject to limitations on compensation practices (which may or may not affect our competitors) by the Federal Reserve Board, the FSA, the FDIC or other regulators worldwide. These limitations, including any imposed by or as a result of future legislation or regulation, may require us to alter our compensation practices in ways that could adversely affect our ability to attract and retain talented employees. We may also be required to make additional disclosure with respect to the compensation of employees, including non-executive officers, in a manner that directly or indirectly results in the identity of such employees and their compensation being made public. Any such additional public disclosure of employee compensation may also make it difficult to attract and retain talented employees.

Our businesses and those of our clients are subject to extensive and pervasive regulation around the world.

As a participant in the financial services industry and a bank holding company, we are subject to extensive regulation in jurisdictions around the world. We face the risk of significant intervention by regulatory and taxing authorities in all jurisdictions in which we conduct our businesses. Among other things, as a result of regulators enforcing existing laws and regulations, we could be fined, prohibited from engaging in some of our business activities, subject to limitations or conditions on our business activities or subjected to new or substantially higher taxes or other governmental charges in connection with the conduct of our business or with respect to our employees.

There is also the risk that new laws or regulations or changes in enforcement of existing laws or regulations applicable to our businesses or those of our clients, including capital, liquidity and margin requirements, tax burdens and compensation restrictions, could be imposed on a limited subset of financial institutions (either based on size, activities, geography or other criteria), which may adversely affect our ability to compete effectively with other institutions that are not affected in the same way. In addition, regulation imposed on financial institutions or market participants generally, such as taxes on financial transactions, could adversely impact levels of market activity more broadly, and thus impact our businesses.

The impact of such developments could impact our profitability in the affected jurisdictions, or even make it uneconomic for us to continue to conduct all or certain of our businesses in such jurisdictions, or could cause us to incur significant costs associated with changing our business practices, restructuring our businesses, moving all or certain of our businesses and our employees to other locations or complying with applicable capital requirements, including liquidating assets or raising capital in a manner that adversely increases our funding costs or otherwise adversely affects our shareholders and creditors.

U.S. and non-U.S. regulatory developments, in particular the Dodd-Frank Act and Basel 3, will significantly alter the regulatory framework within which we operate and may adversely affect our competitive position and profitability. Among the aspects of the Dodd-Frank Act most likely to affect our businesses are: the prohibition on proprietary trading and the limitation on the sponsorship of, and investment in, hedge funds and private equity funds by bank holding companies and other banking entities; increased capital requirements; increased regulation of and restrictions on over-the-counter derivatives markets and transactions; limitations on incentive compensation; the prohibition on certain swaps-based activities through an insured depository institution; limitations on affiliate transactions; the establishment and annual updating of a resolution plan; the creation of a new systemic oversight body, the FSOC; increased deposit insurance assessments; and increased standards of care for broker-dealers in dealing with clients. The implementation of higher capital requirements, the liquidity coverage ratio and the net stable funding ratio under Basel 3 may adversely affect our profitability and competitive position, particularly if the requirements do not apply, or do not apply equally, to our competitors or are not implemented uniformly across jurisdictions.

 

 

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In addition, the attorneys general of a number of states have filed lawsuits against financial institutions alleging, among other things, that the centralized system of recording mortgages and designating a common entity as the mortgage holder is in violation of state law, and other authorities have indicated that they are contemplating similar actions. If this system and related practices are deemed invalid, it may call into question the validity or enforceability of certain mortgage-related obligations under securitizations and other transactions in which we have participated, negatively impact the market for mortgages and mortgage-related products and our mortgage-related activities, or subject us to additional costs or penalties.

For a discussion of the extensive regulation to which our businesses are subject, see “Business — Regulation” in Part I, Item 1 of this Form 10-K.

We may be adversely affected by increased governmental and regulatory scrutiny or negative publicity.

Governmental scrutiny from regulators, legislative bodies and law enforcement agencies with respect to matters relating to compensation, our business practices, our past actions and other matters has increased dramatically in the past several years. The financial crisis and the current political and public sentiment regarding financial institutions has resulted in a significant amount of adverse press coverage, as well as adverse statements or charges by regulators or other government officials. Press coverage and other public statements that assert some form of wrongdoing often result in some type of investigation by regulators, legislators and law enforcement officials or in lawsuits. Responding to these investigations and lawsuits, regardless of the ultimate outcome of the proceeding, is time consuming and expensive and can divert the time and effort of our senior management from our business. Penalties and fines sought by regulatory authorities have increased substantially over the last several years, and certain regulators have been more likely in recent years to commence enforcement actions or to advance or support legislation targeted at the financial services industry. Adverse publicity, governmental scrutiny and legal and enforcement proceedings can also have a negative impact on our reputation and on the morale and performance of our employees, which could adversely affect our businesses and results of operations.

A failure in our operational systems or infrastructure, or those of third parties, could impair our liquidity, disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses.

Our businesses are highly dependent on our ability to process and monitor, on a daily basis, a very large number of transactions, many of which are highly complex, across numerous and diverse markets in many currencies. These transactions, as well as the information technology services we provide to clients, often must adhere to client-specific guidelines, as well as legal and regulatory standards.

As our client base and our geographical reach expands, developing and maintaining our operational systems and infrastructure becomes increasingly challenging. Our financial, accounting, data processing or other operational systems and facilities may fail to operate properly or become disabled as a result of events that are wholly or partially beyond our control, such as a spike in transaction volume, adversely affecting our ability to process these transactions or provide these services. We must continuously update these systems to support our operations and growth and to respond to changes in regulations and markets. This updating entails significant costs and creates risks associated with implementing new systems and integrating them with existing ones.

In addition, we also face the risk of operational failure, termination or capacity constraints of any of the clearing agents, exchanges, clearing houses or other financial intermediaries we use to facilitate our securities transactions, and as our interconnectivity with our clients grows, we increasingly face the risk of operational failure with respect to our clients’ systems.

 

 

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In recent years, there has been significant consolidation among clearing agents, exchanges and clearing houses and an increasing number of derivative transactions are now or in the near future will be cleared on exchanges, which has increased our exposure to operational failure, termination or capacity constraints of the particular financial intermediaries that we use and could affect our ability to find adequate and cost-effective alternatives in the event of any such failure, termination or constraint. Industry consolidation, whether among market participants or financial intermediaries, increases the risk of operational failure as disparate complex systems need to be integrated, often on an accelerated basis.

Furthermore, the interconnectivity of multiple financial institutions with central agents, exchanges and clearing houses, and the increased centrality of these entities, increases the risk that an operational failure at one institution or entity may cause an industry-wide operational failure that could materially impact our ability to conduct business. Any such failure, termination or constraint could adversely affect our ability to effect transactions, service our clients, manage our exposure to risk or expand our businesses or result in financial loss or liability to our clients, impairment of our liquidity, disruption of our businesses, regulatory intervention or reputational damage.

Despite the resiliency plans and facilities we have in place, our ability to conduct business may be adversely impacted by a disruption in the infrastructure that supports our businesses and the communities in which we are located. This may include a disruption involving electrical, satellite, undersea cable or other communications, internet, transportation or other services facilities used by us or third parties with which we conduct business. These disruptions may occur as a result of events that affect only our buildings or systems or those of such third parties, or as a result of events with a broader impact globally, regionally or in the cities where those buildings or systems are located.

Nearly all of our employees in our primary locations, including the New York metropolitan area, London, Bangalore, Hong Kong, Tokyo and Salt Lake City, work in close proximity to one another, in one or more buildings. Notwithstanding our efforts to maintain business continuity, given that our headquarters and the largest concentration of our employees are in the New York metropolitan area, depending on the intensity and longevity of the event, a catastrophic event impacting our New York metropolitan area offices could very negatively affect our

business. If a disruption occurs in one location and our employees in that location are unable to occupy our offices or communicate with or travel to other locations, our ability to service and interact with our clients may suffer, and we may not be able to successfully implement contingency plans that depend on communication or travel.

Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. We are regularly the target of attempted cyber attacks and must continuously monitor and develop our systems to protect our technology infrastructure and data from misappropriation or corruption. Although we take protective measures and endeavor to modify them as circumstances warrant, our computer systems, software and networks may be vulnerable to unauthorized access, misuse, computer viruses or other malicious code and other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize our or our clients’ or counterparties’ confidential and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our clients’, our counterparties’ or third parties’ operations, which could result in significant losses or reputational damage. We expect to expend significant additional resources on an ongoing basis to modify our protective measures and to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are either not insured against or not fully covered through any insurance maintained by us.

We routinely transmit and receive personal, confidential and proprietary information by email and other electronic means. We have discussed and worked with clients, vendors, service providers, counterparties and other third parties to develop secure transmission capabilities and prevent against cyber attacks, but we do not have, and may be unable to put in place, secure capabilities with all of our clients, vendors, service providers, counterparties and other third parties and we may not be able to ensure that these third parties have appropriate controls in place to protect the confidentiality of the information. An interception, misuse or mishandling of personal, confidential or proprietary information being sent to or received from a client, vendor, service provider, counterparty or other third party could result in legal liability, regulatory action and reputational harm.

 

 

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Substantial legal liability or significant regulatory action against us could have material adverse financial effects or cause us significant reputational harm, which in turn could seriously harm our business prospects.

We face significant legal risks in our businesses, and the volume of claims and amount of damages and penalties claimed in litigation and regulatory proceedings against financial institutions remain high. See “Legal Proceedings” in Part I, Item 3 of this Form 10-K for a discussion of certain legal proceedings in which we are involved. Our experience has been that legal claims by customers and clients increase in a market downturn and that employment-related claims increase following periods in which we have reduced our staff.

The growth of electronic trading and the introduction of new trading technology may adversely affect our business and may increase competition.

Technology is fundamental to our business and our industry. The growth of electronic trading and the introduction of new technologies is changing our businesses and presenting us with new challenges. Securities, futures and options transactions are increasingly occurring electronically, both on our own systems and through other alternative trading systems, and it appears that the trend toward alternative trading systems will continue and probably accelerate. Some of these alternative trading systems compete with us, particularly our exchange-based market-making activities, and we may experience continued competitive pressures in these and other areas. In addition, the increased use by our clients of low-cost electronic trading systems and direct electronic access to trading markets could cause a reduction in commissions and spreads. As our clients increasingly use our systems to trade directly in the markets, we may incur liabilities as a result of their use of our order routing and execution infrastructure. We have invested significant resources into the development of electronic trading systems and expect to continue to do so, but there is no assurance that the revenues generated by these systems will yield an adequate return on our investment, particularly given the relatively lower commissions arising from electronic trades.

Our commodities activities, particularly our power generation interests and our physical commodities activities, subject us to extensive regulation, potential catastrophic events and environmental, reputational and other risks that may expose us to significant liabilities and costs.

We engage in, or invest in entities that engage in, the production, storage, transportation, marketing and trading of numerous commodities, including crude oil, oil products, natural gas, electric power, agricultural products, metals (base and precious), minerals (including uranium), emission credits, coal, freight, liquefied natural gas and related products and indices. These activities subject us to extensive and evolving federal, state and local energy, environmental and other governmental laws and regulations worldwide, including environmental laws and regulations relating to, among others, air quality, water quality, waste management, transportation of hazardous substances, natural resources, site remediation and health and safety. Additionally, rising climate change concerns may lead to additional regulation that could increase the operating costs and profitability of our investments.

We may incur substantial costs in complying with current or future laws and regulations relating to our commodities-related activities and investments, particularly electric power generation, transportation and storage of physical commodities and wholesale sales and trading of electricity and natural gas. Compliance with these laws and regulations could require us to commit significant capital toward environmental monitoring, installation of pollution control equipment, renovation of storage facilities or transport vessels, payment of emission fees and carbon or other taxes, and application for, and holding of, permits and licenses.

 

 

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Our commodities-related activities are also subject to the risk of unforeseen or catastrophic events, many of which are outside of our control, including breakdown or failure of power generation equipment, transmission lines, transport vessels, storage facilities or other equipment or processes or other mechanical malfunctions, fires, leaks, spills or release of hazardous substances, performance below expected levels of output or efficiency, terrorist attacks, natural disasters or other hostile or catastrophic events. In addition, we rely on third-party suppliers or service providers to perform their contractual obligations and any failure on their part, including the failure to obtain raw materials at reasonable prices or to safely transport or store commodities, could adversely affect our activities. Also, we may not be able to obtain insurance to cover some of these risks and the insurance that we have may be inadequate to cover our losses.

The occurrence of any of such events may prevent us from performing under our agreements with clients, may impair our operations or financial results and may result in litigation, regulatory action, negative publicity or other reputational harm.

In conducting our businesses around the world, we are subject to political, economic, legal, operational and other risks that are inherent in operating in many countries.

In conducting our businesses and maintaining and supporting our global operations, we are subject to risks of possible nationalization, expropriation, price controls, capital controls, exchange controls and other restrictive governmental actions, as well as the outbreak of hostilities or acts of terrorism. In many countries, the laws and regulations applicable to the securities and financial services industries and many of the transactions in which we are involved are uncertain and evolving, and it may be difficult for us to determine the exact requirements of local laws in every market. Any determination by local regulators that we have not acted in compliance with the application of local laws in a particular market or our failure to develop effective working relationships with local regulators could have a significant and negative effect not only on our businesses in that market but also on our reputation generally. We are also subject to the enhanced risk that transactions we structure might not be legally enforceable in all cases.

 

Our businesses and operations are increasingly expanding into new regions throughout the world, including emerging and growth markets, and we expect this trend to continue. Various emerging and growth market countries have experienced severe economic and financial disruptions, including significant devaluations of their currencies, defaults or threatened defaults on sovereign debt, capital and currency exchange controls, and low or negative growth rates in their economies, as well as military activity or acts of terrorism. The possible effects of any of these conditions include an adverse impact on our businesses and increased volatility in financial markets generally.

While business and other practices throughout the world differ, our principal legal entities are subject in their operations worldwide to rules and regulations relating to corrupt and illegal payments and money laundering, as well as laws relating to doing business with certain individuals, groups and countries, such as the U.S. Foreign Corrupt Practices Act, the USA PATRIOT Act and U.K. Bribery Act. While we have invested and continue to invest significant resources in training and in compliance monitoring, the geographical diversity of our operations, employees, clients and customers, as well as the vendors and other third parties that we deal with, greatly increases the risk that we may be found in violation of such rules or regulations and any such violation could subject us to significant penalties or adversely affect our reputation.

In addition, there have been a number of highly publicized cases around the world, involving actual or alleged fraud or other misconduct by employees in the financial services industry in recent years, and we run the risk that employee misconduct could occur. This misconduct has included and may include in the future the theft of proprietary information, including proprietary software. It is not always possible to deter or prevent employee misconduct and the precautions we take to prevent and detect this activity have not been and may not be effective in all cases.

We may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, terrorist attacks or natural disasters.

The occurrence of unforeseen or catastrophic events, including the emergence of a pandemic or other widespread health emergency (or concerns over the possibility of such an emergency), terrorist attacks or natural disasters, could create economic and financial disruptions, could lead to operational difficulties (including travel limitations) that could impair our ability to manage our businesses.

 

 

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In our life and our property catastrophe insurance activities, losses related to unforeseen or catastrophic events could significantly exceed the related reserves and reinsurance proceeds.

Item 1B. Unresolved Staff Comments

There are no material unresolved written comments that were received from the SEC staff 180 days or more before the end of our fiscal year relating to our periodic or current reports under the Exchange Act.

Item 2. Properties

Our principal executive offices are located at 200 West Street, New York, New York and comprise approximately 2.1 million gross square feet. The building is located on a parcel leased from Battery Park City Authority pursuant to a ground lease. Under the lease, Battery Park City Authority holds title to all improvements, including the office building, subject to Goldman Sachs’ right of exclusive possession and use until June 2069, the expiration date of the lease. Under the terms of the ground lease, we made a lump sum ground rent payment in June 2007 of $161 million for rent through the term of the lease.

We have offices at 30 Hudson Street in Jersey City, New Jersey, which we own and which include approximately 1.6 million gross square feet of office space, and we own over 700,000 square feet of additional commercial space spread among four locations in New York and New Jersey. We lease approximately 1.1 million rentable square feet in the New York Metropolitan Area.

We have additional offices in the U.S. and elsewhere in the Americas, which together comprise approximately 2.2 million rentable square feet of leased space.

In Europe, the Middle East and Africa, we have offices that total approximately 2.0 million rentable square feet of leased space. Our European headquarters is located in London at Peterborough Court, pursuant to a lease expiring in 2026. In total, we lease approximately 1.6 million rentable square feet in London through various leases, relating to various properties.

 

In Asia (including India), Australia and New Zealand, we have offices that total approximately 2.1 million rentable square feet. Our headquarters in this region are in Tokyo, at the Roppongi Hills Mori Tower, and in Hong Kong, at the Cheung Kong Center. In Tokyo, we currently lease approximately 400,000 rentable square feet, the majority of which will expire in 2018. In Hong Kong, we currently lease approximately 340,000 rentable square feet under lease agreements, the majority of which will expire in 2017.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Off-Balance-Sheet Arrangements and Contractual Obligations — Contractual Obligations” in Part II, Item 7 of this Form 10-K for a discussion of exit costs we may incur in the future to the extent we (i) reduce our space capacity or (ii) commit to, or occupy, new properties in the locations in which we operate and, consequently, dispose of existing space that had been held for potential growth.

Item 3. Legal Proceedings

We are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Many of these proceedings are at preliminary stages, and many of these cases seek an indeterminate amount of damages. However, we believe, based on currently available information, that the results of such proceedings, in the aggregate, will not have a material adverse effect on our financial condition, but may be material to our operating results for any particular period, depending, in part, upon the operating results for such period. Given the range of litigation and investigations presently under way, our litigation expenses can be expected to remain high. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Use of Estimates” in Part II, Item 7 of this Form 10-K. See Note 27 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information on certain judicial, regulatory and legal proceedings.

Item 4. Mine Safety Disclosures

Not applicable.

 

 

34   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Executive Officers of The Goldman Sachs Group, Inc.

 

 

Set forth below are the name, age, present title, principal occupation and certain biographical information as of February 1, 2012 for our executive officers. All of our executive officers have been appointed by and serve at the pleasure of our board of directors.

Lloyd C. Blankfein, 57

Mr. Blankfein has been our Chairman and Chief Executive Officer since June 2006, and a director since April 2003. Previously, he had been our President and Chief Operating Officer since January 2004. Prior to that, from April 2002 until January 2004, he was a Vice Chairman of Goldman Sachs, with management responsibility for Goldman Sachs’ Fixed Income, Currency and Commodities Division (FICC) and Equities Division (Equities). Prior to becoming a Vice Chairman, he had served as co-head of FICC since its formation in 1997. From 1994 to 1997, he headed or co-headed the Currency and Commodities Division. Mr. Blankfein is not currently on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including as a member of the Dean’s Advisory Board at Harvard Law School, the Dean’s Council at Harvard University and the Advisory Board of the Tsinghua University School of Economics and Management, an overseer of the Weill Medical College of Cornell University, and a member of the Board of Directors of the Partnership for New York City.

Alan M. Cohen, 61

Mr. Cohen has been an Executive Vice President of Goldman Sachs and our Global Head of Compliance since February 2004. From 1991 until January 2004, he was a partner in the law firm of O’Melveny & Myers LLP. He is affiliated with certain non-profit organizations, including as a board member of the New York Stem Cell Foundation.

Gary D. Cohn, 51

Mr. Cohn has been our President and Chief Operating Officer (or Co-Chief Operating Officer) and a director since June 2006. From December 2003 to June 2006, he was the co-head of our global Securities businesses, having been the co-head of FICC since September 2002. Prior to that, Mr. Cohn served as co-chief operating officer of FICC after having been responsible for Commodities and a number of other FICC businesses from 1999 to 2002. He was the head of Commodities from 1996 to 1999. Mr. Cohn is not currently on the board of any public company other than Goldman Sachs. He is affiliated with certain non-profit organizations, including NYU Hospital, NYU Medical School, the Harlem Children’s Zone and American University.

Edith W. Cooper, 50

Ms. Cooper has been an Executive Vice President of Goldman Sachs since April 2011 and our Global Head of Human Capital Management since March 2008. From 2002 to 2008, she served in various positions at the firm, including sales management within the Securities Division. In 2002, she was responsible for the firm’s Futures business and, prior to that, she was co-head of the commodities business in Europe and Asia.

J. Michael Evans, 54

Mr. Evans has been the global head of Growth Markets since January 2011, a Vice Chairman of Goldman Sachs since February 2008 and chairman of Goldman Sachs Asia since 2004. Prior to becoming a Vice Chairman, he had served as global co-head of Goldman Sachs’ securities business since 2003. Previously, he had been co-head of the Equities Division since 2001. Mr. Evans serves as a trustee of the Bendheim Center for Finance at Princeton University, serves as Chairman of the Board of Right to Play, USA, is a member of the Board of City Harvest and is a trustee of The Asia Society.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Gregory K. Palm, 63

Mr. Palm has been an Executive Vice President of Goldman Sachs since May 1999, and our General Counsel and head or co-head of the Legal Department since May 1992.

John F.W. Rogers, 55

Mr. Rogers has been an Executive Vice President of Goldman Sachs since April 2011 and Chief of Staff and Secretary to the Board of Directors of Goldman Sachs since November 2001. He joined the firm in 1994 in the Fixed Income division and served in various positions from 1994 to 2001. Prior to joining Goldman Sachs, he was a senior fellow at the Baker Institute at Rice University, having served as Under Secretary of State for Management at the U.S. Department of State from 1991 to 1993. From 1988 to 1991, he was Executive Vice President of the Oliver Carr Company and, prior to that, Assistant Secretary of the Treasury from 1985 to 1987 and Assistant to the President for Management and Administration from 1981 to 1985. Mr. Rogers is chairman of the boards of the Goldman Sachs Foundation and Goldman Sachs Gives.

Michael S. Sherwood, 46

Mr. Sherwood has been a Vice Chairman of Goldman Sachs since February 2008 and co-chief executive officer of Goldman Sachs International since 2005. Prior to becoming a Vice Chairman, he had served as global co-head of Goldman Sachs’ securities business since 2003. Prior to that, he had been head of the Fixed Income, Currency and Commodities Division in Europe since 2001.

David A. Viniar, 56

Mr. Viniar has been an Executive Vice President of Goldman Sachs and our Chief Financial Officer since May 1999. He has been the head of Operations, Technology, Finance and Services Division since December 2002. He was head of the Finance Division and co-head of Credit Risk Management and Advisory and Firmwide Risk from December 2001 to December 2002. Mr. Viniar was co-head of Operations, Finance and Resources from March 1999 to December 2001. He was Chief Financial Officer of The Goldman Sachs Group, L.P. from March 1999 to May 1999. From July 1998 until March 1999, he was Deputy Chief Financial Officer and from 1994 until July 1998, he was head of Finance, with responsibility for Controllers and Treasury. From 1992 to 1994, he was head of Treasury and prior to that was in the Structured Finance Department of Investment Banking. He also serves on the Board of Trustees of Union College.

John S. Weinberg, 54

Mr. Weinberg has been a Vice Chairman of Goldman Sachs since June 2006. He has been co-head of Goldman Sachs’ Investment Banking Division since December 2002. From January 2002 to December 2002, he was co-head of the Investment Banking Division in the Americas. Prior to that, he served as co-head of the Investment Banking Services Department since 1997. He is affiliated with certain non-profit organizations, including as a trustee of New York-Presbyterian Hospital and the Brunswick School, and as a member of the Board of Directors of The Steppingstone Foundation. Mr. Weinberg also serves on the Visiting Committee for Harvard Business School.

 

 

36   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

 

The principal market on which our common stock is traded is the NYSE. Information relating to the high and low sales prices per share of our common stock, as reported by the Consolidated Tape Association, for each full quarterly period during fiscal 2010 and 2011 is set forth under the heading “Supplemental Financial Information — Common Stock Price Range” in Part II, Item 8 of this Form 10-K. As of February 17, 2012, there were 13,340 holders of record of our common stock.

During fiscal 2010 and fiscal 2011, dividends of $0.35 per common share were declared on January 19, 2010, April 19, 2010, July 19, 2010, October 18, 2010, January 18, 2011, April 18, 2011, July 18, 2011 and October 17, 2011. The holders of our common stock share proportionately on a per share basis in all dividends and other distributions on common stock declared by the Board of Directors of Group Inc. (Board).

The declaration of dividends by Goldman Sachs is subject to the discretion of our Board. Our Board will take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal and regulatory restrictions on the payment of dividends by us to our shareholders or by our subsidiaries to us, the effect on our debt ratings and such other factors as our Board may deem relevant. See “Business — Regulation” in Part I, Item 1 of this Form 10-K for a discussion of potential regulatory limitations on our receipt of funds from our regulated subsidiaries and our payment of dividends to shareholders of Group Inc.

The table below sets forth the information with respect to purchases made by or on behalf of Group Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the fourth quarter of our fiscal year ended December 2011.

 

 

Period

   Total Number of
Shares
Purchased
     Average Price
Paid per
Share
     Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs 1
     Maximum Number of
Shares That May Yet Be
Purchased Under the
Plans or Programs 1
 

Month #1

(October 1, 2011 to October 31, 2011)

     1,700,868       $ 105.83         1,700,868         71,038,522   

Month #2

(November 1, 2011 to November 30, 2011)

     5,219,606       $ 96.59         5,219,606         65,818,916   

Month #3

(December 1, 2011 to December 31, 2011)

     2,295,716       $ 97.58         2,295,577         63,523,339   

Total

     9,216,190                  9,216,051            

 

1.

On March 21, 2000, we announced that our Board had approved a repurchase program, pursuant to which up to 15 million shares of our common stock may be repurchased. This repurchase program was increased by an aggregate of 325 million shares by resolutions of our Board adopted on June 18, 2001, March 18, 2002, November 20, 2002, January 30, 2004, January 25, 2005, September 16, 2005, September 11, 2006, December 17, 2007 and July 18, 2011. We use our share repurchase program to help maintain the appropriate level of common equity and to substantially offset increases in share count over time resulting from employee share-based compensation. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by the firm’s current and projected capital position (i.e., comparisons of our desired level and composition of capital to our actual level and composition of capital) and its issuance of shares resulting from employee share-based compensation, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock. The repurchase program has no set expiration or termination date. Any repurchase of our common stock requires approval by the Federal Reserve Board.

 

Information relating to compensation plans under which our equity securities are authorized for issuance is presented in Part III, Item 12 of this Form 10-K.

Item 6. Selected Financial Data

The Selected Financial Data table is set forth under Part II, Item 8 of this Form 10-K.

 

 

  Goldman Sachs 2011 Form 10-K   37


Table of Contents

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

INDEX

 

      Page No.  

Introduction

     39   

Executive Overview

     40   

Business Environment

     43   

Critical Accounting Policies

     45   

Use of Estimates

     49   

Results of Operations

     50   

Balance Sheet and Funding Sources

     67   

Equity Capital

     74   

Off-Balance-Sheet Arrangements and Contractual Obligations

     79   

Overview and Structure of Risk Management

     82   

Liquidity Risk Management

     86   

Market Risk Management

     93   

Credit Risk Management

     98   

Operational Risk Management

     104   

Recent Accounting Developments

     105   

Certain Risk Factors That May Affect Our Businesses

     105   

 

38   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Introduction

 

The Goldman Sachs Group, Inc. (Group Inc.) is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

We report our activities in four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. See “Results of Operations” below for further information about our business segments.

When we use the terms “Goldman Sachs,” “the firm,” “we,” “us” and “our,” we mean Group Inc., a Delaware corporation, and its consolidated subsidiaries.

References to “this Form 10-K” are to our Annual Report on Form 10-K for the year ended December 31, 2011. All references to 2011, 2010 and 2009 refer to our years ended, or the dates, as the context requires, December 31, 2011, December 31, 2010 and December 31, 2009, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

In this discussion and analysis of our financial condition and results of operations, we have included information that may constitute “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, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. This information includes statements other than historical information or statements of current condition and may relate to our future plans and objectives and results, among other things, and may also include statements about the objectives and effectiveness of our risk management and liquidity policies, statements about trends in or growth opportunities for our businesses, statements about our future status, activities or reporting under U.S. or non-U.S. banking and financial regulation, and statements about our investment banking transaction backlog. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Important factors that could cause our actual results and financial condition to differ from those indicated in these forward-looking statements include, among others, those discussed below under “Certain Risk Factors That May Affect Our Businesses” as well as “Risk Factors” in Part I, Item 1A of this Form 10-K and “Cautionary Statement Pursuant to the U.S. Private Securities Litigation Reform Act of 1995” in Part I, Item 1 of this Form 10-K.

 

 

  Goldman Sachs 2011 Form 10-K   39


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Executive Overview

The firm generated net earnings of $4.44 billion for 2011, compared with $8.35 billion and $13.39 billion for 2010 and 2009, respectively. Our diluted earnings per common share were $4.51 for the year ended December 2011, compared with $13.18 1 for the year ended December 2010 and $22.13 for the year ended December 2009. Return on average common shareholders’ equity (ROE) 2 was 3.7% for 2011, compared with 11.5% 1 for 2010 and 22.5% for 2009. During 2011, we redeemed the 50,000 shares of our 10% Cumulative Perpetual Preferred Stock, Series G (Series G Preferred Stock) held by Berkshire Hathaway Inc. and certain of its subsidiaries (collectively, Berkshire Hathaway). Excluding the impact of the $1.64 billion preferred dividend related to this redemption, diluted earnings per common share were $7.46 3 and ROE was 5.9% 3 for 2011.

Book value per common share was $130.31 and tangible book value per common share 4 was $119.72 as of December 2011, both approximately 1% higher compared with the end of 2010. During the year, the firm repurchased 47.0 million shares of its common stock for a total cost of $6.04 billion. Our Tier 1 capital ratio under Basel 1 was 13.8% and our Tier 1 common ratio under Basel 1 5 was 12.1% as of December 2011.

2011 versus 2010. The firm generated net revenues of $28.81 billion for 2011. These results reflected significantly lower net revenues in Investing & Lending and Institutional Client Services, as well as lower net revenues in Investment Banking, compared with 2010. Net revenues in Investment Management were essentially unchanged compared with 2010.

An overview of net revenues for each of our business segments is provided below.

Investment Banking

The decrease in Investment Banking primarily reflected lower net revenues in our Underwriting business. Net revenues in equity underwriting were significantly lower than 2010, principally due to a decline in industry-wide activity. Net revenues in debt underwriting were essentially unchanged compared with 2010. Net revenues in Financial Advisory decreased slightly compared with 2010.

Institutional Client Services

The decrease in Institutional Client Services compared with 2010 reflected significantly lower net revenues in Fixed Income, Currency and Commodities Client Execution. Although activity levels in Fixed Income, Currency and Commodities Client Execution during 2011 were generally consistent with 2010 levels, and results were solid during the first quarter of 2011, the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty, resulting in volatile markets and significantly wider credit spreads, which contributed to difficult market-making conditions and led to reductions in risk by us and our clients. As a result of these conditions, net revenues across the franchise were lower, including significant declines in mortgages and credit products, compared with 2010.

Net revenues in Equities were slightly higher compared with 2010. During 2011, average volatility levels increased and equity prices in Europe and Asia declined significantly, particularly during the third quarter. The increase in net revenues reflected higher commissions and fees, primarily due to higher transaction volumes, particularly during the third quarter of 2011. In addition, net revenues in securities services increased compared with 2010, reflecting the impact of higher average customer balances. Equities client execution net revenues were lower than 2010, primarily reflecting significantly lower net revenues in shares.

 

 

40   Goldman Sachs 2011 Form 10-K  
1.

Excluding the impact of the $465 million related to the U.K. bank payroll tax, the $550 million related to the SEC settlement and the $305 million impairment of our New York Stock Exchange (NYSE) Designated Market Maker (DMM) rights, diluted earnings per common share were $15.22 and ROE was 13.1% for 2010. We believe that presenting our 2010 results excluding the impact of these items is meaningful because it increases the comparability of period-to-period results. Diluted earnings per common share and ROE excluding these items are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. See “Results of Operations — Financial Overview” below for further information about our calculation of diluted earnings per common share and ROE excluding the impact of these items.

 

2.

See “Results of Operations — Financial Overview” below for further information about our calculation of ROE.

 

3.

We believe that presenting our 2011 results excluding the impact of the $1.64 billion preferred dividend related to the redemption of our Series G Preferred Stock (calculated as the difference between the carrying value and the redemption value of the preferred stock) is meaningful because it increases the comparability of period-to-period results. Diluted earnings per common share and ROE excluding this item are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. See “Results of Operations — Financial Overview” below for further information about our calculation of diluted earnings per common share and ROE excluding the impact of this dividend.

 

4.

Tangible book value per common share is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. See “Equity Capital — Other Capital Metrics” below for further information about our calculation of tangible book value per common share.

 

5.

Tier 1 common ratio is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. See “Equity Capital — Consolidated Regulatory Capital Ratios” below for further information about our Tier 1 common ratio.


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Investing & Lending

Net revenues in Investing & Lending were $2.14 billion and $7.54 billion for 2011 and 2010, respectively. Results for 2011 included a loss of $517 million from our investment in the ordinary shares of Industrial and Commercial Bank of China Limited (ICBC) and net gains of $1.12 billion from other investments in equities, primarily in private equity positions, partially offset by losses from public equities. In addition, Investing & Lending included net revenues of $96 million from debt securities and loans. This amount includes approximately $1 billion of unrealized losses related to relationship lending activities, including the effect of hedges, offset by net interest income and net gains from other debt securities and loans. Results for 2011 also included other net revenues of $1.44 billion, principally related to our consolidated entities held for investment purposes.

Investment Management

Net revenues in Investment Management were essentially unchanged compared with 2010, primarily due to higher management and other fees, reflecting favorable changes in the mix of assets under management, offset by lower incentive fees. During the year, assets under management decreased $12 billion to $828 billion, reflecting net outflows of $17 billion, partially offset by net market appreciation of $5 billion. Net outflows primarily reflected outflows in fixed income and equity assets, partially offset by inflows in money market assets.

2010 versus 2009. The firm generated net revenues of $39.16 billion for 2010, despite a challenging operating environment. These results reflected significantly lower net revenues in Institutional Client Services and slightly lower net revenues in Investment Banking compared with 2009. These decreases were partially offset by significantly higher net revenues in Investing & Lending and higher net revenues in Investment Management.

An overview of net revenues for each of our business segments is provided below.

Investment Banking

The decrease in Investment Banking reflected lower net revenues in our Underwriting business, partially offset by higher net revenues in Financial Advisory. The decline in Underwriting reflected lower net revenues in equity underwriting, principally due to a decline in client activity in comparison to 2009, which included significant capital-raising activity by financial institution clients. Net revenues in debt underwriting were essentially unchanged compared with 2009. The increase in Financial Advisory primarily reflected an increase in client activity.

Institutional Client Services

The decrease in Institutional Client Services reflected significantly lower net revenues in Fixed Income, Currency and Commodities Client Execution and, to a lesser extent, Equities. During 2010, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment characterized by lower client activity levels, which reflected broad market concerns including European sovereign debt risk and uncertainty over regulatory reform, as well as tighter bid/offer spreads. The decrease in net revenues compared with a particularly strong 2009 primarily reflected significantly lower results in interest rate products, credit products, commodities and, to a lesser extent, currencies. These decreases were partially offset by higher net revenues in mortgages, as 2009 included approximately $1 billion of losses related to commercial mortgage loans.

The decline in Equities compared with 2009 primarily reflected significantly lower net revenues in equities client execution, principally due to significantly lower results in derivatives and shares. Commissions and fees were also lower than 2009, primarily reflecting lower client activity levels. In addition, securities services net revenues were significantly lower compared with 2009, primarily reflecting tighter securities lending spreads, principally due to the impact of changes in the composition of customer balances, partially offset by the impact of higher average customer balances. During 2010, although equity markets were volatile during the first half of the year, equity prices generally improved and volatility levels declined in the second half of the year.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Investing & Lending

Net revenues in Investing & Lending were $7.54 billion and $2.86 billion for 2010 and 2009, respectively. During 2010, an increase in global equity markets and tighter credit spreads provided a favorable backdrop for our Investing & Lending business. Results in Investing & Lending for 2010 included a gain of $747 million from our investment in the ordinary shares of ICBC, a net gain of $2.69 billion from other investments in equities, a net gain of $2.60 billion from debt securities and loans and other net revenues of $1.51 billion, principally related to our consolidated entities held for investment purposes.

Investment Management

The increase in Investment Management primarily reflected higher incentive fees across our alternative investment products. Management and other fees also increased, reflecting favorable changes in the mix of assets under management, as well as the impact of appreciation in the value of client assets. During 2010, assets under management decreased 4% to $840 billion, primarily reflecting outflows in money market assets, consistent with industry trends.

Our business, by its nature, does not produce predictable earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and other factors. For a further discussion of the factors that may affect our future operating results, see “Certain Risk Factors That May Affect Our Businesses” below, as well as “Risk Factors” in Part I, Item 1A of this Form 10-K.

 

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Business Environment

 

Global economic growth generally moderated in 2011, as real gross domestic product (GDP) grew in most major economies and emerging markets, but at a slower pace than in 2010. Certain unfavorable market conditions that emerged in 2010 continued during the year, including concerns about European sovereign debt risk and uncertainty regarding financial regulatory reform. Additional concerns that emerged during the first half of the year that affected our businesses included political unrest in the Middle East, the earthquake and tsunami in Japan and inflation in emerging markets. During the second half of the year, concerns about European sovereign debt risk and its impact on the European banking system intensified, while concerns about U.S. growth and the uncertainty regarding the U.S. federal debt ceiling emerged, contributing to higher volatility levels, significantly lower global equity prices and significantly wider corporate credit spreads. This prompted the U.S. Federal Reserve and the European Central Bank to announce easing measures in order to stimulate economic growth in the U.S. and to alleviate concerns about Europe. Industry-wide completed and announced mergers and acquisitions volumes increased compared with 2010, but declined during the second half of the year. Industry-wide equity and equity-related offerings and industry-wide debt offerings both decreased compared with 2010, including significant declines during the second half of the year. For a further discussion of how market conditions affect our businesses, see “Certain Risk Factors That May Affect Our Businesses” below as well as “Risk Factors” in Part I, Item 1A of this Form 10-K.

Global

During 2011, real GDP growth declined in most major economies and emerging markets. The slowdown in economic growth primarily reflected slower growth in domestic demand compared with 2010, while international trade continued to grow strongly during 2011. Unemployment levels declined slightly compared with 2010, although the rate of unemployment remained

elevated in some economies. During 2011, the U.S. Federal Reserve, the Bank of England and the Bank of Japan left interest rates unchanged, while the European Central Bank increased and then reduced its interest rate during the year, ending the year unchanged compared with 2010. In addition, the People’s Bank of China increased its one-year benchmark lending rate during the year. The price of crude oil increased during 2011. The U.S. dollar strengthened against the Euro and was essentially unchanged against the British pound, while it weakened against the Japanese yen.

United States

In the United States, real GDP increased by 1.7% in 2011, compared with an increase of 3.0% in 2010. Growth moderated, primarily reflecting a decline in government spending and reduced growth in exports, although business investment and consumer expenditure increased. Business and consumer confidence declined during most of the year, primarily reflecting increased global economic concerns and uncertainties. In addition, residential investment remained weak and measures of core inflation increased during the year from low levels. Growth in industrial production decreased, primarily reflecting the impact of supply-chain disruptions associated with Japan earlier in the year. The unemployment rate declined slightly during the year, although it remained high. The U.S. Federal Reserve maintained its federal funds rate at a target range of zero to 0.25% during the year. In addition, the U.S. Federal Reserve concluded quantitative easing measures that included the purchase of significant amounts of U.S. Treasury debt and announced further easing measures by extending the duration of the U.S. Treasury debt it holds. The yield on the 10-year U.S. Treasury note fell by 141 basis points during 2011 to 1.89%. In equity markets, the Dow Jones Industrial Average increased by 6%, while the NASDAQ Composite Index decreased by 2% and the S&P 500 Index ended the year essentially unchanged.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Europe

Real GDP in the Euro area economies increased by an estimated 1.6% in 2011, compared with an increase of 1.8% in 2010. Growth moderated slightly, primarily reflecting reduced growth in consumer expenditure and exports, although fixed investment increased. Surveys of business and consumer confidence deteriorated over the course of the year. Measures of core inflation increased during the year from low levels. Concerns about fiscal challenges in several Euro area economies intensified during the year, weighing on economic growth in these economies and on risk appetite more broadly. In addition, concerns about European sovereign debt risk contributed to higher market volatility and funding pressures. The European Central Bank and governments in the Euro area took a range of policy measures to address these issues. The European Central Bank increased its main refinancing operations rate by 25 basis points during both the second and third quarters, but reversed these increases during the fourth quarter, such that the rate ended the year at 1.00%, unchanged compared with the end of 2010. In the United Kingdom, real GDP increased by 0.8% for 2011, compared with an increase of 2.1% in 2010. The Bank of England maintained its official bank rate at 0.50% during the year. Long-term government bond yields generally declined during the year, although long-term government bond yields in certain Euro area economies increased significantly. In addition, spreads between German bond yields and those of most Euro area economies widened during the year. The Euro depreciated by 3% and the British pound was essentially unchanged against the U.S. dollar. The Euro Stoxx 50 Index and the CAC 40 Index both declined by 17%, while the DAX Index and the FTSE 100 Index decreased by 15% and 6%, respectively, compared with the end of 2010.

Asia

In Japan, real GDP decreased by 0.9% in 2011, compared with an increase of 4.4% in 2010. Net exports and business investment declined during the year due to the economic impact of the earthquake and tsunami in the first quarter. Measures of inflation remained negative during 2011. The Bank of Japan maintained its target overnight call rate at a range of zero to 0.10% and the yield on 10-year Japanese government bonds fell by 14 basis points to 0.99%. The Japanese yen appreciated by 5% against the U.S. dollar. The Nikkei 225 Index decreased by 17% during the year. In China, real GDP increased by 9.2% in 2011 compared with an increase of 10.4% in 2010. Growth moderated, primarily reflecting a slowdown in net exports and fixed investment growth, although consumer spending increased. Measures of inflation increased significantly during 2011, reflecting the impact of higher food and energy prices, but decreased towards the end of the year. The People’s Bank of China raised its one-year benchmark lending rate by 75 basis points to 6.56% and increased the reserve requirement ratio by 250 basis points during the year. In addition, the Chinese yuan appreciated by 4% against the U.S. dollar and the Shanghai Composite Index decreased by 22% during 2011. In India, real GDP increased by an estimated 6.9% in 2011 compared with an increase of 8.5% in 2010. Growth moderated, primarily reflecting a slowdown in consumer expenditure and fixed investment growth. The rate of wholesale inflation remained at elevated levels, but decreased during the year. The Indian rupee depreciated by 19% against the U.S. dollar. Equity markets in Hong Kong and India declined significantly and equity markets in South Korea ended the year lower.

Other Markets

In Brazil, real GDP increased by an estimated 3.0% in 2011, compared with an increase of 7.5% in 2010. Growth moderated, primarily reflecting a slowdown in investment and consumer expenditure growth. The Brazilian real weakened against the U.S. dollar. Brazilian equity prices ended the year significantly lower compared with the end of 2010. In Russia, real GDP increased by an estimated 4.2% in 2011, compared with an increase of 4.0% in 2010. Growth was driven by an increase in domestic demand, particularly during the second half of the year. The Russian ruble weakened against the U.S. dollar and Russian equity prices ended the year significantly lower compared with the end of 2010.

 

 

44   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Critical Accounting Policies

Fair Value

 

Fair Value Hierarchy. Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value (i.e., inventory), as well as certain other financial assets and financial liabilities, are reflected in our consolidated statements of financial condition at fair value (i.e., marked-to-market), with related gains or losses generally recognized in our consolidated statements of earnings. The use of fair value to measure financial instruments is fundamental to our risk management practices and is our most critical accounting policy.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the hierarchy under U.S. generally accepted accounting principles (U.S. GAAP) gives (i) the highest priority to unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities (level 1 inputs), (ii) the next priority to inputs other than level 1 inputs that are observable, either directly or indirectly (level 2 inputs), and (iii) the lowest priority to inputs that cannot be observed in market activity (level 3 inputs). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

The fair values for substantially all of our financial assets and financial liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the hierarchy. Certain level 2 and level 3 financial assets and financial liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence.

Instruments categorized within level 3 of the fair value hierarchy, which represent approximately 5% of the firm’s total assets, require one or more significant inputs that are not observable. Absent evidence to the contrary, instruments classified within level 3 of the fair value hierarchy are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequent to the transaction date, we use other methodologies to determine fair value, which vary based on the type of instrument. Estimating the fair value of level 3 financial instruments requires judgments to be made. These judgments include:

 

Ÿ  

determining the appropriate valuation methodology and/or model for each type of level 3 financial instrument;

 

Ÿ  

determining model inputs based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations; and

 

Ÿ  

determining appropriate valuation adjustments related to illiquidity or counterparty credit quality.

Regardless of the methodology, valuation inputs and assumptions are only changed when corroborated by substantive evidence.

Controls Over Valuation of Financial Instruments. Market makers and investment professionals in our revenue-producing units are responsible for pricing our financial instruments. Our control infrastructure is independent of the revenue-producing units and is fundamental to ensuring that all of our financial instruments are appropriately valued at market-clearing levels. In the event that there is a difference of opinion in situations where estimating the fair value of financial instruments requires judgment (e.g., calibration to market comparables or trade comparison, as described below), the final valuation decision is made by senior managers in control and support functions that are independent of the revenue-producing units (independent control and support functions). This independent price verification is critical to ensuring that our financial instruments are properly valued.

 

 

  Goldman Sachs 2011 Form 10-K   45


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Price Verification. The objective of price verification is to have an informed and independent opinion with regard to the valuation of financial instruments under review. Instruments that have one or more significant inputs which cannot be corroborated by external market data are classified within level 3 of the fair value hierarchy. Price verification strategies utilized by our independent control and support functions include:

 

Ÿ  

Trade Comparison. Analysis of trade data (both internal and external where available) is used to determine the most relevant pricing inputs and valuations.

 

Ÿ  

External Price Comparison. Valuations and prices are compared to pricing data obtained from third parties (e.g., broker or dealers, MarkIt, Bloomberg, IDC, TRACE). Data obtained from various sources is compared to ensure consistency and validity. When broker or dealer quotations or third-party pricing vendors are used for valuation or price verification, greater priority is generally given to executable quotations.

 

Ÿ  

Calibration to Market Comparables. Market-based transactions are used to corroborate the valuation of positions with similar characteristics, risks and components.

 

Ÿ  

Relative Value Analyses. Market-based transactions are analyzed to determine the similarity, measured in terms of risk, liquidity and return, of one instrument relative to another or, for a given instrument, of one maturity relative to another.

 

Ÿ  

Collateral Analyses. Margin disputes on derivatives are examined and investigated to determine the impact, if any, on our valuations.

 

Ÿ  

Execution of Trades. Where appropriate, trading desks are instructed to execute trades in order to provide evidence of market-clearing levels.

 

Ÿ  

BacktestingValuations are corroborated by comparison to values realized upon sales.

See Notes 5 through 8 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about fair value measurements.

Review of Net Revenues. Independent control and support functions ensure adherence to our pricing policy through a combination of daily procedures, including the explanation and attribution of net revenues based on the underlying factors. Through this process we independently validate net revenues, identify and resolve potential fair value or trade booking issues on a timely basis and ensure that risks are being properly categorized and quantified.

Review of Valuation Models. Quantitative professionals within our Market Risk Management department (Market Risk Management) perform an independent model approval process. This process incorporates a review of a diverse set of model and trade parameters across a broad range of values (including extreme and/or improbable conditions) in order to critically evaluate:

 

Ÿ  

the model’s suitability for valuation and risk management of a particular instrument type;

 

Ÿ  

the model’s accuracy in reflecting the characteristics of the related product and its significant risks;

 

Ÿ  

the suitability and properties of the numerical algorithms incorporated in the model;

 

Ÿ  

the model’s consistency with models for similar products; and

 

Ÿ  

the model’s sensitivity to input parameters and assumptions.

New or changed models are reviewed and approved. Models are evaluated and re-approved annually to assess the impact of any changes in the product or market and any market developments in pricing theories.

 

 

46   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Level 3 Financial Assets at Fair Value. The table below presents financial assets measured at fair value and the amount of such assets that are classified within level 3 of the fair value hierarchy.

Total level 3 financial assets were $47.94 billion and $45.38 billion as of December 2011 and December 2010, respectively.

 

See Notes 5 through 8 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about changes in level 3 financial assets and fair value measurements.

 

 

    As of December 2011          As of December 2010  
in millions  

Total at

Fair Value

      

Level 3

Total

         

Total at

Fair Value

       Level 3
Total
 

Commercial paper, certificates of deposit, time deposits
and other money market instruments

  $ 13,440         $           $ 11,262         $   

U.S. government and federal agency obligations

    87,040                       84,928             

Non-U.S. government obligations

    49,205           148             40,675             

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    6,699           3,346             7,510           3,976   

Loans and securities backed by residential real estate

    7,592           1,709             9,532           2,501   

Bank loans and bridge loans

    19,745           11,285             18,039           9,905   

Corporate debt securities

    22,131           2,480             24,719           2,737   

State and municipal obligations

    3,089           599             2,792           754   

Other debt obligations

    4,362           1,451             3,232           1,274   

Equities and convertible debentures

    65,113           13,667             67,833           11,060   

Commodities

    5,762                       13,138             

Total cash instruments

    284,178           34,685             283,660           32,207   

Derivatives

    80,028           11,900             73,293           12,772   

Financial instruments owned, at fair value

    364,206           46,585             356,953           44,979   

Securities segregated for regulatory and other purposes

    42,014                       36,182             

Securities purchased under agreements to resell

    187,789           557             188,355           100   

Securities borrowed

    47,621                       48,822             

Receivables from customers and counterparties

    9,682           795             7,202           298   

Total

  $ 651,312         $ 47,937           $ 637,514         $ 45,377   

 

  Goldman Sachs 2011 Form 10-K   47


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Goodwill and Identifiable Intangible Assets

 

Goodwill. Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date. Goodwill is assessed annually for impairment, or more frequently if events occur or circumstances change that indicate an impairment may exist, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the results of the qualitative assessment are not conclusive, a quantitative goodwill impairment test is performed by comparing the estimated fair value of each reporting unit with its estimated net book value. We derive the fair value based on valuation techniques we believe market participants would use (i.e., observable price-to-earnings multiples and price-to-book multiples). We derive the net book value by estimating the amount of shareholders’ equity required to support the activities of each reporting unit. Estimating the fair value of our reporting units requires management to make judgments. Critical inputs include (i) projected earnings, (ii) estimated long-term growth rates and (iii) cost of equity.

During the second half of 2011, consistent with the decline in stock prices in the broader financial services sector, our stock price declined and throughout most of this period, our market capitalization was below book value. Accordingly, we performed a quantitative impairment test during the fourth quarter of 2011 and determined that goodwill was not impaired. The estimated fair value of our reporting units in which we hold substantially all of our goodwill significantly exceeded the estimated carrying values. We believe that it is appropriate to consider market capitalization, among other factors, as an indicator of fair value over a reasonable period of time.

If the current economic market conditions persist and if there is a prolonged period of weakness in the business environment and financial markets, our earnings may be adversely affected, which could result in an impairment of goodwill in the future. In addition, significant changes to other critical inputs of the goodwill impairment test (e.g., cost of equity) could cause the estimated fair value of our reporting units to decline, which could result in an impairment of goodwill in the future.

See Note 3 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information about amendments to the accounting guidance for goodwill impairment testing and Note 13 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for the carrying value of our goodwill.

Identifiable Intangible Assets. We amortize our identifiable intangible assets (i) over their estimated lives, (ii) based on economic usage or (iii) in proportion to estimated gross profits or premium revenues. Identifiable intangible assets are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable.

An impairment loss, generally calculated as the difference between the estimated fair value and the carrying value of an asset or asset group, is recognized if the sum of the estimated undiscounted cash flows relating to the asset or asset group is less than the corresponding carrying value. See Note 13 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for the carrying value and estimated remaining lives of our identifiable intangible assets by major asset class and impairments of our identifiable intangible assets.

A prolonged period of market weakness could adversely impact our businesses and impair the value of our identifiable intangible assets. In addition, certain events could indicate a potential impairment of our identifiable intangible assets, including (i) decreases in revenues from commodity-related customer contracts and relationships, (ii) decreases in cash receipts from television broadcast royalties, (iii) an adverse action or assessment by a regulator or (iv) adverse actual experience on the contracts in our variable annuity and life insurance business. Management judgment is required to evaluate whether indications of potential impairment have occurred, and to test intangibles for impairment if required.

 

 

48   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Use of Estimates

 

The use of generally accepted accounting principles requires management to make certain estimates and assumptions. In addition to the estimates we make in connection with fair value measurements, and the accounting for goodwill and identifiable intangible assets, the use of estimates and assumptions is also important in determining provisions for losses that may arise from litigation, regulatory proceedings and tax audits.

We estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimated. In accounting for income taxes, we estimate and provide for potential liabilities that may arise out of tax audits to the extent that uncertain tax positions fail to meet the recognition standard under FASB Accounting Standards

Codification 740. See Note 24 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about accounting for income taxes.

Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. Our total estimated liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. See Notes 18 and 27 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information on certain judicial, regulatory and legal proceedings.

 

 

  Goldman Sachs 2011 Form 10-K   49


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Results of Operations

 

The composition of our net revenues has varied over time as financial markets and the scope of our operations have changed. The composition of net revenues can also vary over the shorter term due to fluctuations in U.S. and global economic and market conditions. See “Certain Risk Factors That May Affect Our Businesses” below and “Risk

Factors” in Part I, Item 1A of this Form 10-K for a further discussion of the impact of economic and market conditions on our results of operations.

Financial Overview

The table below presents an overview of our financial results.

 

 

    Year Ended December  
$ in millions, except per share amounts   2011      2010     2009  

Net revenues

  $ 28,811       $ 39,161      $ 45,173   

Pre-tax earnings

    6,169         12,892        19,829   

Net earnings

    4,442         8,354        13,385   

Net earnings applicable to common shareholders

    2,510         7,713        12,192   

Diluted earnings per common share

    4.51         13.18        22.13   

Return on average common shareholders’ equity 1

    3.7      11.5     22.5

Diluted earnings per common share, excluding the impact of the Series G Preferred Stock dividend 2

  $ 7.46         N/A        N/A   

Return on average common shareholders’ equity, excluding the impact of the Series G Preferred Stock dividend 2

    5.9      N/A        N/A   

Diluted earnings per common share, excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment 3

    N/A       $ 15.22        N/A   

Return on average common shareholders’ equity, excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment 3

    N/A         13.1     N/A   

 

1.

ROE is computed by dividing net earnings applicable to common shareholders by average monthly common shareholders’ equity. The table below presents our average common shareholders’ equity.

 

   

Average for the

Year Ended December

 
in millions   2011      2010      2009  

Total shareholders’ equity

  $ 72,708       $ 74,257       $ 65,527   

Preferred stock

    (3,990      (6,957      (11,363

Common shareholders’ equity

  $ 68,718       $ 67,300       $ 54,164   

 

2.

We believe that presenting our results excluding the impact of the $1.64 billion Series G Preferred Stock dividend is meaningful, as it increases the comparability of period-to-period results. Diluted earnings per common share and ROE excluding this item are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The tables below present the calculation of net earnings applicable to common shareholders, diluted earnings per common share and average common shareholders’ equity excluding the impact of this dividend.

 

in millions, except per share amount   Year Ended
December 2011
 

Net earnings applicable to common shareholders

    $2,510   

Impact of the Series G Preferred Stock dividend

    1,643   

Net earnings applicable to common shareholders, excluding the impact of the Series G Preferred Stock dividend

    4,153   

Divided by: average diluted common shares outstanding

    556.9   

Diluted earnings per common share, excluding the impact of the Series G Preferred Stock dividend

    $  7.46   

 

in millions   Average for the
Year Ended
December 2011
 

Total shareholders’ equity

    $72,708   

Preferred stock

    (3,990

Common shareholders’ equity

    68,718   

Impact of the Series G Preferred Stock dividend

    1,264   

Common shareholders’ equity, excluding the impact of the Series G Preferred Stock dividend

    $69,982   

 

50   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

3.

We believe that presenting our results excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment is meaningful, as it increases the comparability of period-to-period results. Diluted earnings per common share and ROE excluding these items are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The tables below present the calculation of net earnings applicable to common shareholders, diluted earnings per common share and average common shareholders’ equity excluding the impact of these items.

 

in millions, except per share amounts   Year Ended
December 2010
 

Net earnings applicable to common shareholders

    $  7,713   

Impact of the U.K. bank payroll tax

    465   

Pre-tax impact of the SEC settlement

    550   

Tax impact of the SEC settlement

    (6

Pre-tax impact of the NYSE DMM rights impairment

    305   

Tax impact of the NYSE DMM rights impairment

    (118

Net earnings applicable to common shareholders, excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment

    8,909   

Divided by: average diluted common shares outstanding

    585.3   

Diluted earnings per common share, excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment

    $  15.22   
in millions   Average for the
Year Ended
December 2010
 

Total shareholders’ equity

    $74,257   

Preferred stock

    (6,957

Common shareholders’ equity

    67,300   

Impact of the U.K. bank payroll tax

    359   

Impact of the SEC settlement

    293   

Impact of the NYSE DMM rights impairment

    14   

Common shareholders’ equity, excluding the impact of the U.K. bank payroll tax, the SEC settlement and the NYSE DMM rights impairment

    $67,966   

 

  Goldman Sachs 2011 Form 10-K   51


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Net Revenues

2011 versus 2010. Net revenues were $28.81 billion for 2011, 26% lower than 2010, reflecting significantly lower net revenues in Investing & Lending and Institutional Client Services, as well as lower net revenues in Investment Banking. Net revenues in Investment Management were essentially unchanged compared with 2010.

2010 versus 2009. Net revenues were $39.16 billion for 2010, 13% lower than 2009, reflecting significantly lower net revenues in Institutional Client Services and slightly lower net revenues in Investment Banking. These decreases were partially offset by significantly higher net revenues in Investing & Lending and higher net revenues in Investment Management.

Net Interest Income

2011 versus 2010. Net interest income was $5.19 billion for 2011, 6% lower than 2010. The decrease compared with 2010 was primarily due to higher interest expense related to our long-term borrowings and higher dividend expense related to financial instruments sold, but not yet purchased, partially offset by an increase in interest income from higher yielding collateralized agreements.

2010 versus 2009. Net interest income was $5.50 billion for 2010, 26% lower than 2009. The decrease compared with 2009 was primarily due to lower average fixed income assets, most notably U.S. federal agency obligations, higher interest expense related to our long-term borrowings and tighter securities lending spreads.

Non-interest Revenues

Investment banking

Investment banking revenues reflected an operating environment generally characterized by significant declines in industry-wide underwriting and mergers and acquisitions activity levels during the second half of 2011. These declines reflected increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk, which contributed to a significant widening in credit spreads, a sharp increase in volatility levels and a significant decline in global equity markets during the second half of 2011. If these concerns continue or if equity markets decline further, resulting in lower levels of client activity, revenues in investment banking would likely continue to be negatively impacted.

2011 versus 2010. Investment banking revenues on the consolidated statement of earnings were $4.36 billion for 2011, 9% lower than 2010, primarily reflecting lower revenues in our underwriting business. Revenues in equity underwriting were significantly lower than 2010, principally due to a decline in industry-wide activity. Revenues in debt underwriting were essentially unchanged compared with 2010. Revenues in financial advisory decreased slightly compared with 2010.

2010 versus 2009. Investment banking revenues on the consolidated statement of earnings were $4.81 billion for 2010, 3% lower than 2009, reflecting lower revenues in our underwriting business, partially offset by higher revenues in financial advisory. The decline in underwriting reflected lower revenues in equity underwriting, principally due to a decline in client activity in comparison to 2009, which included significant capital-raising activity by financial institution clients. Revenues in debt underwriting were essentially unchanged compared with 2009. Revenues in financial advisory increased compared with 2009, primarily reflecting an increase in client activity.

Investment management

During the first half of 2011, investment management revenues reflected an operating environment generally characterized by improved asset prices and a shift in investor assets away from money markets in favor of asset classes with potentially higher risk and returns. However, during the second half of 2011, asset prices declined, particularly in equities, in part driven by increased uncertainty regarding the global economic outlook. Declining asset prices and economic uncertainty contributed to investors shifting assets away from asset classes with potentially higher risk and returns to asset classes with lower risk and returns. If asset prices continue to decline or investors continue to favor lower risk asset classes or withdraw their assets, investment management revenues would likely continue to be negatively impacted.

2011 versus 2010. Investment management revenues on the consolidated statement of earnings were $4.69 billion for 2011, essentially unchanged compared with 2010, primarily due to higher management and other fees, reflecting favorable changes in the mix of assets under management, offset by lower incentive fees.

 

 

52   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

2010 versus 2009. Investment management revenues on the consolidated statement of earnings were $4.67 billion for 2010, 10% higher than 2009, primarily reflecting higher incentive fees across our alternative investment products. Management and other fees also increased, reflecting favorable changes in the mix of assets under management, as well as the impact of appreciation in the value of client assets.

Commissions and fees

Broad market concerns and uncertainties that emerged during 2010, including concerns about European sovereign debt risk and the weakened state of global economies, heightened during 2011. These concerns and uncertainties resulted in an increase in average volatility levels and significantly lower equity prices in Europe and Asia, particularly during the third quarter of 2011. The macro challenges during the year resulted in volatile markets, which contributed to higher transaction volumes and fees. If these concerns and uncertainties continue, but were to result in lower transaction volumes, commissions and fees would likely be negatively impacted.

2011 versus 2010. Commissions and fees on the consolidated statement of earnings were $3.77 billion for 2011, 6% higher than 2010, reflecting higher transaction volumes, particularly during the third quarter of 2011.

2010 versus 2009. Commissions and fees on the consolidated statement of earnings were $3.57 billion for 2010, 7% lower than 2009, primarily reflecting lower client activity levels.

Market making

During 2011, market-making revenues were negatively impacted by increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk, and its impact on the European banking system and global financial institutions. These conditions also impacted expectations for economic prospects in the U.S. and were reflected in equity and debt markets more broadly. In addition, the downgrade in credit ratings of the U.S. government and federal agencies and many financial institutions during the second half of 2011 contributed to further uncertainty in the markets. These concerns, as well as other broad market concerns, such as uncertainty over financial regulatory reform, continued to have a negative impact on market-making revenues during 2011. If these concerns continue, and market-making conditions remain challenging, market-making revenues would likely continue to be negatively impacted.

2011 versus 2010. Market-making revenues on the consolidated statement of earnings were $9.29 billion for 2011, 32% lower than 2010. Although activity levels during 2011 were generally consistent with 2010 levels, and results were solid during the first quarter of 2011, the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty, resulting in volatile markets and significantly wider credit spreads, which contributed to difficult market-making conditions and led to reductions in risk by us and our clients. As a result of these conditions, revenues across most of our major market-making activities were lower during 2011 compared with 2010.

2010 versus 2009. Market-making revenues on the consolidated statement of earnings were $13.68 billion for 2010, 38% lower than 2009. During 2010, market-making revenues were negatively impacted by lower client activity levels, which reflected broad market concerns including European sovereign debt risk and uncertainty over regulatory reform, as well as tighter bid/offer spreads. The decrease in revenues compared with a particularly strong 2009 primarily reflected lower results across most of our major market-making activities. These decreases were partially offset by higher revenues in mortgages, as 2009 included significant losses related to commercial mortgage loans.

Other principal transactions

During 2011, other principal transactions results reflected an operating environment characterized by a significant decline in equity markets in Europe and Asia, and unfavorable credit markets that were negatively impacted by increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk. If equity markets decline further and credit spreads widen further, other principal transactions revenues would likely continue to be negatively impacted.

 

 

  Goldman Sachs 2011 Form 10-K   53


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

2011 versus 2010. Other principal transactions revenues on the consolidated statements of earnings were $1.51 billion and $6.93 billion for 2011 and 2010, respectively. Results for 2011 included a loss from our investment in the ordinary shares of ICBC and net gains from other investments in equities, primarily in private equity positions, partially offset by losses from public equities. In addition, revenues in other principal transactions included net losses from debt securities and loans, primarily reflecting approximately $1 billion of unrealized losses related to relationship lending activities, including the effect of hedges, partially offset by net gains from other debt securities and loans. Results for 2011 also included revenues related to our consolidated entities held for investment purposes.

2010 versus 2009. Other principal transactions revenues on the consolidated statements of earnings were $6.93 billion and $2.62 billion for 2010 and 2009, respectively. During 2010, an increase in global equity markets and tighter credit spreads provided a favorable backdrop for other principal transactions revenues. Results for 2010 included a gain from our investment in the ordinary shares of ICBC, net gains from other investments in equities, net gains from debt securities and loans and revenues related to our consolidated entities held for investment purposes. Results for 2009 included a gain from our investment in the ordinary shares of ICBC, net gains from debt securities and loans, and revenues related to our consolidated entities held for investment purposes, partially offset by net losses from other investments in equities. During 2009, continued weakness in commercial real estate markets negatively impacted our results.

Operating Expenses

Our operating expenses are primarily influenced by compensation, headcount and levels of business activity. Compensation and benefits includes salaries, discretionary compensation, amortization of equity awards and other items such as benefits. Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, prevailing labor markets, business mix, the structure of our share-based compensation programs and the external environment.

In the context of more difficult economic and financial conditions, the firm launched an initiative during the second quarter of 2011 to identify areas where we can operate more efficiently and reduce our operating expenses. We targeted approximately $1.4 billion in annual run rate compensation and non-compensation reductions and will continue to monitor our expense run rate closely and make further adjustments as needed.

 

 

54   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The table below presents our operating expenses and total staff.

 

   

Year Ended December

$ in millions   2011      2010      2009

Compensation and benefits

  $12,223      $15,376      $16,193

U.K. bank payroll tax

       465     

Brokerage, clearing, exchange and distribution fees

  2,463      2,281      2,298

Market development

  640      530      342

Communications and technology

  828      758      709

Depreciation and amortization

  1,865      1,889      1,734

Occupancy

  1,030      1,086      950

Professional fees

  992      927      678

Insurance reserves 1

  529      398      334

Other expenses

  2,072      2,559      2,106

Total non-compensation expenses

  10,419      10,428      9,151

Total operating expenses

  $22,642      $26,269      $25,344

Total staff at period-end 2

  33,300      35,700      32,500

Total staff at period-end including consolidated entities held for investment purposes 3

  34,700      38,700      36,200

 

1.

Revenues related to our insurance activities are included in “Market making” on the consolidated statements of earnings.

 

2.

Includes employees, consultants and temporary staff.

 

3.

Compensation and benefits and non-compensation expenses related to consolidated entities held for investment purposes are included in their respective line items in the consolidated statements of earnings. Consolidated entities held for investment purposes are entities that are held strictly for capital appreciation, have a defined exit strategy and are engaged in activities that are not closely related to our principal businesses.

 

2011 versus 2010. Operating expenses were $22.64 billion for 2011, 14% lower than 2010. Compensation and benefits expenses were $12.22 billion for 2011, a 21% decline compared with $15.38 billion for 2010. The ratio of compensation to net revenues for 2011 was 42.4%, compared with 39.3% 1 (which excludes the impact of the

U.K. bank payroll tax) for 2010. Operating expenses for 2010 included $465 million related to the U.K. bank payroll tax. Total staff decreased 7% during 2011. Total staff including consolidated entities held for investment purposes decreased 10% during 2011.

 

 

1.

We believe that presenting our ratio of compensation and benefits to net revenues excluding the impact of the $465 million U.K. bank payroll tax is meaningful, as excluding it increases the comparability of period-to-period results. The ratio of compensation and benefits to net revenues excluding the impact of this item is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. The table below presents the calculation of the ratio of compensation and benefits to net revenues including and excluding the impact of this item.

 

$ in millions  

Year Ended

December 2010

 

Compensation and benefits (which excludes the impact of the $465 million U.K. bank payroll tax)

    $15,376   

Ratio of compensation and benefits to net revenues

    39.3

Compensation and benefits, including the impact of the $465 million U.K. bank payroll tax

    $15,841   

Ratio of compensation and benefits to net revenues, including the impact of the $465 million U.K. bank payroll tax

    40.5

 

  Goldman Sachs 2011 Form 10-K   55


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Non-compensation expenses were $10.42 billion for 2011, essentially unchanged compared with 2010. Non-compensation expenses for 2011 included higher brokerage, clearing, exchange and distribution fees, increased reserves related to our insurance business and higher market development expenses compared with 2010. These increases were offset by lower other expenses during 2011. The decrease in other expenses primarily reflected lower net provisions for litigation and regulatory proceedings (2010 included $550 million related to a settlement with the SEC). In addition, non-compensation expenses during 2011 included impairment charges of approximately $440 million, primarily related to consolidated investments and Litton Loan Servicing LP. Charitable contributions were $163 million during 2011, primarily including $78 million to Goldman Sachs Gives, our donor-advised fund, and $25 million to The Goldman Sachs Foundation. Compensation was reduced to fund the charitable contribution to Goldman Sachs Gives. The $78 million contribution is in addition to prior year contributions made to Goldman Sachs Gives. The firm asks its participating managing directors to make recommendations regarding potential charitable recipients for this contribution.

2010 versus 2009. Operating expenses were $26.27 billion for 2010, 4% higher than 2009. Compensation and benefits expenses were $15.38 billion for 2010, a 5% decline compared with $16.19 billion for 2009, due to lower net revenues. The ratio of compensation and benefits to net revenues for 2010 was 39.3% (which excludes the impact of the $465 million U.K. bank payroll tax), compared with 35.8% for 2009. Total staff increased 10% during 2010. Total staff including consolidated entities held for investment purposes increased 7% during 2010.

During 2010, the United Kingdom enacted legislation that imposed a non-deductible 50% tax on certain financial institutions in respect of discretionary bonuses in excess of £25,000 awarded under arrangements made between December 9, 2009 and April 5, 2010 to “relevant banking employees.” Our operating expenses for 2010 included $465 million related to this tax.

Non-compensation expenses were $10.43 billion for 2010, 14% higher than 2009. This increase was primarily attributable to the impact of net provisions for litigation and regulatory proceedings of $682 million (including $550 million related to a settlement with the SEC), and an impairment of our NYSE DMM rights of $305 million, each during 2010. The remainder of the increase compared with 2009 generally reflected higher professional fees, market development expenses and occupancy expenses. These increases were partially offset by the impact of significantly higher real estate impairment charges during 2009 related to our consolidated entities held for investment purposes, as well as higher charitable contributions during 2009. The real estate impairment charges, which were measured based on discounted cash flow analyses, are included in our Investing & Lending segment and reflected weakness in the commercial real estate markets. Charitable contributions were approximately $420 million during 2010, primarily including $25 million to The Goldman Sachs Foundation and $320 million to Goldman Sachs Gives, our donor-advised fund. Compensation was reduced to fund the charitable contribution to Goldman Sachs Gives.

 

 

56   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Provision for Taxes

 

The effective income tax rate for 2011 was 28.0%, down from 35.2% for 2010. Excluding the impact of the $465 million U.K. bank payroll tax and the $550 million SEC settlement, substantially all of which was non-deductible, the effective income tax rate for 2010 was 32.7% 1. The decrease from 32.7% to 28.0% was primarily due to an increase in permanent benefits as a percentage of earnings and the earnings mix.

 

The effective income tax rate for 2010 of 32.7% 1 was essentially unchanged from the effective income tax rate for 2009 of 32.5%.

In December 2010, the rules related to the deferral of U.S. tax on certain non-repatriated active financing income were extended retroactively to January 1, 2010 through December 31, 2011. If these rules are not extended, the expiration may materially increase our effective income tax rate beginning in 2013.

 

 

1.

We believe that presenting our effective income tax rate for 2010 excluding the impact of the U.K. bank payroll tax and the SEC settlement, substantially all of which was non-deductible, is meaningful as excluding these items increases the comparability of period-to-period results. The effective income tax rate excluding the impact of these items is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. The table below presents the calculation of the effective income tax rate excluding the impact of these amounts.

 

    Year Ended December 2010  
$ in millions   Pre-tax
earnings
      

Provision

for taxes

       Effective income
tax rate
 

As reported

    $12,892           $4,538           35.2

Add back:

Impact of the U.K. bank payroll tax

    465                        

Impact of the SEC settlement

    550           6              

As adjusted

    $13,907           $4,544           32.7

 

  Goldman Sachs 2011 Form 10-K   57


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Segment Operating Results

The table below presents the net revenues, operating expenses and pre-tax earnings of our segments.

 

         Year Ended December  
in millions         2011        2010        2009  

Investment Banking

   Net revenues   $ 4,355         $ 4,810         $ 4,984   
     Operating expenses     2,962           3,511           3,482   
     Pre-tax earnings   $ 1,393         $ 1,299         $ 1,502   

Institutional Client Services

   Net revenues   $ 17,280         $ 21,796         $ 32,719   
     Operating expenses     12,697           14,291           13,691   
     Pre-tax earnings   $ 4,583         $ 7,505         $ 19,028   

Investing & Lending

   Net revenues   $ 2,142         $ 7,541         $ 2,863   
     Operating expenses     2,673           3,361           3,523   
     Pre-tax earnings/(loss)   $ (531      $ 4,180         $ (660

Investment Management

   Net revenues   $ 5,034         $ 5,014         $ 4,607   
     Operating expenses     4,018           4,051           3,673   
     Pre-tax earnings   $ 1,016         $ 963         $ 934   

Total

   Net revenues   $ 28,811         $ 39,161         $ 45,173   
     Operating expenses     22,642           26,269           25,344   
     Pre-tax earnings   $ 6,169         $ 12,892         $ 19,829   

 

Operating expenses in the table above include the following expenses that have not been allocated to our segments:

 

Ÿ  

net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively;

 

Ÿ  

charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and

 

Ÿ  

real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

Net revenues in our segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions. See Note 25 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our business segments.

The cost drivers of Goldman Sachs taken as a whole — compensation, headcount and levels of business activity — are broadly similar in each of our business segments. Compensation and benefits expenses within our segments reflect, among other factors, the overall performance of Goldman Sachs as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of our business may be significantly affected by the performance of our other business segments. A discussion of segment operating results follows.

 

 

58   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Investment Banking

 

Our Investment Banking segment is comprised of:

Financial Advisory. Includes advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and derivative transactions directly related to these client advisory assignments.

Underwriting. Includes public offerings and private placements of a wide range of securities, loans and other financial instruments, and derivative transactions directly related to these client underwriting activities.

The table below presents the operating results of our Investment Banking segment.

 

    Year Ended December  
in millions   2011      2010      2009  

Financial Advisory

  $ 1,987       $ 2,062       $ 1,897   

Equity underwriting

    1,085         1,462         1,797   

Debt underwriting

    1,283         1,286         1,290   

Total Underwriting

    2,368         2,748         3,087   

Total net revenues

    4,355         4,810         4,984   

Operating expenses

    2,962         3,511         3,482   

Pre-tax earnings

  $ 1,393       $ 1,299       $ 1,502   

The table below presents our financial advisory and underwriting transaction volumes. 1

 

    Year Ended December  
in billions   2011      2010      2009  

Announced mergers and acquisitions

  $ 638       $ 494       $ 543   

Completed mergers and acquisitions

    635         436         593   

Equity and equity-related offerings 2

    55         67         84   

Debt offerings 3

    203         234         256   

 

1.

Source: Thomson Reuters. Announced and completed mergers and acquisitions volumes are based on full credit to each of the advisors in a transaction. Equity and equity-related offerings and debt offerings are based on full credit for single book managers and equal credit for joint book managers. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal or a change in the value of a transaction.

 

2.

Includes Rule 144A and public common stock offerings, convertible offerings and rights offerings.

 

3.

Includes non-convertible preferred stock, mortgage-backed securities, asset-backed securities and taxable municipal debt. Includes publicly registered and Rule 144A issues. Excludes leveraged loans.

2011 versus 2010. Net revenues in Investment Banking were $4.36 billion for 2011, 9% lower than 2010.

Net revenues in Financial Advisory were $1.99 billion, 4% lower than 2010. Net revenues in our Underwriting business were $2.37 billion, 14% lower than 2010, reflecting significantly lower net revenues in equity underwriting, principally due to a decline in industry-wide activity. Net revenues in debt underwriting were essentially unchanged compared with 2010.

Investment Banking operated in an environment generally characterized by significant declines in industry-wide underwriting and mergers and acquisitions activity levels during the second half of 2011. These declines reflected increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk, which contributed to a significant widening in credit spreads, a sharp increase in volatility levels and a significant decline in global equity markets during the second half of 2011. If these concerns continue or if equity markets decline further, resulting in lower levels of client activity, net revenues in Investment Banking would likely continue to be negatively impacted.

Our investment banking transaction backlog increased compared with the end of 2010. The increase compared with the end of 2010 was due to an increase in potential equity underwriting transactions, primarily reflecting an increase in client mandates to underwrite initial public offerings. Estimated net revenues from potential debt underwriting transactions decreased slightly compared with the end of 2010. Estimated net revenues from potential advisory transactions were essentially unchanged compared with the end of 2010.

 

 

  Goldman Sachs 2011 Form 10-K   59


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Our investment banking transaction backlog represents an estimate of our future net revenues from investment banking transactions where we believe that future revenue realization is more likely than not. We believe changes in our investment banking transaction backlog may be a useful indicator of client activity levels which, over the long term, impact our net revenues. However, the timeframe for completion and corresponding revenue recognition of transactions in our backlog varies based on the nature of the assignment, as certain transactions may remain in our backlog for longer periods of time and others may enter and leave within the same reporting period. In addition, our transaction backlog is subject to certain limitations, such as assumptions about the likelihood that individual client transactions will occur in the future. Transactions may be cancelled or modified, and transactions not included in the estimate may also occur.

Operating expenses were $2.96 billion for 2011, 16% lower than 2010, due to decreased compensation and benefits expenses, primarily resulting from lower net revenues. Pre-tax earnings were $1.39 billion in 2011, 7% higher than 2010.

2010 versus 2009. Net revenues in Investment Banking were $4.81 billion for 2010, 3% lower than 2009.

Net revenues in Financial Advisory were $2.06 billion, 9% higher than 2009, primarily reflecting an increase in client activity. Net revenues in our Underwriting business were $2.75 billion, 11% lower than 2009, reflecting lower net revenues in equity underwriting, principally due to a decline in client activity in comparison to 2009, which included significant capital-raising activity by financial institution clients. Net revenues in debt underwriting were essentially unchanged compared with 2009.

During 2010, Investment Banking operated in an environment generally characterized by a continuation of low levels of industry-wide mergers and acquisitions activity, reflecting heightened uncertainty regarding the global economic outlook. Although certain additional unfavorable market conditions emerged in the first half of 2010, including lower equity prices and wider corporate credit spreads, interest rates remained low throughout the year and underwriting activity improved during the second half of the year as global equity prices recovered and corporate credit spreads narrowed.

Our investment banking transaction backlog decreased compared with the end of 2009. The decrease compared with the end of 2009 reflected a decline in estimated net revenues from potential debt and equity underwriting transactions, primarily related to client mandates to underwrite leveraged finance transactions and common stock offerings. This decrease was partially offset by an increase in estimated net revenues from potential advisory transactions.

Operating expenses were $3.51 billion for 2010, essentially unchanged from 2009. Pre-tax earnings were $1.30 billion in 2010, 14% lower than 2009.

Institutional Client Services

Our Institutional Client Services segment is comprised of:

Fixed Income, Currency and Commodities Client Execution. Includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities.

We generate market-making revenues in these activities, in three ways:

 

Ÿ  

In large, highly liquid markets (such as markets for U.S. Treasury bills, large capitalization S&P 500 stocks or certain mortgage pass-through certificates), we execute a high volume of transactions for our clients for modest spreads and fees.

 

Ÿ  

In less liquid markets (such as mid-cap corporate bonds, growth market currencies and certain non-agency mortgage-backed securities), we execute transactions for our clients for spreads and fees that are generally somewhat larger.

 

Ÿ  

We also structure and execute transactions involving customized or tailor-made products that address our clients’ risk exposures, investment objectives or other complex needs (such as a jet fuel hedge for an airline).

Given the focus on the mortgage market, our mortgage activities are further described below.

Our activities in mortgages include commercial mortgage-related securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U.S. government agency-issued collateralized mortgage obligations, other prime, subprime and Alt-A securities and loans), and other asset-backed securities, loans and derivatives.

 

 

60   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

We buy, hold and sell long and short mortgage positions, primarily for market making for our clients. Our inventory therefore changes based on client demands and is generally held for short-term periods.

See Notes 18 and 27 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information about exposure to mortgage repurchase requests, mortgage rescissions and mortgage-related litigation.

Equities. Includes client execution activities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide. Equities also includes our securities services business, which provides financing, securities lending and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds and foundations, and generates revenues primarily in the form of interest rate spreads or fees, and revenues related to our insurance activities.

The table below presents the operating results of our Institutional Client Services segment.

 

    Year Ended December  
in millions   2011      2010      2009  

Fixed Income, Currency and Commodities Client Execution

  $ 9,018       $ 13,707       $ 21,883   

Equities client execution

    3,031         3,231         5,237   

Commissions and fees

    3,633         3,426         3,680   

Securities services

    1,598         1,432         1,919   

Total Equities

    8,262         8,089         10,836   

Total net revenues

    17,280         21,796         32,719   

Operating expenses

    12,697         14,291         13,691   

Pre-tax earnings

  $ 4,583       $ 7,505       $ 19,028   

 

2011 versus 2010. Net revenues in Institutional Client Services were $17.28 billion for 2011, 21% lower than 2010.

Net revenues in Fixed Income, Currency and Commodities Client Execution were $9.02 billion for 2011, 34% lower than 2010. Although activity levels during 2011 were generally consistent with 2010 levels, and results were solid during the first quarter of 2011, the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty, resulting in volatile markets and significantly wider credit spreads, which contributed to difficult market-making conditions and led to reductions in risk by us and our clients. As a result of these conditions, net revenues across the franchise were lower, including significant declines in mortgages and credit products, compared with 2010.

Net revenues in Equities were $8.26 billion for 2011, 2% higher than 2010. During 2011, average volatility levels increased and equity prices in Europe and Asia declined significantly, particularly during the third quarter. The increase in net revenues reflected higher commissions and fees, primarily due to higher transaction volumes, particularly during the third quarter of 2011. In addition, net revenues in securities services increased compared with 2010, reflecting the impact of higher average customer balances. Equities client execution net revenues were lower than 2010, primarily reflecting significantly lower net revenues in shares.

The net gain attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $596 million and $198 million for 2011 and 2010, respectively.

Institutional Client Services operated in an environment generally characterized by increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk, and its impact on the European banking system and global financial institutions. These conditions also impacted expectations for economic prospects in the U.S. and were reflected in equity and debt markets more broadly. In addition, the downgrade in credit ratings of the U.S. government and federal agencies and many financial institutions during the second half of 2011 contributed to further uncertainty in the markets. These concerns, as well as other broad market concerns, such as uncertainty over financial regulatory reform, continued to have a negative impact on our net revenues during 2011. If these concerns continue, and market-making conditions remain challenging, net revenues in Fixed Income, Currency and Commodities Client Execution and Equities would likely continue to be negatively impacted.

Operating expenses were $12.70 billion for 2011, 11% lower than 2010, due to decreased compensation and benefits expenses, primarily resulting from lower net revenues, the impact of the U.K. bank payroll tax during 2010, as well as an impairment of our NYSE DMM rights of $305 million during 2010. These decreases were partially offset by higher brokerage, clearing, exchange and distribution fees, principally reflecting higher transaction volumes in Equities. Pre-tax earnings were $4.58 billion in 2011, 39% lower than 2010.

 

 

  Goldman Sachs 2011 Form 10-K   61


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

2010 versus 2009. Net revenues in Institutional Client Services were $21.80 billion for 2010, 33% lower than 2009.

Net revenues in Fixed Income, Currency and Commodities Client Execution were $13.71 billion for 2010, 37% lower than a particularly strong 2009. During 2010, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment characterized by lower client activity levels, which reflected broad market concerns including European sovereign debt risk and uncertainty over regulatory reform, as well as tighter bid/offer spreads. The decrease in net revenues compared with 2009 primarily reflected significantly lower results in interest rate products, credit products, commodities and, to a lesser extent, currencies. These decreases were partially offset by higher net revenues in mortgages, as 2009 included approximately $1 billion of losses related to commercial mortgage loans.

Net revenues in Equities were $8.09 billion for 2010, 25% lower than 2009, primarily reflecting significantly lower net revenues in equities client execution, principally due to significantly lower results in derivatives and shares. Commissions and fees were also lower than 2009, primarily reflecting lower client activity levels. In addition, securities services net revenues were significantly lower compared with 2009, primarily reflecting tighter securities lending spreads, principally due to the impact of changes in the composition of customer balances, partially offset by the impact of higher average customer balances. During 2010, although equity markets were volatile during the first half of the year, equity prices generally improved and volatility levels declined in the second half of the year.

The net gain/(loss) attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $198 million and $(1.10) billion for 2010 and 2009, respectively.

Results in Institutional Client Services for 2010 were negatively impacted by a general decrease in client activity levels from very strong levels seen in 2009. Certain unfavorable conditions emerged during the second quarter of 2010 that made the environment more challenging for our businesses, resulting in lower client activity levels. These conditions included broad market concerns, such as

European sovereign debt risk and uncertainty regarding financial regulatory reform, sharply higher equity volatility levels, lower global equity prices and wider corporate credit spreads. During the second half of 2010, some of these conditions reversed as equity volatility levels decreased, global equity prices recovered, corporate credit spreads narrowed and commercial real estate asset prices began to improve. However, lower client activity levels, reflecting broad market concerns, including European sovereign debt risk and uncertainty over regulatory reform, continued to negatively impact our results. In addition, bid/offer spreads remained tight relative to 2009, as financial markets continued to stabilize, the availability of funding improved and volatility levels in both corporate credit spreads and commodity prices declined.

Operating expenses were $14.29 billion for 2010, 4% higher than 2009, due to the impact of the U.K. bank payroll tax, as well as an impairment of our NYSE DMM rights of $305 million. These increases were partially offset by lower compensation and benefits expenses, resulting from lower levels of discretionary compensation. Pre-tax earnings were $7.51 billion in 2010, 61% lower than 2009.

Investing & Lending

Investing & Lending includes our investing activities and the origination of loans to provide financing to clients. These investments and loans are typically longer-term in nature. We make investments, directly and indirectly through funds that we manage, in debt securities, loans, public and private equity securities, real estate, consolidated investment entities and power generation facilities.

The table below presents the operating results of our Investing & Lending segment.

 

    Year Ended December  
in millions   2011      2010      2009  

ICBC

  $ (517    $ 747       $ 1,582   

Equity securities (excluding ICBC)

    1,120         2,692         (596

Debt securities and loans

    96         2,597         1,045   

Other 1

    1,443         1,505         832   

Total net revenues

    2,142         7,541         2,863   

Operating expenses

    2,673         3,361         3,523   

Pre-tax earnings/(loss)

  $ (531    $ 4,180       $ (660

 

1.

Primarily includes net revenues related to our consolidated entities held for investment purposes.

 

 

62   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

2011 versus 2010. Net revenues in Investing & Lending were $2.14 billion and $7.54 billion for 2011 and 2010, respectively. During 2011, Investing & Lending results reflected an operating environment characterized by a significant decline in equity markets in Europe and Asia, and unfavorable credit markets that were negatively impacted by increased concerns regarding the weakened state of global economies, including heightened European sovereign debt risk. Results for 2011 included a loss of $517 million from our investment in the ordinary shares of ICBC and net gains of $1.12 billion from other investments in equities, primarily in private equity positions, partially offset by losses from public equities. In addition, Investing & Lending included net revenues of $96 million from debt securities and loans. This amount includes approximately $1 billion of unrealized losses related to relationship lending activities, including the effect of hedges, offset by net interest income and net gains from other debt securities and loans. Results for 2011 also included other net revenues of $1.44 billion, principally related to our consolidated entities held for investment purposes. If equity markets decline further and credit spreads widen further, net revenues in Investing & Lending would likely continue to be negatively impacted.

Operating expenses were $2.67 billion for 2011, 20% lower than 2010, due to decreased compensation and benefits expenses, primarily resulting from lower net revenues. This decrease was partially offset by the impact of impairment charges related to consolidated investments during 2011. Pre-tax loss was $531 million in 2011, compared with pre-tax earnings of $4.18 billion in 2010.

2010 versus 2009. Net revenues in Investing & Lending were $7.54 billion and $2.86 billion for 2010 and 2009, respectively. Results for 2010 included a gain of $747 million from our investment in the ordinary shares of ICBC, a net gain of $2.69 billion from other investments in equities, a net gain of $2.60 billion from debt securities and loans and other net revenues of $1.51 billion, principally related to our consolidated entities held for investment purposes. The net gain from other investments in equities was primarily driven by an increase in global equity markets, which resulted in appreciation of both our public and private equity positions and provided favorable conditions for initial public offerings. The net gains and net interest from debt securities and loans primarily reflected the impact of tighter credit spreads and favorable credit markets during the year, which provided favorable conditions for borrowers to refinance.

Results for 2009 included a gain of $1.58 billion from our investment in the ordinary shares of ICBC, a net gain of $1.05 billion from debt securities and loans, and other net revenues of $832 million, principally related to our consolidated entities held for investment purposes, partially offset by a net loss of $596 million from other investments in equities. During 2009, continued weakness in commercial real estate markets negatively impacted our results.

Operating expenses were $3.36 billion for 2010, 5% lower than 2009, due to the impact of significantly higher real estate impairment charges during 2009 related to consolidated entities held for investment purposes, as well as decreased compensation and benefits expenses, resulting from lower levels of discretionary compensation. Pre-tax earnings were $4.18 billion in 2010, compared with a pre-tax loss of $660 million for 2009.

Investment Management

Investment Management provides investment management services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. Investment Management also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families.

Assets under management typically generate fees as a percentage of net asset value, which vary by asset class and are affected by investment performance as well as asset inflows and redemptions. In certain circumstances, we are also entitled to receive incentive fees based on a percentage of a fund’s return or when the return exceeds a specified benchmark or other performance targets. Incentive fees are recognized when all material contingencies are resolved.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The table below presents the operating results of our Investment Management segment.

 

    Year Ended December  
in millions   2011      2010      2009  

Management and other fees

  $ 4,188       $ 3,956       $ 3,860   

Incentive fees

    323         527         180   

Transaction revenues

    523         531         567   

Total net revenues

    5,034         5,014         4,607   

Operating expenses

    4,018         4,051         3,673   

Pre-tax earnings

  $ 1,016       $ 963       $ 934   

Assets under management include only client assets where we earn a fee for managing assets on a discretionary basis. This includes net assets in our mutual funds, hedge funds and private equity funds (including real estate funds), and separately managed accounts for institutional and individual investors. Assets under management do not include the self-directed assets of our clients, including brokerage accounts, or interest-bearing deposits held through our bank depository institution subsidiaries.

The tables below present our assets under management by asset class and a summary of the changes in our assets under management.

 

    As of December 31,  
in billions   2011      2010      2009  

Alternative investments 1

  $ 142       $ 148       $ 146   

Equity

    126         144         146   

Fixed income

    340         340         315   

Total non-money market assets

    608         632         607   

Money markets

    220         208         264   

Total assets under management

  $ 828       $ 840       $ 871   

 

1.

Primarily includes hedge funds, private equity, real estate, currencies, commodities and asset allocation strategies.

    Year Ended December 31,  
in billions   2011     2010      2009  

Balance, beginning of year

  $ 840      $ 871       $ 798   

Net inflows/(outflows)

      

Alternative investments

    (5     (1      (5

Equity

    (9     (21      (2

Fixed income

    (15     7         26   

Total non-money market net inflows/(outflows)

    (29     (15      19   

Money markets

    12        (56      (22

Total net inflows/(outflows)

    (17 ) 1      (71      (3

Net market appreciation/(depreciation)

    5        40         76   

Balance, end of year

  $ 828      $ 840       $ 871   

 

1.

Includes $6 billion of asset inflows in connection with our acquisitions of Goldman Sachs Australia Pty Ltd (GS Australia), formerly Goldman Sachs & Partners Australia Group Holdings Pty Ltd, and Benchmark Asset Management Company Private Limited.

2011 versus 2010. Net revenues in Investment Management were $5.03 billion for 2011, essentially unchanged compared with 2010, primarily due to higher management and other fees, reflecting favorable changes in the mix of assets under management, offset by lower incentive fees. During the year, assets under management decreased $12 billion to $828 billion, reflecting net outflows of $17 billion, partially offset by net market appreciation of $5 billion. Net outflows primarily reflected outflows in fixed income and equity assets, partially offset by inflows in money market assets.

During the first half of 2011, Investment Management operated in an environment generally characterized by improved asset prices and a shift in investor assets away from money markets in favor of asset classes with potentially higher risk and returns. However, during the second half of 2011, asset prices declined, particularly in equities, in part driven by increased uncertainty regarding the global economic outlook. Declining asset prices and economic uncertainty contributed to investors shifting assets away from asset classes with potentially higher risk and returns to asset classes with lower risk and returns. If asset prices continue to decline or investors continue to favor lower risk asset classes or withdraw their assets, net revenues in Investment Management would likely continue to be negatively impacted.

Operating expenses were $4.02 billion for 2011, essentially unchanged compared with 2010. Pre-tax earnings were $1.02 billion in 2011, 6% higher than 2010.

 

 

64   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

2010 versus 2009. Net revenues in Investment Management were $5.01 billion for 2010, 9% higher than 2009, primarily reflecting higher incentive fees across our alternative investment products. Management and other fees also increased, reflecting favorable changes in the mix of assets under management, as well as the impact of appreciation in the value of client assets. During 2010, assets under management decreased 4% to $840 billion, primarily reflecting outflows in money market assets, consistent with industry trends.

During 2010, Investment Management operated in an environment generally characterized by a continuation of industry trends that emerged during 2009, as financial markets began to stabilize, asset prices improved and investors began to shift assets away from money markets in favor of asset classes with potentially higher risk and returns. This trend resulted in favorable changes in the mix of assets under management, as well as appreciation in the value of client assets.

Operating expenses were $4.05 billion for 2010, 10% higher than 2009, primarily reflecting increased staff levels and the impact of growth initiatives. Pre-tax earnings were $963 million in 2010, 3% higher than 2009.

Geographic Data

See Note 25 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for a summary of our total net revenues, pre-tax earnings and net earnings by geographic region.

Regulatory Developments

The U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), enacted in July 2010, significantly altered the financial regulatory regime within which we operate. The implications of the Dodd-Frank Act for our businesses will depend to a large extent on the rules that will be adopted by the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), the SEC, the U.S. Commodity Futures Trading Commission (CFTC) and other agencies to implement the legislation, as well as the development of market practices and structures under the regime established by the legislation and the implementing rules. Similar reforms are being considered by other regulators and policy makers worldwide and these reforms may affect our businesses. We expect that the principal areas of impact from regulatory reform for us will be:

 

Ÿ  

the Dodd-Frank prohibition on “proprietary trading” and the limitation on the sponsorship of, and investment in, hedge funds and private equity funds by banking entities, including bank holding companies, referred to as the “Volcker Rule”;

 

Ÿ  

increased regulation of and restrictions on over-the-counter (OTC) derivatives markets and transactions; and

 

Ÿ  

increased regulatory capital requirements.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

In October 2011, the proposed rules to implement the Volcker Rule were issued and included an extensive request for comments on the proposal. The proposed rules are highly complex and many aspects of the Volcker Rule remain unclear. The full impact of the rule will depend upon the detailed scope of the prohibitions, permitted activities, exceptions and exclusions, and the full impact on the firm will not be known with certainty until the rules are finalized.

While many aspects of the Volcker Rule remain unclear, we evaluated the prohibition on “proprietary trading” and determined that businesses that engage in “bright line” proprietary trading are most likely to be prohibited. In 2011 and 2010, we liquidated substantially all of our Principal Strategies and global macro proprietary trading positions.

In addition, we evaluated the limitations on sponsorship of, and investments in, hedge funds and private equity funds. The firm earns management fees and incentive fees for investment management services from private equity and hedge funds, which are included in our Investment Management segment. The firm also makes investments in funds and the gains and losses from such investments are included in our Investing & Lending segment; these gains and losses will be impacted by the Volcker Rule. The Volcker Rule limitation on investments in hedge funds and private equity funds requires the firm to reduce its investment in each private equity and hedge fund to 3% or less of net asset value, and to reduce the firm’s aggregate investment in all such funds to 3% or less of the firm’s Tier 1 capital. Over the period from 1999 through 2011, the firm’s aggregate net revenues from its investments in hedge funds and private equity funds were not material to the firm’s aggregate total net revenues over the same period. We continue to manage our existing private equity funds taking into account the transition periods under the Volcker Rule. With respect to our hedge funds, we currently plan to comply with the Volcker Rule by redeeming certain of our interests in the funds. We currently expect to redeem up to approximately 10% of certain hedge funds’ total redeemable units per quarter over ten consecutive quarters, beginning March 2012 and ending June 2014. In addition, we have limited the firm’s initial investment to 3% for certain new funds.

As required by the Dodd-Frank Act, the Federal Reserve Board and FDIC have jointly issued a rule requiring each bank holding company with over $50 billion in assets and each designated systemically important financial institution to provide to regulators an annual plan for its rapid and orderly resolution in the event of material financial distress or failure (resolution plan). Our resolution plan must, among other things, ensure that Goldman Sachs Bank USA (GS Bank USA) is adequately protected from risks arising from our other entities. The regulators’ joint rule sets specific standards for the resolution plans, including requiring a detailed resolution strategy and analyses of the company’s material entities, organizational structure, interconnections and interdependencies, and management information systems, among other elements. We have commenced work on our first resolution plan, which we must submit to the regulators by July 1, 2012. GS Bank USA is also required by the FDIC to submit a plan for its rapid and orderly resolution in the event of material financial distress or failure by July 1, 2012.

In September 2011, the SEC proposed rules to implement the Dodd-Frank Act’s prohibition against securitization participants’ engaging in any transaction that would involve or result in any material conflict of interest with an investor in a securitization transaction. The proposed rules would except bona fide market-making activities and risk-mitigating hedging activities in connection with securitization activities from the general prohibition.

In December 2011, the Federal Reserve Board proposed regulations designed to strengthen the regulation and supervision of large bank holding companies and systemically important nonbank financial firms. These proposals address risk-based capital and leverage requirements, liquidity requirements, stress tests, single counterparty limits and early remediation requirements that are designed to address financial weakness at an early stage. Although many of the proposals mirror initiatives to which bank holding companies are already subject, their full impact on the firm will not be known with certainty until the rules are finalized.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

In addition, the U.S. federal bank regulatory agencies issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. The modifications are designed to address the adjustments to the market risk framework that were announced by the Basel Committee in June 2010 (Basel 2.5), as well as the prohibition on the use of credit ratings, as required by the Dodd-Frank Act. We expect the federal banking agencies to propose further modifications to their capital adequacy regulations to address both Basel 3 and other aspects of the Dodd-Frank Act, including requirements for global systemically important banks. Once implemented, it is likely that these changes will result in increased capital requirements, although their full impact will not be known until the U.S. federal bank regulatory agencies publish their final rules.

The Dodd-Frank Act also establishes a Bureau of Consumer Financial Protection having broad authority to regulate providers of credit, payment and other consumer financial products and services, and this Bureau has oversight over certain of our products and services.

See “Business—Regulation” in Part I, Item 1 of this Form 10-K for more information.

Balance Sheet and Funding Sources

Balance Sheet Management

One of our most important risk management disciplines is our ability to manage the size and composition of our balance sheet. While our asset base changes due to client activity, market fluctuations and business opportunities, the size and composition of our balance sheet reflect (i) our overall risk tolerance, (ii) our ability to access stable funding sources and (iii) the amount of equity capital we hold.

Although our balance sheet fluctuates on a day-to-day basis, our total assets and adjusted assets at quarterly and year-end dates are generally not materially different from those occurring within our reporting periods.

In order to ensure appropriate risk management, we seek to maintain a liquid balance sheet and have processes in place to dynamically manage our assets and liabilities which include:

 

Ÿ  

quarterly planning;

 

Ÿ  

business-specific limits;

 

Ÿ  

monitoring of key metrics; and

 

Ÿ  

scenario analyses.

Quarterly Planning. We prepare a quarterly balance sheet plan that combines our projected total assets and composition of assets with our expected funding sources and capital levels for the upcoming quarter. The objectives of this quarterly planning process are:

 

Ÿ  

to develop our near-term balance sheet projections, taking into account the general state of the financial markets and expected client-driven and firm-driven activity levels;

 

Ÿ  

to ensure that our projected assets are supported by an adequate amount and tenor of funding and that our projected capital and liquidity metrics are within management guidelines; and

 

Ÿ  

to allow business risk managers and managers from our independent control and support functions to objectively evaluate balance sheet limit requests from business managers in the context of the firm’s overall balance sheet constraints. These constraints include the firm’s liability profile and equity capital levels, maturities and plans for new debt and equity issuances, share repurchases, deposit trends and secured funding transactions.

To prepare our quarterly balance sheet plan, business risk managers and managers from our independent control and support functions meet with business managers to review current and prior period metrics and discuss expectations for the upcoming quarter. The specific metrics reviewed include asset and liability size and composition, aged inventory, limit utilization, risk and performance measures, and capital usage.

Our consolidated quarterly plan, including our balance sheet plans by business, funding and capital projections, and projected capital and liquidity metrics, is reviewed by the Finance Committee. See “Overview and Structure of Risk Management.”

 

 

  Goldman Sachs 2011 Form 10-K   67


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Business-Specific Limits. The Finance Committee sets asset and liability limits for each business and aged inventory limits for certain financial instruments as a disincentive to hold inventory over longer periods of time. These limits are set at levels which are close to actual operating levels in order to ensure prompt escalation and discussion among business managers and managers in our independent control and support functions on a routine basis. The Finance Committee reviews and approves balance sheet limits on a quarterly basis and may also approve changes in limits on an ad hoc basis in response to changing business needs or market conditions.

Monitoring of Key Metrics. We monitor key balance sheet metrics daily both by business and on a consolidated basis, including asset and liability size and composition, aged inventory, limit utilization, risk measures and capital usage. We allocate assets to businesses and review and analyze movements resulting from new business activity as well as market fluctuations.

Scenario Analyses. We conduct scenario analyses to determine how we would manage the size and composition of our balance sheet and maintain appropriate funding, liquidity and capital positions in a variety of situations:

 

Ÿ  

These scenarios cover short-term and long-term time horizons using various macro-economic and firm-specific assumptions. We use these analyses to assist us in developing longer-term funding plans, including the level of unsecured debt issuances, the size of our secured funding program and the amount and composition of our equity capital. We also consider any potential future constraints, such as limits on our ability to grow our asset base in the absence of appropriate funding.

 

Ÿ  

Through our Internal Capital Adequacy Assessment Process (ICAAP) and our resolution and recovery planning, we further analyze how we would manage our balance sheet through the duration of a severe crisis and we develop plans to access funding, generate liquidity, and/or redeploy equity capital, as appropriate.

Balance Sheet Allocation

In addition to preparing our consolidated statement of financial condition in accordance with U.S. GAAP, we prepare a balance sheet that generally allocates assets to our businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies. We believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets. The table below presents a summary of this balance sheet allocation.

 

    As of December  
in millions   2011        2010  

Excess liquidity (Global Core Excess)

  $ 171,581         $ 174,776   

Other cash

    7,888           7,565   

Excess liquidity and cash

    179,469           182,341   

Secured client financing

    283,707           279,291   

Inventory

    273,640           260,406   

Secured financing agreements

    71,103           70,921   

Receivables

    35,769           32,396   

Institutional Client Services

    380,512           363,723   

ICBC

    4,713           7,589   

Equity (excluding ICBC)

    23,041           22,972   

Debt

    23,311           24,066   

Receivables and other

    5,320           3,291   

Investing & Lending

    56,385           57,918   

Total inventory and related assets

    436,897           421,641   

Other assets

    23,152           28,059   

Total assets

  $ 923,225         $ 911,332   
 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The following is a description of the captions in the table above.

Excess Liquidity and Cash. We maintain substantial excess liquidity to meet a broad range of potential cash outflows and collateral needs in the event of a stressed environment. See “Liquidity Risk Management” below for details on the composition and sizing of our excess liquidity pool or “Global Core Excess” (GCE). In addition to our excess liquidity, we maintain other operating cash balances, primarily for use in specific currencies, entities, or jurisdictions where we do not have immediate access to parent company liquidity.

Secured Client Financing. We provide collateralized financing for client positions, including margin loans secured by client collateral, securities borrowed, and resale agreements primarily collateralized by government obligations. As a result of client activities, we are required to segregate cash and securities to satisfy regulatory requirements. Our secured client financing arrangements, which are generally short-term, are accounted for at fair value or at amounts that approximate fair value, and include daily margin requirements to mitigate counterparty credit risk.

Institutional Client Services. In Institutional Client Services, we maintain inventory positions to facilitate market-making in fixed income, equity, currency and commodity products. Additionally, as part of client market-making activities, we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased. The receivables in Institutional Client Services primarily relate to securities transactions.

Investing & Lending. In Investing & Lending, we make investments and originate loans to provide financing to clients. These investments and loans are typically longer-term in nature. We make investments, directly and indirectly through funds that we manage, in debt securities, loans, public and private equity securities, real estate and other investments.

Other Assets. Other assets are generally less liquid, non-financial assets, including property, leasehold improvements and equipment, goodwill and identifiable intangible assets, income tax-related receivables, equity-method investments and miscellaneous receivables.

 

 

  Goldman Sachs 2011 Form 10-K   69


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The tables below present the reconciliation of this balance sheet allocation to our U.S. GAAP balance sheet. In the tables below, total assets for Institutional Client Services and Investing & Lending represent the inventory and related assets. These amounts differ from total assets by

business segment disclosed in Note 25 to the consolidated financial statements in Part II, Item 8 of this Form 10-K because total assets disclosed in Note 25 include allocations of our excess liquidity and cash, secured client financing and other assets.

 

 

    As of December 2011  
in millions   Excess
Liquidity
and Cash  1
     Secured
Client
Financing
     Institutional
Client
Services
    

Investing &

Lending

     Other
Assets
    

Total

Assets

 

Cash and cash equivalents

  $ 56,008       $       $       $       $       $ 56,008   

Cash and securities segregated for regulatory and other purposes

            64,264                                 64,264   

Securities purchased under agreements to resell and federal funds sold

    70,220         98,445         18,671         453                 187,789   

Securities borrowed

    14,919         85,990         52,432                         153,341   

Receivables from brokers, dealers and clearing organizations

            3,252         10,612         340                 14,204   

Receivables from customers and counterparties

            31,756         25,157         3,348                 60,261   

Financial instruments owned, at fair value

    38,322                 273,640         52,244                 364,206   

Other assets

                                    23,152         23,152   

Total assets

  $ 179,469       $ 283,707       $ 380,512       $ 56,385       $ 23,152       $ 923,225   
    As of December 2010  
in millions   Excess
Liquidity
and Cash  1
     Secured
Client
Financing
     Institutional
Client
Services
    

Investing &

Lending

     Other
Assets
    

Total

Assets

 

Cash and cash equivalents

  $ 39,788       $       $       $       $       $ 39,788   

Cash and securities segregated for regulatory and other purposes

            53,731                                 53,731   

Securities purchased under agreements to resell and federal funds sold

    62,854         102,537         22,866         98                 188,355   

Securities borrowed

    37,938         80,313         48,055                         166,306   

Receivables from brokers, dealers and clearing organizations

            3,702         6,698         37                 10,437   

Receivables from customers and counterparties

            39,008         25,698         2,997                 67,703   

Financial instruments owned, at fair value

    41,761                 260,406         54,786                 356,953   

Other assets

                                    28,059         28,059   

Total assets

  $ 182,341       $ 279,291       $ 363,723       $ 57,918       $ 28,059       $ 911,332   

 

1.

Includes unencumbered cash, U.S. government and federal agency obligations (including highly liquid U.S. federal agency mortgage-backed obligations), and German, French, Japanese and United Kingdom government obligations.

 

70   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Less Liquid Inventory Composition

We seek to maintain a liquid balance sheet comprised of assets that can be readily sold or funded on a secured basis. However, we do hold certain financial instruments that may be more difficult to sell, or fund on a secured basis, especially during times of market stress. We focus on funding these assets with liabilities that have longer-term contractual maturities to reduce the need to refinance in periods of market stress. The table below presents our aggregate holdings in these categories of financial instruments.

 

    As of December  
in millions   2011        2010  

Bank loans and bridge loans 1

  $ 19,745         $ 18,039   

Private equity investments and restricted public equity securities 2

    15,463           14,923   

Mortgage and other asset-backed loans and securities

    14,291           17,042   

High-yield and other debt obligations

    11,118           11,553   

ICBC ordinary shares 3

    4,713           7,589   

Emerging market debt securities

    4,624           3,931   

Emerging market equity securities

    3,922           5,784   

Other investments in funds 4

    3,394           3,212   

 

1.

Includes funded commitments and inventory held in connection with our origination, investing and market-making activities.

 

2.

Includes interests in funds that we manage. Such amounts exclude assets for which the firm does not bear economic exposure of $2.38 billion and $1.68 billion as of December 2011 and December 2010, respectively, including assets related to consolidated investment funds and consolidated variable interest entities (VIEs).

 

3.

Includes interests of $2.60 billion and $4.73 billion as of December 2011 and December 2010, respectively, held by investment funds managed by Goldman Sachs. The decrease was primarily related to the sale of a portion of the ordinary shares of ICBC held by investment funds managed by Goldman Sachs.

 

4.

Includes interests in other investment funds that we manage. See “Results of Operations — Regulatory Developments” for information about our plans to redeem certain of our interests in hedge funds to comply with the Volcker Rule.

See Notes 4 through 6 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about the financial instruments we hold.

Balance Sheet Analysis and Metrics

As of December 2011, total assets on our consolidated statement of financial condition were $923.23 billion, an increase of $11.89 billion from December 2010. This increase was primarily due to (i) an increase in cash and cash equivalents of $16.22 billion, primarily due to increases in interest-bearing deposits with banks, (ii) an increase in cash and securities segregated for regulatory and other purposes of $10.53 billion, primarily due to an increase in reserve balances held by broker-dealer subsidiaries related to client activity, and (iii) an increase in financial instruments owned, at fair value of $7.25 billion, primarily due to increases in non-U.S. government obligations and derivatives, partially offset by a decrease in commodities. These increases were partially offset by decreases in (i) collateralized agreements of $13.53 billion, primarily due to decreases in client and firm activity, and (ii) receivables from customers and counterparties of $7.44 billion, primarily due to decreases in client activity in secured client financing.

As of December 2011, total liabilities on our consolidated statement of financial condition were $852.85 billion, an increase of $18.87 billion from December 2010. This increase was primarily due to (i) an increase in deposits of $7.54 billion, primarily due to increases in client activity and (ii) an increase in payables to customers and counterparties of $7.36 billion, primarily due to increases in client activity.

As of December 2011, our total securities sold under agreements to repurchase, accounted for as collateralized financings, were $164.50 billion, which was 7% higher and 3% higher than the daily average amount of repurchase agreements during the quarter ended and year ended December 2011, respectively. As of December 2011, the increase in our repurchase agreements relative to the daily average during the quarter and year was primarily due to increases in client activity at the end of the year. As of December 2010, our total securities sold under agreements to repurchase, accounted for as collateralized financings, were $162.35 billion, which was 2% higher and 10% higher than the daily average amount of repurchase agreements during the quarter ended and year ended December 2010, respectively. As of December 2010, the increase in our repurchase agreements relative to the daily average during the quarter and year was due to an increase in client activity at the end of the year and an increase in firm financing activities. The level of our repurchase agreements fluctuates between and within periods, primarily due to providing clients with access to highly liquid collateral, such as U.S. government, federal agency and investment-grade sovereign obligations through collateralized financing activities.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The table below presents information on our assets, unsecured long-term borrowings, shareholders’ equity and leverage ratios.

 

    As of December  
$ in millions   2011        2010  

Total assets

  $ 923,225         $ 911,332   

Adjusted assets

  $ 604,391         $ 588,927   

Unsecured long-term borrowings

  $ 173,545         $ 174,399   

Total shareholders’ equity

  $ 70,379         $ 77,356   

Leverage ratio

    13.1x           11.8x   

Adjusted leverage ratio

    8.6x           7.6x   

Debt to equity ratio

    2.5x           2.3x   

Adjusted assets. Adjusted assets equals total assets less (i) low-risk collateralized assets generally associated with our secured client financing transactions, federal funds sold and excess liquidity (which includes financial instruments sold, but not yet purchased, at fair value, less derivative liabilities) and (ii) cash and securities we segregate for regulatory and other purposes. Adjusted assets is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents the reconciliation of total assets to adjusted assets.

 

    As of December  

in millions

  2011      2010  

Total assets

  $ 923,225       $ 911,332   

Deduct:

  Securities borrowed     (153,341      (166,306
   

Securities purchased under agreements to resell and federal funds sold

    (187,789      (188,355

Add:

 

Financial instruments sold, but not yet purchased, at fair value

    145,013         140,717   
   

Less derivative liabilities

    (58,453      (54,730
   

Subtotal

    (254,570      (268,674

Deduct:

 

Cash and securities segregated for regulatory and other purposes

    (64,264      (53,731

Adjusted assets

  $ 604,391       $ 588,927   

Leverage ratio. The leverage ratio equals total assets divided by total shareholders’ equity and measures the proportion of equity and debt the firm is using to finance assets. This ratio is different from the Tier 1 leverage ratio included in “Equity Capital — Consolidated Regulatory Capital Ratios” below, and further described in Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.

Adjusted leverage ratio. The adjusted leverage ratio equals adjusted assets divided by total shareholders’ equity. We believe that the adjusted leverage ratio is a more meaningful measure of our capital adequacy than the leverage ratio because it excludes certain low-risk collateralized assets that are generally supported with little or no capital. The adjusted leverage ratio is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

Our adjusted leverage ratio increased to 8.6x as of December 2011 from 7.6x as of December 2010 as our adjusted assets increased and our total shareholders’ equity decreased, primarily reflecting the redemption of the firm’s Series G Preferred Stock and the repurchase of 47.0 million shares of our common stock.

Debt to equity ratio. The debt to equity ratio equals unsecured long-term borrowings divided by total shareholders’ equity.

Funding Sources

Our primary sources of funding are secured financings, unsecured long-term and short-term borrowings, and deposits. We seek to maintain broad and diversified funding sources globally.

We raise funding through a number of different products, including:

 

Ÿ  

collateralized financings, such as repurchase agreements, securities loaned and other secured financings;

 

Ÿ  

long-term unsecured debt through syndicated U.S. registered offerings, U.S. registered and 144A medium-term note programs, offshore medium-term note offerings and other debt offerings;

 

Ÿ  

demand and savings deposits through cash sweep programs and time deposits through internal and third-party broker networks; and

 

Ÿ  

short-term unsecured debt through U.S. and non-U.S. commercial paper and promissory note issuances and other methods.

 

 

72   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

We generally distribute our funding products through our own sales force to a large, diverse creditor base in a variety of markets in the Americas, Europe and Asia. We believe that our relationships with our creditors are critical to our liquidity. Our creditors include banks, governments, securities lenders, pension funds, insurance companies, mutual funds and individuals. We have imposed various internal guidelines to monitor creditor concentration across our funding programs.

Secured Funding. We fund a significant amount of our inventory on a secured basis. Secured funding is less sensitive to changes in our credit quality than unsecured funding due to the nature of the collateral we post to our lenders. However, because the terms or availability of secured funding, particularly short-dated funding, can deteriorate rapidly in a difficult environment, we generally do not rely on short-dated secured funding unless it is collateralized with highly liquid securities such as government obligations.

Substantially all of our other secured funding is executed for tenors of one month or greater. Additionally, we monitor counterparty concentration and hold a portion of

our GCE for refinancing risk associated with our secured funding transactions. We seek longer terms for secured funding collateralized by lower-quality assets because these funding transactions may pose greater refinancing risk.

The weighted average maturity of our secured funding, excluding funding collateralized by highly liquid securities eligible for inclusion in our GCE, exceeded 100 days as of December 2011.

A majority of our secured funding for securities not eligible for inclusion in the GCE is executed through term repurchase agreements and securities lending contracts. We also raise financing through other types of collateralized financings, such as secured loans and notes.

Unsecured Long-Term Borrowings. We issue unsecured long-term borrowings as a source of funding for inventory and other assets and to finance a portion of our GCE. We issue in different tenors, currencies, and products to maximize the diversification of our investor base. The table below presents our quarterly unsecured long-term borrowings maturity profile through 2017 as of December 2011.

 

 

LOGO

 

  Goldman Sachs 2011 Form 10-K   73


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The weighted average maturity of our unsecured long-term borrowings as of December 2011 was approximately eight years. To mitigate refinancing risk, we seek to limit the principal amount of debt maturing on any one day or during any week or year. We enter into interest rate swaps to convert a substantial portion of our long-term borrowings into floating-rate obligations in order to manage our exposure to interest rates. See Note 16 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our unsecured long-term borrowings.

Temporary Liquidity Guarantee Program (TLGP). As of December 2011, we had $8.53 billion of senior unsecured short-term debt outstanding guaranteed by the FDIC under the TLGP, all of which will mature on or prior to June 15, 2012. We have not issued long-term debt under the TLGP since March 2009 and the program has expired for new issuances.

Deposits. As of December 2011, our bank depository institution subsidiaries had $46.11 billion in customer deposits, including $13.27 billion of certificates of deposit and other time deposits with a weighted average maturity of three years, and $32.84 billion of other deposits, substantially all of which were from cash sweep programs. We utilize deposits to finance lending activities in our bank subsidiaries and to support potential outflows, such as draws on unfunded commitments.

Unsecured Short-Term Borrowings. A significant portion of our short-term borrowings were originally long-term debt that is scheduled to mature within one year of the reporting date. We use short-term borrowings to finance liquid assets and for other cash management purposes. We primarily issue commercial paper, promissory notes, and other hybrid instruments.

As of December 2011, our unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, were $49.04 billion. See Note 15 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our unsecured short-term borrowings.

GS Bank USA has access to funding through the Federal Reserve Bank discount window. While we do not rely on this funding in our liquidity planning and stress testing, we maintain policies and procedures necessary to access this funding and test discount window borrowing procedures.

Equity Capital

Capital adequacy is of critical importance to us. Our principal objective is to be conservatively capitalized in terms of the amount and composition of our equity base. Accordingly, we have in place a comprehensive capital management policy that serves as a guide to determine the amount and composition of equity capital we maintain.

The level and composition of our equity capital are determined by multiple factors including our consolidated regulatory capital requirements and ICAAP, and may also be influenced by other factors such as rating agency guidelines, subsidiary capital requirements, the business environment, conditions in the financial markets and assessments of potential future losses due to adverse changes in our business and market environments. In addition, we maintain a capital plan which projects sources and uses of capital given a range of business environments, and a contingency capital plan which provides a framework for analyzing and responding to an actual or perceived capital shortfall.

Effective December 2011, as part of the Federal Reserve Board’s annual Comprehensive Capital Analysis and Review, U.S. bank holding companies with total consolidated assets of $50 billion or greater, are required to submit annual capital plans for review by the Federal Reserve Board. The capital plans should demonstrate the ability of a bank holding company to maintain its capital ratios above minimum regulatory capital requirements and above a Tier 1 common ratio of 5% on a pro forma basis under expected and stressed scenarios. The purpose of the Federal Reserve Board’s review is to ensure that these institutions have robust, forward-looking capital planning processes that account for their unique risks and that permit continued operations during times of economic and financial stress. As part of the capital plan review, the Federal Reserve Board evaluates an institution’s plan to make capital distributions, such as increasing dividend payments or repurchasing or redeeming stock, across a range of macro-economic and firm-specific assumptions. The Federal Reserve Board began the annual capital plan reviews in early 2012.

Our consolidated regulatory capital requirements are determined by the Federal Reserve Board, as described below. Our ICAAP incorporates an internal risk-based capital assessment designed to identify and measure material risks associated with our business activities, including market risk, credit risk and operational risk, in a manner that is closely aligned with our risk management practices. Our internal risk-based capital assessment is supplemented with the results of stress tests.

 

 

74   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

As of December 2011, our total shareholders’ equity was $70.38 billion (consisting of common shareholders’ equity of $67.28 billion and preferred stock of $3.10 billion). As of December 2010, our total shareholders’ equity was $77.36 billion (consisting of common shareholders’ equity of $70.40 billion and preferred stock of $6.96 billion). In addition, our $5.00 billion of junior subordinated debt issued to trusts qualifies as equity capital for regulatory and certain rating agency purposes. See “— Consolidated Regulatory Capital Ratios” below for information regarding the impact of regulatory developments.

Consolidated Regulatory Capital

The Federal Reserve Board is the primary regulator of Group Inc., a bank holding company and a financial holding company under the U.S. Bank Holding Company Act of 1956. As a bank holding company, we are subject to consolidated regulatory capital requirements that are computed in accordance with the Federal Reserve Board’s capital adequacy regulations currently applicable to bank holding companies (which are based on the ‘Basel 1’ Capital Accord of the Basel Committee on Banking Supervision (Basel Committee)). These capital requirements are expressed as capital ratios that compare measures of capital to risk-weighted assets (RWAs). See Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for additional information regarding the firm’s RWAs. The firm’s capital levels are also subject to qualitative judgments by its regulators about components, risk weightings and other factors.

Federal Reserve Board regulations require bank holding companies to maintain a minimum Tier 1 capital ratio of 4% and a minimum total capital ratio of 8%. The required minimum Tier 1 capital ratio and total capital ratio in order to be considered a “well-capitalized” bank holding company under the Federal Reserve Board guidelines are 6% and 10%, respectively. Bank holding companies may be expected to maintain ratios well above the minimum levels, depending on their particular condition, risk profile and growth plans. The minimum Tier 1 leverage ratio is 3% for bank holding companies that have received the highest supervisory rating under Federal Reserve Board guidelines or that have implemented the Federal Reserve Board’s risk-based capital measure for market risk. Other bank holding companies must have a minimum Tier 1 leverage ratio of 4%.

Consolidated Regulatory Capital Ratios

The table below presents information about our regulatory capital ratios.

 

    As of December  
$ in millions   2011      2010  

Common shareholders’ equity

  $ 67,279       $ 70,399   

Less: Goodwill

    (3,802      (3,495

Less: Disallowable intangible assets

    (1,666      (2,027

Less: Other deductions 1

    (6,649      (5,601

Tier 1 Common Capital

    55,162         59,276   

Preferred stock

    3,100         6,957   

Junior subordinated debt issued to trusts

    5,000         5,000   

Tier 1 Capital

    63,262         71,233   

Qualifying subordinated debt 2

    13,828         13,880   

Other adjustments

    53         (220

Tier 2 Capital

    13,881         13,660   

Total Capital

  $ 77,143       $ 84,893   

Risk-Weighted Assets 3

  $ 457,027       $ 444,290   

Tier 1 Capital Ratio

    13.8      16.0

Total Capital Ratio

    16.9      19.1

Tier 1 Leverage Ratio 3

    7.0      8.0

Tier 1 Common Ratio 4

    12.1      13.3

 

1.

Principally includes equity investments in non-financial companies and the cumulative change in the fair value of our unsecured borrowings attributable to the impact of changes in our own credit spreads, disallowed deferred tax assets, and investments in certain nonconsolidated entities.

 

2.

Substantially all of our subordinated debt qualifies as Tier 2 capital for Basel 1 purposes.

 

3.

See Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for additional information about the firm’s RWAs and Tier 1 leverage ratio.

 

4.

The Tier 1 common ratio equals Tier 1 common capital divided by RWAs. We believe that the Tier 1 common ratio is meaningful because it is one of the measures that we and investors use to assess capital adequacy and, while not currently a formal regulatory capital ratio, this measure is of increasing importance to regulators. The Tier 1 common ratio is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

Our Tier 1 capital ratio decreased to 13.8% as of December 2011 from 16.0% as of December 2010. Our Tier 1 leverage ratio decreased to 7.0% as of December 2011 from 8.0% as of December 2010. These decreases reflected a reduction in our Tier 1 capital primarily due to the impact of the redemption of the firm’s Series G Preferred Stock and the repurchase of 47.0 million shares of our common stock, partially offset by net earnings.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

We are currently working to implement the requirements set out in the Federal Reserve Board’s Risk-Based Capital Standards: Advanced Capital Adequacy Framework — Basel 2, as applicable to us as a bank holding company (Basel 2), which are based on the advanced approaches under the Revised Framework for the International Convergence of Capital Measurement and Capital Standards issued by the Basel Committee. U.S. banking regulators have incorporated the Basel 2 framework into the existing risk-based capital requirements by requiring that internationally active banking organizations, such as us, adopt Basel 2, once approved to do so by regulators. As required by the Dodd-Frank Act, U.S. banking regulators have adopted a rule that requires large banking organizations, upon adoption of Basel 2, to continue to calculate risk-based capital ratios under both Basel 1 and Basel 2. For each of the Tier 1 and Total capital ratios, the lower of the Basel 1 and Basel 2 ratios calculated will be used to determine whether the bank meets its minimum risk-based capital requirements.

The U.S. federal bank regulatory agencies have issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. These modifications are designed to address the adjustments to Basel 2.5, as well as the prohibition on the use of credit ratings, as required by the Dodd-Frank Act. Once implemented, it is likely that these changes will result in increased capital requirements for market risk.

Additionally, the guidelines issued by the Basel Committee in December 2010 (Basel 3) revise the definition of Tier 1 capital, introduce Tier 1 common equity as a regulatory metric, set new minimum capital ratios (including a new “capital conservation buffer,” which must be composed exclusively of Tier 1 common equity and will be in addition to the minimum capital ratios), introduce a Tier 1 leverage ratio within international guidelines for the first time, and make substantial revisions to the computation of RWAs for credit exposures. Implementation of the new requirements is expected to take place over the next several years. Although the U.S. federal banking agencies have now issued proposed rules that are intended to implement certain aspects of the Basel 2.5 guidelines, they have not yet addressed all aspects of those guidelines or the Basel 3 changes.

The Basel Committee has published its final provisions for assessing the global systemic importance of banking institutions and the range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemically important. The additional capital for these institutions would initially range from 1% to 2.5% of Tier 1 common equity and could be as much as 3.5% for a bank that increases its systemic footprint (e.g., by increasing total assets). The firm was one of 29 institutions identified by the Financial Stability Board (established at the direction of the leaders of the Group of 20) as globally systemically important under the Basel Committee’s methodology. Therefore, depending upon the manner and timing of the U.S. banking regulators’ implementation of the Basel Committee’s methodology, we expect that the minimum Tier 1 common ratio requirement applicable to us will include this additional capital assessment. The final determination of whether an institution is classified as globally systemically important and the calculation of the required additional capital amount is expected to be disclosed by the Basel Committee no later than November 2014 based on data through the end of 2013.

The Dodd-Frank Act will subject us at a firmwide level to the same leverage and risk-based capital requirements that apply to depository institutions and directs banking regulators to impose additional capital requirements as disclosed above. The Federal Reserve Board is expected to adopt the new leverage and risk-based capital regulations in 2012. As a consequence of these changes, Tier 1 capital treatment for our junior subordinated debt issued to trusts will be phased out over a three-year period beginning on January 1, 2013. The interaction among the Dodd-Frank Act, the Basel Committee’s proposed changes and other proposed or announced changes from other governmental entities and regulators adds further uncertainty to our future capital requirements.

 

 

76   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

See “Business — Regulation” in Part I, Item 1 of this Form 10-K and Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for additional information about our regulatory capital ratios and the related regulatory requirements.

Internal Capital Adequacy Assessment Process

We perform an ICAAP with the objective of ensuring that the firm is appropriately capitalized relative to the risks in our business.

As part of our ICAAP, we perform an internal risk-based capital assessment. This assessment incorporates market risk, credit risk and operational risk. Market risk is calculated by using Value-at-Risk (VaR) calculations supplemented by risk-based add-ons which include risks related to rare events (tail risks). Credit risk utilizes assumptions about our counterparties’ probability of default, the size of our losses in the event of a default and the maturity of our counterparties’ contractual obligations to us. Operational risk is calculated based on scenarios incorporating multiple types of operational failures. Backtesting is used to gauge the effectiveness of models at capturing and measuring relevant risks.

We evaluate capital adequacy based on the result of our internal risk-based capital assessment, supplemented with the results of stress tests which measure the firm’s performance under various market conditions. Our goal is to hold sufficient capital, under our internal risk-based capital framework, to ensure we remain adequately capitalized after experiencing a severe stress event. Our assessment of capital adequacy is viewed in tandem with our assessment of liquidity adequacy and integrated into the overall risk management structure, governance and policy framework of the firm.

We attribute capital usage to each of our businesses based upon our internal risk-based capital and regulatory frameworks and manage the levels of usage based upon the balance sheet and risk limits established.

Rating Agency Guidelines

The credit rating agencies assign credit ratings to the obligations of Group Inc., which directly issues or guarantees substantially all of the firm’s senior unsecured obligations. Goldman, Sachs & Co. (GS&Co.) and Goldman Sachs International (GSI) have been assigned long- and short-term issuer ratings by certain credit rating agencies. GS Bank USA has also been assigned long-term issuer ratings as well as ratings on its long-term and short-term bank deposits. In addition, credit rating agencies have assigned ratings to debt obligations of certain other subsidiaries of Group Inc.

The level and composition of our equity capital are among the many factors considered in determining our credit ratings. Each agency has its own definition of eligible capital and methodology for evaluating capital adequacy, and assessments are generally based on a combination of factors rather than a single calculation. See “Liquidity Risk Management — Credit Ratings” for further information about credit ratings of Group Inc., GS&Co., GSI and GS Bank USA.

Subsidiary Capital Requirements

Many of our subsidiaries, including GS Bank USA and our broker-dealer subsidiaries, are subject to separate regulation and capital requirements in jurisdictions throughout the world. For purposes of assessing the adequacy of its capital, GS Bank USA has established an ICAAP which is similar to that used by Group Inc. GS Bank USA’s capital levels and prompt corrective action classification are subject to qualitative judgments by its regulators about components, risk weightings and other factors.

We expect that the capital requirements of several of our subsidiaries will be impacted in the future by the various developments arising from the Basel Committee, the Dodd-Frank Act, and other governmental entities and regulators.

See Note 20 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information about GS Bank USA’s capital ratios under Basel 1 as implemented by the Federal Reserve Board, and for further information about the capital requirements of our other regulated subsidiaries and the potential impact of regulatory reform.

Subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax 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. In certain instances, Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. As of December 2011 and December 2010, Group Inc.’s equity investment in subsidiaries was $67.70 billion and $71.30 billion, respectively, compared with its total shareholders’ equity of $70.38 billion and $77.36 billion, respectively.

 

 

  Goldman Sachs 2011 Form 10-K   77


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Group Inc. has guaranteed the payment obligations of GS&Co., GS Bank USA, Goldman Sachs Bank (Europe) plc and Goldman Sachs Execution & Clearing, L.P. (GSEC) subject to certain exceptions. In November 2008, Group Inc. contributed subsidiaries into GS Bank USA, and Group Inc. agreed to guarantee certain losses, including credit-related losses, relating to assets held by the contributed entities. In connection with this guarantee, Group Inc. also agreed to pledge to GS Bank USA certain collateral, including interests in subsidiaries and other illiquid assets.

Our capital invested in non-U.S. subsidiaries is generally exposed to foreign exchange risk, substantially all of which is managed through a combination of derivatives and non-U.S. denominated debt.

Contingency Capital Plan

Our contingency capital plan provides a framework for analyzing and responding to a perceived or actual capital deficiency, including, but not limited to, identification of drivers of a capital deficiency, as well as mitigants and potential actions. It outlines the appropriate communication procedures to follow during a crisis period, including internal dissemination of information as well as ensuring timely communication with external stakeholders.

Equity Capital Management

Our objective is to maintain a sufficient level and optimal composition of equity capital. We principally manage our capital through issuances and repurchases of our common stock. We may also, from time to time, issue or repurchase our preferred stock, junior subordinated debt issued to trusts and other subordinated debt or other forms of capital as business conditions warrant and subject to any regulatory approvals. We manage our capital requirements principally by setting limits on balance sheet assets and/or limits on risk, in each case both at the consolidated and business levels. We attribute capital usage to each of our businesses based upon our internal risk-based capital and regulatory frameworks and manage the levels of usage based upon the balance sheet and risk limits established.

Preferred Stock. During 2011, we redeemed the 50,000 shares of our Series G Preferred Stock held by Berkshire Hathaway for the stated redemption price of $5.50 billion ($110,000 per share), plus accrued and unpaid dividends. In connection with this redemption, we recognized a preferred dividend of $1.64 billion (calculated as the difference between the carrying value and the redemption value of the preferred stock), which is included in the consolidated statement of earnings for 2011. Berkshire Hathaway continues to hold a five-year warrant, issued in October 2008, to purchase up to 43.5 million shares of common stock at an exercise price of $115.00 per share.

Share Repurchase Program. We seek to use our share repurchase program to help maintain the appropriate level of common equity and to substantially offset increases in share count over time resulting from employee share-based compensation. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by our current and projected capital positions (i.e., comparisons of our desired level and composition of capital to our actual level and composition of capital) and the issuance of shares resulting from employee share-based compensation, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock.

As of December 2011, under the share repurchase program approved by the Board of Directors of Group Inc. (Board), we can repurchase up to 63.5 million additional shares of common stock; however, any such repurchases are subject to the approval of the Federal Reserve Board. See “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” in Part II, Item 5 and Note 19 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for additional information on our repurchase program.

See Notes 16 and 19 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our preferred stock, junior subordinated debt issued to trusts and other subordinated debt.

 

 

78   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Other Capital Metrics

The table below presents information on our shareholders’ equity and book value per common share.

 

    As of December  
$ in millions, except per share amounts   2011        2010  

Total shareholders’ equity

  $ 70,379         $ 77,356   

Common shareholders’ equity

    67,279           70,399   

Tangible common shareholders’ equity

    61,811           64,877   

Book value per common share

    130.31           128.72   

Tangible book value per common share

    119.72           118.63   

Tangible common shareholders’ equity. Tangible common shareholders’ equity equals total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. We believe that tangible common shareholders’ equity is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible common shareholders’ equity is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents the reconciliation of total shareholders’ equity to tangible common shareholders’ equity.

 

    As of December  
in millions   2011      2010  

Total shareholders’ equity

  $ 70,379       $ 77,356   

Deduct: Preferred stock

    (3,100      (6,957

Common shareholders’ equity

    67,279         70,399   

Deduct: Goodwill and identifiable
intangible assets

    (5,468      (5,522

Tangible common shareholders’ equity

  $ 61,811       $ 64,877   

Book value and tangible book value per common share. Book value and tangible book value per common share are based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 516.3 million and 546.9 million as of December 2011 and December 2010, respectively. We believe that tangible book value per common share (tangible common shareholders’ equity divided by common shares outstanding) is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible book value per common share is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

Off-Balance-Sheet Arrangements and Contractual Obligations

Off-Balance-Sheet Arrangements

We have various types of off-balance-sheet arrangements that we enter into in the ordinary course of business. Our involvement in these arrangements can take many different forms, including:

 

Ÿ  

purchasing or retaining residual and other interests in special purpose entities such as mortgage-backed and other asset-backed securitization vehicles;

 

Ÿ  

holding senior and subordinated debt, interests in limited and general partnerships, and preferred and common stock in other nonconsolidated vehicles;

 

Ÿ  

entering into interest rate, foreign currency, equity, commodity and credit derivatives, including total return swaps;

 

Ÿ  

entering into operating leases; and

 

Ÿ  

providing guarantees, indemnifications, loan commitments, letters of credit and representations and warranties.

We enter into these arrangements for a variety of business purposes, including securitizations. The securitization vehicles that purchase mortgages, corporate bonds, and other types of financial assets are critical to the functioning of several significant investor markets, including the mortgage-backed and other asset-backed securities markets, since they offer investors access to specific cash flows and risks created through the securitization process.

We also enter into these arrangements to underwrite client securitization transactions; provide secondary market liquidity; make investments in performing and nonperforming debt, equity, real estate and other assets; provide investors with credit-linked and asset-repackaged notes; and receive or provide letters of credit to satisfy margin requirements and to facilitate the clearance and settlement process.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Our financial interests in, and derivative transactions with, such nonconsolidated entities are accounted for at fair value, in the same manner as our other financial instruments, except in cases where we apply the equity method of accounting.

The table below presents where a discussion of our various off-balance-sheet arrangements may be found in Part II, Items 7 and 8 of this Form 10-K. In addition, see Note 3 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for a discussion of our consolidation policies.

 

 

Type of Off-Balance-Sheet Arrangement    Disclosure in Form 10-K
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs    See Note 11 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.
Leases, letters of credit, and lending and other commitments    See below and Note 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.
Guarantees    See below and Note 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.
Derivatives    See Notes 4, 5, 7 and 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.

 

80   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

 

Contractual Obligations

 

We have certain contractual obligations which require us to make future cash payments. These contractual obligations include our unsecured long-term borrowings, secured long-term financings, time deposits, contractual interest payments and insurance agreements, all of which are included in our consolidated statement of financial condition. Our obligations to make future cash payments

also include certain off-balance-sheet contractual obligations such as purchase obligations, minimum rental payments under noncancelable leases and commitments and guarantees.

The table below presents our contractual obligations, commitments and guarantees as of December 2011.

 

 

in millions   2012      2013-2014      2015-2016      2017-
Thereafter
     Total  

Amounts related to on-balance-sheet obligations

             

Time deposits 1

  $       $ 4,558       $ 1,754       $ 2,120       $ 8,432   

Secured long-term financings 2

            5,479         1,020         1,680         8,179   

Unsecured long-term borrowings 3

            45,548         42,520         85,477         173,545   

Contractual interest payments 4

    6,892         12,603         9,617         33,784         62,896   

Insurance liabilities 5

    1,211         2,191         1,823         18,118         23,343   

Subordinated liabilities issued by consolidated VIEs

    47         36                 1,007         1,090   

Amounts related to off-balance-sheet arrangements

             

Commitments to extend credit

    12,172         14,685         37,692         1,196         65,745   

Contingent and forward starting resale and securities borrowing agreements

    54,522                                 54,522   

Forward starting repurchase and secured lending agreements

    17,964                                 17,964   

Letters of credit

    1,145         58         145         5         1,353   

Investment commitments

    2,455         4,764         439         1,460         9,118   

Other commitments

    5,200         101         34         7         5,342   

Minimum rental payments

    440         805         638         1,380         3,263   

Derivative guarantees

    486,244         206,853         53,743         49,576         796,416   

Securities lending indemnifications

    27,798                                 27,798   

Other financial guarantees

    625         795         1,209         939         3,568   

 

1.

Excludes $4.83 billion of time deposits maturing within one year.

 

2.

The aggregate contractual principal amount of secured long-term financings for which the fair value option was elected, primarily consisting of transfers of financial assets accounted for as financings rather than sales and certain other nonrecourse financings, exceeded their related fair value by $239 million.

 

3.

Includes $10.84 billion related to interest rate hedges on certain unsecured long-term borrowings. In addition, the aggregate contractual principal amount of unsecured long-term borrowings (principal and non-principal protected) for which the fair value option was elected exceeded the related fair value by $693 million.

 

4.

Represents estimated future interest payments related to unsecured long-term borrowings, secured long-term financings and time deposits based on applicable interest rates as of December 2011. Includes stated coupons, if any, on structured notes.

 

5.

Represents estimated undiscounted payments related to future benefits and unpaid claims arising from policies associated with our insurance activities, excluding separate accounts and estimated recoveries under reinsurance contracts.

 

  Goldman Sachs 2011 Form 10-K   81


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Management’s Discussion and Analysis

 

In the table above:

 

Ÿ  

Obligations maturing within one year of our financial statement date or redeemable within one year of our financial statement date at the option of the holder are excluded and are treated as short-term obligations.

 

Ÿ  

Obligations that are repayable prior to maturity at our option are reflected at their contractual maturity dates and obligations that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable.

 

Ÿ  

Amounts included in the table do not necessarily reflect the actual future cash flow requirements for these arrangements because commitments and guarantees represent notional amounts and may expire unused or be reduced or cancelled at the counterparty’s request.

 

Ÿ  

Due to the uncertainty of the timing and amounts that will ultimately be paid, our liability for unrecognized tax benefits has been excluded. See Note 24 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our unrecognized tax benefits.

See Notes 15 and 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our short-term borrowings, and commitments and guarantees.

As of December 2011, our unsecured long-term borrowings were $173.55 billion, with maturities extending to 2061, and consisted principally of senior borrowings. See Note 16 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our unsecured long-term borrowings.

As of December 2011, our future minimum rental payments net of minimum sublease rentals under noncancelable leases were $3.26 billion. These lease commitments, principally for office space, expire on various dates through 2069. Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges. See Note 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our leases.

Our occupancy expenses include costs associated with office space held in excess of our current requirements. This excess space, the cost of which is charged to earnings as

incurred, is being held for potential growth or to replace currently occupied space that we may exit in the future. We regularly evaluate our current and future space capacity in relation to current and projected staffing levels. For the year ended December 2011, total occupancy expenses for space held in excess of our current requirements were $85 million, which includes costs related to the transition to our new headquarters in New York City. In addition, for the year ended December 2011, we incurred exit costs of $14 million related to our office space. We may incur exit costs in the future to the extent we (i) reduce our space capacity or (ii) commit to, or occupy, new properties in the locations in which we operate and, consequently, dispose of existing space that had been held for potential growth. These exit costs may be material to our results of operations in a given period.

Overview and Structure of Risk Management

Overview

We believe that effective risk management is of primary importance to the success of the firm. Accordingly, we have comprehensive risk management processes through which we monitor, evaluate and manage the risks we assume in conducting our activities. These include market, credit, liquidity, operational, legal, regulatory and reputational risk exposures. Our risk management framework is built around three core components: governance, processes and people.

Governance. Risk management governance starts with our Board, which plays an important role in reviewing and approving risk management policies and practices, both directly and through its Risk Committee, which consists of all of our independent directors. The Board also receives periodic updates on firmwide risks from our independent control and support functions. Next, at the most senior levels of the firm, our leaders are experienced risk managers, with a sophisticated and detailed understanding of the risks we take. Our senior managers lead and participate in risk-oriented committees, as do the leaders of our independent control and support functions — including those in internal audit, compliance, controllers, credit risk management, human capital management, legal, market risk management, operations, operational risk management, tax, technology and treasury.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The firm’s governance structure provides the protocol and responsibility for decision-making on risk management issues and ensures implementation of those decisions. We make extensive use of risk-related committees that meet regularly and serve as an important means to facilitate and foster ongoing discussions to identify, manage and mitigate risks.

We maintain strong communication about risk and we have a culture of collaboration in decision-making among the revenue-producing units, independent control and support functions, committees and senior management. While we believe that the first line of defense in managing risk rests with the managers in our revenue-producing units, we dedicate extensive resources to independent control and support functions in order to ensure a strong oversight structure and an appropriate segregation of duties.

Processes. We maintain various processes and procedures that are critical components of our risk management. First and foremost is our daily discipline of marking substantially all of the firm’s inventory to current market levels. Goldman Sachs carries its inventory at fair value, with changes in valuation reflected immediately in our risk management systems and in net revenues. We do so because we believe this discipline is one of the most effective tools for assessing and managing risk and that it provides transparent and realistic insight into our financial exposures.

We also apply a rigorous framework of limits to control risk across multiple transactions, products, businesses and markets. This includes setting credit and market risk limits at a variety of levels and monitoring these limits on a daily basis. Limits are typically set at levels that will be periodically exceeded, rather than at levels which reflect our maximum risk appetite. This fosters an ongoing dialogue on risk among revenue-producing units, independent control and support functions, committees and senior management, as well as rapid escalation of risk-related matters. See “Market Risk Management” and “Credit Risk Management” for further information on our risk limits.

Active management of our positions is another important process. Proactive mitigation of our market and credit exposures minimizes the risk that we will be required to take outsized actions during periods of stress.

We also focus on the rigor and effectiveness of the firm’s risk systems. The goal of our risk management technology is to get the right information to the right people at the right time, which requires systems that are comprehensive, reliable and timely. We devote significant time and resources to our risk management technology to ensure that it consistently provides us with complete, accurate and timely information.

People. Even the best technology serves only as a tool for helping to make informed decisions in real time about the risks we are taking. Ultimately, effective risk management requires our people to interpret our risk data on an ongoing and timely basis and adjust risk positions accordingly. In both our revenue-producing units and our independent control and support functions, the experience of our professionals, and their understanding of the nuances and limitations of each risk measure, guide the firm in assessing exposures and maintaining them within prudent levels.

Structure

Ultimate oversight of risk is the responsibility of the firm’s Board. The Board oversees risk both directly and through its Risk Committee. Within the firm, a series of committees with specific risk management mandates have oversight or decision-making responsibilities for risk management activities. Committee membership generally consists of senior managers from both our revenue-producing units and our independent control and support functions. We have established procedures for these committees to ensure that appropriate information barriers are in place. Our primary risk committees, most of which also have additional sub-committees or working groups, are described below. In addition to these committees, we have other risk-oriented committees which provide oversight for different businesses, activities, products, regions and legal entities.

Membership of the firm’s risk committees is reviewed regularly and updated to reflect changes in the responsibilities of the committee members. Accordingly, the length of time that members serve on the respective committees varies as determined by the committee chairs and based on the responsibilities of the members within the firm.

In addition, independent control and support functions, which report to the chief financial officer, general counsel, chief administrative officer, or in the case of Internal Audit, to the Audit Committee of the Board, are responsible for day-to-day oversight of risk, as discussed in greater detail in the following sections.

 

 

  Goldman Sachs 2011 Form 10-K   83


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The chart below presents an overview of our risk management governance structure, highlighting the oversight

of our Board, our key risk-related committees and the independence of our control and support functions.

 

 

LOGO

 

Management Committee. The Management Committee oversees the global activities of the firm, including all of the firm’s independent control and support functions. It provides this oversight directly and through authority delegated to committees it has established. This committee is comprised of the most senior leaders of the firm, and is chaired by the firm’s chief executive officer. The Management Committee has established various committees with delegated authority and the chairperson of the Management Committee appoints the chairpersons of these committees. Most members of the Management Committee are also members of other firmwide, divisional and regional committees. The following are the committees that are principally involved in firmwide risk management.

Firmwide Client and Business Standards Committee. The Firmwide Client and Business Standards Committee assesses and makes determinations regarding business standards and practices, reputational risk management, client relationships and client service, is chaired by the firm’s president and chief operating officer, and reports to the Management Committee. This committee also has responsibility for overseeing the implementation of the recommendations of the Business Standards Committee. This committee has established the following two risk-related committees that report to it:

 

 

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Management’s Discussion and Analysis

 

Ÿ  

Firmwide New Activity Committee. The Firmwide New Activity Committee is responsible for reviewing new activities and establishing a process to identify and review previously approved activities that are significant and that have changed in complexity and/or structure or present different reputational and suitability concerns over time to consider whether these activities remain appropriate. This committee is co-chaired by the firm’s head of operations/chief operating officer for Europe, Middle East and Africa and the chief administrative officer of our Investment Management Division who are appointed by the Firmwide Client and Business Standards Committee chairperson.

 

Ÿ  

Firmwide Suitability Committee. The Firmwide Suitability Committee is responsible for setting standards and policies for product, transaction and client suitability and providing a forum for consistency across divisions, regions and products on suitability assessments. This committee also reviews suitability matters escalated from other firm committees. This committee is co-chaired by the firm’s international general counsel and the co-head of our Investment Management Division who are appointed by the Firmwide Client and Business Standards Committee.

Firmwide Risk Committee. The Firmwide Risk Committee is responsible for the ongoing monitoring and control of the firm’s global financial risks. Through both direct and delegated authority, the Firmwide Risk Committee approves firmwide, product, divisional and business-level limits for both market and credit risks, approves sovereign credit risk limits and reviews results of stress tests and scenario analyses. This committee is co-chaired by the firm’s chief financial officer and a senior managing director from the firm’s executive office, and reports to the Management Committee. The following four committees report to the Firmwide Risk Committee, which is responsible for appointing the chairperson of each of these committees:

 

Ÿ  

Securities Division Risk Committee. The Securities Division Risk Committee sets market risk limits, subject to overall firmwide risk limits, for our Fixed Income, Currency and Commodities Client Execution and Equities Client Execution businesses based on a number of risk measures, including VaR, stress tests, scenario analyses, and inventory levels. This committee is chaired by the chief risk officer of our Securities Division.

Ÿ  

Credit Policy Committee. The Credit Policy Committee establishes and reviews broad credit policies and parameters that are implemented by our Credit Risk Management department (Credit Risk Management). This committee is chaired by the firm’s chief credit officer.

 

Ÿ  

Operational Risk Committee. The Operational Risk Committee provides oversight of the ongoing development and implementation of our operational risk policies, framework and methodologies, and monitors the effectiveness of operational risk management. This committee is chaired by a managing director in Credit Risk Management.

 

Ÿ  

Finance Committee. The Finance Committee has oversight of firmwide liquidity, the size and composition of our balance sheet and capital base, and our credit ratings. This committee regularly reviews our liquidity, balance sheet, funding position and capitalization, and makes adjustments in light of current events, risks and exposures, and regulatory requirements. This committee is also responsible for reviewing and approving balance sheet limits and the size of our GCE. This committee is co-chaired by the firm’s chief financial officer and the firm’s global treasurer.

The following committees report jointly to the Firmwide Risk Committee and the Firmwide Client and Business Standards Committee.

 

Ÿ  

Firmwide Commitments Committee. The Firmwide Commitments Committee reviews the firm’s underwriting and distribution activities with respect to equity and equity-related product offerings, and sets and maintains policies and procedures designed to ensure that legal, reputational, regulatory and business standards are maintained on a global basis. In addition to reviewing specific transactions, this committee periodically conducts general strategic reviews of sectors and products and establishes policies in connection with transaction practices. This committee is co-chaired by the global co-head of our Financial Institutions Group for Investment Banking and the head of Mergers & Acquisitions for Europe, Middle East, Africa and Asia Pacific for Investment Banking who are appointed by the Firmwide Client and Business Standards Committee chairperson.

 

 

  Goldman Sachs 2011 Form 10-K   85


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Ÿ  

Firmwide Capital Committee. The Firmwide Capital Committee provides approval and oversight of debt-related underwriting transactions, including related commitments of the firm’s capital. This committee aims to ensure that business and reputational standards for underwritings and capital commitments are maintained on a global basis. This committee is co-chaired by the firm’s global treasurer and the head of credit finance for Europe, Middle East and Africa who are appointed by the Firmwide Risk Committee chairpersons.

Investment Management Division Risk Committee. The Investment Management Division Risk Committee is responsible for the ongoing monitoring and control of global market, counterparty credit and liquidity risks associated with the activities of our investment management businesses. The head of Investment Management Division risk management is the chair of this committee. The Investment Management Division Risk Committee reports to the firm’s chief risk officer.

Liquidity Risk Management

Liquidity is of critical importance to financial institutions. Most of the recent failures of financial institutions have occurred in large part due to insufficient liquidity. Accordingly, the firm has in place a comprehensive and conservative set of liquidity and funding policies to address both firm-specific and broader industry or market liquidity events. Our principal objective is to be able to fund the firm and to enable our core businesses to continue to generate revenues, even under adverse circumstances.

We manage liquidity risk according to the following principles:

Excess Liquidity. We maintain substantial excess liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment.

Asset-Liability Management. We assess anticipated holding periods for our assets and their expected liquidity in a stressed environment. We manage the maturities and diversity of our funding across markets, products and counterparties, and seek to maintain liabilities of appropriate tenor relative to our asset base.

Contingency Funding Plan. We maintain a contingency funding plan to provide a framework for analyzing and responding to a liquidity crisis situation or periods of market stress. This framework sets forth the plan of action to fund normal business activity in emergency and stress situations. These principles are discussed in more detail below.

Excess Liquidity

Our most important liquidity policy is to pre-fund our estimated potential cash needs during a liquidity crisis and hold this excess liquidity in the form of unencumbered, highly liquid securities and cash. We believe that the securities held in our global core excess would be readily convertible to cash in a matter of days, through liquidation, by entering into repurchase agreements or from maturities of reverse repurchase agreements, and that this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets.

As of December 2011 and December 2010, the fair value of the securities and certain overnight cash deposits included in our GCE totaled $171.58 billion and $174.78 billion, respectively. Based on the results of our internal liquidity risk model, discussed below, as well as our consideration of other factors including but not limited to a qualitative assessment of the condition of the financial markets and the firm, we believe our liquidity position as of December 2011 was appropriate.

The table below presents the fair value of the securities and certain overnight cash deposits that are included in our GCE.

 

   

Average for the

Year Ended December

in millions   2011      2010

U.S. dollar-denominated

  $125,668      $130,072

Non-U.S. dollar-denominated

  40,291      37,942

Total

  $165,959      $168,014
 

 

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Management’s Discussion and Analysis

 

The U.S. dollar-denominated excess is composed of (i) unencumbered U.S. government and federal agency obligations (including highly liquid U.S. federal agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U.S. dollar cash deposits. The non-U.S. dollar-denominated excess is composed of only unencumbered German, French, Japanese and United Kingdom government obligations and certain overnight cash deposits in highly liquid currencies. We strictly limit our excess liquidity to this narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment. We do not include other potential sources of excess liquidity, such as lower-quality unencumbered securities or committed credit facilities, in our GCE.

The table below presents the fair value of our GCE by asset class.

 

   

Average for the

Year Ended December

 
in millions   2011        2010  

Overnight cash deposits

  $ 34,622         $ 25,040   

Federal funds sold

              75   

U.S. government obligations

    88,528           102,937   

U.S. federal agency obligations, including highly liquid U.S. federal agency mortgage-backed obligations

    5,018           3,194   

German, French, Japanese and United Kingdom government obligations

    37,791           36,768   

Total

  $ 165,959         $ 168,014   

The GCE is held at Group Inc. and our major broker-dealer and bank subsidiaries, as presented in the table below.

 

   

Average for the

Year Ended December

 
in millions   2011        2010  

Group Inc.

  $ 49,548         $ 53,757   

Major broker-dealer subsidiaries

    75,086           69,223   

Major bank subsidiaries

    41,325           45,034   

Total

  $ 165,959         $ 168,014   

Our GCE reflects the following principles:

 

Ÿ  

The first days or weeks of a liquidity crisis are the most critical to a company’s survival.

 

Ÿ  

Focus must be maintained on all potential cash and collateral outflows, not just disruptions to financing flows. Our businesses are diverse, and our liquidity needs are determined by many factors, including market movements, collateral requirements and client commitments, all of which can change dramatically in a difficult funding environment.

Ÿ  

During a liquidity crisis, credit-sensitive funding, including unsecured debt and some types of secured financing agreements, may be unavailable, and the terms (e.g., interest rates, collateral provisions and tenor) or availability of other types of secured financing may change.

 

Ÿ  

As a result of our policy to pre-fund liquidity that we estimate may be needed in a crisis, we hold more unencumbered securities and have larger debt balances than our businesses would otherwise require. We believe that our liquidity is stronger with greater balances of highly liquid unencumbered securities, even though it increases our total assets and our funding costs.

We believe that our GCE provides us with a resilient source of funds that would be available in advance of potential cash and collateral outflows and gives us significant flexibility in managing through a difficult funding environment.

In order to determine the appropriate size of our GCE, we use an internal liquidity model, referred to as the Modeled Liquidity Outflow, which captures and quantifies the firm’s liquidity risks. We also consider other factors including but not limited to a qualitative assessment of the condition of the financial markets and the firm.

We distribute our GCE across subsidiaries, asset types, and clearing agents to provide us with sufficient operating liquidity to ensure timely settlement in all major markets, even in a difficult funding environment.

We maintain our GCE to enable us to meet current and potential liquidity requirements of our parent company, Group Inc., and our major broker-dealer and bank subsidiaries. The Modeled Liquidity Outflow incorporates a consolidated requirement as well as a standalone requirement for each of our major broker-dealer and bank subsidiaries. Liquidity held directly in each of these subsidiaries is intended for use only by that subsidiary to meet its liquidity requirements and is assumed not to be available to Group Inc. unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions. We hold a portion of our GCE directly at Group Inc. to support consolidated requirements not accounted for in the major subsidiaries. In addition to the GCE, we maintain operating cash balances in several of our other operating entities, primarily for use in specific currencies, entities, or jurisdictions where we do not have immediate access to parent company liquidity.

 

 

  Goldman Sachs 2011 Form 10-K   87


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

In addition to our GCE, we have a significant amount of other unencumbered cash and financial instruments, including other government obligations, high-grade money market securities, corporate obligations, marginable equities, loans and cash deposits not included in our GCE. The fair value of these assets averaged $83.32 billion and $72.98 billion for the years ended December 2011 and December 2010, respectively. We do not consider these assets liquid enough to be eligible for our GCE liquidity pool and therefore conservatively do not assume we will generate liquidity from these assets in our Modeled Liquidity Outflow.

Modeled Liquidity Outflow. Our Modeled Liquidity Outflow is based on a scenario that includes both a market-wide stress and a firm-specific stress, characterized by some or all of the following qualitative elements:

 

Ÿ  

Global recession, default by a medium-sized sovereign, low consumer and corporate confidence, and general financial instability.

 

Ÿ  

Severely challenged market environment with material declines in equity markets and widening of credit spreads.

 

Ÿ  

Damaging follow-on impacts to financial institutions leading to the failure of a large bank.

 

Ÿ  

A firm-specific crisis potentially triggered by material losses, reputational damage, litigation, executive departure, and/or a ratings downgrade.

The following are the critical modeling parameters of the Modeled Liquidity Outflow:

 

Ÿ  

Liquidity needs over a 30-day scenario.

 

Ÿ  

A two-notch downgrade of the firm’s long-term senior unsecured credit ratings.

 

Ÿ  

A combination of contractual outflows, such as upcoming maturities of unsecured debt, and contingent outflows (e.g., actions though not contractually required, we may deem necessary in a crisis). We assume that most contingent outflows will occur within the initial days and weeks of a crisis.

 

Ÿ  

No issuance of equity or unsecured debt.

 

Ÿ  

No support from government funding facilities. Although we have access to various central bank funding programs, we do not assume reliance on them as a source of funding in a liquidity crisis.

Ÿ  

No diversification benefit across liquidity risks. We assume that liquidity risks are additive.

 

Ÿ  

Maintenance of our normal business levels. We do not assume asset liquidation, other than the GCE.

The Modeled Liquidity Outflow is calculated and reported to senior management on a daily basis. We regularly refine our model to reflect changes in market or economic conditions and the firm’s business mix.

The potential contractual and contingent cash and collateral outflows covered in our Modeled Liquidity Outflow include:

Unsecured Funding

Ÿ  

Contractual: All upcoming maturities of unsecured long-term debt, commercial paper, promissory notes and other unsecured funding products. We assume that we will be unable to issue new unsecured debt or rollover any maturing debt.

 

Ÿ  

Contingent: Repurchases of our outstanding long-term debt, commercial paper and hybrid financial instruments in the ordinary course of business as a market maker.

Deposits

Ÿ  

Contractual: All upcoming maturities of term deposits. We assume that we will be unable to raise new term deposits or rollover any maturing term deposits.

 

Ÿ  

Contingent: Withdrawals of bank deposits that have no contractual maturity. The withdrawal assumptions reflect, among other factors, the type of deposit, whether the deposit is insured or uninsured, and the firm’s relationship with the depositor.

Secured Funding

Ÿ  

Contractual: A portion of upcoming contractual maturities of secured funding due to either the inability to refinance or the ability to refinance only at wider haircuts (i.e., on terms which require us to post additional collateral). Our assumptions reflect, among other factors, the quality of the underlying collateral and counterparty concentration.

 

Ÿ  

Contingent: A decline in value of financial assets pledged as collateral for financing transactions, which would necessitate additional collateral postings under those transactions.

 

 

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Management’s Discussion and Analysis

 

OTC Derivatives

Ÿ  

Contingent: Collateral postings to counterparties due to adverse changes in the value of our OTC derivatives.

 

Ÿ  

Contingent: Other outflows of cash or collateral related to OTC derivatives, including the impact of trade terminations, collateral substitutions, collateral disputes, collateral calls or termination payments required by a two-notch downgrade in our credit ratings, and collateral that has not been called by counterparties, but is available to them.

Exchange-Traded Derivatives

Ÿ  

Contingent: Variation margin postings required due to adverse changes in the value of our outstanding exchange-traded derivatives.

 

Ÿ  

Contingent: An increase in initial margin and guaranty fund requirements by derivative clearing houses.

Customer Cash and Securities

Ÿ  

Contingent: Liquidity outflows associated with our prime brokerage business, including withdrawals of customer credit balances, and a reduction in customer short positions, which serve as a funding source for long positions.

Unfunded Commitments

Ÿ  

Contingent: Draws on our unfunded commitments. Draw assumptions reflect, among other things, the type of commitment and counterparty.

Other

Ÿ  

Other upcoming large cash outflows, such as tax payments.

Asset-Liability Management

Our liquidity risk management policies are designed to ensure we have a sufficient amount of financing, even when funding markets experience persistent stress. We seek to maintain a long-dated and diversified funding profile, taking into consideration the characteristics and liquidity profile of our assets.

Our approach to asset-liability management includes:

 

Ÿ  

Conservatively managing the overall characteristics of our funding book, with a focus on maintaining long-term, diversified sources of funding in excess of our current requirements. See “Balance Sheet and Funding Sources — Funding Sources” for additional details.

 

Ÿ  

Actively managing and monitoring our asset base, with particular focus on the liquidity, holding period and our ability to fund assets on a secured basis. This enables us to determine the most appropriate funding products and tenors. Less liquid assets are more difficult to fund and therefore require funding of longer tenor. See “Balance Sheet and Funding Sources — Balance Sheet Management” for more detail on our balance sheet management process.

 

Ÿ  

Raising secured and unsecured financing that has a sufficiently longer term than the anticipated holding period of our assets. This reduces the risk that our liabilities will come due in advance of our ability to generate liquidity from the sale of our assets. Because we maintain a highly liquid balance sheet, the holding period of certain of our assets may be materially shorter than their contractual maturity dates.

Our goal is to have sufficient total capital (unsecured long-term borrowings plus total shareholders’ equity) so that we can avoid reliance on asset sales (other than our GCE). However, we recognize that orderly asset sales may be prudent or necessary in a severe or persistent liquidity crisis. The target amount of our total capital is based on an internal funding model which incorporates the following long-term financing requirements:

 

Ÿ  

The portion of financial instruments owned, at fair value, that are not funded on a secured basis.

 

Ÿ  

Goodwill and identifiable intangible assets, property, leasehold improvements and equipment, and other illiquid assets.

 

Ÿ  

Derivative and other margin and collateral requirements.

 

Ÿ  

Anticipated draws on our unfunded loan commitments.

 

Ÿ  

Regulatory requirements to hold capital or other forms of financing in excess of what we would otherwise hold in regulated subsidiaries.

 

 

  Goldman Sachs 2011 Form 10-K   89


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Subsidiary Funding Policies. The majority of our unsecured funding is raised by Group Inc. which lends the necessary funds to its subsidiaries, some of which are regulated, to meet their asset financing, liquidity and capital requirements. In addition, Group Inc. provides its regulated subsidiaries with the necessary capital to meet their regulatory requirements. The benefits of this approach to subsidiary funding are enhanced control and greater flexibility to meet the funding requirements of our subsidiaries. Funding is also raised at the subsidiary level through a variety of products, including secured funding, unsecured borrowings and deposits.

Our intercompany funding policies assume that, unless legally provided for, a subsidiary’s funds or securities are not freely available to its parent company or other subsidiaries. In particular, many of our subsidiaries are subject to laws that authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to Group Inc. Regulatory action of that kind could impede access to funds that Group Inc. needs to make payments on its obligations. Accordingly, we assume that the capital provided to our regulated subsidiaries is not available to Group Inc. or other subsidiaries and any other financing provided to our regulated subsidiaries is not available until the maturity of such financing.

Group Inc. has provided substantial amounts of equity and subordinated indebtedness, directly or indirectly, to its regulated subsidiaries. For example, as of December 2011, Group Inc. had $28.16 billion of equity and subordinated indebtedness invested in GS&Co., its principal U.S. registered broker-dealer; $28.43 billion invested in GSI, a regulated U.K. broker-dealer; $2.67 billion invested in GSEC, a U.S. registered broker-dealer; $4.28 billion invested in Goldman Sachs Japan Co., Ltd., a regulated Japanese broker-dealer; and $19.23 billion invested in GS Bank USA, a regulated New York State-chartered bank. Group Inc. also provided, directly or indirectly, $84.83 billion of unsubordinated loans and $6.12 billion of collateral to these entities, substantially all of which was to GS&Co. and GSI, as of December 2011. In addition, as of December 2011, Group Inc. had significant amounts of capital invested in and loans to its other regulated subsidiaries.

Contingency Funding Plan

The Goldman Sachs contingency funding plan sets out the plan of action we would use to fund business activity in crisis situations and periods of market stress. The contingency funding plan outlines a list of potential risk factors, key reports and metrics that are reviewed on an ongoing basis to assist in assessing the severity of, and managing through, a liquidity crisis and/or market dislocation. The contingency funding plan also describes in detail the firm’s potential responses if our assessments indicate that the firm has entered a liquidity crisis, which include pre-funding for what we estimate will be our potential cash and collateral needs as well as utilizing secondary sources of liquidity. Mitigants and action items to address specific risks which may arise are also described and assigned to individuals responsible for execution.

The contingency funding plan identifies key groups of individuals to foster effective coordination, control and distribution of information, all of which are critical in the management of a crisis or period of market stress. The contingency funding plan also details the responsibilities of these groups and individuals, which include making and disseminating key decisions, coordinating all contingency activities throughout the duration of the crisis or period of market stress, implementing liquidity maintenance activities and managing internal and external communication.

 

 

90   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Credit Ratings

The table below presents our unsecured credit ratings (excluding debt guaranteed by the FDIC under the TLGP) and outlook.

 

    As of December 2011  
     

 

Short-Term

Debt

  

  

      

 

Long-Term

Debt

  

  

      

 

Subordinated

Debt

  

  

      
 
Trust
Preferred
  
 1 
    

 

Preferred

Stock

  

 2 

    

 

Rating

Outlook

  

  

DBRS, Inc.

    R-1 (middle        A (high        A           A         BBB         Stable  8 

Fitch, Inc. 3, 4

    F1           A           A-           BBB+         BBB+         Stable  9 

Moody’s Investors Service 5

    P-1           A1           A2           A3         Baa2         Negative  10 

Standard & Poor’s Ratings Services 6, 7

    A-2           A-           BBB+           BB+         BB+         Negative  10 

Rating and Investment Information, Inc.

    a-1+           AA-           A+           N/A         N/A         Negative  11 

 

1.

Trust preferred securities issued by Goldman Sachs Capital I.

 

2.

Includes Group Inc.’s non-cumulative preferred stock and the Normal Automatic Preferred Enhanced Capital Securities (APEX) issued by Goldman Sachs Capital II and Goldman Sachs Capital III.

 

3.

GS Bank USA has been assigned a rating of A+ for long-term bank deposits, F1 for short-term bank deposits and A as a long-term issuer.

 

4.

GS&Co. has been assigned a rating of F1 as a short-term issuer and A as a long-term issuer.

 

5.

GS Bank USA has been assigned a rating of Aa3 for long-term bank deposits, P-1 for short-term bank deposits and Aa3 as a long-term issuer.

 

6.

GS&Co. has been assigned a rating of A-1 as a short-term issuer and A as a long-term issuer.

 

7.

GSI has been assigned a rating of A-1 as a short-term issuer and A as a long-term issuer.

 

8.

Applies to long-term and short-term ratings.

 

9.

Applies to long-term issuer default ratings.

 

10.

Applies to long-term ratings.

 

11.

Applies to issuer rating.

 

During the fourth quarter of 2011, after revising its global rating methodology for banks, Standard & Poor’s Ratings Services lowered Group Inc.’s ratings on long-term debt (from A to A-), short-term debt (from A-1 to A-2), subordinated debt (from A- to BBB+), trust preferred (from BBB- to BB+) and preferred stock (from BBB- to BB+), and retained its outlook of “negative.” In addition, as part of a global review of financial institutions, Fitch, Inc. lowered Group Inc.’s ratings on long-term debt (from A+ to A), short-term debt (from F1+ to F1), subordinated debt (from A to A-), trust preferred (from A- to BBB+) and preferred stock (from A- to BBB+), and retained its outlook of “stable.”

On February 10, 2012, Standard & Poor’s Ratings Services assigned GS Bank USA, a rating of A-1 as a short-term issuer and A as a long-term issuer.

On February 15, 2012, Moody’s Investors Service placed the long- and short-term debt ratings of Group Inc. under review for downgrade as part of a global review of financial institutions.

We rely on the short-term and long-term debt capital markets to fund a significant portion of our day-to-day operations and the cost and availability of debt financing is influenced by our credit ratings. Credit ratings are also important when we are competing in certain markets, such as OTC derivatives, and when we seek to engage in longer-term transactions. See “Certain Risk Factors That May Affect Our Businesses” below and “Risk Factors” in Part I, Item 1A of this Form 10-K for a discussion of the risks associated with a reduction in our credit ratings.

We believe our credit ratings are primarily based on the credit rating agencies’ assessment of:

 

Ÿ  

our liquidity, market, credit and operational risk management practices;

 

Ÿ  

the level and variability of our earnings;

 

Ÿ  

our capital base;

 

Ÿ  

our franchise, reputation and management;

 

Ÿ  

our corporate governance; and

 

Ÿ  

the external operating environment, including the assumed level of government support.

 

 

  Goldman Sachs 2011 Form 10-K   91


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

We allocate a portion of our GCE to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings, as well as collateral that has not been called by counterparties, but is available to them. The table below presents the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings.

 

    As of December  
in millions   2011      2010  

Additional collateral or termination payments for a one-notch downgrade

  $ 1,303       $ 1,353   

Additional collateral or termination payments for a two-notch downgrade

    2,183         2,781   

The Basel Committee on Banking Supervision’s international framework for liquidity risk measurement, standards and monitoring calls for imposition of a liquidity coverage ratio, designed to ensure that the banking entity maintains an adequate level of unencumbered high-quality liquid assets based on expected cash outflows under an acute liquidity stress scenario, and a net stable funding ratio, designed to promote more medium- and long-term funding of the assets and activities of banking entities over a one-year time horizon. The liquidity coverage ratio is not expected to be introduced as a requirement until January 1, 2015, and the net stable funding ratio is not expected to be introduced as a requirement until January 1, 2018. While the principles behind the new framework are broadly consistent with our current liquidity management framework, it is possible that the implementation of these standards could impact our liquidity and funding requirements and practices.

Cash Flows

As a global financial institution, our cash flows are complex and bear little relation to our net earnings and net assets. Consequently, we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the excess liquidity and asset-liability management policies described above. Cash flow analysis may, however, be helpful in highlighting certain macro trends and strategic initiatives in our businesses.

Year Ended December 2011. Our cash and cash equivalents increased by $16.22 billion to $56.01 billion at the end of 2011. We generated $23.13 billion in net cash from operating and investing activities. We used net cash of $6.91 billion for financing activities, primarily for repurchases of our Series G Preferred Stock and common stock, partially offset by an increase in bank deposits.

Year Ended December 2010. Our cash and cash equivalents increased by $1.50 billion to $39.79 billion at the end of 2010. We generated $7.84 billion in net cash from financing activities primarily from net proceeds from issuances of short-term secured financings. We used net cash of $6.34 billion for operating and investing activities, primarily to fund an increase in securities purchased under agreements to resell and an increase in cash and securities segregated for regulatory and other purposes, partially offset by cash generated from a decrease in securities borrowed.

Year Ended December 2009. Our cash and cash equivalents increased by $24.49 billion to $38.29 billion at the end of 2009. We generated $48.88 billion in net cash from operating activities. We used net cash of $24.39 billion for investing and financing activities, primarily for net repayments in unsecured and secured short-term borrowings and the repurchases of Series H Preferred Stock and the related common stock warrant from the U.S. Treasury, partially offset by an increase in bank deposits and the issuance of common stock.

 

 

92   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Market Risk Management

 

Overview

Market risk is the risk of loss in the value of our inventory due to changes in market prices. We hold inventory primarily for market making for our clients and for our investing and lending activities. Our inventory therefore changes based on client demands and our investment opportunities. Our inventory is accounted for at fair value and therefore fluctuates on a daily basis. Categories of market risk include the following:

 

Ÿ  

Interest rate risk: results from exposures to changes in the level, slope and curvature of yield curves, the volatilities of interest rates, mortgage prepayment speeds and credit spreads.

 

Ÿ  

Equity price risk: results from exposures to changes in prices and volatilities of individual equities, baskets of equities and equity indices.

 

Ÿ  

Currency rate risk: results from exposures to changes in spot prices, forward prices and volatilities of currency rates.

 

Ÿ  

Commodity price risk: results from exposures to changes in spot prices, forward prices and volatilities of commodities, such as electricity, natural gas, crude oil, petroleum products, and precious and base metals.

Market Risk Management Process

We manage our market risk by diversifying exposures, controlling position sizes and establishing economic hedges in related securities or derivatives. This includes:

 

Ÿ  

accurate and timely exposure information incorporating multiple risk metrics;

 

Ÿ  

a dynamic limit setting framework; and

 

Ÿ  

constant communication among revenue-producing units, risk managers and senior management.

Market Risk Management, which is independent of the revenue-producing units and reports to the firm’s chief risk officer, has primary responsibility for assessing, monitoring and managing market risk at the firm. We monitor and control risks through strong firmwide oversight and independent control and support functions across the firm’s global businesses.

Managers in revenue-producing units are accountable for managing risk within prescribed limits. These managers have in-depth knowledge of their positions, of markets and the instruments available to hedge their exposures.

Managers in revenue-producing units and Market Risk Management discuss market information, positions and estimated risk and loss scenarios on an ongoing basis.

Risk Measures

Market Risk Management produces risk measures and monitors them against market risk limits set by our firm’s risk committees. These measures reflect an extensive range of scenarios and the results are aggregated at trading desk, business and firmwide levels.

We use a variety of risk measures to estimate the size of potential losses for both moderate and more extreme market moves over both short-term and long-term time horizons. Risk measures used for shorter-term periods include VaR and sensitivity metrics. For longer-term horizons, our primary risk measures are stress tests. Our risk reports detail key risks, drivers and changes for each desk and business, and are distributed daily to senior management of both our revenue-producing units and our independent control and support functions.

Systems

We have made a significant investment in technology to monitor market risk including:

 

Ÿ  

an independent calculation of VaR and stress measures;

 

Ÿ  

risk measures calculated at individual position levels;

 

Ÿ  

attribution of risk measures to individual risk factors of each position;

 

Ÿ  

the ability to report many different views of the risk measures (e.g., by desk, business, product type or legal entity); and

 

Ÿ  

the ability to produce ad hoc analyses in a timely manner.

 

 

  Goldman Sachs 2011 Form 10-K   93


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Value-at-Risk

VaR is the potential loss in value of inventory positions due to adverse market movements over a defined time horizon with a specified confidence level. We typically employ a one-day time horizon with a 95% confidence level. The VaR model captures risks including interest rates, equity prices, currency rates and commodity prices. As such, VaR facilitates comparison across portfolios of different risk characteristics. VaR also captures the diversification of aggregated risk at the firmwide level.

We are aware of the inherent limitations to VaR and therefore use a variety of risk measures in our market risk management process. Inherent limitations to VaR include:

 

Ÿ  

VaR does not estimate potential losses over longer time horizons where moves may be extreme.

 

Ÿ  

VaR does not take account of the relative liquidity of different risk positions.

 

Ÿ  

Previous moves in market risk factors may not produce accurate predictions of all future market moves.

When calculating VaR, we use historical simulations with full valuation of approximately 70,000 market factors. The historical data used in our VaR calculation is weighted to give greater importance to more recent observations and reflect current asset volatilities. This improves the accuracy of our estimates of potential loss. As a result, even if our inventory positions were unchanged, our VaR would increase with increasing market volatility and vice versa.

Given its reliance on historical data, VaR is most effective in estimating risk exposures in markets in which there are no sudden fundamental changes or shifts in market conditions.

We evaluate the accuracy of our VaR model through daily backtesting (i.e., comparing daily trading net revenues to the VaR measure calculated as of the prior business day) at the firmwide level and for each of our businesses and major regulated subsidiaries.

Our VaR measure does not include:

 

Ÿ  

positions that are best measured and monitored using sensitivity measures; and

 

Ÿ  

the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected.

Stress Testing

We use stress testing to examine risks of specific portfolios as well as the potential impact of significant risk exposures across the firm. We use a variety of scenarios to calculate the potential loss from a wide range of market moves on the firm’s portfolios. These scenarios include the default of single corporate or sovereign entities, the impact of a move in a single risk factor across all positions (e.g., equity prices or credit spreads) or a combination of two or more risk factors.

Unlike VaR measures, which have an implied probability because they are calculated at a specified confidence level, there is generally no implied probability that our stress test scenarios will occur. Instead, stress tests are used to model both moderate and more extreme moves in underlying market factors. When estimating potential loss, we generally assume that our positions cannot be reduced or hedged (although experience demonstrates that we are generally able to do so).

Stress test scenarios are conducted on a regular basis as part of the firm’s routine risk management process and on an ad hoc basis in response to market events or concerns. Stress testing is an important part of the firm’s risk management process because it allows us to highlight potential loss concentrations, undertake risk/reward analysis, and assess and mitigate our risk positions.

Limits

We use risk limits at various levels in the firm (including firmwide, product and business) to govern risk appetite by controlling the size of our exposures to market risk. Limits are reviewed frequently and amended on a permanent or temporary basis to reflect changing market conditions, business conditions or tolerance for risk.

The Firmwide Risk Committee sets market risk limits at firmwide and product levels and our Securities Division Risk Committee sets sub-limits for market-making and investing activities at a business level. The purpose of the firmwide limits is to assist senior management in controlling the firm’s overall risk profile. Sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval, effectively leaving day-to-day trading decisions to individual desk managers and traders. Accordingly, sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance. Sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand, taking into account the relative performance of each area.

 

 

94   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Our market risk limits are monitored daily by Market Risk Management, which is responsible for identifying and escalating, on a timely basis, instances where limits have been exceeded. The business-level limits that are set by the Securities Division Risk Committee are subject to the same scrutiny and limit escalation policy as the firmwide limits.

When a risk limit has been exceeded (e.g., due to changes in market conditions, such as increased volatilities or changes in correlations), it is reported to the appropriate risk committee and a discussion takes place with the relevant desk managers, after which either the risk position is reduced or the risk limit is temporarily or permanently increased.

Metrics

We analyze VaR at the firmwide level and a variety of more detailed levels, including by risk category, business, and region. The tables below present average daily VaR and year-end VaR by risk category.

Average Daily VaR

 

in millions   Year Ended December  
Risk Categories   2011        2010        2009  

Interest rates

  $ 94         $ 93         $ 176   

Equity prices

    33           68           66   

Currency rates

    20           32           36   

Commodity prices

    32           33           36   

Diversification effect 1

    (66        (92        (96

Total

  $ 113         $ 134         $ 218   

 

1.

Equals the difference between total VaR and the sum of the VaRs for the four risk categories. This effect arises because the four market risk categories are not perfectly correlated.

Our average daily VaR decreased to $113 million in 2011 from $134 million in 2010, primarily reflecting decreases in the equity prices and currency rates categories, principally due to reduced exposures. These decreases were partially offset by a decrease in the diversification benefit across risk categories.

Our average daily VaR decreased to $134 million in 2010 from $218 million in 2009, principally due to a decrease in the interest rates category which was primarily due to reduced exposures, lower levels of volatility and tighter spreads.

Year-End VaR and High and Low VaR

 

in millions   As of December         

Year Ended

December 2011

 
Risk Categories   2011        2010           High        Low  

Interest rates

  $ 100         $ 78           $ 147         $ 69   

Equity prices

    31           51             119           14   

Currency rates

    14           27             31           10   

Commodity prices

    23           25             53           20   

Diversification effect 1

    (69        (70          

Total

  $ 99         $ 111           $ 169         $ 82   

 

1.

Equals the difference between total VaR and the sum of the VaRs for the four risk categories. This effect arises because the four market risk categories are not perfectly correlated.

Our daily VaR decreased to $99 million as of December 2011 from $111 million as of December 2010, primarily reflecting decreases in the equity prices and currency rates categories, principally due to reduced exposures. These decreases were partially offset by an increase in the interest rates category, primarily due to higher levels of volatility and wider credit spreads.

During the year ended December 2011, the firmwide VaR risk limit was exceeded on one occasion. It was resolved by a temporary increase in the firmwide VaR risk limit, which was subsequently made permanent due to higher levels of volatility. The firmwide VaR risk limit had previously been reduced on one occasion in 2011, reflecting lower risk utilization and the market environment.

During the year ended December 2010, the firmwide VaR risk limit was exceeded on one occasion in order to facilitate a client transaction and was resolved by a reduction in the risk position on the following day. Separately, during the year ended December 2010, the firmwide VaR risk limit was reduced on one occasion reflecting lower risk utilization.

 

 

  Goldman Sachs 2011 Form 10-K   95


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

The chart below reflects the VaR over the last four quarters.

 

LOGO

 

The chart below presents the frequency distribution of our daily trading net revenues for substantially all

inventory positions included in VaR for the year ended December 2011.

 

 

LOGO

 

Daily trading net revenues are compared with VaR calculated as of the end of the prior business day. The firm incurred trading losses on a single day in excess of our 95%

one-day VaR (i.e., a VaR exception) on three occasions during 2011 and on two occasions during 2010.

 

 

96   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

During periods in which the firm has significantly more positive net revenue days than net revenue loss days, we expect to have fewer VaR exceptions because, under normal conditions, our business model generally produces positive net revenues. In periods in which our franchise revenues are adversely affected, we generally have more loss days, resulting in more VaR exceptions. In addition, VaR backtesting is performed against total daily market-making revenues, including bid/offer net revenues which are more likely than not to be positive by their nature.

Sensitivity Measures

Certain portfolios and individual positions are not included in VaR because VaR is not the most appropriate risk measure. The market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% decline in the underlying asset value.

The table below presents market risk for positions that are not included in VaR. These measures do not reflect diversification benefits across asset categories and therefore have not been aggregated.

 

Asset Categories   10% Sensitivity  
    Amount as of December  
in millions   2011        2010  

ICBC 1

     $   212           $   286   

Equity (excluding ICBC) 2

    2,458           2,529   

Debt 3

    1,521           1,655   

 

1.

Excludes third-party interests held by investment funds managed by Goldman Sachs.

 

2.

Relates to private and restricted public equity securities, including interests in firm-sponsored funds that invest in corporate equities and real estate and interests in firm-sponsored hedge funds.

 

3.

Relates to corporate bank debt, loans backed by commercial and residential real estate, and other corporate debt, including acquired portfolios of distressed loans and interests in our firm-sponsored funds that invest in corporate mezzanine and senior debt instruments.

VaR excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected. The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) on derivatives was a $4 million gain as of December 2011. In addition, the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a $7 million gain (including hedges) as of December 2011. However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those unsecured borrowings for which the fair value option was elected, as well as the relative performance of any hedges undertaken.

 

The firm engages in insurance activities where we reinsure and purchase portfolios of insurance risk and pension liabilities. The risks associated with these activities include, but are not limited to: equity, interest rate, reinvestment and mortality risk. The firm mitigates risks associated with insurance activities through the use of reinsurance and hedging. Certain of the assets associated with the firm’s insurance activities are included in VaR. In addition to the positions included in VaR we held $4.86 billion of securities accounted for as available-for-sale as of December 2011, substantially all of which support the firm’s insurance subsidiaries. As of December 2011, our available-for-sale securities primarily consisted of $1.81 billion of corporate debt securities with an average yield of 5%, the majority of which will mature after five years, $1.42 billion of mortgage and other asset-backed loans and securities with an average yield of 10%, the majority of which will mature after ten years, and $662 million of U.S. government and federal agency obligations with an average yield of 3%, the majority of which will mature after ten years. As of December 2010, we held $3.67 billion of securities accounted for as available-for-sale primarily consisting of $1.69 billion of corporate debt securities with an average yield of 6%, the majority of which will mature after five years, $670 million of mortgage and other asset-backed loans and securities with an average yield of 11%, which will mature after ten years, and $637 million of U.S. government and federal agency obligations with an average yield of 4%, the majority of which will mature after ten years.

In addition, as of December 2011 and December 2010, we had commitments and held loans under the William Street credit extension program. As of December 2010, we also held money market instruments under this program. See Note 18 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about our William Street credit extension program.

Additionally, we make investments accounted for under the equity method and we also make direct investments in real estate, both of which are included in “Other assets” in the consolidated statements of financial condition. Direct investments in real estate are accounted for at cost less accumulated depreciation. See Note 12 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information on “Other assets.”

 

 

  Goldman Sachs 2011 Form 10-K   97


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Credit Risk Management

 

Overview

Credit risk represents the potential for loss due to the default or deterioration in credit quality of a counterparty (e.g., an OTC derivatives counterparty or a borrower) or an issuer of securities or other instruments we hold. Our exposure to credit risk comes mostly from client transactions in OTC derivatives and loans and lending commitments. Credit risk also comes from cash placed with banks, securities financing transactions (i.e., resale and repurchase agreements and securities borrowing and lending activities) and receivables from brokers, dealers, clearing organizations, customers and counterparties.

Credit Risk Management, which is independent of the revenue-producing units and reports to the firm’s chief risk officer, has primary responsibility for assessing, monitoring and managing credit risk at the firm. The Credit Policy Committee and the Firmwide Risk Committee establish and review credit policies and parameters. In addition, we hold other positions that give rise to credit risk (e.g., bonds held in our inventory and secondary bank loans). These credit risks are captured as a component of market risk measures, which are monitored and managed by Market Risk Management, consistent with other inventory positions.

Policies authorized by the Firmwide Risk Committee and the Credit Policy Committee prescribe the level of formal approval required for the firm to assume credit exposure to a counterparty across all product areas, taking into account any enforceable netting provisions, collateral or other credit risk mitigants.

Credit Risk Management Process

Effective management of credit risk requires accurate and timely information, a high level of communication and knowledge of customers, countries, industries and products. Our process for managing credit risk includes:

 

Ÿ  

approving transactions and setting and communicating credit exposure limits;

 

Ÿ  

monitoring compliance with established credit exposure limits;

 

Ÿ  

assessing the likelihood that a counterparty will default on its payment obligations;

 

Ÿ  

measuring the firm’s current and potential credit exposure and losses resulting from counterparty default;

 

Ÿ  

reporting of credit exposures to senior management, the Board and regulators;

Ÿ  

use of credit risk mitigants, including collateral and hedging; and

 

Ÿ  

communication and collaboration with other independent control and support functions such as operations, legal and compliance.

As part of the risk assessment process, Credit Risk Management performs credit reviews which include initial and ongoing analyses of our counterparties. A credit review is an independent judgment about the capacity and willingness of a counterparty to meet its financial obligations. For substantially all of our credit exposures, the core of our process is an annual counterparty review. A counterparty review is a written analysis of a counterparty’s business profile and financial strength resulting in an internal credit rating which represents the probability of default on financial obligations to the firm. The determination of internal credit ratings incorporates assumptions with respect to the counterparty’s future business performance, the nature and outlook for the counterparty’s industry, and the economic environment. Senior personnel within Credit Risk Management, with expertise in specific industries, inspect and approve credit reviews and internal credit ratings.

Our global credit risk management systems capture credit exposure to individual counterparties and on an aggregate basis to counterparties and their subsidiaries (economic groups). These systems also provide management with comprehensive information on our aggregate credit risk by product, internal credit rating, industry, country and region.

Risk Measures and Limits

We measure our credit risk based on the potential loss in an event of non-payment by a counterparty. For derivatives and securities financing transactions, the primary measure is potential exposure, which is our estimate of the future exposure that could arise over the life of a transaction based on market movements within a specified confidence level. Potential exposure takes into account netting and collateral arrangements. For loans and lending commitments, the primary measure is a function of the notional amount of the position. We also monitor credit risk in terms of current exposure, which is the amount presently owed to the firm after taking into account applicable netting and collateral.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

We use credit limits at various levels (counterparty, economic group, industry, country) to control the size of our credit exposures. Limits for counterparties and economic groups are reviewed regularly and revised to reflect changing appetites for a given counterparty or group of counterparties. Limits for industries and countries are based on the firm’s risk tolerance and are designed to allow for regular monitoring, review, escalation and management of credit risk concentrations.

Stress Tests/Scenario Analysis

We use regular stress tests to calculate the credit exposures, including potential concentrations that would result from applying shocks to counterparty credit ratings or credit risk factors (e.g., currency rates, interest rates, equity prices). These shocks include a wide range of moderate and more extreme market movements. Some of our stress tests include shocks to multiple risk factors, consistent with the occurrence of a severe market or economic event (e.g., sovereign debt default). Unlike potential exposure, which is calculated within a specified confidence level, with a stress test there is generally no assumed probability of these events occurring.

We run stress tests on a regular basis as part of our routine risk management processes and conduct tailored stress tests on an ad hoc basis in response to market developments. Stress tests are regularly conducted jointly with the firm’s market and liquidity risk functions.

Risk Mitigants

To reduce our credit exposures on derivatives and securities financing transactions, we may enter into netting agreements with counterparties that permit us to offset receivables and payables with such counterparties. We may also reduce credit risk with counterparties by entering into agreements that enable us to obtain collateral from them on an upfront or contingent basis and/or to terminate transactions if the counterparty’s credit rating falls below a specified level.

For loans and lending commitments, we typically employ a variety of potential risk mitigants, depending on the credit quality of the borrower and other characteristics of the transaction. Risk mitigants include: collateral provisions, guarantees, covenants, structural seniority of the bank loan claims and, for certain lending commitments, provisions in the legal documentation that allow the firm to adjust loan amounts, pricing, structure and other terms as market conditions change. The type and structure of risk mitigants employed can significantly influence the degree of credit risk involved in a loan.

When we do not have sufficient visibility into a counterparty’s financial strength or when we believe a counterparty requires support from its parent company, we may obtain third-party guarantees of the counterparty’s obligations. We may also mitigate our credit risk using credit derivatives or participation agreements.

Credit Exposures

The firm’s credit exposures are described further below.

Cash and Cash Equivalents. Cash and cash equivalents include both interest-bearing and non-interest bearing deposits. To mitigate the risk of credit loss, we place substantially all of our deposits with highly rated banks and central banks.

OTC Derivatives. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement.

Derivatives are accounted for at fair value net of cash collateral received or posted under credit support agreements. As credit risk is an essential component of fair value, the firm includes a credit valuation adjustment (CVA) in the fair value of derivatives to reflect counterparty credit risk, as described in Note 7 to the consolidated financial statements in Part II, Item 8 of this Form 10-K. CVA is a function of the present value of expected exposure, the probability of counterparty default and the assumed recovery upon default.

 

 

  Goldman Sachs 2011 Form 10-K   99


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

 

The tables below present the distribution of our exposure to OTC derivatives by tenor, based on expected duration for mortgage-related credit derivatives and generally on remaining contractual maturity for other derivatives, both before and after the effect of collateral and netting agreements. Receivable and payable balances for the same counterparty across tenor categories are netted under

enforceable netting agreements, and cash collateral received is netted under credit support agreements. Receivable and payable balances with the same counterparty in the same tenor category are netted within such tenor category. The categories shown reflect our internally determined public rating agency equivalents.

 

 

    As of December 2011  

in millions

Credit Rating Equivalent

  0 - 12
Months
     1 - 5
Years
    

5 Years

or Greater

     Total      Netting     Exposure      Exposure
Net of
Collateral
 

AAA/Aaa

  $ 727       $ 786         $    2,297       $ 3,810       $ (729     $  3,081         $  2,770   

AA/Aa2

    4,661         10,198         28,094         42,953         (22,972     19,981         12,954   

A/A2

    17,704         36,553         50,787         105,044         (73,873     31,171         17,109   

BBB/Baa2

    7,376         14,222         25,612         47,210         (36,214     10,996         6,895   

BB/Ba2 or lower

    2,896         4,497         6,597         13,990         (6,729     7,261         4,527   

Unrated

    752         664         391         1,807         (149     1,658         1,064   

Total

  $ 34,116       $ 66,920         $113,778       $ 214,814       $ (140,666     $74,148         $45,319   

 

    As of December 2010  

in millions

Credit Rating Equivalent

  0 - 12
Months
     1 - 5
Years
    

5 Years

or Greater

     Total      Netting     Exposure      Exposure
Net of
Collateral
 

AAA/Aaa

  $ 504       $ 728         $  2,597       $ 3,829       $ (491     $  3,338         $  3,088   

AA/Aa2

    5,234         8,875         15,579         29,688         (18,167     11,521         6,935   

A/A2

    13,556         38,522         49,568         101,646         (74,650     26,996         16,839   

BBB/Baa2

    3,818         18,062         19,625         41,505         (27,832     13,673         8,182   

BB/Ba2 or lower

    3,583         5,382         3,650         12,615         (4,553     8,062         5,439   

Unrated

    709         1,081         332         2,122         (20     2,102         1,539   

Total

  $ 27,404       $ 72,650         $91,351       $ 191,405       $ (125,713     $65,692         $42,022   

 

 

100   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Lending Activities. We manage the firm’s traditional credit origination activities, including funded loans, lending commitments and the William Street credit extension program, using the credit risk process, measures and limits described above. Other lending positions, including secondary trading positions, are risk-managed as a component of market risk.

Other Credit Exposures. The firm is exposed to credit risk from its receivables from brokers, dealers and clearing organizations and customers and counterparties. Receivables from brokers, dealers and clearing organizations are primarily comprised of initial margin placed with clearing organizations and receivables related to sales of securities which have traded, but not yet settled. These receivables have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements. Receivables from customers and counterparties are generally comprised of collateralized receivables related to customer securities transactions and have minimal credit risk due to both the value of the collateral received and the short-term nature of these receivables.

Credit Exposures

During the year ended December 2011, our credit exposures increased, reflecting growth in lending activity and OTC derivatives, and increased cash balances. While credit spreads widened during the year ended December 2011, the percentage of our credit exposure arising from non-investment-grade counterparties (based on our internally determined public rating agency equivalents) was essentially unchanged from December 2010. Counterparty defaults and the associated credit losses have remained at low levels during the year ended December 2011 as compared with the same prior year period.

The tables below present the firm’s credit exposures related to cash, OTC derivatives, and loans and lending commitments associated with traditional credit origination activities broken down by industry, region and internal credit rating.

 

 

  Goldman Sachs 2011 Form 10-K   101


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Credit Exposure by Industry

 

    Cash      OTC Derivatives          Loans and Lending
Commitments 1
 
    As of December      As of December          As of December  
in millions   2011        2010      2011        2010           2011        2010  

Asset Managers & Funds

  $ 64         $       $ 10,582         $ 8,760           $ 1,290         $ 1,317   

Banks, Brokers & Other Financial Institutions

    12,535           11,020         25,041           23,255             3,591           3,485   

Consumer Products, Non-Durables, and Retail

    11                   1,031           1,082             12,685           8,141   

Government & Central Banks

    43,389           28,766         16,642           11,705             1,828           1,370   

Healthcare & Education

                      2,962           2,161             7,158           5,754   

Insurance

              1         2,828           2,462             2,891           3,054   

Natural Resources & Utilities

                      4,803           5,259             14,795           11,021   

Real Estate

                      327           528             2,695           1,523   

Technology, Media, Telecommunications & Services

    2           1         2,124           1,694             12,646           7,690   

Transportation

                      1,104           962             5,753           3,822   

Other

    7                   6,704           7,824             5,759           6,007   

Total 2

  $ 56,008         $ 39,788       $ 74,148         $ 65,692           $ 71,091         $ 53,184   

Credit Exposure by Region

 

    Cash      OTC Derivatives          Loans and Lending
Commitments 1
 
    As of December      As of December          As of December  
in millions   2011        2010      2011        2010           2011        2010  

Americas

  $ 48,543         $ 34,528       $ 36,591         $ 34,468           $ 52,755         $ 38,151   

EMEA 3

    1,800           810         29,549           23,396             16,989           14,451   

Asia

    5,665           4,450         8,008           7,828             1,347           582   

Total 2

  $ 56,008         $ 39,788       $ 74,148         $ 65,692           $ 71,091         $ 53,184   

Credit Exposure by Credit Quality

 

    Cash      OTC Derivatives          Loans and Lending
Commitments 1
 
    As of December      As of December          As of December  
in millions   2011        2010      2011        2010           2011        2010  

Credit Rating Equivalent

                        

AAA/Aaa

  $ 40,559         $ 27,851       $ 3,081         $ 3,338           $ 2,192         $ 1,783   

AA/Aa2

    7,463           4,547         19,981           11,521             7,026           5,273   

A/A2

    6,464           5,603         31,171           26,996             21,055           15,766   

BBB/Baa2

    195           1,007         10,996           13,673             22,937           17,544   

BB/Ba2 or lower

    1,209           764         7,261           8,062             17,820           12,774   

Unrated

    118           16         1,658           2,102             61           44   

Total 2

  $ 56,008         $ 39,788       $ 74,148         $ 65,692           $ 71,091         $ 53,184   

 

1.

Includes approximately $10 billion and $4 billion of loans as of December 2011 and December 2010, respectively, and approximately $61 billion and $49 billion of lending commitments as of December 2011 and December 2010, respectively. Excludes approximately $10 billion and $14 billion of loans as of December 2011 and December 2010, respectively, and lending commitments with a total notional value of approximately $5 billion and $3 billion as of December 2011 and December 2010, respectively, that are risk managed as part of market risk using VaR and sensitivity measures.

 

2.

The firm bears credit risk related to resale agreements and securities borrowed only to the extent that cash advanced to the counterparty exceeds the value of the collateral received. The firm also has credit exposure on repurchase agreements and securities loaned to the extent that the value of securities pledged or delivered to the counterparty for these transactions exceeds the amount of cash or collateral received. We had approximately $41 billion and $31 billion as of December 2011 and December 2010, respectively, in credit exposure related to securities financing transactions reflecting enforceable netting agreements.

 

3.

EMEA (Europe, Middle East and Africa).

 

102   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Selected Country Exposures

 

During 2011 and continuing into 2012, there have been concerns about European sovereign debt risk and its impact on the European banking system and a number of European member states have been experiencing significant credit deterioration. The most pronounced market concerns relate to Greece, Ireland, Italy, Portugal and Spain. The table below presents our credit exposure (both gross and net of hedges) to all sovereigns, financial institutions and corporate counterparties or borrowers in these countries. In

addition, the table includes the market exposure of our long and short inventory in which the issuer or underlier is located in these countries.

The country of risk is determined by the location of the counterparty, issuer or underlier’s assets, where they generate revenue, the country in which they are headquartered, and/or the government whose policies affect their ability to repay their obligations.

 

 

    As of December 2011  
    Credit Exposure          Market Exposure  
in billions   Loans     OTC
Derivatives
    Other     Gross
Funded
    Hedges    

Total

Net Funded
Credit

Exposure

   

Unfunded

Credit
Exposure

    Total
Credit
Exposure
          Bonds    

Equities
and

Other

    Credit
Derivatives
    Total
Market
Exposure
 

Greece

                          

Sovereign

  $      $      $      $      $      $      $      $           $ 0.33      $      $ (0.02   $ 0.31   

Non-Sovereign

    0.02        0.05               0.07               0.07               0.07             0.03        0.01        0.02        0.06   

Total Greece

    0.02        0.05               0.07               0.07               0.07             0.36        0.01               0.37   

Ireland

                          

Sovereign

                  0.25        0.25               0.25               0.25             0.41               (0.35     0.06   

Non-Sovereign

           0.54        0.07        0.61        (0.01     0.60        0.06        0.66             0.41        0.09        0.11        0.61   

Total Ireland

           0.54        0.32        0.86        (0.01     0.85        0.06        0.91             0.82        0.09        (0.24     0.67   

Italy

                          

Sovereign

           1.67               1.67        (1.41     0.26               0.26             0.21               0.20        0.41   

Non-Sovereign

    0.13        0.45               0.58        (0.02     0.56        0.40        0.96             0.19        0.30        (0.90     (0.41

Total Italy

    0.13        2.12               2.25        (1.43     0.82        0.40        1.22             0.40        0.30        (0.70       

Portugal

                          

Sovereign

           0.15               0.15               0.15               0.15             (0.10            0.02        (0.08

Non-Sovereign

           0.06               0.06               0.06               0.06             0.23        0.01        (0.18     0.06   

Total Portugal

           0.21               0.21               0.21               0.21             0.13        0.01        (0.16     (0.02

Spain

                          

Sovereign

           0.09               0.09               0.09               0.09             0.15               (0.55     (0.40

Non-Sovereign

    0.15        0.25        0.02        0.42        (0.14     0.28        0.15        0.43             0.35        0.24        (0.63     (0.04

Total Spain

    0.15        0.34        0.02        0.51        (0.14     0.37        0.15        0.52             0.50        0.24        (1.18     (0.44

Subtotal

  $ 0.30      $ 3.26  1    $ 0.34      $ 3.90  1    $ (1.58   $ 2.32      $ 0.61      $ 2.93           $ 2.21      $ 0.65      $ (2.28 ) 2    $ 0.58   

 

1.

Includes the benefit of $6.5 billion of cash and U.S. Treasury securities collateral and excludes non-U.S. government and corporate securities collateral of $341 million.

 

2.

Includes written and purchased credit derivative notionals reduced by the fair values of such credit derivatives.

 

We economically hedge our exposure to written credit derivatives by entering into offsetting purchased credit derivatives with identical underlyings. Where possible, we endeavor to match the tenor and credit default terms of such hedges to that of our written credit derivatives. Substantially all purchased credit derivatives included above are bought from investment-grade counterparties domiciled outside of these countries and are collateralized with cash or U.S. Treasury securities. The gross purchased and written credit derivative notionals across the above countries for single-name credit default swaps were

$147.3 billion and $142.4 billion, respectively. Including netting under legally enforceable netting agreements, within each and across all of the countries above, the purchased and written credit derivative notionals for single-name credit default swaps were $21.1 billion and $16.2 billion, respectively. These notionals are not representative of our exposure because they exclude available netting under legally enforceable netting agreements on other derivatives outside of these countries and collateral received or posted under credit support agreements.

 

 

  Goldman Sachs 2011 Form 10-K   103


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

For information about the nature of or payout under trigger events related to written and purchased credit protection contracts see Note 7 to the consolidated financial statements in Part II, Item 8 of this Form 10-K.

We evaluate and monitor the effects of indirect exposure from these countries. See “Liquidity Risk Management — Modeled Liquidity Outflow,” “Market Risk Management — Stress Testing” and “Credit Risk Management — Stress Tests/Scenario Analysis” for further discussion.

On January 13, 2012, Standard & Poor’s Ratings Services lowered the sovereign debt ratings on Italy from A to BBB+, Portugal from BBB- to BB, and Spain from AA- to A. On January 27, 2012, Fitch, Inc. lowered the sovereign debt ratings on Italy from A+ to A-, and Spain from AA- to A. On February 13, 2012, Moody’s Investors Service lowered the sovereign debt ratings on Italy from A2 to A3, Portugal from Ba2 to Ba3, and Spain from A1 to A3. On February 22, 2012, Fitch, Inc. lowered the sovereign debt ratings on Greece from CCC to C. These downgrades did not have a material effect on our financial condition, results of operations, liquidity or capital resources.

Operational Risk Management

Overview

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Our exposure to operational risk arises from routine processing errors as well as extraordinary incidents, such as major systems failures. Potential types of loss events related to internal and external operational risk include:

 

Ÿ  

clients, products and business practices;

 

Ÿ  

execution, delivery and process management;

 

Ÿ  

business disruption and system failures;

 

Ÿ  

employment practices and workplace safety;

 

Ÿ  

damage to physical assets;

 

Ÿ  

internal fraud; and

 

Ÿ  

external fraud.

The firm maintains a comprehensive control framework designed to provide a well-controlled environment to minimize operational risks. The Firmwide Operational Risk Committee, along with the support of regional or entity-specific working groups or committees, provides oversight of the ongoing development and implementation of our operational risk policies and framework. Our Operational Risk Management

department (Operational Risk Management) is a risk management function independent of our revenue-producing units, reports to the firm’s chief risk officer, and is responsible for developing and implementing policies, methodologies and a formalized framework for operational risk management with the goal of minimizing our exposure to operational risk.

Operational Risk Management Process

Managing operational risk requires timely and accurate information as well as a strong control culture. We seek to manage our operational risk through:

 

Ÿ  

the training, supervision and development of our people;

 

Ÿ  

the active participation of senior management in identifying and mitigating key operational risks across the firm;

 

Ÿ  

independent control and support functions that monitor operational risk on a daily basis and have instituted extensive policies and procedures and implemented controls designed to prevent the occurrence of operational risk events;

 

Ÿ  

proactive communication between our revenue-producing units and our independent control and support functions; and

 

Ÿ  

a network of systems throughout the firm to facilitate the collection of data used to analyze and assess our operational risk exposure.

We combine top-down and bottom-up approaches to manage and measure operational risk. From a top-down perspective, the firm’s senior management assesses firmwide and business level operational risk profiles. From a bottom-up perspective, revenue-producing units and independent control and support functions are responsible for risk management on a day-to-day basis, including identifying, mitigating, and escalating operational risks to senior management.

Our operational risk framework is in part designed to comply with the operational risk measurement rules under Basel 2 and has evolved based on the changing needs of our businesses and regulatory guidance. Our framework includes the following practices:

 

Ÿ  

Risk identification and reporting;

 

Ÿ  

Risk measurement; and

 

Ÿ  

Risk monitoring.

Internal Audit performs a review of our operational risk framework, including our key controls, processes and applications, on an annual basis to ensure the effectiveness of our framework.

 

 

104   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Risk Identification and Reporting

The core of our operational risk management framework is risk identification and reporting. We have a comprehensive data collection process, including firmwide policies and procedures, for operational risk events.

We have established policies that require managers in our revenue-producing units and our independent control and support functions to escalate operational risk events. When operational risk events are identified, our policies require that the events be documented and analyzed to determine whether changes are required in the firm’s systems and/or processes to further mitigate the risk of future events.

In addition, our firmwide systems capture internal operational risk event data, key metrics such as transaction volumes, and statistical information such as performance trends. We use an internally-developed operational risk management application to aggregate and organize this information. Managers from both revenue-producing units and independent control and support functions analyze the information to evaluate operational risk exposures and identify businesses, activities or products with heightened levels of operational risk. We also provide operational risk reports to senior management, risk committees and the Board periodically.

Risk Measurement

We measure the firm’s operational risk exposure over a twelve-month time horizon using both statistical modeling and scenario analyses, which involve qualitative assessments of the potential frequency and extent of potential operational risk losses, for each of the firm’s businesses. Operational risk measurement incorporates qualitative and quantitative assessments of factors including:

 

Ÿ  

internal and external operational risk event data;

 

Ÿ  

assessments of the firm’s internal controls;

 

Ÿ  

evaluations of the complexity of the firm’s business activities;

 

Ÿ  

the degree of and potential for automation in the firm’s processes;

 

Ÿ  

new product information;

 

Ÿ  

the legal and regulatory environment;

 

Ÿ  

changes in the markets for the firm’s products and services, including the diversity and sophistication of the firm’s customers and counterparties; and

 

Ÿ  

the liquidity of the capital markets and the reliability of the infrastructure that supports the capital markets.

The results from these scenario analyses are used to monitor changes in operational risk and to determine business lines that may have heightened exposure to operational risk. These analyses ultimately are used to determine the appropriate level of operational risk capital to hold.

Risk Monitoring

We evaluate changes in the operational risk profile of the firm and its businesses, including changes in business mix or jurisdictions in which the firm operates, by monitoring these factors at a firmwide, entity and business level. The firm has both detective and preventive internal controls, which are designed to reduce the frequency and severity of operational risk losses and the probability of operational risk events. We monitor the results of assessments and independent internal audits of these internal controls.

Recent Accounting Developments

See Note 3 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for information about Recent Accounting Developments.

Certain Risk Factors That May Affect Our Businesses

We face a variety of risks that are substantial and inherent in our businesses, including market, liquidity, credit, operational, legal, regulatory and reputational risks. For a discussion of how management seeks to manage some of these risks, see “Overview and Structure of Risk Management.” A summary of the more important factors that could affect our businesses follows. For a further discussion of these and other important factors that could affect our businesses, financial condition, results of operations, cash flows and liquidity, see “Risk Factors” in Part I, Item 1A of this Form 10-K.

 

Ÿ  

Our businesses have been and may continue to be adversely affected by conditions in the global financial markets and economic conditions generally.

 

Ÿ  

Our businesses have been and may be adversely affected by declining asset values. This is particularly true for those businesses in which we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral.

 

Ÿ  

Our businesses have been and may be adversely affected by disruptions in the credit markets, including reduced access to credit and higher costs of obtaining credit.

 

 

  Goldman Sachs 2011 Form 10-K   105


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Management’s Discussion and Analysis

 

Ÿ  

Our market-making activities have been and may be affected by changes in the levels of market volatility.

 

Ÿ  

Our investment banking, client execution and investment management businesses have been adversely affected and may continue to be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to general declines in economic activity and other unfavorable economic, geopolitical or market conditions.

 

Ÿ  

Our investment management business may be affected by the poor investment performance of our investment products.

 

Ÿ  

We may incur losses as a result of ineffective risk management processes and strategies.

 

Ÿ  

Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets or by a reduction in our credit ratings or by an increase in our credit spreads.

 

Ÿ  

Conflicts of interest are increasing and a failure to appropriately identify and address conflicts of interest could adversely affect our businesses.

 

Ÿ  

Group Inc. is a holding company and is dependent for liquidity on payments from its subsidiaries, many of which are subject to restrictions.

 

Ÿ  

Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe us money, securities or other assets or whose securities or obligations we hold.

 

Ÿ  

Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and lending activities.

 

Ÿ  

The financial services industry is highly competitive.

 

Ÿ  

We face enhanced risks as new business initiatives lead us to transact with a broader array of clients and counterparties and expose us to new asset classes and new markets.

 

Ÿ  

Derivative transactions and delayed settlements may expose us to unexpected risk and potential losses.

Ÿ  

Our businesses may be adversely affected if we are unable to hire and retain qualified employees.

 

Ÿ  

Our businesses and those of our clients are subject to extensive and pervasive regulation around the world.

 

Ÿ  

We may be adversely affected by increased governmental and regulatory scrutiny or negative publicity.

 

Ÿ  

A failure in our operational systems or infrastructure, or those of third parties, could impair our liquidity, disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses.

 

Ÿ  

Substantial legal liability or significant regulatory action against us could have material adverse financial effects or cause us significant reputational harm, which in turn could seriously harm our business prospects.

 

Ÿ  

The growth of electronic trading and the introduction of new trading technology may adversely affect our business and may increase competition.

 

Ÿ  

Our commodities activities, particularly our power generation interests and our physical commodities activities, subject us to extensive regulation, potential catastrophic events and environmental, reputational and other risks that may expose us to significant liabilities and costs.

 

Ÿ  

In conducting our businesses around the world, we are subject to political, economic, legal, operational and other risks that are inherent in operating in many countries.

 

Ÿ  

We may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, terrorist attacks or natural disasters.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk are set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview and Structure of Risk Management” in Part II, Item 7 of this Form 10-K.

 

 

106   Goldman Sachs 2011 Form 10-K  


Table of Contents

Item 8. Financial Statements and Supplementary Data

INDEX

 

     Page No.  

Management’s Report on Internal Control over Financial Reporting

    108   

Report of Independent Registered Public Accounting Firm

    109   

Consolidated Financial Statements

 

Consolidated Statements of Earnings

    110   

Consolidated Statements of Financial Condition

    111   

Consolidated Statements of Changes in Shareholders’ Equity

    112   

Consolidated Statements of Cash Flows

    113   

Consolidated Statements of Comprehensive Income

    114   

Notes to Consolidated Financial Statements

 

Note 1.

  Description of Business     115   

Note 2.

  Basis of Presentation     115   

Note 3.

  Significant Accounting Policies     116   

Note 4.

  Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value     120   

Note 5.

  Fair Value Measurements     121   

Note 6.

  Cash Instruments     123   

Note 7.

  Derivatives and Hedging Activities     130   

Note 8.

  Fair Value Option     143   

Note 9.

  Collateralized Agreements and Financings     151   

Note 10.

  Securitization Activities     154   

Note 11.

  Variable Interest Entities     157   

Note 12.

  Other Assets     162   

Note 13.

  Goodwill and Identifiable Intangible Assets     163   

Note 14.

  Deposits     166   

Note 15.

  Short-Term Borrowings     166   

Note 16.

  Long-Term Borrowings     167   

Note 17.

  Other Liabilities and Accrued Expenses     170   

Note 18.

  Commitments, Contingencies and Guarantees     171   

Note 19.

  Shareholders’ Equity     177   

Note 20.

  Regulation and Capital Adequacy     180   

Note 21.

  Earnings Per Common Share     184   

Note 22.

  Transactions with Affiliated Funds     185   

Note 23.

  Interest Income and Interest Expense     186   

Note 24.

  Income Taxes     187   

Note 25.

  Business Segments     190   

Note 26.

  Credit Concentrations     194   

Note 27.

  Legal Proceedings     195   

Note 28.

  Employee Benefit Plans     208   

Note 29.

  Employee Incentive Plans     209   

Note 30.

  Parent Company     212   

Supplemental Financial Information

 

Quarterly Results

    213   

Common Stock Price Range

    214   

Common Stock Price Performance

    214   

Selected Financial Data

    215   

Statistical Disclosures

    216   

 

  Goldman Sachs 2011 Form 10-K   107


Table of Contents

Management’s Report on Internal Control over Financial Reporting

 

Management of The Goldman Sachs Group, Inc., together with its consolidated subsidiaries (the firm), is responsible for establishing and maintaining adequate internal control over financial reporting. The firm’s internal control over financial reporting is a process designed under the supervision of the firm’s principal executive and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the firm’s financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

As of December 31, 2011, management conducted an assessment of the firm’s internal control over financial reporting based on the framework established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has determined that the firm’s internal control over financial reporting as of December 31, 2011 was effective.

Our internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the firm; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the firm’s assets that could have a material effect on our financial statements.

The firm’s internal control over financial reporting as of December 31, 2011 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report appearing on page 109, which expresses an unqualified opinion on the effectiveness of the firm’s internal control over financial reporting as of December 31, 2011.

 

 

108   Goldman Sachs 2011 Form 10-K  


Table of Contents

Report of Independent Registered Public Accounting Firm

 

To the Board of Directors and the Shareholders of

The Goldman Sachs Group, Inc.:

 

In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of The Goldman Sachs Group, Inc. and its subsidiaries (the Company) at December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing on page 108. Our responsibility is to express opinions on these financial statements and on the Company’s internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PRICEWATERHOUSECOOPERS LLP

New York, New York

February 28, 2012

 

 

  Goldman Sachs 2011 Form 10-K   109


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Consolidated Statements of Earnings

 

    Year Ended December  
in millions, except per share amounts   2011        2010        2009  

Revenues

Investment banking

  $ 4,361         $ 4,810         $ 4,984   

Investment management

    4,691           4,669           4,233   

Commissions and fees

    3,773           3,569           3,840   

Market making

    9,287           13,678           22,088   

Other principal transactions

    1,507           6,932           2,621   

Total non-interest revenues

    23,619           33,658           37,766   

Interest income

    13,174           12,309           13,907   

Interest expense

    7,982           6,806           6,500   

Net interest income

    5,192           5,503           7,407   

Net revenues, including net interest income

    28,811           39,161           45,173   

Operating expenses

Compensation and benefits

    12,223           15,376           16,193   

U.K. bank payroll tax

              465             

Brokerage, clearing, exchange and distribution fees

    2,463           2,281           2,298   

Market development

    640           530           342   

Communications and technology

    828           758           709   

Depreciation and amortization

    1,865           1,889           1,734   

Occupancy

    1,030           1,086           950   

Professional fees

    992           927           678   

Insurance reserves

    529           398           334   

Other expenses

    2,072           2,559           2,106   

Total non-compensation expenses

    10,419           10,428           9,151   

Total operating expenses

    22,642           26,269           25,344   

Pre-tax earnings

    6,169           12,892           19,829   

Provision for taxes

    1,727           4,538           6,444   

Net earnings

    4,442           8,354           13,385   

Preferred stock dividends

    1,932           641           1,193   

Net earnings applicable to common shareholders

  $ 2,510         $ 7,713         $ 12,192   

Earnings per common share

           

Basic

  $ 4.71         $ 14.15         $ 23.74   

Diluted

    4.51           13.18           22.13   

Average common shares outstanding

           

Basic

    524.6           542.0           512.3   

Diluted

    556.9           585.3           550.9   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

110   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Consolidated Statements of Financial Condition

 

    As of December  
in millions, except share and per share amounts   2011      2010  

Assets

Cash and cash equivalents

  $ 56,008       $ 39,788   

Cash and securities segregated for regulatory and other purposes (includes $42,014 and $36,182 at fair value as of December 2011 and December 2010, respectively)

    64,264         53,731   

Collateralized agreements:

Securities purchased under agreements to resell and federal funds sold (includes $187,789 and $188,355 at fair value as of December 2011 and December 2010, respectively)

    187,789         188,355   

Securities borrowed (includes $47,621 and $48,822 at fair value as of December 2011 and December 2010, respectively)

    153,341         166,306   

Receivables from brokers, dealers and clearing organizations

    14,204         10,437   

Receivables from customers and counterparties (includes $9,682 and $7,202 at fair value as of December 2011 and December 2010, respectively)

    60,261         67,703   

Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively)

    364,206         356,953   

Other assets

    23,152         28,059   

Total assets

  $ 923,225       $ 911,332   

Liabilities and shareholders’ equity

Deposits (includes $4,526 and $1,975 at fair value as of December 2011 and December 2010, respectively)

  $ 46,109       $ 38,569   

Collateralized financings:

Securities sold under agreements to repurchase, at fair value

    164,502         162,345   

Securities loaned (includes $107 and $1,514 at fair value as of December 2011 and December 2010, respectively)

    7,182         11,212   

Other secured financings (includes $30,019 and $31,794 at fair value as of December 2011 and December 2010, respectively)

    37,364         38,377   

Payables to brokers, dealers and clearing organizations

    3,667         3,234   

Payables to customers and counterparties

    194,625         187,270   

Financial instruments sold, but not yet purchased, at fair value

    145,013         140,717   

Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $17,854 and $22,116 at fair value as of December 2011 and December 2010, respectively)

    49,038         47,842   

Unsecured long-term borrowings (includes $17,162 and $18,171 at fair value as of December 2011 and
December 2010, respectively)

    173,545         174,399   

Other liabilities and accrued expenses (includes $9,486 and $2,972 at fair value as of December 2011 and December 2010, respectively)

    31,801         30,011   

Total liabilities

    852,846         833,976   

Commitments, contingencies and guarantees

Shareholders’ equity

Preferred stock, par value $0.01 per share; aggregate liquidation preference of $3,100 and $8,100 as of December 2011 and December 2010, respectively

    3,100         6,957   

Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 795,555,310 and 770,949,268 shares issued as of December 2011 and December 2010, respectively, and 485,467,565 and 507,530,772 shares outstanding as of December 2011 and December 2010, respectively

    8         8   

Restricted stock units and employee stock options

    5,681         7,706   

Nonvoting common stock, par value $0.01 per share; 200,000,000 shares authorized, no shares issued and outstanding

              

Additional paid-in capital

    45,553         42,103   

Retained earnings

    58,834         57,163   

Accumulated other comprehensive loss

    (516      (286

Stock held in treasury, at cost, par value $0.01 per share; 310,087,747 and 263,418,498 shares as of December 2011 and December 2010, respectively

    (42,281      (36,295

Total shareholders’ equity

    70,379         77,356   

Total liabilities and shareholders’ equity

  $ 923,225       $ 911,332   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

  Goldman Sachs 2011 Form 10-K   111


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Consolidated Statements of Changes in Shareholders’ Equity

 

 

    Year Ended December  
in millions   2011      2010      2009  

Preferred stock

Balance, beginning of year

  $ 6,957       $ 6,957       $ 16,483   

Accretion

                    48   

Repurchased

    (3,857              (9,574

Balance, end of year

    3,100         6,957         6,957   

Common stock

Balance, beginning of year

    8         8         7   

Issued

                    1   

Balance, end of year

    8         8         8   

Restricted stock units and employee stock options

Balance, beginning of year

    7,706         6,245         9,463   

Issuance and amortization of restricted stock units and employee stock options

    2,863         4,137         2,064   

Delivery of common stock underlying restricted stock units

    (4,791      (2,521      (5,206

Forfeiture of restricted stock units and employee stock options

    (93      (149      (73

Exercise of employee stock options

    (4      (6      (3

Balance, end of year

    5,681         7,706         6,245   

Additional paid-in capital

Balance, beginning of year

    42,103         39,770         31,070   

Issuance of common stock

    103                 5,750   

Repurchase of common stock warrants

                    (1,100

Delivery of common stock underlying share-based awards

    5,160         3,067         5,708   

Cancellation of restricted stock units in satisfaction of withholding tax requirements

    (1,911      (972      (863

Excess net tax benefit/(provision) related to share-based awards

    138         239         (793

Cash settlement of share-based compensation

    (40      (1      (2

Balance, end of year

    45,553         42,103         39,770   

Retained earnings

Balance, beginning of year

    57,163         50,252         38,579   

Net earnings

    4,442         8,354         13,385   

Dividends and dividend equivalents declared on common stock and restricted stock units

    (769      (802      (588

Dividends on preferred stock

    (2,002      (641      (1,076

Preferred stock accretion

                    (48

Balance, end of year

    58,834         57,163         50,252   

Accumulated other comprehensive income/(loss)

Balance, beginning of year

    (286      (362      (372

Currency translation adjustment, net of tax

    (55      (38      (70

Pension and postretirement liability adjustments, net of tax

    (145      88         (17

Net unrealized gains/(losses) on available-for-sale securities, net of tax

    (30      26         97   

Balance, end of year

    (516      (286      (362

Stock held in treasury, at cost

Balance, beginning of year

    (36,295      (32,156      (32,176

Repurchased

    (6,051      (4,185 )       (2 ) 1 

Reissued

    65         46         22   

Balance, end of year

    (42,281      (36,295      (32,156

Total shareholders’ equity

  $ 70,379       $ 77,356       $ 70,714   

 

1.

Relates primarily to repurchases of common stock by a broker-dealer subsidiary to facilitate customer transactions in the ordinary course of business and shares withheld to satisfy withholding tax requirements.

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

112   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Consolidated Statements of Cash Flows

 

 

    Year Ended December  
in millions   2011      2010      2009  

Cash flows from operating activities

Net earnings

  $ 4,442       $ 8,354       $ 13,385   

Non-cash items included in net earnings

Depreciation and amortization

    1,869         1,904         1,943   

Deferred income taxes

    726         1,339         (431

Share-based compensation

    2,849         4,035         2,009   

Changes in operating assets and liabilities

Cash and securities segregated for regulatory and other purposes

    (10,532      (17,094      76,531   

Net receivables from brokers, dealers and clearing organizations

    (3,780      201         6,265   

Net payables to customers and counterparties

    13,027         (5,437      (47,414

Securities borrowed, net of securities loaned

    8,940         19,638         7,033   

Securities sold under agreements to repurchase, net of securities purchased under agreements to resell and federal funds sold

    122         (10,092      (146,807

Financial instruments owned, at fair value

    5,085         (9,231      186,295   

Financial instruments sold, but not yet purchased, at fair value

    4,243         11,602         (57,010

Other, net

    (5,346      (11,376      7,076   

Net cash provided by/(used for) operating activities

    21,645         (6,157      48,875   

Cash flows from investing activities

Purchase of property, leasehold improvements and equipment

    (1,184      (1,227      (1,556

Proceeds from sales of property, leasehold improvements and equipment

    78         72         82   

Business acquisitions, net of cash acquired

    (431      (804      (221

Proceeds from sales of investments

    2,645         1,371         303   

Purchase of available-for-sale securities

    (2,752      (1,885      (2,722

Proceeds from sales of available-for-sale securities

    3,129         2,288         2,553   

Net cash provided by/(used for) investing activities

    1,485         (185      (1,561

Cash flows from financing activities

Unsecured short-term borrowings, net

    (3,780      1,196         (9,790

Other secured financings (short-term), net

    (1,195      12,689         (10,451

Proceeds from issuance of other secured financings (long-term)

    9,809         5,500         4,767   

Repayment of other secured financings (long-term), including the current portion

    (8,878      (4,849      (6,667

Proceeds from issuance of unsecured long-term borrowings

    29,169         20,231         25,363   

Repayment of unsecured long-term borrowings, including the current portion

    (29,187      (22,607      (29,018

Repurchase of common stock warrants

                    (1,100

Derivative contracts with a financing element, net

    1,602         1,222         2,168   

Deposits, net

    7,540         (849      7,288   

Preferred stock repurchased

    (3,857              (9,574

Common stock repurchased

    (6,048      (4,183      (2

Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units

    (2,771      (1,443      (2,205

Proceeds from issuance of common stock, including stock option exercises

    368         581         6,260   

Excess tax benefit related to share-based compensation

    358         352         135   

Cash settlement of share-based compensation

    (40      (1      (2

Net cash provided by/(used for) financing activities

    (6,910      7,839         (22,828

Net increase in cash and cash equivalents

    16,220         1,497         24,486   

Cash and cash equivalents, beginning of year

    39,788         38,291         13,805   

Cash and cash equivalents, end of year

  $ 56,008       $ 39,788       $ 38,291   

SUPPLEMENTAL DISCLOSURES:

Cash payments for interest, net of capitalized interest, were $8.05 billion, $6.74 billion and $7.32 billion for the years ended December 2011, December 2010 and December 2009, respectively.

Cash payments for income taxes, net of refunds, were $1.78 billion, $4.48 billion and $4.78 billion for the years ended December 2011, December 2010 and December 2009, respectively.

Non-cash activities:

During the year ended December 2011, the firm assumed $2.09 billion of debt and issued $103 million of common stock in connection with the acquisition of Goldman Sachs Australia Pty Ltd (GS Australia), formerly Goldman Sachs & Partners Australia Group Holdings Pty Ltd. During the years ended December 2010 and December 2009, the firm assumed $90 million and $16 million, respectively, of debt in connection with business acquisitions. In addition, in the first quarter of 2010, the firm recorded an increase of approximately $3 billion in both assets (primarily financial instruments owned, at fair value) and liabilities (primarily unsecured short-term borrowings and other liabilities) upon adoption of Accounting Standards Update (ASU) No. 2009-17, “Consolidations (Topic 810) — Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.”

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

  Goldman Sachs 2011 Form 10-K   113


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Consolidated Statements of Comprehensive Income

 

 

    Year Ended December  
in millions   2011      2010      2009  

Net earnings

  $ 4,442       $ 8,354       $ 13,385   

Currency translation adjustment, net of tax

    (55      (38      (70

Pension and postretirement liability adjustments, net of tax

    (145      88         (17

Net unrealized gains/(losses) on available-for-sale securities, net of tax

    (30      26         97   

Comprehensive income

  $ 4,212       $ 8,430       $ 13,395   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

114   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Description of Business

Note 1.

Description of Business

The Goldman Sachs Group, Inc. (Group Inc.), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

The firm reports its activities in the following four business segments:

Investment Banking

The firm provides a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds and governments. Services include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and debt and equity underwriting of public offerings and private placements, as well as derivative transactions directly related to these activities.

Institutional Client Services

The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products, primarily with institutional clients such as corporates, financial institutions, investment funds and governments. The firm also makes markets and clears client transactions on major stock, options and futures exchanges worldwide and provides financing, securities lending and prime brokerage services to institutional clients.

Investing & Lending

The firm invests in and originates loans to provide financing to clients. These investments and loans are typically longer-term in nature. The firm makes investments, directly and indirectly through funds that the firm manages, in debt securities, loans, public and private equity securities, real estate, consolidated investment entities and power generation facilities.

Investment Management

The firm provides investment management services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. The firm also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families.

 

Basis of Presentation

Note 2.

Basis of Presentation

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated.

All references to 2011, 2010 and 2009 refer to the firm’s years ended, or the dates, as the context requires, December 31, 2011, December 31, 2010 and December 31, 2009, respectively. In connection with becoming a bank holding company in 2008, the firm was required to change its fiscal year-end from November to December. The beginning of the year ended December 2009 is December 27, 2008. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

 

 

  Goldman Sachs 2011 Form 10-K   115


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Significant Accounting Policies

Note 3.

Significant Accounting Policies

 

The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, accounting for goodwill and identifiable intangible assets, and when to consolidate an entity. See Notes 5 through 8 for policies on fair value measurements, Note 13 for policies on goodwill and identifiable intangible assets, and below and Note 11 for policies on consolidation accounting. All other significant accounting policies are either discussed below or included in the following footnotes:

 

Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value      Note 4   

Fair Value Measurements

     Note 5   

Cash Instruments

     Note 6   

Derivatives and Hedging Activities

     Note 7   

Fair Value Option

     Note 8   

Collateralized Agreements and Financings

     Note 9   

Securitization Activities

     Note 10   

Variable Interest Entities

     Note 11   

Other Assets

     Note 12   

Goodwill and Identifiable Intangible Assets

     Note 13   

Deposits

     Note 14   

Short-Term Borrowings

     Note 15   

Long-Term Borrowings

     Note 16   

Other Liabilities and Accrued Expenses

     Note 17   

Commitments, Contingencies and Guarantees

     Note 18   

Shareholders’ Equity

     Note 19   

Regulation and Capital Adequacy

     Note 20   

Earnings Per Common Share

     Note 21   

Transactions with Affiliated Funds

     Note 22   

Interest Income and Interest Expense

     Note 23   

Income Taxes

     Note 24   

Business Segments

     Note 25   

Credit Concentrations

     Note 26   

Legal Proceedings

     Note 27   

Employee Benefit Plans

     Note 28   

Employee Incentive Plans

     Note 29   

Parent Company

     Note 30   

Consolidation

The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE).

Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 11 for further information about VIEs.

Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance common stock.

 

 

116   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In general, the firm accounts for investments acquired subsequent to November 24, 2006, when the fair value option became available, at fair value. In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 12 for further information about equity-method investments.

Investment Funds. The firm has formed numerous investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are included in “Financial instruments owned, at fair value.” See Notes 6, 18 and 22 for further information about investments in funds.

Use of Estimates

Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, accounting for goodwill and identifiable intangible assets, and the provision for losses that may arise from litigation, regulatory proceedings and tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different.

Revenue Recognition

Financial Assets and Financial Liabilities at Fair Value. Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value are recorded at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its other financial assets and financial liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in “Market making” for positions in Institutional Client Services and “Other principal transactions” for positions in Investing & Lending. See Notes 5 through 8 for further information about fair value measurements.

Investment Banking. Fees from financial advisory assignments and underwriting revenues are recognized in earnings when the services related to the underlying transaction are completed under the terms of the assignment. Expenses associated with such transactions are deferred until the related revenue is recognized or the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recorded as non-compensation expenses, net of client reimbursements. Underwriting revenues are presented net of related expenses.

Investment Management. The firm earns management fees and incentive fees for investment management services. Management fees are calculated as a percentage of net asset value, invested capital or commitments, and are recognized over the period that the related service is provided. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a 12-month period or over the life of a fund. Fees that are based on performance over a 12-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees are recognized only when all material contingencies have been resolved. Management and incentive fee revenues are included in “Investment management” revenues.

Commissions and Fees. The firm earns “Commissions and fees” from executing and clearing client transactions on stock, options and futures markets. Commissions and fees are recognized on the day the trade is executed.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Transfers of Assets

Transfers of assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of assets accounted for as sales, any related gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are measured at fair value. For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 9 for further information about transfers of assets accounted for as collateralized financings and Note 10 for further information about transfers of assets accounted for as sales.

Receivables from Customers and Counterparties

Receivables from customers and counterparties generally relate to collateralized transactions. Such receivables are primarily comprised of customer margin loans, transfers of assets accounted for as secured loans rather than purchases and collateral posted in connection with certain derivative transactions. Certain of the firm’s receivables from customers and counterparties are accounted for at fair value under the fair value option, with changes in fair value generally included in “Market making” revenues. See Note 8 for further information about the fair values of these receivables. Receivables from customers and counterparties not accounted for at fair value are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.”

Insurance Activities

Certain of the firm’s insurance and reinsurance contracts are accounted for at fair value under the fair value option, with changes in fair value included in “Market making” revenues. See Note 8 for further information about the fair values of these insurance and reinsurance contracts.

Revenues from variable annuity and life insurance and reinsurance contracts not accounted for at fair value generally consist of fees assessed on contract holder account balances for mortality charges, policy administration fees and surrender charges. These revenues are recognized in earnings over the period that services are provided and are included in “Market making” revenues. Changes in reserves, including interest credited to policyholder account balances, are recognized in “Insurance reserves.”

Premiums earned for underwriting property catastrophe reinsurance are recognized in earnings over the coverage period, net of premiums ceded for the cost of reinsurance, and are included in “Market making” revenues. Expenses for liabilities related to property catastrophe reinsurance claims, including estimates of losses that have been incurred but not reported, are included in “Insurance reserves.”

Foreign Currency Translation

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated statements of financial condition and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income.

Cash and Cash Equivalents

The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. As of December 2011 and December 2010, “Cash and cash equivalents” included $7.95 billion and $5.75 billion, respectively, of cash and due from banks, and $48.05 billion and $34.04 billion, respectively, of interest-bearing deposits with banks.

 

 

118   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Recent Accounting Developments

 

Improving Disclosures about Fair Value Measurements (FASB Accounting Standards Codification (ASC) 820). In January 2010, the FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (Topic 820) — Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 provides amended disclosure requirements related to fair value measurements. Certain of these disclosure requirements became effective for the firm beginning in the first quarter of 2010, while others became effective for the firm beginning in the first quarter of 2011. Since these amended principles require only additional disclosures concerning fair value measurements, adoption did not affect the firm’s financial condition, results of operations or cash flows.

Reconsideration of Effective Control for Repurchase Agreements (ASC 860). In April 2011, the FASB issued ASU No. 2011-03, “Transfers and Servicing (Topic 860) — Reconsideration of Effective Control for Repurchase Agreements.” ASU No. 2011-03 changes the assessment of effective control by removing (i) the criterion that requires the transferor to have the ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee, and (ii) the collateral maintenance implementation guidance related to that criterion. ASU No. 2011-03 is effective for periods beginning after December 15, 2011. The adoption of ASU No. 2011-03 will not affect the firm’s financial condition, results of operations or cash flows.

Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASC 820). In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820) — Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 clarifies the application of existing fair value measurement and disclosure requirements, changes certain principles related to measuring fair value, and requires additional disclosures about fair value measurements. ASU No. 2011-04 is effective for periods beginning after December 15, 2011. Adoption of ASU No. 2011-04 will not materially affect the firm’s financial condition, results of operations or cash flows.

Testing Goodwill for Impairment (ASC 350). In September 2011, the FASB issued ASU No. 2011-08, “Intangibles — Goodwill and Other (Topic 350) — Testing Goodwill for Impairment.” ASU No. 2011-08 simplifies how entities test goodwill for impairment by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative, two-step goodwill impairment test. ASU No. 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The firm adopted these amended principles in conjunction with its goodwill impairment test performed in the fourth quarter of 2011. The adoption of ASU No. 2011-08 did not affect the firm’s financial condition, results of operations or cash flows.

Derecognition of in Substance Real Estate (ASC 360). In December 2011, the FASB issued ASU No. 2011-10, “Property, Plant, and Equipment (Topic 360) — Derecognition of in Substance Real Estate — a Scope Clarification.” ASU No. 2011-10 clarifies that in order to deconsolidate a subsidiary (that is in substance real estate) as a result of a parent no longer controlling the subsidiary due to a default on the subsidiary’s nonrecourse debt, the parent also must satisfy the sale criteria in ASC 360-20, “Property, Plant, and Equipment — Real Estate Sales.” The ASU is effective for fiscal years beginning on or after June 15, 2012. The firm will apply the provisions of the ASU to such events occurring on or after January 1, 2013. Adoption is not expected to materially affect the firm’s financial condition, results of operations or cash flows.

Disclosures about Offsetting Assets and Liabilities (ASC 210). In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” ASU No. 2011-11 will require disclosure of the effect or potential effect of offsetting arrangements on the firm’s financial position as well as enhanced disclosure of the rights of setoff associated with the firm’s recognized assets and recognized liabilities. ASU No. 2011-11 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Since these amended principles require only additional disclosures concerning offsetting and related arrangements, adoption will not affect the firm’s financial condition, results of operations or cash flows.

 

 

  Goldman Sachs 2011 Form 10-K   119


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value

Note 4.

Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value

 

 

Financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP. See Note 8 for further information about the fair value option. The table below presents the firm’s financial instruments owned, at fair value, including those pledged as collateral, and

financial instruments sold, but not yet purchased, at fair value. Financial instruments owned, at fair value included $4.86 billion and $3.67 billion as of December 2011 and December 2010, respectively, of securities accounted for as available-for-sale, substantially all of which are held in the firm’s insurance subsidiaries.

 

 

 

    As of December 2011         As of December 2010  
in millions   Financial
Instruments
Owned
    

Financial
Instruments
Sold, But

Not Yet
Purchased

         Financial
Instruments
Owned
   

Financial
Instruments
Sold, But

Not Yet
Purchased

 

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 13,440       $          $ 11,262  3    $   

U.S. government and federal agency obligations

    87,040         21,006            84,928        23,264   

Non-U.S. government obligations

    49,205         34,886            40,675        29,009   

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    6,699         27            7,510        5   

Loans and securities backed by residential real estate

    7,592         3            9,532        6   

Bank loans and bridge loans

    19,745         2,756  2          18,039        1,487  2 

Corporate debt securities

    22,131         6,553            24,719        7,219   

State and municipal obligations

    3,089         3            2,792          

Other debt obligations

    4,362                    3,232          

Equities and convertible debentures

    65,113         21,326            67,833        24,988   

Commodities

    5,762                    13,138        9   

Derivatives 1

    80,028         58,453            73,293        54,730   

Total

  $ 364,206       $ 145,013          $ 356,953      $ 140,717   

 

1.

Net of cash collateral received or posted under credit support agreements and reported on a net-by-counterparty basis when a legal right of setoff exists under an enforceable netting agreement.

 

2.

Includes the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is primarily included in “Financial instruments owned, at fair value.”

 

3.

Includes $4.06 billion as of December 2010 of money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program. See Note 18 for further information about the William Street credit extension program.

 

120   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Gains and Losses from Market Making and Other Principal Transactions

The table below presents, by major product type, the firm’s “Market making” and “Other principal transactions” revenues. These gains/(losses) are primarily related to the firm’s financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value, including both derivative and non-derivative financial instruments. These gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.

The gains/(losses) in the table are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making, client facilitation, and investing and lending strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s cash instruments and derivatives has exposure to foreign currencies and may be economically hedged with foreign currency contracts.

 

 

    Year Ended December  
in millions   2011      2010      2009  

Interest rates

  $ 1,557       $ (2,042    $ 6,540   

Credit

    2,715         8,679         6,691   

Currencies

    901         3,219         (817

Equities

    2,788         6,862         6,128   

Commodities

    1,588         1,567         4,591   

Other

    1,245         2,325         1,576   

Total

  $ 10,794       $ 20,610       $ 24,709   

 

Fair Value Measurements

Note 5.

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs.

The best evidence of fair value is a quoted price in an active market. If listed prices or quotations are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use as inputs market-based or independently sourced parameters, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodities prices, credit curves and funding rates.

U.S. GAAP has a three-level fair value hierarchy for disclosure of fair value measurements. The fair value hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in the fair value hierarchy is based on the lowest level of input that is significant to its fair value measurement.

The fair value hierarchy is as follows:

Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities.

Level 2. Inputs to valuation techniques are observable, either directly or indirectly.

Level 3. One or more inputs to valuation techniques are significant and unobservable.

The fair values for substantially all of our financial assets and financial liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the hierarchy. Certain level 2 and level 3 financial assets and financial liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. See Notes 6, 7 and 8 for further information about valuation adjustments.

See Notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives, respectively, included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” and Note 8 for further information about other financial assets and financial liabilities accounted for at fair value under the fair value option.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Financial assets and financial liabilities at fair value are summarized below.

 

 

    As of December  
$ in millions   2011     2010  

Total level 1 financial assets

  $ 136,780      $ 137,687   

Total level 2 financial assets

    587,416        566,535   

Total level 3 financial assets

    47,937        45,377   

Netting and collateral 1

    (120,821     (112,085

Total financial assets at fair value

  $ 651,312      $ 637,514   

Total assets

  $ 923,225      $ 911,332   

Total level 3 financial assets as a percentage of Total assets

    5.2     5.0

Total level 3 financial assets as a percentage of Total financial assets at fair value

    7.4     7.1

Total level 3 financial liabilities at fair value

  $ 25,498      $ 24,054   

Total financial liabilities at fair value

  $ 388,669      $ 381,604   

Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value

    6.6     6.3

 

1.

Represents the impact on derivatives of cash collateral and counterparty netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level.

 

The increase in level 3 financial assets during the year ended December 2011 primarily reflected an increase in private equity investments, principally due to purchases and net transfers from level 2, partially offset by sales. Level 3 bank loans and bridge loans also increased, primarily reflecting purchases, partially offset by sales, settlements and net transfers to level 2.

See Notes 6, 7 and 8 for further information about level 3 cash instruments, derivatives and other financial assets and financial liabilities accounted for at fair value under the fair value option, respectively, including information about significant unrealized gains/(losses) and significant transfers in or out of level 3.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Cash Instruments

Note 6.

Cash Instruments

 

Cash instruments include U.S. government and federal agency obligations, non-U.S. government obligations, bank loans and bridge loans, corporate debt securities, equities and convertible debentures, and other non-derivative financial instruments owned and financial instruments sold, but not yet purchased. See below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values. See Note 5 for an overview of the firm’s fair value measurement policies.

Level 1 Cash Instruments

Level 1 cash instruments include U.S. government obligations and most non-U.S. government obligations, actively traded listed equities and certain money market instruments. These instruments are valued using quoted prices for identical unrestricted instruments in active markets.

The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity.

The fair value of a level 1 instrument is calculated as quantity held multiplied by quoted market price. U.S. GAAP prohibits valuation adjustments being applied to level 1 instruments even in situations where the firm holds a large position and a sale could impact the quoted price.

Level 2 Cash Instruments

Level 2 cash instruments include commercial paper, certificates of deposit, time deposits, most government agency obligations, most corporate debt securities, commodities, certain mortgage-backed loans and securities, certain bank loans and bridge loans, restricted or less liquid publicly listed equities, most state and municipal obligations and certain money market instruments and lending commitments.

Valuations of level 2 cash instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Valuation adjustments are typically made to level 2 cash instruments (i) if the cash instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence.

Level 3 Cash Instruments

Level 3 cash instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 cash instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales of level 3 financial assets.

The table below presents the valuation techniques and the nature of significant inputs generally used to determine the fair values of each class of level 3 cash instrument.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Level 3 Cash Instrument    Valuation Techniques and Significant Inputs

 

Loans and securities backed by commercial real estate

 

Ÿ   Collateralized by a single commercial real estate property or a portfolio of properties

 

Ÿ   May include tranches of varying levels of subordination

  

 

Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques.

 

Significant inputs for these valuations include:

 

Ÿ   Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral

 

Ÿ   Current levels and changes in market indices such as the CMBX (an index that tracks the performance of commercial mortgage bonds)

 

Ÿ   Market yields implied by transactions of similar or related assets

 

Ÿ   Current performance of the underlying collateral

 

Ÿ   Capitalization rates and multiples

 

Ÿ   Amount and timing of future cash flows

 

 

Loans and securities backed by residential real estate

 

Ÿ   Collateralized by portfolios of residential real estate

 

Ÿ   May include tranches of varying levels of subordination

  

 

Valuation techniques vary by instrument, but are generally based on relative value analyses, discounted cash flow techniques or a combination thereof.

 

Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices such as the ABX (an index that tracks the performance of subprime residential mortgage bonds). Significant inputs include:

 

Ÿ   Home price projections, residential property liquidation timelines and related costs

 

Ÿ   Underlying loan prepayment, default and cumulative loss expectations

 

Ÿ   Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral

 

Ÿ   Market yields implied by transactions of similar or related assets

 

 

Bank loans and bridge loans

 

Corporate debt securities

 

State and municipal obligations

 

Other debt obligations

  

 

Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques.

 

Significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include:

 

Ÿ   Amount and timing of expected future cash flows

 

Ÿ   Current levels and trends of market indices such as CDX, LCDX and MCDX (indices that track the performance of corporate credit, loans and municipal obligations, respectively)

 

Ÿ   Market yields implied by transactions of similar or related assets

 

Ÿ   Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation

 

 

Equities and convertible debentures

 

Ÿ   Private equity investments

  

 

Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available:

 

Ÿ   Transactions in similar instruments

 

Ÿ   Discounted cash flow techniques

 

Ÿ   Third-party appraisals

 

Ÿ   Industry multiples and public comparables

 

Evidence includes recent or pending reorganizations (e.g., merger proposals, tender offers, debt restructurings) and significant changes in financial metrics, such as:

 

Ÿ   Current financial performance as compared to projected performance

 

Ÿ   Capitalization rates and multiples

 

Ÿ   Market yields implied by transactions of similar or related assets

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Fair Value of Cash Instruments by Level

 

The tables below present, by level within the fair value hierarchy, cash instrument assets and liabilities, at fair value. Cash instrument assets and liabilities are included in

“Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively.

 

 

 

    Cash Instrument Assets at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3        Total  

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 3,255         $ 10,185         $         $ 13,440   

U.S. government and federal agency obligations

    29,263           57,777                     87,040   

Non-U.S. government obligations

    42,854           6,203           148           49,205   

Mortgage and other asset-backed loans and securities 1:
Loans and securities backed by commercial real estate

              3,353           3,346           6,699   

Loans and securities backed by residential real estate

              5,883           1,709           7,592   

Bank loans and bridge loans

              8,460           11,285           19,745   

Corporate debt securities 2

    133           19,518           2,480           22,131   

State and municipal obligations

              2,490           599           3,089   

Other debt obligations 2

              2,911           1,451           4,362   

Equities and convertible debentures

    39,955  3         11,491  4         13,667  5         65,113   

Commodities

              5,762                     5,762   

Total

  $ 115,460         $ 134,033         $ 34,685         $ 284,178   
    Cash Instrument Liabilities at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3        Total  

U.S. government and federal agency obligations

  $ 20,940         $ 66         $         $ 21,006   

Non-U.S. government obligations

    34,339           547                     34,886   

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

              27                     27   

Loans and securities backed by residential real estate

              3                     3   

Bank loans and bridge loans

              1,891           865           2,756   

Corporate debt securities 6

              6,522           31           6,553   

State and municipal obligations

              3                     3   

Equities and convertible debentures

    20,069  3         1,248  4         9           21,326   

Total

  $ 75,348         $ 10,307         $ 905         $ 86,560   

 

1.

Includes $213 million and $595 million of collateralized debt obligations (CDOs) backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $403 million and $1.19 billion of CDOs and collateralized loan obligations (CLOs) backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Principally consists of restricted or less liquid publicly listed securities.

 

5.

Includes $12.07 billion of private equity investments, $1.10 billion of real estate investments and $497 million of convertible debentures.

 

6.

Includes $27 million of CDOs and CLOs backed by corporate obligations in level 3.

 

  Goldman Sachs 2011 Form 10-K   125


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

    Cash Instrument Assets at Fair Value as of December 2010  
in millions   Level 1        Level 2        Level 3        Total  

Commercial paper, certificates of deposit, time deposits and other
money market instruments

  $ 4,344         $ 6,918         $         $ 11,262   

U.S. government and federal agency obligations

    36,184           48,744                     84,928   

Non-U.S. government obligations

    35,504           5,171                     40,675   

Mortgage and other asset-backed loans and securities 1:

Loans and securities backed by commercial real estate

              3,534           3,976           7,510   

Loans and securities backed by residential real estate

              7,031           2,501           9,532   

Bank loans and bridge loans

              8,134           9,905           18,039   

Corporate debt securities 2

    108           21,874           2,737           24,719   

State and municipal obligations

              2,038           754           2,792   

Other debt obligations

              1,958           1,274           3,232   

Equities and convertible debentures

    41,660   3         15,113   4         11,060  5         67,833   

Commodities

              13,138                     13,138   

Total

  $ 117,800         $ 133,653         $ 32,207         $ 283,660   
    Cash Instrument Liabilities at Fair Value as of December 2010  
in millions   Level 1        Level 2        Level 3        Total  

U.S. government and federal agency obligations

  $ 23,191         $ 73         $         $ 23,264   

Non-U.S. government obligations

    28,168           841                     29,009   

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

              5                     5   

Loans and securities backed by residential real estate

              6                     6   

Bank loans and bridge loans

              1,107           380           1,487   

Corporate debt securities 6

    26           7,133           60           7,219   

Equities and convertible debentures

    24,283  3         699  4         6           24,988   

Commodities

              9                     9   

Total

  $ 75,668         $ 9,873         $ 446         $ 85,987   

 

1.

Includes $212 million and $565 million of CDOs backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $368 million and $1.07 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Substantially all consists of restricted or less liquid publicly listed securities.

 

5.

Includes $10.03 billion of private equity investments, $874 million of real estate investments and $156 million of convertible debentures.

 

6.

Includes $35 million of CDOs and CLOs backed by corporate obligations in level 3.

 

126   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Level 3 Rollforward

 

If a cash instrument asset or liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are reported at the beginning of the reporting period in which they occur.

Level 3 cash instruments are frequently economically hedged with level 1 and level 2 cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by

gains or losses attributable to level 1 or level 2 cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The tables below present changes in fair value for all cash instrument assets and liabilities categorized as level 3 as of the end of the year.

 

 

 

    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
     Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Purchases 1     Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Non-U.S. government obligations

  $       $ 25      $ (63   $ 27      $ (123   $ (8   $ 290      $ 148   

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    3,976         222        80        1,099        (1,124     (831     (76     3,346   

Loans and securities backed by residential real estate

    2,501         253        (81     768        (702     (456     (574     1,709   

Bank loans and bridge loans

    9,905         540        (216     6,725        (2,329     (1,554     (1,786     11,285   

Corporate debt securities

    2,737         391        (132     1,319        (1,137     (697     (1     2,480   

State and municipal obligations

    754         12        (1     448        (591     (13     (10     599   

Other debt obligations

    1,274         124        (17     560        (388     (212     110        1,451   

Equities and convertible debentures

    11,060         240        338        2,731        (1,196     (855     1,349        13,667   

Total

  $ 32,207       $ 1,807  2    $ (92 ) 2    $ 13,677      $ (7,590   $ (4,626   $ (698   $ 34,685   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
     Net
realized
(gains)/
losses
    Net unrealized
(gains)/losses
relating to
instruments
still held at
year-end
    Purchases     Sales     Settlements    

Net
transfers
in and/or
(out) of

level 3

    Balance,
end of
year
 

Total

  $ 446       $ (27   $ 218      $ (491   $ 475      $ 272      $ 12      $ 905   

 

1.

Includes both originations and secondary market purchases.

 

2.

The aggregate amounts include approximately $(202) million, $623 million and $1.29 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

 

The net unrealized loss on level 3 cash instrument assets and liabilities of $310 million for the year ended December 2011 primarily consisted of losses on bank loans and bridge loans and corporate debt securities, primarily reflecting the impact of unfavorable credit markets and losses on relationship lending. These losses were partially offset by gains in private equity investments, where prices were generally corroborated through market transactions in similar financial instruments during the year.

Significant transfers in or out of level 3 cash instrument assets during the year ended December 2011 included:

 

Ÿ  

Bank loans and bridge loans: net transfer out of level 3 of $1.79 billion, primarily due to transfers to level 2 of certain loans due to improved transparency of market prices as a result of market transactions in these or similar loans, partially offset by transfers to level 3 of other loans primarily due to reduced transparency of market prices as a result of less market activity in these loans.

 

 

  Goldman Sachs 2011 Form 10-K   127


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Ÿ  

Equities and convertible debentures: net transfer into level 3 of $1.35 billion, primarily due to transfers to level 3 of certain private equity investments due to reduced transparency of market prices as a result of less market activity in these financial instruments, partially offset by transfers to level 2 of other private equity investments due to improved transparency of market prices as a result of market transactions in these financial instruments.

Ÿ  

Loans and securities backed by residential real estate: net transfer out of level 3 of $574 million, principally due to transfers to level 2 of certain loans due to improved transparency of market prices used to value these loans, as well as unobservable inputs no longer being significant to the valuation of these loans.

There were no significant transfers in or out of level 3 cash instrument liabilities during the year ended December 2011.

 

 

 

    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
     Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

  $ 5,794       $ 239      $ 108      $ (1,335   $ (830   $ 3,976   

Loans and securities backed by residential real estate

    2,070         178        37        163        53        2,501   

Bank loans and bridge loans

    9,560         687        482        (735     (89     9,905   

Corporate debt securities

    2,235         239        348        488        (573     2,737   

State and municipal obligations

    1,114         1        (25     (393     57        754   

Other debt obligations

    2,235         4        159        (263     (861     1,274   

Equities and convertible debentures

    11,871         119        548        (847     (631     11,060   

Total

  $ 34,879       $ 1,467  1    $ 1,657  1    $ (2,922   $ (2,874   $ 32,207   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year  Ended December 2010  
in millions   Balance,
beginning
of year
     Net
realized
(gains)/
losses
   

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Total

  $ 572       $ 5      $ (17   $ (97   $ (17   $ 446   

 

1.

The aggregate amounts include approximately $836 million, $1.03 billion and $1.26 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

 

The net unrealized gain on level 3 cash instrument assets and liabilities of $1.67 billion for the year ended December 2010 primarily consisted of unrealized gains on private equity investments, bank loans and bridge loans and corporate debt securities, where prices were generally corroborated through sales and partial sales of similar assets in these asset classes during the period.

Significant transfers in or out of level 3 cash instrument assets during the year ended December 2010 included:

 

Ÿ  

Loans and securities backed by commercial real estate: net transfer out of level 3 of $830 million, principally due to transfers to level 2 of certain loans due to improved transparency of market prices as a result of partial sales.

Ÿ  

Corporate debt securities: net transfer out of level 3 of $573 million, principally due to a reduction in financial instruments as a result of the consolidation of a VIE which holds intangible assets.

 

Ÿ  

Other debt obligations: net transfer out of level 3 of $861 million, principally due to a reduction in financial instruments as a result of the consolidation of a VIE. The VIE holds real estate assets which are included in “Other assets.”

 

Ÿ  

Equities and convertible debentures: net transfer out of level 3 of $631 million, principally due to transfers to level 2 of certain private equity investments due to improved transparency of market prices as a result of partial sales and initial public offerings.

 

 

128   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Investments in Funds That Calculate Net Asset

Value Per Share

 

Cash instruments at fair value include investments in funds that are valued based on the net asset value per share (NAV) of the investment fund. The firm uses NAV as its measure of fair value for fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value.

The firm’s investments in funds that calculate NAV primarily consist of investments in firm-sponsored funds where the firm co-invests with third-party investors. The private equity, private debt and real estate funds are primarily closed-end funds in which the firm’s investments are not eligible for redemption. Distributions will be received from these funds as the underlying assets are

liquidated and it is estimated that substantially all of the underlying assets of existing funds will be liquidated over the next 10 years. The firm continues to manage its existing private equity funds taking into account the transition periods under the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), although the rules have not yet been finalized.

The firm’s investments in hedge funds are generally redeemable on a quarterly basis with 91 days’ notice, subject to a maximum redemption level of 25% of the firm’s initial investments at any quarter-end. The firm currently plans to comply with the Volcker Rule by redeeming certain of its interests in hedge funds.

The table below presents the fair value of the firm’s investments in, and unfunded commitments to, funds that calculate NAV.

 

 

 

    As of December 2011          As of December 2010  
in millions   Fair Value of
Investments
       Unfunded
Commitments
          Fair Value of
Investments
       Unfunded
Commitments
 

Private equity funds 1

    $  8,074           $3,514             $  7,911           $  4,816   

Private debt funds 2

    3,596           3,568             4,267           3,721   

Hedge funds 3

    3,165                       3,169             

Real estate and other funds 4

    1,531           1,613             1,424           1,931   

Total

    $16,366           $8,695             $16,771           $10,468   

 

1.

These funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations and growth investments.

 

2.

These funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for mid- to large-sized leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers.

 

3.

These funds are primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies including long/short equity, credit, convertibles, risk arbitrage, special situations and capital structure arbitrage.

 

4.

These funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and direct property.

 

  Goldman Sachs 2011 Form 10-K   129


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Derivatives and Hedging Activities

Note 7.

Derivatives and Hedging Activities

Derivative Activities

 

Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be privately negotiated contracts, which are usually referred to as over-the-counter (OTC) derivatives, or they may be listed and traded on an exchange (exchange-traded).

Market-Making. As a market maker, the firm enters into derivative transactions with clients and other market participants to provide liquidity and to facilitate the transfer and hedging of risk. In this capacity, the firm typically acts as principal and is consequently required to commit capital to provide execution. As a market maker, it is essential to maintain an inventory of financial instruments sufficient to meet expected client and market demands.

Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from market-making and investing and lending activities in derivative and cash instruments. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage foreign currency exposure on the net investment in certain non-U.S. operations and to manage interest rate exposure in certain fixed-rate unsecured long-term and short-term borrowings, and certificates of deposit.

The firm enters into various types of derivatives, including:

 

Ÿ  

Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.

 

Ÿ  

Swaps. Contracts that require counterparties to exchange cash flows such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.

 

Ÿ  

Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.

Derivatives are accounted for at fair value, net of cash collateral received or posted under credit support agreements. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement. Derivative assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively.

Substantially all gains and losses on derivatives not designated as hedges under ASC 815 are included in “Market making” and “Other principal transactions.”

 

 

130   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The table below presents the fair value of derivatives on a net-by-counterparty basis.

 

 

    As of December 2011             As of December 2010  
in millions   Derivative
Assets
       Derivative
Liabilities
             Derivative
Assets
      

Derivative

Liabilities

 

Exchange-traded

    $  5,880           $  3,172                $  7,601           $  2,794   

Over-the-counter

    74,148           55,281                65,692           51,936   

Total

    $80,028           $58,453                $73,293           $54,730   

 

The table below presents the fair value and the number of derivative contracts by major product type on a gross basis. Gross fair values in the table below exclude the effects of both netting under enforceable netting agreements and

netting of cash collateral received or posted under credit support agreements, and therefore are not representative of the firm’s exposure.

 

 

 

    As of December 2011     

 

  As of December 2010  
in millions, except number of contracts  

Derivative

Assets

    

Derivative

Liabilities

     Number of
Contracts
         

Derivative

Assets

    

Derivative

Liabilities

    Number of
Contracts
 

Derivatives not accounted for as hedges

Interest rates

  $ 624,189       $ 582,608         287,351           $ 463,145       $ 422,514        272,279   

Credit

    150,816         130,659         362,407             127,153         104,407        367,779   

Currencies

    88,654         71,736         203,205             87,959         70,273        222,706   

Commodities

    35,966         38,050         93,755             36,689         41,666        70,890   

Equities

    64,135         51,928         332,273             65,815         51,948        289,059   

Subtotal

    963,760         874,981         1,278,991             780,761         690,808        1,222,713   

Derivatives accounted for as hedges

Interest rates

    21,981         13         1,125             23,396         33        997   

Currencies

    124         21         71             6         162        72   

Subtotal

    22,105         34         1,196             23,402         195        1,069   

Gross fair value of derivatives

  $ 985,865       $ 875,015         1,280,187           $ 804,163       $ 691,003        1,223,782   

Counterparty netting 1

    (787,733      (787,733                   (620,553      (620,553        

Cash collateral netting 2

    (118,104      (28,829                   (110,317      (15,720        

Fair value included in financial instruments owned

  $ 80,028                             $ 73,293                    

Fair value included in financial instruments sold, but not yet purchased

           $ 58,453                             $ 54,730           

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

  Goldman Sachs 2011 Form 10-K   131


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Valuation Techniques for Derivatives

See Note 5 for an overview of the firm’s fair value measurement policies.

Level 1 Derivatives

Exchange-traded derivatives fall within level 1 if they are actively traded and are valued at their quoted market price.

Level 2 Derivatives

Level 2 derivatives include exchange-traded derivatives that are not actively traded and OTC derivatives for which all significant valuation inputs are corroborated by market evidence.

Level 2 exchange-traded derivatives are valued using models that calibrate to market-clearing levels of OTC derivatives. Inputs to the valuations of level 2 OTC derivatives can be verified to market-clearing transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Where models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels.

Price transparency of OTC derivatives can generally be characterized by product type.

Interest Rate. In general, the prices and other inputs used to value interest rate derivatives are transparent, even for long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate), are more complex and are therefore less transparent, but the prices and other inputs are generally observable.

Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to be less transparent than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency.

Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the transparency of developed and emerging market currency derivatives is that emerging markets tend to be observable for contracts with shorter tenors.

Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil and natural gas), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices.

 

 

132   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Exchange-traded and OTC equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency.

Liquidity is essential to observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs.

Level 3 Derivatives

Level 3 OTC derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs.

 

Ÿ  

For the majority of the firm’s interest rate and currency derivatives classified within level 3, the significant unobservable inputs are correlations of certain currencies and interest rates (e.g., the correlation of Japanese yen foreign exchange rates to U.S. dollar interest rates).

 

Ÿ  

For credit derivatives classified within level 3, significant level 3 inputs include long-dated credit and funding spreads, as well as certain correlation inputs required to value credit and mortgage derivatives (e.g., the likelihood of default of the underlying reference obligations relative to one another).

 

Ÿ  

For level 3 equity derivatives, significant level 3 inputs generally include equity volatility inputs for options that are very long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 inputs for the correlation of the price performance for two or more individual stocks.

Ÿ  

For level 3 commodity derivatives, significant level 3 inputs include volatilities for options with strike prices that differ significantly from current market prices and prices for certain products for which the product quality is not aligned with benchmark indices.

Subsequent to the initial valuation of a level 3 OTC derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are recorded in level 3. Level 3 inputs are changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value.

Valuation Adjustments

Valuation adjustments are integral to determining the fair value of derivatives and are used to adjust the mid-market valuations, produced by derivative pricing models, to the appropriate exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity on illiquid positions, credit valuation adjustments (CVA) and funding valuation adjustments, which account for the credit and funding risk inherent in derivative portfolios. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels.

In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction.

 

 

  Goldman Sachs 2011 Form 10-K   133


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Fair Value of Derivatives by Level

 

The tables below present the fair value of derivatives on a gross basis by level and major product type. Gross fair values in the tables below exclude the effects of both netting under enforceable netting agreements and netting of cash

received or posted under credit support agreements both in and across levels of the fair value hierarchy, and therefore are not representative of the firm’s exposure.

 

 

 

    Derivative Assets at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3       

Cross-Level

Netting

       Total  

Interest rates

    $33         $ 645,923         $ 214           $      —         $ 646,170   

Credit

              137,110           13,706                     150,816   

Currencies

              86,752           2,026                     88,778   

Commodities

              35,062           904                     35,966   

Equities

    24           62,684           1,427                     64,135   

Gross fair value of derivative assets

    57           967,531           18,277                     985,865   

Counterparty netting 1

              (778,639        (6,377        (2,717 ) 3         (787,733

Subtotal

    $57         $ 188,892         $ 11,900           $(2,717      $ 198,132   

Cash collateral netting 2

                                                (118,104

Fair value included in financial instruments owned

                                              $ 80,028   
    Derivative Liabilities at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3       

Cross-Level

Netting

       Total  

Interest rates

    $  24         $ 582,012         $ 585           $      —         $ 582,621   

Credit

              123,253           7,406                     130,659   

Currencies

              70,573           1,184                     71,757   

Commodities

              36,541           1,509                     38,050   

Equities

    185           49,884           1,859                     51,928   

Gross fair value of derivative liabilities

    209           862,263           12,543                     875,015   

Counterparty netting 1

              (778,639        (6,377        (2,717 ) 3         (787,733

Subtotal

    $209         $ 83,624         $ 6,166           $(2,717      $ 87,282   

Cash collateral netting 2

                                                (28,829

Fair value included in financial instruments sold,
but not yet purchased

                                              $ 58,453   

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

 

134   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

    Derivative Assets at Fair Value as of December 2010  
in millions   Level 1        Level 2      Level 3     

Cross-Level

Netting

     Total  

Interest rates

  $ 49         $ 486,037       $ 455       $       $ 486,541   

Credit

              115,519         11,634                 127,153   

Currencies

              86,158         1,807                 87,965   

Commodities

              34,511         2,178                 36,689   

Equities

    44           64,267         1,504                 65,815   

Gross fair value of derivative assets

    93           786,492         17,578                 804,163   

Counterparty netting 1

              (613,979      (4,806      (1,768 ) 3       (620,553

Subtotal

  $ 93         $ 172,513       $ 12,772       $ (1,768    $ 183,610   

Cash collateral netting 2

                                          (110,317

Fair value included in financial instruments owned

                                        $ 73,293   
    Derivative Liabilities at Fair Value as of December 2010  
in millions   Level 1        Level 2      Level 3     

Cross-Level

Netting

     Total  

Interest rates

  $ 18         $ 422,267       $ 262       $       $ 422,547   

Credit

              99,813         4,594                 104,407   

Currencies

              69,726         709                 70,435   

Commodities

              39,709         1,957                 41,666   

Equities

    27           49,427         2,494                 51,948   

Gross fair value of derivative liabilities

    45           680,942         10,016                 691,003   

Counterparty netting 1

              (613,979      (4,806      (1,768 ) 3       (620,553

Subtotal

  $ 45         $ 66,963       $ 5,210       $ (1,768    $ 70,450   

Cash collateral netting 2

                                          (15,720

Fair value included in financial instruments sold, but not yet purchased

                                        $ 54,730   

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

 

  Goldman Sachs 2011 Form 10-K   135


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Level 3 Rollforward

 

If a derivative was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are reported at the beginning of the reporting period in which they occur.

Gains and losses on level 3 derivatives should be considered in the context of the following:

 

Ÿ  

A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant
level 3 input.

 

Ÿ  

If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified as level 3.

Ÿ  

Gains or losses that have been reported in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the year.

 

 

 

    Level 3 Derivative Assets and Liabilities at Fair Value for the Year Ended December 2011  
in millions  

Asset/

(liability)
balance,
beginning
of year

    

Net

realized
gains/
(losses)

    Net unrealized
gains/(losses)
relating to
instruments
still held at
year-end
    Purchases      Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
   

Asset/

(liability)

balance,
end of

year

 

Interest rates — net

  $ 194       $ (38   $ (305   $ 23       $ (29   $ 84      $ (300   $ (371

Credit — net

    7,040         46        2,525        348         (1,310     (1,713     (636     6,300   

Currencies — net

    1,098         (26     (351     29         (25     (54     171        842   

Commodities — net

    220         (35     259        125         (835     150        (489     (605

Equities — net

    (990      184        151        382         (683     159        365        (432

Total derivatives — net

  $ 7,562       $ 131  1    $ 2,279  1, 2    $ 907       $ (2,882   $ (1,374   $ (889   $ 5,734   

 

1.

The aggregate amounts include approximately $2.35 billion and $62 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

 

The net unrealized gain on level 3 derivatives of $2.28 billion for the year ended December 2011 was primarily attributable to the impact of changes in interest rates and exchange rates underlying certain credit derivatives. Unrealized gains on level 3 derivatives were substantially offset by unrealized losses on derivatives classified within level 2 which economically hedge derivatives classified within level 3.

Significant transfers in or out of level 3 derivatives during the year ended December 2011 included:

 

Ÿ  

Credit — net: net transfer out of level 3 of $636 million, primarily reflecting transfers to level 2 of certain credit derivative assets principally due to unobservable inputs no longer being significant to the valuation of these derivatives, and transfers into level 3 of certain credit

   

derivative liabilities due to reduced transparency of the correlation inputs used to value these derivatives. The impact of these transfers was partially offset by transfers into level 3 of certain credit and mortgage derivative assets, primarily due to reduced transparency of the correlation inputs used to value these derivatives.

 

Ÿ  

Commodities — net: net transfer out of level 3 of $489 million, primarily reflecting transfers to level 2, due to increased transparency of market prices used to value certain commodity derivative assets as a result of market activity in similar instruments, and unobservable inputs becoming less significant to the valuation of other commodity derivative assets. In addition, certain commodity derivative liabilities were transferred into level 3 due to reduced transparency of volatility inputs used to value these derivatives.

 

 

136   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

    Level 3 Derivative Assets and Liabilities at Fair Value for the  Year Ended December 2010  
in millions  

Asset/

(liability)
balance,
beginning
of year

    

Net

realized
gains/
(losses)

   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    

Net
transfers in

and/or (out)
of level 3

    Asset/
(liability)
balance,
end of
year
 

Interest rates — net

  $ (71    $ (79   $ 156      $ (118    $ 306      $ 194   

Credit — net

    6,366         8        4,393        (2,663      (1,064     7,040   

Currencies — net

    215         (83     317        110         539        1,098   

Commodities — net

    (90      48        312        33         (83     220   

Equities — net

    (1,224      (38     6        43         223        (990

Total derivatives — net

  $ 5,196       $ (144 ) 1    $ 5,184  1, 2    $ (2,595    $ (79   $ 7,562   

 

1.

The aggregate amounts include approximately $4.99 billion and $55 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

 

The net unrealized gain on level 3 derivatives of $5.18 billion for the year ended December 2010 was primarily attributable to lower interest rates underlying certain credit derivatives. These unrealized gains were substantially offset by unrealized losses on currency, interest rate and credit derivatives categorized in level 2, which economically hedge level 3 derivatives.

Significant transfers in or out of level 3 derivatives during the year ended December 2010 included:

 

Ÿ  

Interest rates — net and Currencies — net: net transfer into level 3 of $306 million and $539 million, respectively, principally due to reduced transparency of the correlation inputs used to value these financial instruments.

 

Ÿ  

Credit — net: net transfer out of level 3 of $1.06 billion, principally due to improved transparency of correlation inputs used to value certain mortgage derivatives.

Impact of Credit Spreads on Derivatives

On an ongoing basis, the firm realizes gains or losses relating to changes in credit risk through the unwind of derivative contracts and changes in credit mitigants.

The net gain attributable to the impact of changes in credit exposure and credit spreads (counterparty and the firm’s) on derivatives was $573 million, $68 million and $572 million for the years ended December 2011, December 2010 and December 2009, respectively.

Bifurcated Embedded Derivatives

The table below presents derivatives, primarily equity and interest rate products, that have been bifurcated from their related borrowings. These derivatives are recorded at fair value and included in “Unsecured short-term borrowings” and “Unsecured long-term borrowings.” See Note 8 for further information.

 

 

    As of December  
in millions, except number of contracts   2011        2010  

Fair value of assets

  $ 422         $ 383   

Fair value of liabilities

    304           267   

Net

  $ 118         $ 116   

Number of contracts

    333           338   
 

 

  Goldman Sachs 2011 Form 10-K   137


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

OTC Derivatives

 

The tables below present the fair values of OTC derivative assets and liabilities by tenor and by product type. Tenor is based on expected duration for mortgage-related credit

derivatives and generally on remaining contractual maturity for other derivatives.

 

 

 

in millions   OTC Derivatives as of December 2011  

Assets

Product Type

  0 - 12
Months
      

1 - 5

Years

       5 Years or
Greater
       Total  

Interest rates

  $ 10,931         $ 32,194         $ 82,480         $ 125,605   

Credit

    3,054           15,468           13,687           32,209   

Currencies

    11,253           11,592           16,023           38,868   

Commodities

    5,286           5,931           147           11,364   

Equities

    6,663           7,768           7,468           21,899   

Netting across product types 1

    (3,071        (6,033        (6,027        (15,131

Subtotal

  $ 34,116         $ 66,920         $ 113,778           214,814   

Cross maturity netting 2

                                     (22,562

Cash collateral netting 3

                                     (118,104

Total

                                   $ 74,148   

Liabilities

Product Type

  0 - 12
Months
      

1 - 5

Years

       5 Years or
Greater
       Total  

Interest rates

  $ 5,787         $ 18,607         $ 37,739         $ 62,133   

Credit

    1,200           6,957           3,894           12,051   

Currencies

    9,826           5,514           6,502           21,842   

Commodities

    6,322           5,174           2,727           14,223   

Equities

    3,290           4,018           4,246           11,554   

Netting across product types 1

    (3,071        (6,033        (6,027        (15,131

Subtotal

  $ 23,354         $ 34,237         $ 49,081           106,672   

Cross maturity netting 2

                                     (22,562

Cash collateral netting 3

                                     (28,829

Total

                                   $ 55,281   

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

138   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

in millions   OTC Derivatives as of December 2010  

Assets

 

Product Type

  0 - 12
Months
       1 - 5
Years
       5 Years or
Greater
       Total  

Interest rates

  $ 7,137         $ 34,384         $ 60,750         $ 102,271   

Credit

    2,777           16,145           13,525           32,447   

Currencies

    9,968           10,696           14,868           35,532   

Commodities

    5,664           5,996           248           11,908   

Equities

    4,795           10,942           7,037           22,774   

Netting across product types 1

    (2,937        (5,513        (5,077        (13,527

Subtotal

  $ 27,404         $ 72,650         $ 91,351         $ 191,405   

Cross maturity netting 2

                                     (15,396

Cash collateral netting 3

                                     (110,317

Total

                                   $ 65,692   

Liabilities

 

Product Type

  0 - 12
Months
       1 - 5
Years
       5 Years or
Greater
       Total  

Interest rates

  $ 4,470         $ 14,072         $ 19,760         $ 38,302   

Credit

    1,024           4,862           3,816           9,702   

Currencies

    8,036           5,219           4,986           18,241   

Commodities

    7,279           7,838           2,528           17,645   

Equities

    3,962           4,977           3,750           12,689   

Netting across product types 1

    (2,937        (5,513        (5,077        (13,527

Subtotal

  $ 21,834         $ 31,455         $ 29,763         $ 83,052   

Cross maturity netting 2

                                     (15,396

Cash collateral netting 3

                                     (15,720

Total

                                   $ 51,936   

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

  Goldman Sachs 2011 Form 10-K   139


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Derivatives with Credit-Related Contingent Features

Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The table below presents the aggregate fair value of net derivative liabilities under such agreements (excluding application of collateral posted to reduce these liabilities), the related aggregate fair value of the assets posted as collateral, and the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in the firm’s credit ratings.

 

 

    As of December  
in millions   2011      2010  

Net derivative liabilities under bilateral agreements

  $ 35,066       $ 23,843   

Collateral posted

    29,002         16,640   

Additional collateral or termination payments for a one-notch downgrade

    1,303         1,353   

Additional collateral or termination payments for a two-notch downgrade

    2,183         2,781   

Credit Derivatives

The firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with market-making and investing and lending activities. Credit derivatives are actively managed based on the firm’s net risk position.

Credit derivatives are individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity.

Credit Default Swaps. Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer (reference entity) of the reference obligations suffers a credit event. The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer of protection. However, if a credit event occurs, the seller of protection is required to make a payment to the buyer of protection, which is calculated in accordance with the terms of the contract.

Credit Indices, Baskets and Tranches. Credit derivatives may reference a basket of single-name credit default swaps or a broad-based index. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. The payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various portions (tranches), each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche in the capital structure.

Total Return Swaps. A total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller. Typically, the protection buyer receives from the protection seller a floating rate of interest and protection against any reduction in fair value of the reference obligation, and in return the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation.

 

 

140   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Credit Options. In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread. The option purchaser buys the right, but not the obligation, to sell the reference obligation to, or purchase it from, the option writer. The payments on credit options depend either on a particular credit spread or the price of the reference obligation.

The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underlyings. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default.

As of December 2011, written and purchased credit derivatives had total gross notional amounts of $1.96 trillion and $2.08 trillion, respectively, for total net notional purchased protection of $116.93 billion. As of December 2010, written and purchased credit derivatives had total gross notional amounts of $2.05 trillion and $2.19 trillion, respectively, for total net notional purchased protection of $140.63 billion.

The table below presents certain information about credit derivatives. In the table below:

 

Ÿ  

fair values exclude the effects of both netting under enforceable netting agreements and netting of cash received or posted under credit support agreements, and therefore are not representative of the firm’s exposure;

 

Ÿ  

tenor is based on expected duration for mortgage-related credit derivatives and on remaining contractual maturity for other credit derivatives; and

 

Ÿ  

the credit spread on the underlying, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.

 

 

 

   

Maximum Payout/Notional Amount

of Written Credit Derivatives by Tenor

         Maximum Payout/Notional
Amount of Purchased
Credit Derivatives
        

Fair Value of

Written Credit Derivatives

 
$ in millions   0 - 12
Months
    

1 - 5

Years

    

5 Years

or

Greater

     Total           Offsetting
Purchased
Credit
Derivatives 1
     Other
Purchased
Credit
Derivatives  2
          Asset      Liability     

Net

Asset/

(Liability)

 

As of December 2011

                             

Credit spread on underlying

(basis points)

                             

0-250

  $ 282,851       $ 794,193       $ 141,688       $ 1,218,732           $ 1,122,296       $ 180,316           $ 17,572       $ 16,907       $ 665   

251-500

    42,682         269,687         69,864         382,233             345,942         47,739             4,517         20,810         (16,293

501-1,000

    29,377         140,389         21,819         191,585             181,003         23,176             138         15,398         (15,260

Greater than 1,000

    30,244         114,103         22,995         167,342             147,614         28,734             512         57,201         (56,689

Total

  $ 385,154       $ 1,318,372       $ 256,366       $ 1,959,892           $ 1,796,855       $ 279,965           $ 22,739       $ 110,316       $ (87,577

As of December 2010

                             

Credit spread on underlying

(basis points)

                             

0-250

  $ 235,798       $ 1,094,308       $ 288,851       $ 1,618,957           $ 1,511,113       $ 232,506           $ 32,071       $ 14,780       $ 17,291   

251-500

    14,412         144,448         52,072         210,932             183,613         36,713             7,368         7,739         (371

501-1,000

    6,384         89,212         33,553         129,149             110,019         18,686             2,571         11,256         (8,685

Greater than 1,000

    11,721         63,982         12,022         87,725             70,945         23,795             483         33,670         (33,187

Total

  $ 268,315       $ 1,391,950       $ 386,498       $ 2,046,763           $ 1,875,690       $ 311,700           $ 42,493       $ 67,445       $ (24,952

 

1.

Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives to the extent they economically hedge written credit derivatives with identical underlyings.

 

2.

This purchased protection represents the notional amount of purchased credit derivatives in excess of the notional amount included in “Offsetting Purchased Credit Derivatives.”

 

  Goldman Sachs 2011 Form 10-K   141


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Hedge Accounting

The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit and (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. operations.

To qualify for hedge accounting, the derivative hedge must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship.

Interest Rate Hedges

The firm designates certain interest rate swaps as fair value hedges. These interest rate swaps hedge changes in fair value attributable to the relevant benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR)), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations.

The firm applies the “long-haul method” in assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk).

During the three months ended March 2010, the firm changed its method of prospectively and retrospectively assessing the effectiveness of all of its fair value hedging relationships from a dollar-offset method, which is a non-statistical method, to regression analysis, which is a statistical method.

An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%.

The dollar-offset method compared the change in the fair value of the hedging instrument to the change in the fair value of the hedged item, excluding the effect of the passage of time. The prospective dollar-offset assessment used scenario analyses to test hedge effectiveness through simulations of numerous parallel and slope shifts of the relevant yield curve. Parallel shifts changed the interest rate of all maturities by identical amounts. Slope shifts changed the curvature of the yield curve. For both the prospective assessment, in response to each of the simulated yield curve shifts, and the retrospective assessment, a hedging relationship was considered effective if the fair value of the hedging instrument and the hedged item changed inversely within a range of 80% to 125%.

For qualifying fair value hedges, gains or losses on derivatives are included in “Interest expense.” The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life. Gains or losses resulting from hedge ineffectiveness are included in “Interest expense.” When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense.

For the years ended December 2011, December 2010 and December 2009, the gain/(loss) recognized on interest rate derivatives accounted for as hedges was $4.68 billion, $1.62 billion and $(10.07) billion, respectively, and the related gain/(loss) recognized on the hedged borrowings and bank deposits was $(6.30) billion, $(3.45) billion and $9.95 billion, respectively. The hedge ineffectiveness recognized on these derivatives for the years ended December 2011 and December 2010 was a loss of $1.62 billion and $1.84 billion, respectively, and was not material for the year ended December 2009. These losses consisted primarily of the amortization of prepaid credit spreads. The gain/(loss) excluded from the assessment of hedge effectiveness was not material for the years ended December 2011 and December 2010, and was a loss of $1.23 billion for the year ended December 2009.

 

 

142   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Net Investment Hedges

The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates.

For qualifying net investment hedges, the gains or losses on the hedging instruments, to the extent effective, are included in the consolidated statements of comprehensive income.

The table below presents the gains/(losses) from net investment hedging. The gains/(losses) below are included in “Currency translation adjustment, net of tax.”

 

 

    Year Ended December  
in millions   2011      2010      2009  

Currency hedges

  $ 160       $ (261    $ (495

Foreign currency-denominated debt

    (147      (498      106   

The gain/(loss) related to ineffectiveness was not material for the years ended December 2011, December 2010 and December 2009. The loss reclassified to earnings from accumulated other comprehensive income was $186 million for the year ended December 2011 and was not material for the years ended December 2010 and December 2009.

As of December 2011 and December 2010, the firm had designated $3.11 billion and $3.88 billion, respectively, of foreign currency-denominated debt, included in “Unsecured long-term borrowings” and “Unsecured short-term borrowings,” as hedges of net investments in non-U.S. subsidiaries.

Fair Value Option

Note 8.

Fair Value Option

Other Financial Assets and Financial Liabilities at Fair Value

In addition to all cash and derivative instruments included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” the firm has elected to account for certain of its other financial assets and financial liabilities at fair value under the fair value option.

The primary reasons for electing the fair value option are to:

 

Ÿ  

reflect economic events in earnings on a timely basis;

 

Ÿ  

mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial instruments owned accounted for as financings are recorded at fair value whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and

 

Ÿ  

address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts).

Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of non-financial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option.

Other financial assets and financial liabilities accounted for at fair value under the fair value option include:

 

Ÿ  

resale and repurchase agreements;

 

Ÿ  

securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution;

 

 

  Goldman Sachs 2011 Form 10-K   143


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Ÿ  

certain other secured financings, primarily transfers of assets accounted for as financings rather than sales and certain other nonrecourse financings, including debt raised through the firm’s William Street credit extension program outstanding as of December 2010;

 

Ÿ  

certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments;

 

Ÿ  

certain unsecured long-term borrowings, including prepaid commodity transactions and certain hybrid financial instruments;

 

Ÿ  

certain receivables from customers and counterparties, including certain margin loans and transfers of assets accounted for as secured loans rather than purchases;

 

Ÿ  

certain insurance and reinsurance contract assets and liabilities and certain guarantees;

 

Ÿ  

certain subordinated liabilities issued by consolidated VIEs; and

 

Ÿ  

certain deposits issued by the firm’s bank subsidiaries. Deposits with no stated maturity are not eligible for a fair value option election.

These financial assets and financial liabilities at fair value are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified as level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality.

Significant inputs for each category of other financial assets and financial liabilities at fair value are as follows:

Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are the amount and timing of expected future cash flows, interest rates and collateral funding spreads. See Note 9 for further information.

Other Secured Financings. The significant inputs to the valuation of other secured financings at fair value are the amount and timing of expected future cash flows, interest rates, the fair value of the collateral delivered by the firm (which is determined using the amount and timing of expected future cash flows, market yields and recovery assumptions), the frequency of additional collateral calls and the credit spreads of the firm. See Note 9 for further information.

Unsecured Short-term and Long-term Borrowings. The significant inputs to the valuation of unsecured short-term and long-term borrowings at fair value are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm, as well as commodity prices in the case of prepaid commodity transactions and, for certain hybrid financial instruments, equity prices, inflation rates and index levels. See Notes 15 and 16 for further information.

Receivables from Customers and Counterparties. The significant inputs to the valuation of certain receivables from customers and counterparties are commodity prices, interest rates and the amount and timing of expected future cash flows.

Insurance and Reinsurance Contracts. Insurance and reinsurance contracts at fair value are included in “Receivables from customers and counterparties” and “Other liabilities and accrued expenses.” The insurance and reinsurance contracts for which the firm has elected the fair value option are contracts that can be settled only in cash and that qualify for the fair value option because they are recognized financial instruments. These contracts are valued using market transactions and other market evidence where possible, including market-based inputs to models, calibration to market-clearing transactions or other alternative pricing sources with reasonable levels of price transparency. Significant level 2 inputs typically include interest rates and inflation risk. Significant level 3 inputs typically include mortality or funding benefit assumptions. When unobservable inputs to a valuation model are significant to the fair value measurement of an instrument, the instrument is classified in level 3.

Deposits. The significant inputs to the valuation of deposits are interest rates.

 

 

144   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Fair Value of Other Financial Assets and Financial

Liabilities by Level

 

The tables below present, by level within the fair value hierarchy, other financial assets and financial liabilities

accounted for at fair value under the fair value option.

 

 

 

    Other Financial Assets at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3        Total  

Securities segregated for regulatory and other purposes 1

  $ 21,263         $ 20,751         $         $ 42,014   

Securities purchased under agreements to resell

              187,232           557           187,789   

Securities borrowed

              47,621                     47,621   

Receivables from customers and counterparties

              8,887           795           9,682   

Total

  $ 21,263         $ 264,491         $ 1,352         $ 287,106   
    Other Financial Liabilities at Fair Value as of December 2011  
in millions   Level 1        Level 2        Level 3        Total  

Deposits

  $         $ 4,513         $ 13         $ 4,526   

Securities sold under agreements to repurchase

              162,321           2,181           164,502   

Securities loaned

              107                     107   

Other secured financings

              28,267           1,752           30,019   

Unsecured short-term borrowings

              14,560           3,294           17,854   

Unsecured long-term borrowings

              14,971           2,191           17,162   

Other liabilities and accrued expenses

              490           8,996           9,486   

Total

  $         $ 225,229         $ 18,427         $ 243,656   

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $21.26 billion of level 1 and $528 million of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

 

  Goldman Sachs 2011 Form 10-K   145


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

   

Other Financial Assets at Fair Value as of December 2010

in millions   Level 1      Level 2      Level 3      Total

Securities segregated for regulatory and other purposes 1

 

$19,794

     $  16,388      $   —      $  36,182

Securities purchased under agreements to resell

       188,255      100      188,355

Securities borrowed

       48,822           48,822

Receivables from customers and counterparties

       6,904      298      7,202

Total

 

$19,794

     $260,369      $398      $280,561

 

   

Other Financial Liabilities at Fair Value as of December 2010

in millions   Level 1      Level 2      Level 3      Total

Deposits

  $—      $   1,975      $       —      $    1,975

Securities sold under agreements to repurchase

       160,285      2,060      162,345

Securities loaned

       1,514           1,514

Other secured financings

       23,445      8,349      31,794

Unsecured short-term borrowings

       18,640      3,476      22,116

Unsecured long-term borrowings

       16,067      2,104      18,171

Other liabilities and accrued expenses

       563      2,409      2,972

Total

  $—      $222,489      $18,398      $240,887

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $19.79 billion of level 1 and $3.53 billion of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

 

146   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Level 3 Rollforward

 

If a financial asset or financial liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are recognized at the beginning of the reporting period in which they occur. The tables below present changes in fair value for other financial assets and financial liabilities accounted for at fair value under the fair value option categorized as level 3 as of the end of the year.

Level 3 other financial assets and liabilities are frequently economically hedged with cash instruments and derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 cash instruments or derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

 

 

 

   

Level 3 Other Financial Assets at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
   Net
realized
gains/
(losses)
  

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

   Purchases    Sales    Settlements   

Net
transfers
in and/or
(out) of

level 3

   Balance,
end of
year

Securities purchased under agreements to resell

  $100    $ 2    $—    $   620    $—    $(165)    $—    $   557

Receivables from customers and counterparties

  298       54    468       (25)       795

Total

  $398    $ 2    $54    $1,088    $—    $(190)    $—    $1,352

 

   

Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
   Net
realized
(gains)/
losses
  

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

   Purchases    Sales    Issuances    Settlements   

Net
transfers
in and/or
(out) of

level 3

  

Balance,
end of

year

Deposits

  $        —    $ —     $     —     $      —     $—    $      13    $       —     $       —     $       13

Securities sold under agreements to repurchase, at fair value

  2,060    —     —     —        299    (178)    —     2,181

Other secured financings

  8,349          —        483    (4,062)    (3,029)    1,752

Unsecured short-term borrowings

  3,476    (15)    (340)    (5)       815    (1,080)    443     3,294

Unsecured long-term borrowings

  2,104    25        —        441    (193)    (191)    2,191

Other liabilities and accrued expenses

  2,409    —     1,095     5,840           (348)    —     8,996

Total

  $18,398    $ 18     $    763    $5,835     $—    $2,051    $(5,861)    $(2,777)    $18,427

 

  Goldman Sachs 2011 Form 10-K   147


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The net unrealized loss on level 3 other financial assets and liabilities at fair value of $709 million for the year ended December 2011 primarily consisted of losses on other liabilities and accrued expenses, primarily attributable to the impact of a change in interest rates on certain insurance liabilities. These losses were partially offset by gains on unsecured short-term borrowings, primarily reflecting gains on certain equity-linked notes, principally due to a decline in global equity markets.

Significant transfers in or out of level 3 during the year ended December 2011 included:

 

Ÿ  

Other secured financings: net transfer out of level 3 of $3.03 billion, principally due to transfers to level 2 of certain borrowings as unobservable inputs were no longer significant to the valuation of these borrowings as they neared maturity.

 

Ÿ  

Unsecured short-term borrowings: net transfer into level 3 of $443 million, principally due to transfers to level 3 of certain borrowings due to less transparency of market prices as a result of less activity in these financial instruments.

 

 

 

    Level 3 Other Financial Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
     Net
realized
gains/
(losses)
    

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

     Net
purchases,
sales and
settlements
     Net
transfers in
and/or
(out) of
level 3
    

Balance,
end of

year

 

Securities purchased under agreements to resell

    $        —         $    3         $  —         $     97         $       —         $     100   

Receivables from customers and counterparties

            22         (58              334         298   

Total

    $        —         $  25         $ (58      $     97         $    334         $     398   
    Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
     Net
realized
(gains)/
losses
    

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

     Net
purchases,
sales,
issuances
and
settlements
     Net
transfers in
and/or
(out) of
level 3
    

Balance,
end of

year

 

Securities sold under agreements to repurchase, at fair value

    $     394         $  —         $   —         $1,666         $       —         $  2,060   

Other secured financings

    6,756         (1      25         1,605         (36      8,349   

Unsecured short-term borrowings

    2,310         91         35         (300      1,340         3,476   

Unsecured long-term borrowings

    3,077         23         41         216         (1,253      2,104   

Other liabilities and accrued expenses

    1,913         10         54         (155      587         2,409   

Total

    $14,450         $123         $155         $3,032         $    638         $18,398   

 

Significant transfers in or out of level 3 during the year ended December 2010, which were principally due to the consolidation of certain VIEs upon adoption of ASU No. 2009-17 as of January 1, 2010, included:

 

Ÿ  

Unsecured short-term borrowings: net transfer into level 3 of $1.34 billion, principally due to the consolidation of certain VIEs.

Ÿ  

Unsecured long-term borrowings: net transfer out of level 3 of $1.25 billion, principally due to the consolidation of certain VIEs, which caused the firm’s borrowings from these VIEs to become intercompany borrowings which were eliminated in consolidation. Substantially all of these borrowings were level 3.

 

Ÿ  

Other liabilities and accrued expenses: net transfer into level 3 of $587 million, principally due to an increase in subordinated liabilities issued by certain consolidated VIEs.

 

 

148   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Gains and Losses on Other Financial Assets and

Financial Liabilities at Fair Value

 

The “Fair Value Option” columns in the table below present the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities. These gains and losses are included in “Market making” and “Other principal transactions.”

The amounts in the table exclude contractual interest, which is included in “Interest income” and “Interest expense,” for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. The table also excludes gains and losses related to financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value.

Included in the “Other” columns in the table below are:

 

Ÿ  

Gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings and unsecured long-term borrowings. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid instrument at fair value.

Ÿ  

Gains and losses on secured financings related to transfers of assets accounted for as financings rather than sales. These gains and losses are offset by gains and losses on the related instruments included in “Financial instruments owned, at fair value” and “Receivables from customers and counterparties.”

 

Ÿ  

Gains and losses on receivables from customers and counterparties related to transfers of assets accounted for as receivables rather than purchases. These gains and losses are offset by gains and losses on the related financial instruments included in “Other secured financings.”

 

Ÿ  

Gains and losses on subordinated liabilities issued by consolidated VIEs, which are included in “Other liabilities and accrued expenses.” These gains and losses are offset by gains and losses on the financial assets held by the consolidated VIEs.

 

 

 

    Gains/(Losses) on Other Financial Assets and Financial Liabilities at Fair Value  
    Year Ended December  
    2011          2010          2009  
in millions  

Fair

Value
Option

     Other          

Fair

Value

Option

     Other          

Fair

Value
Option

     Other  

Receivables from customers and counterparties 1

    $  (11      $    442             $(106      $    558             $    255         $      —   

Other secured financings

    123         (1,199          (35      (996          (822      48   

Unsecured short-term borrowings

    144         2,005             33         (1,488          (182      (3,150

Unsecured long-term borrowings

    535         1,801             152         (1,321          (884      (4,150

Other liabilities and accrued expenses 2

    (994      83             (88      138             (214        

Other 3

    90                     (10                  79           

Total

    $(113      $ 3,132             $  (54      $(3,109          $(1,768      $(7,252

 

1.

Primarily consists of gains/(losses) on certain transfers accounted for as receivables rather than purchases and certain reinsurance contracts.

 

2.

Primarily consists of gains/(losses) on certain insurance contracts.

 

3.

Primarily consists of gains/(losses) on resale and repurchase agreements, securities borrowed and loaned and deposits.

 

Excluding the gains and losses on the instruments accounted for under the fair value option described above, “Market making” and “Other principal transactions”

primarily represents gains and losses on “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value.”

 

 

  Goldman Sachs 2011 Form 10-K   149


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Loans and Lending Commitments

The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans and long-term receivables for which the fair value option was elected.

 

 

    As of December
in millions   2011    2010

Aggregate contractual principal amount
of performing loans and long-term
receivables in excess of the
related fair value

    $ 3,826        $ 3,090  

Aggregate contractual principal amount
of loans on nonaccrual status and/or more than 90 days past due in excess
of the related fair value

      23,034          26,653  

Total 1

    $ 26,860        $ 29,743  

Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due

    $ 3,174        $ 3,994  

 

1.

The aggregate contractual principal exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts.

As of December 2011 and December 2010, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $2.82 billion and $1.26 billion, respectively, and the related total contractual amount of these lending commitments was $66.12 billion and $51.20 billion, respectively.

Long-term Debt Instruments

The aggregate contractual principal amount of long-term debt instruments (principal and non-principal protected) for which the fair value option was elected exceeded the related fair value by $932 million and $701 million as of December 2011 and December 2010, respectively. Of these amounts, $693 million and $349 million as of December 2011 and December 2010, respectively, related to unsecured long-term borrowings and the remainder related to long-term other secured financings.

Impact of Credit Spreads on Loans and Lending Commitments

The estimated net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $(805) million, $1.85 billion and $1.65 billion for the years ended December 2011, December 2010 and December 2009, respectively. Changes in the fair value of loans and lending commitments are primarily attributable to changes in instrument-specific credit spreads. Substantially all of the firm’s performing loans and lending commitments are floating-rate.

Impact of Credit Spreads on Borrowings

The table below presents the net gains/(losses) attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected. The firm calculates the fair value of borrowings by discounting future cash flows at a rate which incorporates the firm’s credit spreads.

 

 

    Year Ended December
in millions   2011    2010    2009

Net gains/(losses) including hedges

    $ 596        $ 198        $ (1,103 )

Net gains/(losses) excluding hedges

      714          199          (1,116 )
 

 

150   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Collateralized Agreements and Financings

Note 9.

Collateralized Agreements and Financings

 

Collateralized agreements are securities purchased under agreements to resell (resale agreements or reverse repurchase agreements) and securities borrowed. Collateralized financings are securities sold under agreements to repurchase (repurchase agreements), securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities.

Collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists. Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in “Interest income” and “Interest expense,” respectively. See Note 23 for further information about interest income and interest expense.

The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions.

 

 

    As of December  
in millions   2011      2010  

Securities purchased under agreements
to resell 1

  $ 187,789       $ 188,355   

Securities borrowed 2

    153,341         166,306   

Securities sold under agreements
to repurchase 1

    164,502         162,345   

Securities loaned 2

    7,182         11,212   

 

1.

Resale and repurchase agreements are carried at fair value under the fair value option. See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value.

 

2.

As of December 2011 and December 2010, $47.62 billion and $48.82 billion of securities borrowed and $107 million and $1.51 billion of securities loaned were at fair value, respectively.

Resale and Repurchase Agreements

A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.

A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.

The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and federal agency, and investment-grade sovereign obligations.

The firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements, monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition.

Even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement. However, “repos to maturity” are accounted for as sales. A repo to maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security. Therefore, the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and, accordingly, accounts for the transaction as a sale. The firm had no repos to maturity outstanding as of December 2011 or December 2010.

 

 

  Goldman Sachs 2011 Form 10-K   151


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Securities Borrowed and Loaned Transactions

In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash. When the firm returns the securities, the counterparty returns the cash. Interest is generally paid periodically over the life of the transaction.

In a securities loaned transaction, the firm lends securities to a counterparty typically in exchange for cash or securities, or a letter of credit. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction.

The firm receives securities borrowed, makes delivery of securities loaned, monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction.

Securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution are recorded at fair value under the fair value option.

Securities borrowed and loaned within Securities Services are recorded based on the amount of cash collateral advanced or received plus accrued interest. As these arrangements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates.

As of December 2011 and December 2010, the firm had $20.22 billion and $12.86 billion, respectively, of securities received under resale agreements and securities borrowed transactions that were segregated to satisfy certain regulatory requirements. These securities are included in “Cash and securities segregated for regulatory and other purposes.”

Other Secured Financings

In addition to repurchase agreements and securities lending transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings consist of:

 

Ÿ  

liabilities of consolidated VIEs;

 

Ÿ  

transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans);

 

Ÿ  

other structured financing arrangements; and

 

Ÿ  

debt raised through the firm’s William Street credit extension program outstanding as of December 2010.

Other secured financings include arrangements that are nonrecourse. As of December 2011 and December 2010, nonrecourse other secured financings were $3.14 billion and $8.42 billion, respectively.

The firm has elected to apply the fair value option to the following other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes:

 

Ÿ  

transfers of assets accounted for as financings rather than sales;

 

Ÿ  

certain other nonrecourse financings; and

 

Ÿ  

debt raised through the firm’s William Street credit extension program outstanding as of December 2010.

See Note 8 for further information about other secured financings that are accounted for at fair value. Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value.

 

 

152   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The table below presents information about other secured financings. In the table below:

 

Ÿ  

short-term secured financings include financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder;

 

Ÿ  

long-term secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; and

 

Ÿ  

long-term secured financings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable.

 

 

 

    As of December 2011           As of December 2010  
$ in millions   U.S.
Dollar
    Non-U.S.
Dollar
    Total            U.S.
Dollar
    Non-U.S.
Dollar
    Total  

Other secured financings (short-term):

At fair value

  $ 18,519      $ 5,140      $ 23,659            $ 16,404      $ 3,684      $ 20,088   

At amortized cost

    155        5,371        5,526              99        4,342        4,441   

Interest rates 1

    3.85     0.22                   2.96     0.71        

Other secured financings (long-term):

At fair value

    4,305        2,055        6,360              9,594        2,112        11,706   

At amortized cost

    1,024        795        1,819              1,565        577        2,142   

Interest rates 1

    1.88     3.28                   2.14     1.94        

Total 2

  $ 24,003      $ 13,361      $ 37,364            $ 27,662      $ 10,715      $ 38,377   

Amount of other secured financings collateralized by:

Financial instruments 3

  $ 23,703      $ 12,169      $ 35,872            $ 27,014      $ 8,760      $ 35,774   

Other assets 4

    300        1,192        1,492              648        1,955        2,603   

 

1.

The weighted average interest rates exclude secured financings at fair value and include the effect of hedging activities. See Note 7 for further information about hedging activities.

 

2.

Includes $9.36 billion and $8.32 billion related to transfers of financial assets accounted for as financings rather than sales as of December 2011 and December 2010, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $9.51 billion and $8.53 billion as of December 2011 and December 2010, respectively.

 

3.

Includes $14.82 billion and $25.63 billion of other secured financings collateralized by financial instruments owned, at fair value and $21.06 billion and $10.14 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of December 2011 and December 2010, respectively.

 

4.

Primarily real estate and cash.

 

The table below presents other secured financings by maturity.

 

 

in millions  

As of

December 2011

 

Other secured financings (short-term)

    $29,185   

Other secured financings (long-term):

2013

    1,852   

2014

    3,627   

2015

    583   

2016

    437   

2017-thereafter

    1,680   

Total other secured financings (long-term)

    8,179   

Total other secured financings

    $37,364   

The aggregate contractual principal amount of other secured financings (long-term) for which the fair value option was elected exceeded the related fair value by $239 million and $352 million as of December 2011 and December 2010, respectively.

Collateral Received and Pledged

The firm receives financial instruments (e.g., U.S. government and federal agency, other sovereign and corporate obligations, as well as equities and convertible debentures) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans.

 

 

  Goldman Sachs 2011 Form 10-K   153


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In many cases, the firm is permitted to deliver or repledge these financial instruments when entering into repurchase agreements and securities lending agreements, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralizing derivative transactions and meeting firm or customer settlement requirements.

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged by the firm.

 

 

    As of December  
in millions   2011      2010  

Collateral available to be delivered
or repledged

  $ 622,926       $ 618,423   

Collateral that was delivered or repledged

    454,604         447,882   

The firm also pledges certain financial instruments owned, at fair value in connection with repurchase agreements, securities lending agreements and other secured financings, and other assets (primarily real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents information about assets pledged by the firm.

 

 

    As of December  
in millions   2011      2010  

Financial instruments owned, at fair value pledged to counterparties that:

Had the right to deliver or repledge

  $ 53,989       $ 51,010   

Did not have the right to deliver or repledge

    110,949         112,750   

Other assets pledged to counterparties that:

Did not have the right to deliver or repledge

    3,444         4,482   
Securitization Activities

Note 10.

Securitization Activities

The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities, and limited liability companies) and acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are substantially all in connection with government agency securitizations.

Beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated shares of principal, interest and/or other cash inflows. The proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral.

The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets. Prior to securitization, the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors.

For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Notes 9 and 23 for further information about collateralized financings and interest expense, respectively.

The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of senior or subordinated securities, and servicing rights that the firm retains at the time of securitization. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities.

 

 

154   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. These interests are accounted for at fair value and are included in “Financial instruments owned, at fair value” and are generally classified in level 2 of the fair value hierarchy. See Notes 5 through 8 for further information about fair value measurements.

The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement.

 

 

     Year Ended December  
in millions    2011      2010      2009  

Residential mortgages

   $ 40,131       $ 47,803       $ 45,846   

Commercial mortgages

             1,451           

Other financial assets

     269         12         691   

Total

   $ 40,400       $ 49,266       $ 46,537   

Cash flows on retained interests

   $ 569       $ 517       $ 507   

The table below presents the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. In this table:

 

Ÿ  

the outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities in which the firm has continuing involvement and is not representative of the firm’s risk of loss;

 

Ÿ  

for retained or purchased interests, the firm’s risk of loss is limited to the fair value of these interests; and

 

Ÿ  

purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests.

 

 

 

    As of December 2011          As of December 2010  
in millions   Outstanding
Principal
Amount
     Fair Value of
Retained
Interests
    

Fair Value of

Purchased
Interests

          Outstanding
Principal
Amount
     Fair Value of
Retained
Interests
    

Fair Value of

Purchased
Interests

 

U.S. government agency-issued collateralized mortgage obligations 1

  $ 70,448       $ 5,038       $           $ 60,352       $ 5,929       $   

Other residential mortgage-backed 2

    4,459         101         3             13,318         125         5   

Commercial mortgage-backed 3

    3,398         606         331             5,040         849         82   

CDOs, CLOs and other 4

    9,972         32         211             12,872         62         229   

Total  5

  $ 88,277       $ 5,777       $ 545           $ 91,582       $ 6,965       $ 316   

 

1.

Outstanding principal amount and fair value of retained interests primarily relate to securitizations during 2011 and 2010 as of December 2011, and securitizations during 2010 and 2009 as of December 2010.

 

2.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to prime and Alt-A securitizations during 2007 and 2006.

 

3.

Outstanding principal amount as of both December 2011 and December 2010 primarily relate to securitizations during 2010, 2007 and 2006. Fair value of retained interests as of both December 2011 and December 2010 primarily relate to securitizations during 2010.

 

4.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to CDO and CLO securitizations during 2007 and 2006.

 

5.

Outstanding principal amount and fair value of retained interests include $774 million and $0, respectively, as of December 2011, and $7.64 billion and $16 million, respectively, as of December 2010, related to securitization entities in which the firm’s only continuing involvement is retained servicing which is not a variable interest.

 

  Goldman Sachs 2011 Form 10-K   155


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and guarantees with certain nonconsolidated VIEs. The carrying value of these derivatives and guarantees was a net liability of $52 million and $98 million as of December 2011 and December 2010, respectively. The notional amounts of these derivatives and guarantees are included in maximum exposure to loss in the nonconsolidated VIE tables in Note 11.

The table below presents the weighted average key economic assumptions used in measuring the fair value of retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions.

 

 

 

    As of December 2011            As of December 2010  
    Type of Retained Interests            Type of Retained Interests  
$ in millions   Mortgage-Backed        Other 1             Mortgage-Backed      Other 1  

Fair value of retained interests

  $ 5,745         $ 32             $ 6,903       $ 62   

Weighted average life (years)

    7.1           4.7               7.4         4.2   

Constant prepayment rate 2

    14.1        N.M.               11.6      N.M.   

Impact of 10% adverse change 2

  $ (55        N.M.             $ (62      N.M.   

Impact of 20% adverse change 2

    (108        N.M.               (128      N.M.   

Discount rate 3

    5.4        N.M.               5.3      N.M.   

Impact of 10% adverse change

  $ (125        N.M.             $ (175      N.M.   

Impact of 20% adverse change

    (240        N.M.               (341      N.M.   

 

1.

Due to the nature and current fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of December 2011 and December 2010. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $32 million and $62 million as of December 2011 and December 2010, respectively.

 

2.

Constant prepayment rate is included only for positions for which constant prepayment rate is a key assumption in the determination of fair value.

 

3.

The majority of mortgage-backed retained interests are U.S. government agency-issued collateralized mortgage obligations, for which there is no anticipated credit loss. For the remainder of retained interests, the expected credit loss assumptions are reflected in the discount rate.

 

The preceding table does not give effect to the offsetting benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is

not usually linear. In addition, the impact of a change in a particular assumption in the preceding table is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above.

 

 

156   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Variable Interest Entities

Note 11.

Variable Interest Entities

 

VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 10, and investments in and loans to other types of VIEs, as described below. See Note 10 for additional information about securitization activities, including the definition of beneficial interests. See Note 3 for the firm’s consolidation policies, including the definition of a VIE.

The firm is principally involved with VIEs through the following business activities:

Mortgage-Backed VIEs and Corporate CDO and CLO VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and corporate bonds and loans to corporate CDO and CLO VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed and corporate CDO and CLO VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk from derivatives with these VIEs.

Certain mortgage-backed and corporate CDO and CLO VIEs, usually referred to as synthetic CDOs or credit-linked note VIEs, synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives, rather than purchasing the underlying assets. These credit derivatives may reference a single asset, an index, or a portfolio/basket of assets or indices. See Note 7 for further information about credit derivatives. These VIEs use the funds from the sale of beneficial interests and the premiums received from credit derivative counterparties to purchase securities which serve to collateralize the beneficial interest holders and/or the credit derivative counterparty. These VIEs may enter into other derivatives, primarily interest rate swaps, which are typically not variable interests. The firm may be a counterparty to derivatives with these VIEs and generally enters into derivatives with other counterparties to mitigate its risk.

Real Estate, Credit-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans and equity securities.

Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients and purchases and sells beneficial interests issued by other asset-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain other asset-backed VIEs, primarily total return swaps on the collateral assets held by these VIEs under which the firm pays the VIE the return due to the note holders and receives the return on the collateral assets owned by the VIE. The firm generally can be removed as the total return swap counterparty. The firm generally enters into derivatives with other counterparties to mitigate its risk from derivatives with these VIEs. The firm typically does not sell assets to the other asset-backed VIEs it structures.

Power-Related VIEs. The firm purchases debt and equity securities issued by and may provide guarantees to VIEs that hold power-related assets. The firm typically does not sell assets to or enter into derivatives with these VIEs.

Investment Funds. The firm purchases equity securities issued by and may provide guarantees to certain of the investment funds it manages. The firm typically does not sell assets to or enter into derivatives with these VIEs.

Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate the risk it has from the derivatives it enters into with these VIEs. The firm also obtains funding through these VIEs.

 

 

  Goldman Sachs 2011 Form 10-K   157


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Municipal Bond Securitizations. The firm sold municipal securities to VIEs that issued short-term qualifying tax-exempt securities. During 2011, the firm dissolved these VIEs after having redeemed and/or purchased the outstanding securities issued.

VIE Consolidation Analysis

A variable interest in a VIE is an investment (e.g., debt or equity securities) or other interest (e.g., derivatives or loans and lending commitments) in a VIE that will absorb portions of the VIE’s expected losses or receive portions of the VIE’s expected residual returns.

The firm’s variable interests in VIEs include senior and subordinated debt in residential and commercial mortgage-backed and other asset-backed securitization entities, CDOs and CLOs; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create rather than absorb risk.

The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers:

 

Ÿ  

which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance;

 

Ÿ  

which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE;

 

Ÿ  

the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders;

 

Ÿ  

the VIE’s capital structure;

 

Ÿ  

the terms between the VIE and its variable interest holders and other parties involved with the VIE; and

 

Ÿ  

related-party relationships.

The firm reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances.

Nonconsolidated VIEs

The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs.

The tables below present information about nonconsolidated VIEs in which the firm holds variable interests. Nonconsolidated VIEs are aggregated based on principal business activity. The nature of the firm’s variable interests can take different forms, as described in the rows under maximum exposure to loss. In the tables below:

 

Ÿ  

The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests.

 

Ÿ  

For retained and purchased interests and loans and investments, the maximum exposure to loss is the carrying value of these interests.

 

Ÿ  

For commitments and guarantees, and derivatives, the maximum exposure to loss is the notional amount, which does not represent anticipated losses and also has not been reduced by unrealized losses already recorded. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives provided to VIEs.

The carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated statement of financial condition as follows:

 

Ÿ  

Substantially all assets held by the firm related to mortgage-backed, corporate CDO and CLO and other asset-backed VIEs and investment funds are included in “Financial instruments owned, at fair value.” Substantially all liabilities held by the firm related to mortgage-backed, corporate CDO and CLO and other asset-backed VIEs are included in “Financial instruments sold, but not yet purchased, at fair value.”

 

 

158   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Ÿ  

Assets and liabilities held by the firm related to real estate, credit-related and other investing VIEs are primarily included in “Financial instruments owned, at fair value” and “Payables to customers and counterparties,” “Financial instruments sold, but not yet purchased, at fair value” and “Other liabilities and accrued expenses,” respectively.

Ÿ  

Assets and liabilities held by the firm related to power-related VIEs are primarily included in “Other assets” and “Other liabilities and accrued expenses,” respectively.

 

 

 

    Nonconsolidated VIEs  
    As of December 2011  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
    

Real estate,
credit-

related and
other
investing

    

Other
asset-

backed

    

Power-

related

     Investment
funds
     Total  

Assets in VIE

  $ 94,047  2    $ 20,340       $ 8,974       $ 4,593       $ 519       $ 2,208       $ 130,681   

Carrying Value of the Firm’s Variable Interests

                  

Assets

    7,004        911         1,495         352         289         5         10,056   

Liabilities

           63         3         24         2                 92   

Maximum Exposure to Loss in Nonconsolidated VIEs

                  

Retained interests

    5,745        32                                         5,777   

Purchased interests

    962        368                 333                         1,663   

Commitments and guarantees 1

           1         373                 46                 420   

Derivatives 1

    2,469        7,529                 1,221                         11,219   

Loans and investments

    82                1,495                 288         5         1,870   

Total

  $ 9,258  2    $ 7,930       $ 1,868       $ 1,554       $ 334       $ 5       $ 20,949   
    Nonconsolidated VIEs  
    As of December 2010  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
    

Real estate,
credit-

related and
other
investing

    

Other
asset-

backed

    

Power-

related

     Investment
funds
     Total  

Assets in VIE

  $ 88,755  2    $ 21,644       $ 12,568       $ 5,513       $ 552       $ 2,330       $ 131,362   

Carrying Value of the Firm’s Variable Interests

                  

Assets

    8,076        909         1,063         266         239         5         10,558   

Liabilities

           114         1         19         14                 148   

Maximum Exposure to Loss in Nonconsolidated VIEs

                  

Retained interests

    6,887        50                 12                         6,949   

Purchased interests

    839        353                 247                         1,439   

Commitments and guarantees 1

           1         125                 69                 195   

Derivatives 1

    3,128        7,593                 1,105                         11,826   

Loans and investments

    104                1,063                 239         5         1,411   

Total

  $ 10,958  2    $ 7,997       $ 1,188       $ 1,364       $ 308       $ 5       $ 21,820   

 

1.

The aggregate amounts include $4.17 billion and $4.52 billion as of December 2011 and December 2010, respectively, related to guarantees and derivative transactions with VIEs to which the firm transferred assets.

 

2.

Assets in VIE and maximum exposure to loss include $6.15 billion and $2.62 billion, respectively, as of December 2011, and $6.14 billion and $3.25 billion, respectively, as of December 2010, related to CDOs backed by mortgage obligations.

 

  Goldman Sachs 2011 Form 10-K   159


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Consolidated VIEs

 

The tables below present the carrying amount and classification of assets and liabilities in consolidated VIEs, excluding the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. Consolidated VIEs are aggregated based on principal business activity and their assets and liabilities are presented net of intercompany eliminations. The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation.

Substantially all the assets in consolidated VIEs can only be used to settle obligations of the VIE.

The tables below exclude VIEs in which the firm holds a majority voting interest if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations.

The liabilities of real estate, credit-related and other investing VIEs and CDOs, mortgage-backed and other asset-backed VIEs do not have recourse to the general credit of the firm.

 

 

 

    Consolidated VIEs  
    As of December 2011  
in millions   Real estate,
credit-related
and other
investing
    

CDOs,

mortgage-backed

and other

asset-backed

    

Principal-

protected

notes

     Total  

Assets

          

Cash and cash equivalents

  $ 660       $ 51       $ 1       $ 712   

Cash and securities segregated for regulatory and other purposes

    139                         139   

Receivables from brokers, dealers and clearing organizations

    4                         4   

Receivables from customers and counterparties

            16                 16   

Financial instruments owned, at fair value

    2,369         352         112         2,833   

Other assets

    1,552         437                 1,989   

Total

  $ 4,724       $ 856       $ 113       $ 5,693   

Liabilities

          

Other secured financings

  $ 1,418       $ 298       $ 3,208       $ 4,924   

Payables to customers and counterparties

            9                 9   

Financial instruments sold, but not yet purchased, at fair value

                    2         2   

Unsecured short-term borrowings, including the current portion of
unsecured long-term borrowings

    185                 1,941         2,126   

Unsecured long-term borrowings

    4                 269         273   

Other liabilities and accrued expenses

    2,046         40                 2,086   

Total

  $ 3,653       $ 347       $ 5,420       $ 9,420   

 

160   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

    Consolidated VIEs  
    As of December 2010  
in millions   Real estate,
credit-related
and other
investing
     Municipal
bond
securitizations
    

CDOs,

mortgage-backed
and other

asset-backed

    

Principal-

protected

notes

     Total  

Assets

             

Cash and cash equivalents

  $ 248       $       $ 39       $ 52       $ 339   

Cash and securities segregated for regulatory and other purposes

    205                                 205   

Receivables from brokers, dealers and clearing organizations

    4                                 4   

Receivables from customers and counterparties

    1                 27                 28   

Financial instruments owned, at fair value

    2,531         547         550         648         4,276   

Other assets

    3,369                 499                 3,868   

Total

  $ 6,358       $ 547       $ 1,115       $ 700       $ 8,720   

Liabilities

             

Other secured financings

  $ 2,434       $ 630       $ 417       $ 3,224       $ 6,705   

Payables to customers and counterparties

                    12                 12   

Financial instruments sold, but not yet purchased, at fair value

                    55                 55   

Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings

    302                         2,359         2,661   

Unsecured long-term borrowings

    6                                 6   

Other liabilities and accrued expenses

    2,004                 32                 2,036   

Total

  $ 4,746       $ 630       $ 516       $ 5,583       $ 11,475   

 

  Goldman Sachs 2011 Form 10-K   161


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Other Assets

Note 12.

Other Assets

 

Other assets are generally less liquid, non-financial assets. The table below presents other assets by type.

 

    As of December  
in millions   2011      2010  

Property, leasehold improvements and equipment 1

  $ 8,697       $ 11,106   

Goodwill and identifiable intangible assets 2

    5,468         5,522   

Income tax-related assets 3

    5,017         6,239   

Equity-method investments 4

    664         1,445   

Miscellaneous receivables and other

    3,306         3,747   

Total

  $ 23,152       $ 28,059   

 

1.

Net of accumulated depreciation and amortization of $8.46 billion and $7.87 billion as of December 2011 and December 2010, respectively.

 

2.

See Note 13 for further information about goodwill and identifiable intangible assets.

 

3.

See Note 24 for further information about income taxes.

 

4.

Excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.17 billion and $3.77 billion as of December 2011 and December 2010, respectively, which are included in “Financial instruments owned, at fair value.” The firm has generally elected the fair value option for such investments acquired after the fair value option became available.

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment included $6.48 billion and $6.44 billion as of December 2011 and December 2010, respectively, related to property, leasehold improvements and equipment that the firm uses in connection with its operations. The remainder is held by investment entities, including VIEs, consolidated by the firm.

Substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset.

Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter.

Certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software.

Property, leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. The firm’s policy for impairment testing of property, leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives. See Note 13 for further information.

Impairments

In the first quarter of 2011, the firm classified certain assets as held for sale, primarily related to Litton Loan Servicing LP (Litton) and recognized impairment losses of approximately $220 million, principally in the firm’s Institutional Client Services segment. These impairment losses, which were included in “Depreciation and amortization,” represent the excess of (i) the carrying value of these assets over (ii) their estimated fair value less estimated cost to sell. These assets were sold in the third quarter of 2011. The firm received total consideration that approximated the firm’s adjusted carrying value for Litton. See Note 18 for further information about the sale of Litton.

As a result of a decline in the market conditions in which certain of the firm’s consolidated investments operate, during 2011 the firm tested certain commodity-related intangible assets and property, leasehold improvements and equipment associated with these investments for impairment in accordance with ASC 360. The carrying value of these assets exceeded the projected undiscounted cash flows over the estimated remaining useful lives of these assets; as such, the firm determined the assets were impaired and recorded an impairment loss of approximately $220 million ($120 million related to commodity-related intangible assets and $100 million related to property, leasehold improvements and equipment), which was included in “Depreciation and amortization” in the firm’s Investing & Lending segment. This impairment loss represented the excess of the carrying value of these assets over their estimated fair value, which is a level 3 measurement, using a combination of discounted cash flow analyses and relative value analyses, including the estimated cash flows expected to be received from the disposition of certain of these assets.

 

 

162   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

During the fourth quarter of 2010, as a result of continuing weak operating results in the firm’s NYSE DMM business, the firm tested its NYSE DMM rights for impairment in accordance with ASC 360. Because the carrying value of the firm’s NYSE DMM rights exceeded the projected undiscounted cash flows over the estimated remaining useful life of the firm’s NYSE DMM rights, the firm determined that the rights were impaired. The firm recorded an impairment loss of $305 million, which was included in “Depreciation and amortization” in the firm’s Institutional Client Services segment in the fourth quarter of 2010. This impairment loss represented the excess of the carrying value of the firm’s NYSE DMM rights over their estimated fair value. The firm estimated this fair value, which is a level 3 measurement, using a relative value analysis which incorporated a comparison to another DMM portfolio that was transacted between third parties.

 

Goodwill and Identifiable Intangible Assets

Note 13.

Goodwill and Identifiable Intangible Assets

The tables below present the carrying values of goodwill and identifiable intangible assets, which are included in “Other assets.”

 

 

   

Goodwill

As of December

in millions   2011    2010

Investment Banking:

    

Financial Advisory 1

  $   104    $     —

Underwriting 1

  186    125

Institutional Client Services:

    

Fixed Income, Currency and Commodities Client Execution 2

  284    159

Equities Client Execution 1

  2,390    2,361

Securities Services

  117    117

Investing & Lending

  147    172

Investment Management

  574    561

Total

  $3,802    $3,495
   

Identifiable Intangible Assets
As of December

in millions           2011    2010

Investment Banking:

    

Financial Advisory

  $       4    $     —

Underwriting

  1   

Institutional Client Services:

    

Fixed Income, Currency and Commodities Client Execution

  488    608

Equities Client Execution

  677    718

Investing & Lending

  369    579

Investment Management

  127    122

Total

  $1,666    $2,027

 

1.

The increase from December 2010 to December 2011 is related to the acquisition of GS Australia.

 

2.

The increase from December 2010 to December 2011 is related to the acquisition of GS Australia, partially offset by the sale of Litton. See Note 12 for further information about the sale of Litton.

Goodwill

Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date.

Goodwill is assessed annually for impairment or more frequently if events occur or circumstances change that indicate an impairment may exist. Qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If results of the qualitative assessment are not conclusive, a quantitative goodwill impairment test is performed. See Note 3 for information about amended accounting principles for goodwill impairment testing.

The quantitative goodwill impairment test consists of two steps.

 

Ÿ  

The first step compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identified intangible assets). If the reporting unit’s fair value exceeds its estimated net book value, goodwill is not impaired.

 

Ÿ  

If the estimated fair value of a reporting unit is less than its estimated net book value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. An impairment loss is equal to the excess of the carrying amount of goodwill over its fair value.

Goodwill was tested for impairment, using a quantitative test, during the fourth quarter of 2011 and goodwill was not impaired.

To estimate the fair value of each reporting unit, both relative value and residual income valuation techniques are used because the firm believes market participants would use these techniques to value the firm’s reporting units.

Relative value techniques apply average observable price-to-earnings multiples of comparable competitors to certain reporting units’ net earnings. For other reporting units, fair value is estimated using price-to-book multiples based on residual income techniques, which consider a reporting unit’s return on equity in excess of the firm’s cost of equity capital. The net book value of each reporting unit reflects the estimated amount of shareholders’ equity required to support the activities of the reporting unit.

 

 

  Goldman Sachs 2011 Form 10-K   163


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Identifiable Intangible Assets

 

The table below presents the gross carrying amount, accumulated amortization and net carrying amount of

identifiable intangible assets and their weighted average remaining lives.

 

 

 

         As of December  
$ in millions         2011      Weighted Average
Remaining Lives
(years)
   2010  

Customer lists

   Gross carrying amount   $ 1,119            $ 1,104   
     Accumulated amortization     (593           (529
     Net carrying amount   $ 526       9    $ 575   

Commodities-related intangibles 1

   Gross carrying amount   $ 595            $ 667   
     Accumulated amortization     (237           (52
     Net carrying amount   $ 358       11    $ 615   

Broadcast royalties 2

   Gross carrying amount   $ 560            $ 560   
     Accumulated amortization     (123           (61
     Net carrying amount   $ 437       7    $ 499   

Insurance-related intangibles 3

   Gross carrying amount   $ 292            $ 292   
     Accumulated amortization     (146           (146
     Net carrying amount   $ 146       7    $ 146   

Other 4

   Gross carrying amount   $ 950            $ 953   
     Accumulated amortization     (751           (761
     Net carrying amount   $ 199       12    $ 192   

Total

   Gross carrying amount   $ 3,516            $ 3,576   
     Accumulated amortization     (1,850           (1,549
     Net carrying amount   $ 1,666       9    $ 2,027   

 

1.

Primarily includes commodity-related customer contracts and relationships, permits and access rights.

 

2.

Represents television broadcast royalties held by a consolidated VIE.

 

3.

Represents value of business acquired related to the firm’s insurance businesses.

 

4.

Primarily includes the firm’s New York Stock Exchange (NYSE) Designated Market Maker (DMM) rights and exchange-traded fund lead market maker rights.

 

Substantially all of the firm’s identifiable intangible assets are considered to have finite lives and are amortized (i) over their estimated lives, (ii) based on economic usage for certain commodity-related intangibles or (iii) in proportion

to estimated gross profits or premium revenues. Amortization expense for identifiable intangible assets is included in “Depreciation and amortization.”

 

 

164   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The tables below present amortization expense for identifiable intangible assets for the years ended December 2011, December 2010 and December 2009, and the estimated future amortization expense through 2016 for identifiable intangible assets as of December 2011.

 

 

     Year Ended December  
in millions    2011      2010      2009  

Amortization expense

     $389       $ 520       $ 96   

 

 

in millions  

As of

December 2011

 

Estimated future amortization expense:

 

2012

  $ 258   

2013

    234   

2014

    203   

2015

    170   

2016

    167   

Identifiable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that an asset’s or asset group’s carrying value may not be recoverable.

If a recoverability test is necessary, the carrying value of an asset or asset group is compared to the total of the undiscounted cash flows expected to be received over the remaining useful life and from the disposition of the asset or asset group.

 

Ÿ  

If the total of the undiscounted cash flows exceeds the carrying value, the asset or asset group is not impaired.

 

Ÿ  

If the total of the undiscounted cash flows is less than the carrying value, the asset or asset group is not fully recoverable and an impairment loss is recognized as the difference between the carrying amount of the asset or asset group and its estimated fair value.

See Note 12 for information about impairments of our identifiable intangible assets.

 

 

 

  Goldman Sachs 2011 Form 10-K   165


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Deposits

Note 14.

Deposits

The tables below present deposits held in U.S. and non-U.S. offices and the maturities of time deposits. Substantially all U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and were interest-bearing and substantially all non-U.S. deposits were held at Goldman Sachs Bank (Europe) plc (GS Bank Europe) and were interest-bearing.

 

 

    As of December  
in millions   2011      2010  

U.S. offices

  $ 38,477       $ 32,353   

Non-U.S. offices

    7,632         6,216   

Total

  $ 46,109       $ 38,569   

 

    As of December 2011  
in millions   U.S.     Non-U.S.     Total  

2012

  $ 2,487      $ 2,347      $ 4,834   

2013

    3,252               3,252   

2014

    1,306               1,306   

2015

    1,031               1,031   

2016

    723               723   

2017 - thereafter

    2,120               2,120   

Total

  $ 10,919  1    $ 2,347  2    $ 13,266   

 

1.

Includes $71 million greater than $100,000, of which $4 million matures within three months, $2 million matures within three to six months, $35 million matures within six to twelve months, and $30 million matures after twelve months.

 

2.

Substantially all were greater than $100,000.

Short-Term Borrowings

Note 15.

Short-Term Borrowings

Short-term borrowings were comprised of the following:

 

 

   

As of December

in millions   2011    2010

Other secured financings (short-term)

  $29,185    $24,529

Unsecured short-term borrowings

  49,038    47,842

Total

  $78,223    $72,371

See Note 9 for further information about other secured financings.

Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. Short-term borrowings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, and such amounts approximate fair value due to the short-term nature of the obligations.

The table below presents unsecured short-term borrowings.

 

 

     As of December  
in millions    2011     2010  

Current portion of unsecured long-term borrowings 1, 2

     $28,836        $25,396   

Hybrid financial instruments

     11,526        13,223   

Promissory notes

     1,328        3,265   

Commercial paper

     1,491        1,306   

Other short-term borrowings

     5,857        4,652   

Total

     $49,038        $47,842   

Weighted average interest rate 3

     1.89     1.77

 

1.

Includes $8.53 billion and $10.43 billion as of December 2011 and December 2010, respectively, issued by Group Inc. and guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP).

 

2.

Includes $27.95 billion and $24.46 billion as of December 2011 and December 2010, respectively, issued by Group Inc.

 

3.

The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

 

 

166   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Long-Term Borrowings

Note 16.

Long-Term Borrowings

Long-term borrowings were comprised of the following:

 

 

    As of December  
in millions   2011        2010  

Other secured financings (long-term)

  $ 8,179         $ 13,848   

Unsecured long-term borrowings

    173,545           174,399   

Total

  $ 181,724         $ 188,247   

 

See Note 9 for further information about other secured financings. The table below presents unsecured long-term

borrowings extending through 2061 and consisting principally of senior borrowings.

 

 

 

    As of December 2011          As of December 2010  
in millions  

U.S.

Dollar

      

Non-U.S.

Dollar

       Total          

U.S.

Dollar

      

Non-U.S.

Dollar

       Total  

Fixed-rate obligations 1

Group Inc.

  $ 82,396         $ 38,012         $ 120,408           $ 81,192         $ 35,353         $ 116,545   

Subsidiaries

    1,662           557           2,219             1,622           532           2,154   

Floating-rate obligations 2

Group Inc.

    19,936           25,878           45,814             23,700           27,374           51,074   

Subsidiaries

    3,500           1,604           5,104             3,616           1,010           4,626   

Total 3

  $ 107,494         $ 66,051         $ 173,545           $ 110,130         $ 64,269         $ 174,399   

 

1.

Interest rates on U.S. dollar-denominated debt ranged from 0.10% to 10.04% (with a weighted average rate of 5.62%) and 0.20% to 10.04% (with a weighted average rate of 5.52%) as of December 2011 and December 2010, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.85% to 14.85% (with a weighted average rate of 4.75%) and 0.85% to 14.85% (with a weighted average rate of 4.65%) as of December 2011 and December 2010, respectively.

 

2.

Floating interest rates generally are based on LIBOR or the federal funds target rate. Equity-linked and indexed instruments are included in floating-rate obligations.

 

3.

Includes $0 and $8.58 billion as of December 2011 and December 2010, respectively, guaranteed by the FDIC under the TLGP.

 

  Goldman Sachs 2011 Form 10-K   167


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The table below presents unsecured long-term borrowings by maturity date. In the table below:

 

Ÿ  

unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are included as unsecured short-term borrowings;

 

Ÿ  

unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; and

 

Ÿ  

unsecured long-term borrowings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable.

 

 

   

As of December 2011

in millions   Group Inc.    Subsidiaries    Total

2013

  $  25,024    $   185    $  25,209

2014

  19,981    358    20,339

2015

  16,578    272    16,850

2016

  25,507    163    25,670

2017 - thereafter

  79,132    6,345    85,477

Total 1

  $166,222    $7,323    $173,545

 

1.

Includes $10.84 billion related to interest rate hedges on certain unsecured long-term borrowings, by year of maturity as follows: $542 million in 2013, $882 million in 2014, $653 million in 2015, $1.19 billion in 2016 and $7.57 billion in 2017 and thereafter.

The aggregate contractual principal amount of unsecured long-term borrowings (principal and non-principal protected) for which the fair value option was elected exceeded the related fair value by $693 million and $349 million as of December 2011 and December 2010, respectively.

The firm designates certain derivatives as fair value hedges to effectively convert a substantial portion of its fixed-rate unsecured long-term borrowings which are not accounted for at fair value into floating-rate obligations. Accordingly, excluding the cumulative impact of changes in the firm’s credit spreads, the carrying value of unsecured long-term borrowings approximated fair value as of December 2011 and December 2010. For unsecured long-term borrowings for which the firm did not elect the fair value option, the cumulative impact due to changes in the firm’s own credit spreads would be a reduction in the carrying value of total unsecured long-term borrowings of less than 4% as of both December 2011 and December 2010. See Note 7 for further information about hedging activities.

The table below presents unsecured long-term borrowings, after giving effect to hedging activities that converted a substantial portion of fixed-rate obligations to floating-rate obligations.

 

 

 

       As of December 2011    As of December 2010
in millions      Group Inc.      Subsidiaries      Total    Group Inc.      Subsidiaries      Total

Fixed-rate obligations

                                       

At fair value

       $  10          $  66          $ 76        $ 16          $ 6          $ 22  

At amortized cost 1, 2

         26,839            1,934            28,773          3,956            1,921            5,877  

Floating-rate obligations

At fair value

         12,903            4,183            17,086          13,428            4,720            18,148  

At amortized cost 1, 2

         126,470            1,140            127,610          150,219            133            150,352  

Total

       $ 166,222          $ 7,323          $ 173,545        $ 167,619          $ 6,780          $ 174,399  

 

1.

The weighted average interest rates on the aggregate amounts were 2.59% (5.18% related to fixed-rate obligations and 2.03% related to floating-rate obligations) and 1.90% (5.69% related to fixed-rate obligations and 1.74% related to floating-rate obligations) as of December 2011 and December 2010, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option.

 

2.

During 2011, certain fair value hedges were de-designated resulting in a larger portion of fixed-rate debt carried at amortized cost.

 

168   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Subordinated Borrowings

 

Unsecured long-term borrowings include subordinated debt and junior subordinated debt. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. As of December 2011 and

December 2010, subordinated debt had maturities ranging from 2017 to 2038 and 2012 to 2038, respectively. The table below presents subordinated borrowings.

 

 

    As of December 2011          As of December 2010  
in millions  

Par

Amount

      

Carrying

Amount

       Rate 1          

Par

Amount

      

Carrying

Amount

       Rate 1  

Subordinated debt 2

  $ 14,310           $17,362           4.39 % 3         $ 14,345         $ 16,977           1.19

Junior subordinated debt

    5,085           6,533           2.43          5,082           5,716           2.50

Total subordinated borrowings

  $ 19,395           $23,895           3.87        $ 19,427         $ 22,693           1.54

 

1. 

Weighted average interest rate after giving effect to fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. See below for information about interest rates on junior subordinated debt.

 

2.

Par amount and carrying amount of subordinated debt issued by Group Inc., was $13.75 billion and $16.80 billion, respectively, as of December 2011, and $13.81 billion and $16.44 billion, respectively, as of December 2010.

 

3. 

The increase in the weighted average interest rate as of December 2011 compared with December 2010 is primarily due to the de-designation of certain fair value hedges resulting in a larger portion of subordinated debt carried as a fixed-rate obligation.

Junior Subordinated Debt

 

Junior Subordinated Debt Issued to APEX Trusts. In 2007, Group Inc. issued a total of $2.25 billion of remarketable junior subordinated debt to Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts), Delaware statutory trusts. The APEX Trusts issued $2.25 billion of guaranteed perpetual Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to Group Inc. Group Inc. also entered into contracts with the APEX Trusts to sell $2.25 billion of Group Inc. perpetual non-cumulative preferred stock (the stock purchase contracts). See Note 19 for information about the preferred stock that Group Inc. will issue in connection with the stock purchase contracts.

The APEX Trusts are wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.

The firm accounted for the stock purchase contracts as equity instruments and, accordingly, recorded the cost of the stock purchase contracts as a reduction to additional paid-in capital.

The firm pays interest semi-annually on $1.75 billion of junior subordinated debt issued to Goldman Sachs Capital II at a fixed annual rate of 5.59% and the debt matures on June 1, 2043. The firm pays interest quarterly on $500 million of junior subordinated debt issued to Goldman Sachs Capital III at a rate per annum equal to

three-month LIBOR plus 0.57% and the debt matures on September 1, 2043. In addition, the firm makes contract payments at a rate of 0.20% per annum on the stock purchase contracts held by the APEX Trusts.

The firm has the right to defer payments on the junior subordinated debt and the stock purchase contracts, subject to limitations, and therefore cause payment on the APEX to be deferred. During any such extension period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common or preferred stock.

In connection with the APEX issuance, the firm covenanted in favor of certain of its debtholders, who were initially and are currently the holders of Group Inc.’s 6.345% Junior Subordinated Debentures due February 15, 2034, that, subject to certain exceptions, the firm would not redeem or purchase (i) Group Inc.’s junior subordinated debt issued to the APEX Trusts prior to the applicable stock purchase date or (ii) APEX or shares of Group Inc.’s perpetual Non-Cumulative Preferred Stock, Series E (Series E Preferred Stock) or perpetual Non-Cumulative Preferred Stock, Series F (Series F Preferred Stock) prior to the date that is ten years after the applicable stock purchase date, unless the applicable redemption or purchase price does not exceed a maximum amount determined by reference to the aggregate amount of net cash proceeds that the firm has received from the sale of qualifying equity securities during the 180-day period preceding the redemption or purchase.

 

 

  Goldman Sachs 2011 Form 10-K   169


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Junior Subordinated Debt Issued in Connection with Trust Preferred Securities. Group Inc. issued $2.84 billion of junior subordinated debentures in 2004 to Goldman Sachs Capital I (Trust), a Delaware statutory trust. The Trust issued $2.75 billion of guaranteed preferred beneficial interests to third parties and $85 million of common beneficial interests to Group Inc. and used the proceeds from the issuances to purchase the junior subordinated debentures from Group Inc. The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.

The firm pays interest semi-annually on the debentures at an annual rate of 6.345% and the debentures mature on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the debentures. The firm has the right, from time to time, to defer payment of interest on the debentures, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such extension period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full.

 

Other Liabilities and Accrued Expenses

Note 17.

Other Liabilities and Accrued Expenses

The table below presents other liabilities and accrued expenses by type.

 

 

    As of December  
in millions   2011      2010  

Compensation and benefits

  $ 5,701       $ 9,089   

Insurance-related liabilities

    18,614         11,381   

Noncontrolling interests 1

    1,450         872   

Income tax-related liabilities 2

    533         2,042   

Employee interests in consolidated funds

    305         451   

Subordinated liabilities issued
by consolidated VIEs

    1,090         1,526   

Accrued expenses and other

    4,108         4,650   

Total

  $ 31,801       $ 30,011   

 

1.

Includes $1.17 billion and $593 million related to consolidated investment funds as of December 2011 and December 2010, respectively.

 

2.

See Note 24 for further information about income taxes.

The table below presents insurance-related liabilities by type.

 

 

    As of December  
in millions   2011      2010  

Separate account liabilities

  $ 3,296       $ 4,024   

Liabilities for future benefits
and unpaid claims 1

    14,213         6,308   

Contract holder account balances

    835         801   

Reserves for guaranteed minimum death
and income benefits

    270         248   

Total

  $ 18,614       $ 11,381   

 

1.

Substantially all of the increase from December 2010 to December 2011 is related to acquisitions. In connection with these acquisitions, the firm acquired $7.50 billion of assets (primarily financial instruments owned, at fair value, principally consisting of corporate debt securities) and assumed $7.10 billion of liabilities.

Separate account liabilities are supported by separate account assets, representing segregated contract holder funds under variable annuity and life insurance contracts. Separate account assets are included in “Cash and securities segregated for regulatory and other purposes.”

Liabilities for future benefits and unpaid claims include liabilities arising from reinsurance provided by the firm to other insurers. The firm had a receivable of $1.30 billion and $1.26 billion as of December 2011 and December 2010, respectively, related to such reinsurance contracts, which is reported in “Receivables from customers and counterparties.” In addition, the firm has ceded risks to reinsurers related to certain of its liabilities for future benefits and unpaid claims and had a receivable of $648 million and $839 million as of December 2011 and December 2010, respectively, related to such reinsurance contracts, which is reported in “Receivables from customers and counterparties.” Contracts to cede risks to reinsurers do not relieve the firm of its obligations to contract holders. Liabilities for future benefits and unpaid claims include $8.75 billion and $2.05 billion carried at fair value under the fair value option as of December 2011 and December 2010, respectively.

Reserves for guaranteed minimum death and income benefits represent a liability for the expected value of guaranteed benefits in excess of projected annuity account balances. These reserves are based on total payments expected to be made less total fees expected to be assessed over the life of the contract.

 

 

170   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Commitments, Contingencies and Guarantees

Note 18.

Commitments, Contingencies and Guarantees

Commitments

The table below presents the firm’s commitments.

 

 

   

Commitment Amount by Period

of Expiration as of December 2011

        

Total Commitments

as of December

 
in millions   2012     

2013-

2014

    

2015-

2016

    

2017-

Thereafter

          2011      2010  

Commitments to extend credit 1

Commercial lending:

Investment-grade

  $ 5,014       $ 4,266       $ 10,344       $ 45           $ 19,669       $ 12,330   

Non-investment-grade

    1,585         3,939         7,608         761             13,893         11,919   

William Street credit extension program

    5,515         6,291         19,740         390             31,936         27,383   

Warehouse financing

    58         189                             247         265   

Total commitments to extend credit

    12,172         14,685         37,692         1,196             65,745         51,897   

Contingent and forward starting resale and securities borrowing agreements 2

    54,522                                     54,522         46,886   

Forward starting repurchase and secured lending agreements 2

    17,964                                     17,964         12,509   

Underwriting commitments

                                                835   

Letters of credit 3

    1,145         58         145         5             1,353         2,210   

Investment commitments

    2,455         4,764         439         1,460             9,118         11,093   

Other

    5,200         101         34         7             5,342         4,396   

Total commitments

  $ 93,458       $ 19,608       $ 38,310       $ 2,668           $ 154,044       $ 129,826   

 

1.

Commitments to extend credit are presented net of amounts syndicated to third parties.

 

2.

These agreements generally settle within three business days.

 

3.

Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements.

Commitments to Extend Credit

 

The firm’s commitments to extend credit are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial portions of these commitments and commitments can expire unused or be reduced or cancelled at the counterparty’s request.

The firm generally accounts for commitments to extend credit at fair value. Losses, if any, are generally recorded, net of any fees in “Other principal transactions.”

Commercial Lending. The firm’s commercial lending commitments are generally extended in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing. Commitments that are extended for contingent

acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources.

William Street Credit Extension Program. Substantially all of the commitments provided under the William Street credit extension program are to investment-grade corporate borrowers. Commitments under the program are principally extended by GS Bank USA and its subsidiaries, including William Street Commitment Corporation (Commitment Corp.). Historically, commitments extended by Commitment Corp. were supported, in part, by funding raised by Funding Corp., another consolidated wholly-owned subsidiary of GS Bank USA. As of April 26, 2011, the funding raised by Funding Corp. had been repaid in its entirety. The commitments extended by Commitment Corp. that had been supported by this funding are now supported by funding from GS Bank USA.

 

 

  Goldman Sachs 2011 Form 10-K   171


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The assets and liabilities of Commitment Corp. are legally separated from other assets and liabilities of the firm. The assets of Commitment Corp. will not be available to its shareholders until the claims of its creditors have been paid. In addition, no affiliate of Commitment Corp., except in limited cases as expressly agreed in writing, is responsible for any obligation of Commitment Corp.

Sumitomo Mitsui Financial Group, Inc. (SMFG) provides the firm with credit loss protection that is generally limited to 95% of the first loss the firm realizes on approved loan commitments, up to a maximum of approximately $950 million, with respect to most of the William Street commitments. In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $1.13 billion, of which $300 million and $375 million of protection had been provided as of December 2011 and December 2010, respectively. The firm also uses other financial instruments to mitigate credit risks related to certain William Street commitments not covered by SMFG.

Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of residential and commercial mortgages.

Contingent and Forward Starting Resale and Securities Borrowing Agreements/Forward Starting Repurchase and Secured Lending Agreements

The firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date. The firm also enters into commitments to provide contingent financing to its clients through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused.

Investment Commitments

The firm’s investment commitments consist of commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. These commitments include $1.62 billion and $1.97 billion as of December 2011 and December 2010, respectively, related to real estate private investments and $7.50 billion and $9.12 billion as of December 2011 and December 2010, respectively, related to corporate and other private investments. Of these amounts, $8.38 billion and $10.10 billion as of December 2011 and December 2010, respectively, relate to commitments to invest in funds managed by the firm, which will be funded at market value on the date of investment.

Leases

The firm has contractual obligations under long-term noncancelable lease agreements, principally for office space, expiring on various dates through 2069. Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges. The table below presents future minimum rental payments, net of minimum sublease rentals.

 

 

in millions   As of
December 2011
 

2012

  $ 440   

2013

    420   

2014

    385   

2015

    337   

2016

    301   

2017 - thereafter

    1,380   

Total

  $ 3,263   

Rent charged to operating expense for the years ended December 2011, December 2010 and December 2009 was $475 million, $508 million and $434 million, respectively.

Operating leases include office space held in excess of current requirements. Rent expense relating to space held for growth is included in “Occupancy.” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits. Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination.

 

 

172   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Contingencies

 

Legal Proceedings. See Note 27 for information about legal proceedings, including certain mortgage-related matters.

Certain Mortgage-Related Contingencies. There are multiple areas of focus by regulators, governmental agencies and others within the mortgage market that may impact originators, issuers, servicers and investors. There remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market.

 

Ÿ  

Representations and Warranties. The firm has not been a significant originator of residential mortgage loans. The firm did purchase loans originated by others and generally received loan-level representations of the type described below from the originators. During the period 2005 through 2008, the firm sold approximately $10 billion of loans to government-sponsored enterprises and approximately $11 billion of loans to other third parties. In addition, the firm transferred loans to trusts and other mortgage securitization vehicles. As of December 2011 and December 2010, the outstanding balance of the loans transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 was approximately $42 billion and $49 billion, respectively. This amount reflects paydowns and cumulative losses of approximately $83 billion ($17 billion of which are cumulative losses) as of December 2011 and approximately $76 billion ($14 billion of which are cumulative losses) as of December 2010. A small number of these Goldman Sachs-issued securitizations with an outstanding principal balance of $635 million and total paydowns and cumulative losses of $1.42 billion ($465 million of which are cumulative losses) as of December 2011, and an outstanding principal balance of $739 million and total paydowns and cumulative losses of $1.32 billion ($410 million of which are cumulative losses) as of December 2010, were structured with credit protection obtained from monoline insurers. In connection with both sales of loans and securitizations, the firm provided loan level representations of the type described below and/or assigned the loan level representations from the party from whom the firm purchased the loans.

The loan level representations made in connection with the sale or securitization of mortgage loans varied among transactions but were generally detailed representations applicable to each loan in the portfolio and addressed matters relating to the property, the borrower and the note. These representations generally included, but were not limited to, the following: (i) certain attributes of the borrower’s financial status; (ii) loan-to-value ratios, owner occupancy status and certain other characteristics of the property; (iii) the lien position; (iv) the fact that the loan was originated in compliance with law; and (v) completeness of the loan documentation.

To date, repurchase claims and actual repurchases of residential mortgage loans based upon alleged breaches of representations have not been significant and have mainly involved government-sponsored enterprises. During the year ended December 2011, the firm repurchased loans with an unpaid principal balance of less than $10 million. During the year ended December 2010, the firm repurchased loans with an unpaid principal balance of less than $50 million. The loss related to the repurchase of these loans was not material for the years ended December 2011 and December 2010.

Ultimately, the firm’s exposure to claims for repurchase of residential mortgage loans based on alleged breaches of representations will depend on a number of factors including the following: (i) the extent to which these claims are actually made; (ii) the extent to which there are underlying breaches of representations that give rise to valid claims for repurchase; (iii) in the case of loans originated by others, the extent to which the firm could be held liable and, if it is, the firm’s ability to pursue and collect on any claims against the parties who made representations to the firm; (iv) macro-economic factors, including developments in the residential real estate market; and (v) legal and regulatory developments.

Based upon the large number of defaults in residential mortgages, including those sold or securitized by the firm, there is a potential for increasing claims for repurchases. However, the firm is not in a position to make a meaningful estimate of that exposure at this time.

 

 

  Goldman Sachs 2011 Form 10-K   173


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Ÿ  

Foreclosure and Other Mortgage Loan Servicing Practices and Procedures. The firm had received a number of requests for information from regulators and other agencies, including state attorneys general and banking regulators, as part of an industry-wide focus on the practices of lenders and servicers in connection with foreclosure proceedings and other aspects of mortgage loan servicing practices and procedures. The requests sought information about the foreclosure and servicing protocols and activities of Litton, a residential mortgage servicing subsidiary sold by the firm to a third-party purchaser in the third quarter of 2011. The firm is cooperating with the requests and these inquiries may result in the imposition of fines or other regulatory action. In the third quarter of 2010, prior to the firm’s sale of Litton, Litton had temporarily suspended evictions and foreclosure and real estate owned sales in a number of states, including those with judicial foreclosure procedures. Litton resumed these activities beginning in the fourth quarter of 2010. In connection with the sale of Litton, the firm agreed to provide certain representations and warranties, and specific indemnities related to Litton’s servicing and foreclosure practices prior to the close of the sale. The liability associated with certain of these indemnities has been capped. For indemnities not subject to a cap, management is unable to develop an estimate of the maximum potential amount of future payments because no amounts have yet been specified or claimed. However, management does not believe, based on currently available information, that any payments under these indemnities will have a material adverse effect on the firm’s financial condition.

On September 1, 2011, Group Inc. and GS Bank USA entered into a Consent Order (the Order) with the Board of Governors of the Federal Reserve System (Federal Reserve Board) relating to the servicing of residential mortgage loans. The terms of the Order are substantially similar and, in many respects, identical to the orders entered into with the Federal Reserve Board by other large U.S. financial institutions. The Order sets forth various allegations of

improper conduct in servicing by Litton, requires that Group Inc. and GS Bank USA cease and desist such conduct, and requires that Group Inc. and GS Bank USA, and their boards of directors, take various affirmative steps. The Order requires (i) Group Inc. and GS Bank USA to engage a third-party consultant to conduct a review of certain foreclosure actions or proceedings that occurred or were pending between January 1, 2009 and December 31, 2010; (ii) the adoption of policies and procedures related to management of third parties used to outsource residential mortgage servicing, loss mitigation or foreclosure; (iii) a “validation report” from an independent third-party consultant regarding compliance with the Order for the first year; and (iv) submission of quarterly progress reports as to compliance with the Order by the boards of directors (or committees thereof) of Group Inc. and GS Bank USA.

In addition, on September 1, 2011, GS Bank USA entered into an Agreement on Mortgage Servicing Practices with the New York State Banking Department, Litton and the acquirer of Litton relating to the servicing of residential mortgage loans, and, in a related agreement with the New York State Banking Department, Group Inc. agreed to forgive 25% of the unpaid principal balance on certain delinquent first lien residential mortgage loans owned by Group Inc. or a subsidiary, totaling approximately $13 million in principal forgiveness.

Guaranteed Minimum Death and Income Benefits. In connection with its insurance business, the firm is contingently liable to provide guaranteed minimum death and income benefits to certain contract holders and has established a reserve related to $5.52 billion and $6.11 billion of contract holder account balances as of December 2011 and December 2010, respectively, for such benefits. The weighted average attained age of these contract holders was 69 years for both December 2011 and December 2010.

The net amount at risk, representing guaranteed minimum death and income benefits in excess of contract holder account balances, was $1.51 billion and $1.60 billion as of December 2011 and December 2010, respectively. See Note 17 for further information about insurance liabilities.

 

 

174   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Guarantees

 

The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties and certain other counterparties. Accordingly, the firm has not included such contracts in the table below.

The firm, in its capacity as an agency lender, indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed.

In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable

clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary.

The table below presents certain information about derivatives that meet the definition of a guarantee and certain other guarantees. The maximum payout in the table below is based on the notional amount of the contract and therefore does not represent anticipated losses. See Note 7 for further information about credit derivatives that meet the definition of a guarantee which are not included below.

Because derivatives are accounted for at fair value, the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values below exclude the effect of a legal right of setoff that may exist under an enforceable netting agreement and the effect of netting of cash collateral posted under credit support agreements.

 

 

 

    As of December 2011  
          Maximum Payout/Notional Amount by Period of Expiration  
in millions  

Carrying
Value of

Net Liability

    2012      2013-
2014
    

2015-

2016

     2017-
Thereafter
     Total  

Derivatives 1

  $ 11,881      $ 486,244       $ 206,853       $ 53,743       $ 49,576       $ 796,416   

Securities lending indemnifications 2

           27,798                                 27,798   

Other financial guarantees 3

    205        625         795         1,209         939         3,568   

 

1.

These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore these amounts do not reflect the firm’s overall risk related to its derivative activities. As of December 2010, the carrying value of the net liability related to derivative guarantees was $8.26 billion.

 

2.

Collateral held by the lenders in connection with securities lending indemnifications was $28.58 billion as of December 2011. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these guarantees.

 

3.

Other financial guarantees excludes certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See table in “Commitments” above for a summary of the firm’s commitments. As of December 2010, the carrying value of the net liability related to other financial guarantees was $28 million.

 

  Goldman Sachs 2011 Form 10-K   175


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, II and III, and other entities for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Note 16 for further information about the transactions involving Goldman Sachs Capital I, II and III.

The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities.

Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities.

Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates.

The firm also indemnifies some clients against potential losses incurred in the event specified third-party service providers, including sub-custodians and third-party brokers, improperly execute transactions. In addition, the firm is a member of payment, clearing and settlement networks as well as securities exchanges around the world that may require the firm to meet the obligations of such networks and exchanges in the event of member defaults.

In connection with its prime brokerage and clearing businesses, the firm agrees to clear and settle on behalf of its clients the transactions entered into by them with other

brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account as well as any proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and certain other matters involving the borrower.

The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated statements of financial condition as of December 2011 and December 2010.

Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions such as securities issuances, borrowings or derivatives.

In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws.

These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of December 2011 and December 2010.

 

 

176   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Guarantees of Subsidiaries. Group Inc. fully and unconditionally guarantees the securities issued by GS Finance Corp., a wholly-owned finance subsidiary of the firm.

Group Inc. has guaranteed the payment obligations of Goldman, Sachs & Co. (GS&Co.), GS Bank USA, GS Bank Europe and Goldman Sachs Execution & Clearing, L.P. (GSEC), subject to certain exceptions.

In November 2008, the firm contributed subsidiaries into GS Bank USA, and Group Inc. agreed to guarantee the reimbursement of certain losses, including credit-related losses, relating to assets held by the contributed entities. In connection with this guarantee, Group Inc. also agreed to pledge to GS Bank USA certain collateral, including interests in subsidiaries and other illiquid assets.

In addition, Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties. Group Inc. is unable to develop an estimate of the maximum payout under its subsidiary guarantees; however, because these guaranteed obligations are also obligations of consolidated subsidiaries included in the table above, Group Inc.’s liabilities as guarantor are not separately disclosed.

Group Inc. has established a program for the issuance of securities by Goldman Sachs Secured Finance Limited insured by GS Secured Guaranty Company Limited (SGCL), a wholly-owned subsidiary of Group Inc. that is a financial guaranty insurer organized under the laws of Bermuda. The funds raised by SGCL are used to enter into repurchase transactions with GS&Co. and Goldman Sachs International (GSI). Group Inc. has fully and unconditionally guaranteed the securities issued by Goldman Sachs Secured Finance Limited, as well as the obligations of GS&Co. and GSI under their respective repurchase transactions. Group Inc. has not guaranteed the obligations of SGCL. The assets and liabilities of SGCL are legally separated from other assets and liabilities of the firm. The assets of SGCL will not be available to any holder of its capital stock until the claims of creditors have been paid.

Shareholders' Equity

Note 19.

Shareholders’ Equity

Common Equity

Dividends declared per common share were $1.40 in 2011, $1.40 in 2010 and $1.05 in 2009. On January 17, 2012, Group Inc. declared a dividend of $0.35 per common share to be paid on March 29, 2012 to common shareholders of record on March 1, 2012.

On July 1, 2011, the firm issued $103 million of common stock (774,823 shares) in connection with the acquisition of GS Australia.

The firm’s share repurchase program is intended to help maintain the appropriate level of common equity and to substantially offset increases in share count over time resulting from employee share-based compensation. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by the firm’s current and projected capital positions (i.e., comparisons of the firm’s desired level and composition of capital to its actual level and composition of capital) and the issuance of shares resulting from employee share-based compensation, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock. Any repurchase of the firm’s common stock requires approval by the Federal Reserve Board.

During 2011, 2010 and 2009, the firm repurchased 47.0 million, 25.3 million and 19,578 shares of its common stock at an average cost per share of $128.33, $164.48 and $80.83, for a total cost of $6.04 billion, $4.16 billion and $2 million, respectively, under the share repurchase program. In addition, pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel restricted stock units (RSUs) to satisfy minimum statutory employee tax withholding requirements. Under these plans, during 2011, 2010 and 2009, employees remitted 75,517 shares, 164,172 shares and 4,506 shares with a total value of $12 million, $25 million and $342,153 and the firm cancelled 12.0 million, 6.2 million and 11.2 million of RSUs with a total value of $1.91 billion, $972 million and $863 million, respectively.

 

 

  Goldman Sachs 2011 Form 10-K   177


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Preferred Equity

The table below presents perpetual preferred stock issued and outstanding.

 

 

Series   Shares
Authorized
       Shares
Issued
       Shares
Outstanding
       Dividend Rate     

Earliest

Redemption Date

      

Redemption
Value

(in millions)

 

A

    50,000           30,000           29,999        

3 month LIBOR + 0.75%,

with floor of 3.75% per annum

       April 25, 2010         $ 750   

B

    50,000           32,000           32,000         6.20% per annum        October 31, 2010           800   

C

    25,000           8,000           8,000        

3 month LIBOR + 0.75%,

with floor of 4.00% per annum

       October 31, 2010           200   

D

    60,000           54,000           53,999        

3 month LIBOR + 0.67%,

with floor of 4.00% per annum

       May 24, 2011           1,350   
      185,000           124,000           123,998                           $ 3,100   

 

Each share of non-cumulative Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock issued and outstanding has a par value of $0.01, has a liquidation preference of $25,000, is represented by 1,000 depositary shares and is redeemable at the firm’s option, subject to the approval of the Federal Reserve Board, at a redemption price equal to $25,000 plus declared and unpaid dividends.

All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. Dividends on each series of preferred stock, if declared, are payable quarterly in arrears. The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.

In 2007, the Board of Directors of Group Inc. (Board) authorized 17,500.1 shares of Series E Preferred Stock, and 5,000.1 shares of Series F Preferred Stock, in connection with the APEX Trusts. See Note 16 for further information about the APEX Trusts.

Under the stock purchase contracts with the APEX Trusts, Group Inc. will issue $2.25 billion of preferred stock, in the aggregate, on the relevant stock purchase dates (on or before June 1, 2013 and September 1, 2013 for Series E and Series F Preferred Stock, respectively), comprised of one share of Series E and Series F Preferred Stock to Goldman Sachs Capital II and III, respectively, for each $100,000 principal amount of subordinated debt held by these trusts. When issued, each share of Series E and Series F Preferred Stock will have a par value of $0.01 and a liquidation preference of $100,000 per share.

Dividends on Series E Preferred Stock, if declared, will be payable semi-annually at a fixed annual rate of 5.79% if the stock is issued prior to June 1, 2012 and quarterly thereafter, at a rate per annum equal to the greater of (i) three-month LIBOR plus 0.77% and (ii) 4.00%.

Dividends on Series F Preferred Stock, if declared, will be payable quarterly at a rate per annum equal to three-month LIBOR plus 0.77% if the stock is issued prior to September 1, 2012 and quarterly thereafter, at a rate per annum equal to the greater of (i) three-month LIBOR plus 0.77% and (ii) 4.00%.

The preferred stock may be redeemed at the option of the firm on the stock purchase dates or any day thereafter, subject to approval from the Federal Reserve Board and certain covenant restrictions governing the firm’s ability to redeem or purchase the preferred stock without issuing common stock or other instruments with equity-like characteristics.

 

 

178   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

In June 2009, Group Inc. repurchased from the U.S. Treasury the 10.0 million shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H (Series H Preferred Stock), that were issued to the U.S. Treasury pursuant to the U.S. Treasury’s TARP Capital Purchase Program. The repurchase resulted in a preferred dividend of $426 million (calculated as the difference between the carrying value and redemption value of the preferred stock), which is included in the consolidated statement of earnings for 2009. The repurchase also resulted in the payment of $44 million of accrued dividends. In connection with the issuance of the Series H Preferred Stock in October 2008, the firm issued a 10-year warrant to the U.S. Treasury to purchase up to 12.2 million shares of common stock at an exercise price of $122.90 per share. The firm repurchased this warrant in full in July 2009 for $1.1 billion. This amount was recorded as a reduction to additional paid-in capital.

During 2011, the firm redeemed the 50,000 shares of the firm’s 10% Cumulative Perpetual Preferred Stock, Series G (Series G Preferred Stock) held by Berkshire Hathaway Inc.

and certain of its subsidiaries (collectively, Berkshire Hathaway) for the stated redemption price of $5.50 billion ($110,000 per share), plus accrued and unpaid dividends. In connection with this redemption, the firm recognized a preferred dividend of $1.64 billion (calculated as the difference between the carrying value and the redemption value of the preferred stock), which is included in the consolidated statement of earnings for 2011. Berkshire Hathaway continues to hold a five-year warrant, issued in October 2008, to purchase up to 43.5 million shares of common stock at an exercise price of $115.00 per share.

On January 12, 2012, Group Inc. declared dividends of $239.58, $387.50, $255.56 and $255.56 per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, respectively, to be paid on February 10, 2012 to preferred shareholders of record on January 26, 2012.

The table below presents preferred dividends declared on preferred stock.

 

 

 

    Year Ended December  
    2011         

2010

         2009  
     per share        in millions           per share        in millions           per share        in millions  

Series A

  $ 950.51         $ 28           $ 950.51         $ 28           $ 710.94         $ 21   

Series B

    1,550.00           50             1,550.00           50             1,162.50           38   

Series C

    1,013.90           8             1,013.90           8             758.34           6   

Series D

    1,013.90           55             1,013.90           55             758.34           41   

Series G 1

    2,500.00           125             10,000.00           500             7,500.00           375   

Series H 2

                                                12.50           125   

Total

             $ 266                      $ 641                      $ 606   

 

1.

Amount for the year ended December 2011 excludes preferred dividends related to the redemption of the firm’s Series G Preferred Stock.

 

2.

Amount for the year ended December 2009 excludes the preferred dividend related to the repurchase of the TARP Series H Preferred Stock, as well as accrued dividends paid on repurchase of the Series H Preferred Stock.

Accumulated Other Comprehensive Income/(Loss)

The table below presents accumulated other comprehensive income/(loss) by type.

 

 

    As of December  
in millions   2011        2010  

Currency translation adjustment, net of tax

  $ (225      $ (170

Pension and postretirement liability adjustments, net of tax

    (374        (229

Net unrealized gains on available-for-sale securities, net of tax 1

    83           113   

Total accumulated other comprehensive loss, net of tax

  $ (516      $ (286

 

1.

Substantially all consists of net unrealized gains on securities held by the firm’s insurance subsidiaries as of both December 2011 and December 2010.

 

  Goldman Sachs 2011 Form 10-K   179


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Regulation and Capital Adequacy

Note 20.

Regulation and Capital Adequacy

 

The Federal Reserve Board is the primary regulator of Group Inc., a bank holding company and a financial holding company under the U.S. Bank Holding Company Act of 1956. As a bank holding company, the firm is subject to consolidated regulatory capital requirements that are computed in accordance with the Federal Reserve Board’s capital adequacy regulations currently applicable to bank holding companies (which are based on the ‘Basel 1’ Capital Accord of the Basel Committee on Banking Supervision (Basel Committee)). These capital requirements are expressed as capital ratios that compare measures of capital to risk-weighted assets (RWAs). The firm’s bank depository institution subsidiaries, including GS Bank USA, are subject to similar capital requirements.

Under the Federal Reserve Board’s capital adequacy requirements and the regulatory framework for prompt corrective action that is applicable to GS Bank USA, the firm and its bank depository institution subsidiaries must meet specific capital requirements that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory reporting practices. The firm and its bank depository institution subsidiaries’ capital amounts, as well as GS Bank USA’s prompt corrective action classification, are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Many of the firm’s subsidiaries, including GS&Co. and the firm’s other broker-dealer subsidiaries, are subject to separate regulation and capital requirements as described below.

Group Inc.

Federal Reserve Board regulations require bank holding companies to maintain a minimum Tier 1 capital ratio of 4% and a minimum total capital ratio of 8%. The required minimum Tier 1 capital ratio and total capital ratio in order to be considered a “well-capitalized” bank holding company under the Federal Reserve Board guidelines are 6% and 10%, respectively. Bank holding companies may be expected to maintain ratios well above the minimum levels, depending on their particular condition, risk profile

and growth plans. The minimum Tier 1 leverage ratio is 3% for bank holding companies that have received the highest supervisory rating under Federal Reserve Board guidelines or that have implemented the Federal Reserve Board’s risk-based capital measure for market risk. Other bank holding companies must have a minimum Tier 1 leverage ratio of 4%.

The table below presents information regarding Group Inc.’s regulatory capital ratios.

 

 

    As of December  
$ in millions   2011        2010  

Tier 1 capital

  $ 63,262         $ 71,233   

Tier 2 capital

  $ 13,881         $ 13,660   

Total capital

  $ 77,143         $ 84,893   

Risk-weighted assets

  $ 457,027         $ 444,290   

Tier 1 capital ratio

    13.8        16.0

Total capital ratio

    16.9        19.1

Tier 1 leverage ratio

    7.0        8.0

RWAs under the Federal Reserve Board’s risk-based capital guidelines are calculated based on the amount of market risk and credit risk. RWAs for market risk are determined by reference to the firm’s Value-at-Risk (VaR) models, supplemented by other measures to capture risks not reflected in VaR models. Credit risk for on-balance sheet assets is based on the balance sheet value. For off-balance sheet exposures, including OTC derivatives and commitments, a credit equivalent amount is calculated based on the notional amount of each trade. All such assets and amounts are then assigned a risk weight depending on, among other things, whether the counterparty is a sovereign, bank or qualifying securities firm or other entity (or if collateral is held, depending on the nature of the collateral).

Tier 1 leverage ratio is defined as Tier 1 capital under Basel 1 divided by average adjusted total assets (which includes adjustments for disallowed goodwill and intangible assets, and the carrying value of equity investments in non-financial companies that are subject to deductions from Tier 1 capital).

 

 

180   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Regulatory Reform

 

The firm is currently working to implement the requirements set out in the Federal Reserve Board’s Risk-Based Capital Standards: Advanced Capital Adequacy Framework — Basel 2, as applicable to Group Inc. as a bank holding company (Basel 2), which are based on the advanced approaches under the Revised Framework for the International Convergence of Capital Measurement and Capital Standards issued by the Basel Committee. U.S. banking regulators have incorporated the Basel 2 framework into the existing risk-based capital requirements by requiring that internationally active banking organizations, such as Group Inc., adopt Basel 2, once approved to do so by regulators. As required by the Dodd-Frank Act, U.S. banking regulators have adopted a rule that requires large banking organizations, upon adoption of Basel 2, to continue to calculate risk-based capital ratios under both Basel 1 and Basel 2. For each of the Tier 1 and Total capital ratios, the lower of the Basel 1 and Basel 2 ratios calculated will be used to determine whether the bank meets its minimum risk-based capital requirements.

In December 2011, the U.S. federal bank regulatory agencies issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. These modifications are designed to address the adjustments to the market risk framework that were announced by the Basel Committee in June 2010 (Basel 2.5), as well as the prohibition in the use of credit ratings, as required by the Dodd-Frank Act. Once implemented, it is likely that these changes will result in increased capital requirements for market risk.

Additionally, the guidelines issued by the Basel Committee in December 2010 (Basel 3) revise the definition of Tier 1 capital, introduce Tier 1 common equity as a regulatory metric, set new minimum capital ratios (including a new “capital conservation buffer,” which must be composed exclusively of Tier 1 common equity and will be in addition to the minimum capital ratios), introduce a Tier 1 leverage ratio within international guidelines for the first time, and make substantial revisions to the computation of RWAs for credit exposures. Implementation of the new requirements is expected to take place over the next several years. The federal banking agencies have not yet proposed rules to implement the Basel 3 guidelines in the United States.

 

The Basel Committee has published its final provisions for assessing the global systemic importance of banking institutions and the range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemically important. The additional capital for these institutions would initially range from 1% to 2.5% of Tier 1 common equity and could be as much as 3.5% for a bank that increases its systemic footprint (e.g., by increasing total assets). The firm was one of 29 institutions identified by the Financial Stability Board (established at the direction of the leaders of the Group of 20) as globally systemically important under the Basel Committee’s methodology. Therefore, depending upon the manner and timing of the U.S. banking regulators’ implementation of the Basel Committee’s methodology, the firm expects that the minimum Tier 1 common ratio requirement applicable to the firm will include this additional capital assessment. The final determination of whether an institution is classified as globally systemically important and the calculation of the required additional capital amount is expected to be disclosed by the Basel Committee no later than November 2014 based on data through the end of 2013.

The Federal Reserve Board has proposed regulations designed to strengthen the regulation and supervision of large bank holding companies and systemically important nonbank financial firms. These proposals address risk-based capital and leverage requirements, liquidity requirements, stress tests, single counterparty limits and early remediation requirements that are designed to address financial weakness at an early stage. Although many of the proposals mirror initiatives to which bank holding companies are already subject, their full impact on the firm will not be known with certainty until the rules are finalized.

The Dodd-Frank Act will subject the firm at a firmwide level to the same leverage and risk-based capital requirements that apply to depository institutions and directs banking regulators to impose additional capital requirements as disclosed above. The Federal Reserve Board is expected to adopt the new leverage and risk-based capital regulations in 2012. As a consequence of these changes, Tier 1 capital treatment for the firm’s junior subordinated debt issued to trusts will be phased out over a three-year period beginning on January 1, 2013. The interaction among the Dodd-Frank Act, the Basel Committee’s proposed changes and other proposed or announced changes from other governmental entities and regulators adds further uncertainty to the firm’s future capital requirements and those of our subsidiaries.

 

 

  Goldman Sachs 2011 Form 10-K   181


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

A number of other governmental entities and regulators, including the European Union (EU) and the U.K.’s Financial Services Authority (FSA), have also proposed or announced changes that will result in increased capital requirements for financial institutions.

As a consequence of these developments, the firm expects minimum capital ratios required to be maintained under Federal Reserve Board regulations will be increased and changes in the prescribed calculation methodology are expected to result in higher RWAs and lower capital ratios than those currently computed.

The capital and liquidity requirements of several of the firm’s subsidiaries will also be impacted in the future by the various developments arising from the Basel Committee, the Dodd-Frank Act, and other governmental entities and regulators.

Bank Subsidiaries

GS Bank USA, an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the Federal Reserve Board, the FDIC and the New York State Department of Financial Services (formerly the New York State Banking Department) and is subject to minimum capital requirements (described below) that are calculated in a manner similar to those applicable to bank holding companies. GS Bank USA computes its capital ratios in accordance with the regulatory capital guidelines currently applicable to state member banks, which are based on Basel 1 as implemented by the Federal Reserve Board, for purposes of assessing the adequacy of its capital. Under the regulatory framework for prompt corrective action that is applicable to GS Bank USA, in order to be considered a “well-capitalized” depository institution, GS Bank USA must maintain a Tier 1 capital ratio of at least 6%, a total capital ratio of at least 10% and a Tier 1 leverage ratio of at least 5%. GS Bank USA has agreed with the Federal Reserve Board to minimum capital ratios in excess of these “well-capitalized” levels. Accordingly, for a period of time, GS Bank USA is expected to maintain a Tier 1 capital ratio of at least 8%, a total capital ratio of at least 11% and a Tier 1 leverage ratio of at least 6%. As noted in the table below, GS Bank USA was in compliance with these minimum capital requirements as of December 2011 and December 2010.

The table below presents information regarding GS Bank USA’s regulatory capital ratios under Basel 1 as implemented by the Federal Reserve Board.

 

    As of December  
$ in millions   2011      2010  

Tier 1 capital

  $ 19,251       $ 18,604   

Tier 2 capital

    6  1       5,004   

Total capital

    19,257         23,608   

Risk-weighted assets

    112,824         98,719   

Tier 1 capital ratio

    17.1      18.8

Total capital ratio

    17.1 % 1       23.9

Tier 1 leverage ratio

    18.5      19.5

 

1.

The decrease from December 2010 to December 2011 is primarily related to GS Bank USA’s repayment of $5.00 billion of subordinated debt to Group Inc. and $1.00 billion dividend to Group Inc. during 2011.

GS Bank USA is currently working to implement the Basel 2 framework, as implemented by the Federal Reserve Board. Similar to the firm’s requirement as a bank holding company, GS Bank USA is required to adopt Basel 2, once approved to do so by regulators. In addition, the capital requirements for GS Bank USA are expected to be impacted by changes to the Basel Committee’s capital guidelines, as outlined above. Furthermore, the firm expects that GS Bank USA will be impacted by aspects of the Dodd-Frank Act, including stress test and resolution plan requirements.

The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The Federal Reserve Board requires depository institutions to maintain cash reserves with a Federal Reserve Bank. The amount deposited by the firm’s depository institution held at the Federal Reserve Bank was approximately $40.06 billion and $28.12 billion as of December 2011 and December 2010, respectively, which exceeded required reserve amounts by $39.51 billion and $27.45 billion as of December 2011 and December 2010, respectively.

 

 

182   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Transactions between GS Bank USA and its subsidiaries and Group Inc. and its subsidiaries and affiliates (other than, generally, subsidiaries of GS Bank USA) are regulated by the Federal Reserve Board. These regulations generally limit the types and amounts of transactions (including loans to and borrowings from GS Bank USA) that may take place and generally require those transactions to be on an arm’s-length basis.

Goldman Sachs International Bank, a wholly-owned credit institution, regulated by the FSA, and GS Bank Europe, a wholly-owned credit institution, regulated by the Central Bank of Ireland, are both subject to minimum capital requirements. As of December 2011 and December 2010, Goldman Sachs International Bank and GS Bank Europe were in compliance with all regulatory capital requirements.

Broker-Dealer Subsidiaries

The firm’s U.S. regulated broker-dealer subsidiaries include GS&Co. and GSEC. GS&Co. and GSEC are registered U.S. broker-dealers and futures commission merchants, and are subject to regulatory capital requirements, including those imposed by the SEC, the U.S. Commodity Futures Trading Commission (CFTC), Chicago Mercantile Exchange, the Financial Industry Regulatory Authority, Inc. (FINRA) and the National Futures Association. Rule 15c3-1 of the SEC and Rule 1.17 of the CFTC specify uniform minimum net capital requirements, as defined, for their registrants, and also effectively require that a significant part of the registrants’ assets be kept in relatively liquid form. GS&Co. and GSEC have elected to compute their minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1.

As of December 2011, GS&Co. had regulatory net capital, as defined by Rule 15c3-1, of $11.24 billion, which exceeded the amount required by $9.34 billion. As of December 2011, GSEC had regulatory net capital, as defined by Rule 15c3-1, of $2.10 billion, which exceeded the amount required by $2.00 billion.

In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $1 billion and net capital in excess of $500 million in accordance with the market and credit risk standards of Appendix E of Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $5 billion. As of December 2011 and December 2010, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements.

Insurance Subsidiaries

The firm has U.S. insurance subsidiaries that are subject to state insurance regulation and oversight in the states in which they are domiciled and in the other states in which they are licensed. In addition, certain of the firm’s insurance subsidiaries outside of the U.S. are regulated by the FSA and certain are regulated by the Bermuda Monetary Authority. The firm’s insurance subsidiaries were in compliance with all regulatory capital requirements as of December 2011 and December 2010.

Other Non-U.S. Regulated Subsidiaries

The firm’s principal non-U.S. regulated subsidiaries include GSI and Goldman Sachs Japan Co., Ltd. (GSJCL). GSI, the firm’s regulated U.K. broker-dealer, is subject to the capital requirements imposed by the FSA. GSJCL, the firm’s regulated Japanese broker-dealer, is subject to the capital requirements imposed by Japan’s Financial Services Agency. As of December 2011 and December 2010, GSI and GSJCL were in compliance with their local capital adequacy requirements. Certain other non-U.S. subsidiaries of the firm are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 2011 and December 2010, these subsidiaries were in compliance with their local capital adequacy requirements.

Restrictions on Payments

The regulatory requirements referred to above restrict Group Inc.’s ability to withdraw capital from its regulated subsidiaries. As of December 2011 and December 2010, approximately $25.53 billion and $24.70 billion, respectively, of net assets of regulated subsidiaries were restricted as to the payment of dividends to Group Inc. In addition to limitations on the payment of dividends imposed by federal and state laws, the Federal Reserve Board, the FDIC and the New York State Department of Financial Services have authority to prohibit or to limit the payment of dividends by the banking organizations they supervise (including GS Bank USA) if, in the relevant regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in the light of the financial condition of the banking organization.

 

 

  Goldman Sachs 2011 Form 10-K   183


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Earnings Per Common Share

Note 21.

Earnings Per Common Share

 

Basic earnings per common share (EPS) is calculated by dividing net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and RSUs for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of

basic EPS and, in addition reflects the dilutive effect of the common stock deliverable for stock warrants and options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock.

The table below presents the computations of basic and diluted EPS.

 

 

 

    Year Ended December  
in millions, except per share amounts   2011        2010        2009  

Numerator for basic and diluted EPS — net earnings applicable to common shareholders

  $ 2,510         $ 7,713         $ 12,192   

Denominator for basic EPS — weighted average number of common shares

    524.6           542.0           512.3   

Effect of dilutive securities:

RSUs

    14.6           15.0           15.7   

Stock options and warrants

    17.7           28.3           22.9   

Dilutive potential common shares

    32.3           43.3           38.6   

Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares

    556.9           585.3           550.9   

Basic EPS

  $ 4.71         $ 14.15         $ 23.74   

Diluted EPS

    4.51           13.18           22.13   

 

In the table above, unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating EPS. The impact of applying this methodology was a reduction in basic EPS of $0.07, $0.08 and $0.06 for the years ended December 2011, December 2010 and December 2009, respectively.

The diluted EPS computations in the table above do not include the following:

 

 

 

    Year Ended December  
in millions   2011        2010        2009  

Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants

    9.2           6.2           24.7   

 

184   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Transactions with Affiliated Funds

Note 22.

Transactions with Affiliated Funds

 

The firm has formed numerous nonconsolidated investment funds with third-party investors. The firm generally acts as the investment manager for these funds and, as such, is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds.

The tables below present fees earned from affiliated funds, fees receivable from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds.

 

 

    Year Ended December  
in millions   2011      2010      2009  

Fees earned from affiliated funds

  $ 2,789       $ 2,882       $ 2,484   

 

 

    As of December  
in millions   2011      2010  

Fees receivable from funds

  $ 721       $ 886   

Aggregate carrying value of interests in funds

    14,960         14,773   

The firm has provided voluntary financial support to certain of its funds that have experienced significant reductions in capital and liquidity or had limited access to the debt markets during the financial crisis. As of December 2011 and December 2010, the firm had exposure to these funds in the form of loans and guarantees of $289 million and $253 million, respectively, primarily related to certain real estate funds. In addition, as of December 2011 and 2010, the firm had outstanding commitments to extend credit to these funds of $0 and $160 million, respectively.

The firm may provide additional voluntary financial support to these funds if they were to experience significant financial distress; however, such amounts are not expected to be material to the firm. In the ordinary course of business, the firm may also engage in other activities with these funds, including, among others, securities lending, trade execution, market making, custody, and acquisition and bridge financing. See Note 18 for the firm’s investment commitments related to these funds.

 

 

  Goldman Sachs 2011 Form 10-K   185


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Interest Income and Interest Expense

Note 23.

Interest Income and Interest Expense

 

Interest income is recorded on an accrual basis based on contractual interest rates. The table below presents the

sources of interest income and interest expense.

 

 

 

    Year Ended December  
in millions   2011      2010      2009  

Interest income

    

Deposits with banks

  $ 125       $ 86       $ 65   

Securities borrowed, securities purchased under agreements to resell and federal funds sold

    666         540         951   

Financial instruments owned, at fair value

    10,718         10,346         11,106   

Other interest 1

    1,665         1,337         1,785   

Total interest income

    13,174         12,309         13,907   

Interest expense

       

Deposits

    280         304         415   

Securities loaned and securities sold under agreements to repurchase

    905         708         1,317   

Financial instruments sold, but not yet purchased, at fair value

    2,464         1,859         1,854   

Short-term borrowings 2

    526         453         623   

Long-term borrowings 2

    3,439         3,155         2,585   

Other interest 3

    368         327         (294

Total interest expense

    7,982         6,806         6,500   

Net interest income

  $ 5,192       $ 5,503       $ 7,407   

 

1.

Primarily includes interest income on customer debit balances and other interest-earning assets.

 

2.

Includes interest on unsecured borrowings and other secured financings.

 

3.

Primarily includes interest expense on customer credit balances and other interest-bearing liabilities.

 

186   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Income Taxes

Note 24.

Income Taxes

Provision for Income Taxes

 

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in “Provision for taxes” and income tax penalties in “Other expenses.”

The tables below present the components of the provision/(benefit) for taxes and a reconciliation of the U.S. federal statutory income tax rate to the firm’s effective income tax rate.

 

 

 

    Year Ended December  
in millions   2011        2010        2009  

Current taxes

           

U.S. federal

  $ 405         $ 1,791         $ 4,039   

State and local

    392           325           594   

Non-U.S.

    204           1,083           2,242   

Total current tax expense

    1,001           3,199           6,875   

Deferred taxes

           

U.S. federal

    683           1,516           (763

State and local

    24           162           (130

Non-U.S.

    19           (339        462   

Total deferred tax (benefit)/expense

    726           1,339           (431

Provision for taxes

  $ 1,727         $ 4,538         $ 6,444   
    Year Ended December  
     2011        2010        2009  

U.S. federal statutory income tax rate

    35.0        35.0        35.0

State and local taxes, net of U.S. federal income tax effects

    4.4           2.5           1.5   

Tax credits

    (1.6        (0.7        (0.3

Non-U.S. operations

    (6.7        (2.3        (3.5

Tax-exempt income, including dividends

    (2.4        (1.0        (0.4

Other

    (0.7        1.7  1         0.2   

Effective income tax rate

    28.0        35.2        32.5

 

1.

Primarily includes the effect of the SEC settlement of $550 million, substantially all of which is non-deductible.

 

  Goldman Sachs 2011 Form 10-K   187


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Deferred Income Taxes

 

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce

deferred tax assets to the amount that more likely than not will be realized. Tax assets and liabilities are presented as a component of “Other assets” and “Other liabilities and accrued expenses,” respectively.

The table below presents the significant components of deferred tax assets and liabilities.

 

 

 

    As of December  
in millions   2011        2010  

Deferred tax assets

      

Compensation and benefits

  $ 3,126         $ 3,397   

Unrealized losses

    849           731   

ASC 740 asset related to unrecognized tax benefits

    569           972   

Non-U.S. operations

    662           652   

Foreign tax credits

    12           11   

Net operating losses

    213           250   

Occupancy-related

    110           129   

Other comprehensive income-related

    168           68   

Other, net

    581           473   
      6,290           6,683   

Valuation allowance 1

    (65        (50

Total deferred tax assets 2

  $ 6,225         $ 6,633   

Depreciation and amortization

    1,959           1,647   

Other comprehensive income-related

    36           130   

Total deferred tax liabilities 2

  $ 1,995         $ 1,777   

 

1.

Relates primarily to the ability to utilize losses in various tax jurisdictions.

 

2.

Before netting within tax jurisdictions.

 

188   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The firm has recorded deferred tax assets of $213 million and $250 million as of December 2011 and December 2010, respectively, in connection with U.S. federal, state and local and foreign net operating loss carryforwards. The firm also recorded a valuation allowance of $59 million and $42 million as of December 2011 and December 2010, respectively, related to these net operating loss carryforwards. As of December 2011, the U.S. federal, state and local, and foreign net operating loss carryforwards were $96 million, $1.65 billion and $378 million, respectively. If not utilized, the U.S. federal net operating loss carryforward will begin to expire in 2017 and the state and local net operating loss carryforwards will begin to expire in 2012. The foreign net operating loss carryforwards can be carried forward indefinitely. The firm had foreign tax credit carryforwards of $12 million and $11 million as of December 2011 and December 2010, respectively. The firm recorded a related net deferred income tax asset of $6 million and $5 million as of December 2011 and December 2010, respectively. These carryforwards will begin to expire in 2013.

The firm had capital loss carryforwards of $6 million and $12 million as of December 2011 and December 2010, respectively. The firm recorded a related net deferred income tax asset of $2 million as of both December 2011 and December 2010. These carryforwards expire in 2013.

The valuation allowance increased by $15 million and decreased by $24 million during 2011 and 2010, respectively. The increase was due to losses considered more likely than not to expire unused. The decrease was primarily due to the utilization of losses previously considered more likely than not to expire unused.

The firm permanently reinvests eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated. As of December 2011 and December 2010, this policy resulted in an unrecognized net deferred tax liability of $3.32 billion and $2.67 billion, respectively, attributable to reinvested earnings of $20.63 billion and $17.70 billion, respectively.

Unrecognized Tax Benefits

The firm recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

As of December 2011 and December 2010, the accrued liability for interest expense related to income tax matters and income tax penalties was $233 million and $213 million, respectively. The firm recognized $21 million, $28 million and $62 million of interest and income tax penalties for the years ended December 2011, December 2010 and December 2009, respectively. It is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to December 2011 due to potential audit settlements. At this time, it is not possible to estimate the change or its impact on the firm’s effective tax rate over the next twelve months.

The table below presents the changes in the liability for unrecognized tax benefits, which is recorded in “Other liabilities and accrued expenses.” See Note 17 for further information.

 

 

 

    As of December  
in millions   2011        2010        2009  

Balance, beginning of year

  $ 2,081         $ 1,925         $ 1,548   

Increases based on tax positions related to the current year

    171           171           143   

Increases based on tax positions related to prior years

    278           162           379   

Decreases related to tax positions of prior years

    (41        (104        (19

Decreases related to settlements

    (638        (128        (91

Acquisitions/(dispositions)

    47           56             

Exchange rate fluctuations

    (11        (1        (35

Balance, end of year

  $ 1,887         $ 2,081         $ 1,925   

Related deferred income tax asset 1

  $ 569         $ 972         $ 1,004   

Net unrecognized tax benefit 2

    1,318           1,109           921   

 

1.

Included in “Other assets.” See Note 12.

 

2.

If recognized, the net tax benefit would reduce the firm’s effective income tax rate.

 

  Goldman Sachs 2011 Form 10-K   189


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Regulatory Tax Examinations

The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong, Korea and various states, such as New York. The tax years under examination vary by jurisdiction. The firm believes that during 2012, certain audits have a reasonable possibility of being completed. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

 

 

Jurisdiction  

As of

December 2011

 

U.S. Federal 1

    2005   

New York State and City 2

    2004   

United Kingdom

    2007   

Japan 3

    2008   

Hong Kong

    2005   

Korea

    2008   

 

1.

IRS examination of fiscal 2008 through calendar 2010 began during 2011. IRS examination of fiscal 2005, 2006 and 2007 began during 2008. IRS examination of fiscal 2003 and 2004 has been completed, but the liabilities for those years are not yet final.

 

2.

New York State and City examination of fiscal 2004, 2005 and 2006 began in 2008.

 

3.

Japan National Tax Agency examination of fiscal 2005 through 2009 began during the first quarter of 2010. The examinations have been completed, but the liabilities for 2008 and 2009 are not yet final.

All years subsequent to the above remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments.

Business Segments

Note 25.

Business Segments

In the fourth quarter of 2010, the firm reorganized its three previous reportable business segments into four new reportable business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. Prior periods are presented on a comparable basis.

Basis of Presentation

In reporting segments, certain of the firm’s business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i) the nature of the services they provide, (ii) their methods of distribution, (iii) the types of clients they serve and (iv) the regulatory environments in which they operate.

The cost drivers of the firm taken as a whole — compensation, headcount and levels of business activity — are broadly similar in each of the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.

The firm allocates revenues and expenses among the four reportable business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. Total operating expenses include corporate items that have not been allocated to individual business segments. The allocation process is based on the manner in which management views the business of the firm.

 

 

190   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The segment information presented in the table below is prepared according to the following methodologies:

 

Ÿ  

Revenues and expenses directly associated with each segment are included in determining pre-tax earnings.

 

Ÿ  

Net revenues in the firm’s segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions. Net interest is included in segment net revenues as it is consistent with the way in which management assesses segment performance.

Ÿ  

Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses.

Management believes that the following information provides a reasonable representation of each segment’s contribution to consolidated pre-tax earnings and total assets.

 

 

 

         For the Years Ended or as of December  
in millions         2011        2010        2009  

Investment Banking

   Net revenues   $ 4,355         $ 4,810         $ 4,984   
    

Operating expenses

    2,962           3,511           3,482   
    

Pre-tax earnings

  $ 1,393         $ 1,299         $ 1,502   
    

Segment assets

  $ 1,690         $ 1,870         $ 1,759   

Institutional Client Services

   Net revenues 1   $ 17,280         $ 21,796         $ 32,719   
    

Operating expenses

    12,697           14,291           13,691   
    

Pre-tax earnings

  $ 4,583         $ 7,505         $ 19,028   
    

Segment assets

  $ 834,780         $ 819,765         $ 751,851   

Investing & Lending

   Net revenues   $ 2,142         $ 7,541         $ 2,863   
    

Operating expenses

    2,673           3,361           3,523   
    

Pre-tax earnings/(loss)

  $ (531      $ 4,180         $ (660
    

Segment assets

  $ 76,753         $ 78,771         $ 83,851   

Investment Management

   Net revenues   $ 5,034         $ 5,014         $ 4,607   
    

Operating expenses

    4,018           4,051           3,673   
    

Pre-tax earnings

  $ 1,016         $ 963         $ 934   
    

Segment assets

  $ 10,002         $ 10,926         $ 11,481   

Total

   Net revenues   $ 28,811         $ 39,161         $ 45,173   
    

Operating expenses

    22,642           26,269           25,344   
    

Pre-tax earnings

  $ 6,169         $ 12,892         $ 19,829   
    

Total assets

  $ 923,225         $ 911,332         $ 848,942   

 

1.

Includes $115 million, $111 million and $36 million for the years ended December 2011, December 2010 and December 2009, respectively, of realized gains on available-for-sale securities held in the firm’s insurance subsidiaries.

 

  Goldman Sachs 2011 Form 10-K   191


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Operating expenses in the table above include the following expenses that have not been allocated to the firm’s segments:

 

Ÿ  

net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively;

 

Ÿ  

charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and

 

Ÿ  

real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

The tables below present the amounts of net interest income included in net revenues, and the amounts of depreciation and amortization expense included in pre-tax earnings.

 

 

    Year Ended December  
in millions   2011      2010        2009  

Investment Banking

  $ (6    $         $   

Institutional Client Services

    4,360         4,692           6,951   

Investing & Lending

    635         609           242   

Investment Management

    203         202           214   

Total net interest

  $ 5,192       $ 5,503         $ 7,407   

 

 

    Year Ended December  
in millions   2011        2010        2009  

Investment Banking

  $ 174         $ 172         $ 156   

Institutional Client Services

    944           1,109           775   

Investing & Lending

    563           422           793   

Investment Management

    188           200           214   

Total depreciation and amortization 1

  $ 1,869         $ 1,904         $ 1,943   

 

1.

Includes real estate-related exit costs of $1 million and $5 million for the years ended December 2010 and December 2009, respectively, that have not been allocated to the firm’s segments.

Geographic Information

Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients.

Geographic results are generally allocated as follows:

 

Ÿ  

Investment Banking: location of the client and investment banking team.

 

Ÿ  

Institutional Client Services: Fixed Income, Currency and Commodities Client Execution, and Equities (excluding Securities Services): location of the market-making desk; Securities Services: location of the primary market for the underlying security.

 

Ÿ  

Investing & Lending: Investing: location of the investment; Lending: location of the client.

 

Ÿ  

Investment Management: location of the sales team.

 

 

192   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

The table below presents the total net revenues, pre-tax earnings and net earnings of the firm by geographic region allocated based on the methodology referred to above, as

well as the percentage of total net revenues, pre-tax earnings and net earnings (excluding Corporate) for each geographic region.

 

 

 

     Year Ended December  
$ in millions    2011     2010     2009  

Net revenues

Americas 1

   $ 17,873         62   $ 21,564         55   $ 25,313         56

EMEA 2

     7,074         25        10,449         27        11,595         26   

Asia 3, 4

     3,864         13        7,148         18        8,265         18   

Total net revenues

   $ 28,811         100   $ 39,161         100   $ 45,173         100

Pre-tax earnings

Americas 1

   $ 5,466         85   $ 7,934         57   $ 11,461         56

EMEA 2

     1,226         19        3,080         22        5,508         26   

Asia 3

     (231      (4     2,933         21        3,835         18   

Subtotal

     6,461         100     13,947         100     20,804         100

Corporate 5

     (292              (1,055              (975         

Total pre-tax earnings

   $ 6,169               $ 12,892               $ 19,829            

Net earnings

Americas 1

   $ 3,624         78   $ 4,917         53   $ 7,120         51

EMEA 2

     1,117         24        2,236         24        4,201         30   

Asia 3

     (103      (2     2,083         23        2,689         19   

Subtotal

     4,638         100     9,236         100     14,010         100

Corporate

     (196              (882              (625         

Total net earnings

   $ 4,442               $ 8,354               $ 13,385            

 

1.

Substantially all relates to the U.S.

 

2.

EMEA (Europe, Middle East and Africa). Pre-tax earnings and net earnings include the impact of the U.K. bank payroll tax for the year ended December 2010.

 

3.

Asia also includes Australia and New Zealand.

 

4.

The decline in net revenues in Asia compared with 2010 primarily reflects lower results in Investing & Lending, principally due to losses from public equities, reflecting a significant decline in equity markets in Asia during 2011.

 

5.

Consists of net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively; charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

 

  Goldman Sachs 2011 Form 10-K   193


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Credit Concentrations

Note 26.

Credit Concentrations

 

Credit concentrations may arise from market making, client facilitation, investing, underwriting, lending and collateralized transactions and may be impacted by changes in economic, industry or political factors. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate.

While the firm’s activities expose it to many different industries and counterparties, the firm routinely executes a high volume of transactions with asset managers, investment funds, commercial banks, brokers and dealers, clearing houses and exchanges, which results in significant credit concentrations.

In the ordinary course of business, the firm may also be subject to a concentration of credit risk to a particular counterparty, borrower or issuer, including sovereign issuers, or to a particular clearing house or exchange.

The table below presents the credit concentrations in assets held by the firm. As of December 2011 and December 2010, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets.

 

 

    As of December  
$ in millions   2011      2010  

U.S. government and federal agency obligations 1

  $ 103,468       $ 96,350   

% of total assets

    11.2      10.6

Other sovereign obligations 1, 2

  $ 49,025       $ 40,379   

% of total assets

    5.3      4.4

 

1.

Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.”

 

2.

Principally consisting of securities issued by the governments of the United Kingdom, Japan, and Germany as of December 2011, and the United Kingdom, Japan and France as of December 2010.

To reduce credit exposures, the firm may enter into agreements with counterparties that permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis. Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and federal agency obligations and other sovereign obligations. See Note 9 for further information about collateralized agreements and financings.

The table below presents U.S. government and federal agency obligations, and other sovereign obligations that collateralize resale agreements and securities borrowed transactions (including those in “Cash and securities segregated for regulatory and other purposes”). Because the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.

 

 

    As of December  
in millions   2011        2010  

U.S. government and federal agency obligations

  $ 94,603         $ 121,366   

Other sovereign obligations 1

    110,178           73,357   

 

1.

Principally consisting of securities issued by the governments of Germany and France.

 

 

194   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Legal Proceedings

Note 27.

Legal Proceedings

 

The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages.

Under ASC 450 an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight. The amounts reserved against such matters are not significant as compared to the upper end of the range of reasonably possible loss.

With respect to proceedings described below for which management has been able to estimate a range of reasonably possible loss where (i) plaintiffs have claimed an amount of money damages, (ii) the firm is being sued by purchasers in an underwriting and is not being indemnified by a party that the firm believes will pay any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss as being equal to (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the amount of securities that the firm sold in the underwritings and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of December 2011 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any factors believed to be relevant to the particular proceeding. As of the date hereof, the firm has estimated the aggregate amount of reasonably possible losses for such proceedings and for any other proceedings described below where management has been able to estimate a range of reasonably possible loss to be approximately $2.4 billion.

Management is generally unable to estimate a range of reasonably possible loss for proceedings other than those included in the estimate above, including where (i) plaintiffs have not claimed an amount of money damages, unless management can otherwise determine an appropriate amount, (ii) the proceedings are in early stages, (iii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iv) there is uncertainty as to the outcome of pending appeals or motions, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues presented. However, for these cases, management does not believe, based on currently available information, that the outcomes of such proceedings will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period.

IPO Process Matters. Group Inc. and GS&Co. are among the numerous financial services companies that have been named as defendants in a variety of lawsuits alleging improprieties in the process by which those companies participated in the underwriting of public offerings in recent years.

GS&Co. has, together with other underwriters in certain offerings as well as the issuers and certain of their officers and directors, been named as a defendant in a number of related lawsuits filed in the U.S. District Court for the Southern District of New York alleging, among other things, that the prospectuses for the offerings violated the federal securities laws by failing to disclose the existence of alleged arrangements tying allocations in certain offerings to higher customer brokerage commission rates as well as purchase orders in the aftermarket, and that the alleged arrangements resulted in market manipulation. On October 5, 2009, the district court approved a settlement agreement entered into by the parties. The firm has paid into a settlement fund the full amount that GS&Co. would contribute in the settlement. Certain objectors appealed certain aspects of the settlement’s approval, but all such appeals have been withdrawn or finally dismissed, thereby concluding the matter.

 

 

  Goldman Sachs 2011 Form 10-K   195


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

GS&Co. is among numerous underwriting firms named as defendants in a number of complaints filed commencing October 3, 2007, in the U.S. District Court for the Western District of Washington alleging violations of Section 16 of the Exchange Act in connection with offerings of securities for 15 issuers during 1999 and 2000. The complaints generally assert that the underwriters, together with each issuer’s directors, officers and principal shareholders, entered into purported agreements to tie allocations in the offerings to increased brokerage commissions and aftermarket purchase orders. The complaints further allege that, based upon these and other purported agreements, the underwriters violated the reporting provisions of, and are subject to short-swing profit recovery under, Section 16 of the Exchange Act. The district court granted defendants’ motions to dismiss on the grounds that the plaintiff’s demands were inadequate with respect to certain actions and that the remaining actions were time-barred. On December 2, 2010, the appellate court affirmed in part and reversed in part, upholding the dismissal of seven of the actions in which GS&Co. is a defendant that were dismissed based on the deficient demands but remanding the remaining eight actions in which GS&Co. is a defendant that were dismissed as time-barred for consideration of other bases for dismissal. On June 27, 2011, the U.S. Supreme Court granted the defendants’ petition for review of whether the actions that were remanded are time-barred and denied the plaintiff’s petition.

GS&Co. has been named as a defendant in an action commenced on May 15, 2002 in New York Supreme Court, New York County, by an official committee of unsecured creditors on behalf of eToys, Inc., alleging that the firm intentionally underpriced eToys, Inc.’s initial public offering. The action seeks, among other things, unspecified compensatory damages resulting from the alleged lower amount of offering proceeds. On appeal from rulings on GS&Co.’s motion to dismiss, the New York Court of Appeals dismissed claims for breach of contract, professional malpractice and unjust enrichment, but permitted claims for breach of fiduciary duty and fraud to continue. On remand, the lower court granted GS&Co.’s motion for summary judgment and, on December 8, 2011, the appellate court affirmed the lower court’s decision. On January 9, 2012, the creditors moved for permission either to reargue the appellate decision or to appeal further to the New York Court of Appeals.

Group Inc. and certain of its affiliates have, together with various underwriters in certain offerings, received subpoenas and requests for documents and information from various governmental agencies and self-regulatory organizations in connection with investigations relating to the public offering process. Goldman Sachs has cooperated with these investigations.

World Online Litigation. In March 2001, a Dutch shareholders’ association initiated legal proceedings for an unspecified amount of damages against GSI and others in Amsterdam District Court in connection with the initial public offering of World Online in March 2000, alleging misstatements and omissions in the offering materials and that the market was artificially inflated by improper public statements and stabilization activities. Goldman Sachs and ABN AMRO Rothschild served as joint global coordinators of the approximately €2.9 billion offering. GSI underwrote 20,268,846 shares and GS&Co. underwrote 6,756,282 shares for a total offering price of approximately €1.16 billion.

The district court rejected the claims against GSI and ABN AMRO, but found World Online liable in an amount to be determined. On appeal, the Netherlands Court of Appeals affirmed in part and reversed in part the decision of the district court, holding that certain of the alleged disclosure deficiencies were actionable as to GSI and ABN AMRO. On further appeal, the Netherlands Supreme Court affirmed the rulings of the Court of Appeals, except that it found certain additional aspects of the offering materials actionable and held that individual investors could potentially hold GSI and ABN AMRO responsible for certain public statements and press releases by World Online and its former CEO. The parties entered into a definitive settlement agreement, dated July 15, 2011, pursuant to which GSI will contribute up to €48 million to a settlement fund. The firm has paid the full amount of GSI’s proposed contribution to the settlement into an escrow account. Other shareholders’ associations have made demands or filed claims for compensation of alleged damages.

 

 

196   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Research Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to research practices, including, among other things, research analysts’ methods for obtaining receipt and distribution of information and communications among research analysts, sales and trading personnel and clients. On June 9, 2011, pursuant to a settlement, a consent order was entered by the Massachusetts Securities Division pursuant to which GS&Co. paid a $10 million civil penalty and agreed to various undertakings regarding certain of its research practices. Other regulators, including the SEC and FINRA, have been investigating matters similar to those involved in the Massachusetts settlement, and Goldman Sachs has been discussing potential resolution of their proposed charges.

Adelphia Communications Fraudulent Conveyance Litigation. GS&Co. is named a defendant in two adversary proceedings commenced in the U.S. Bankruptcy Court for the Southern District of New York, one on July 6, 2003 by a creditors committee, and the second on or about July 31, 2003 by an equity committee of Adelphia Communications, Inc. Those proceedings were consolidated in a single amended complaint filed by the Adelphia Recovery Trust on October 31, 2007. The complaint seeks, among other things, to recover, as fraudulent conveyances, approximately $62.9 million allegedly paid to GS&Co. by Adelphia Communications, Inc. and its affiliates in respect of margin calls made in the ordinary course of business on accounts owned by members of the family that formerly controlled Adelphia Communications, Inc. The district court assumed jurisdiction over the action and on April 8, 2011 granted GS&Co.’s motion for summary judgment. The plaintiff has appealed.

Specialist Matters. Spear, Leeds & Kellogg Specialists LLC (SLKS) and certain affiliates have received requests for information from various governmental agencies and self-regulatory organizations as part of an industry-wide investigation relating to activities of floor specialists in recent years. Goldman Sachs has cooperated with the requests.

On March 30, 2004, certain specialist firms on the NYSE, including SLKS, without admitting or denying the allegations, entered into a final global settlement with the SEC and the NYSE covering certain activities during the years 1999 through 2003. The SLKS settlement involves, among other things, (i) findings by the SEC and the NYSE that SLKS violated certain federal securities laws and NYSE rules, and in some cases failed to supervise certain individual specialists, in connection with trades that allegedly disadvantaged customer orders, (ii) a cease and desist order against SLKS, (iii) a censure of SLKS, (iv) SLKS’ agreement to pay an aggregate of $45.3 million in disgorgement and a penalty to be used to compensate customers, (v) certain undertakings with respect to SLKS’ systems and procedures, and (vi) SLKS’ retention of an independent consultant to review and evaluate certain of SLKS’ compliance systems, policies and procedures. Comparable findings were made and sanctions imposed in the settlements with other specialist firms. The settlement did not resolve the related private civil actions against SLKS and other firms or regulatory investigations involving individuals or conduct on other exchanges. On May 26, 2011, the SEC issued an order directing the undistributed settlement funds to be transferred to the U.S. Treasury; the funds will accordingly not be allocated to any settlement fund for the civil actions described below.

SLKS, Spear, Leeds & Kellogg, L.P. and Group Inc. are among numerous defendants named in purported class actions brought beginning in October 2003 on behalf of investors in the U.S. District Court for the Southern District of New York alleging violations of the federal securities laws and state common law in connection with NYSE floor specialist activities. The actions, which have been consolidated, seek unspecified compensatory damages, restitution and disgorgement on behalf of purchasers and sellers of unspecified securities between October 17, 1998 and October 15, 2003. By a decision dated March 14, 2009, the district court granted plaintiffs’ motion for class certification. The defendants’ petition with the U.S. Court of Appeals for the Second Circuit seeking review of the certification ruling was denied, and the specialist defendants’ petition for a rehearing and/or rehearing en banc was denied on February 24, 2010. On December 5, 2011, the parties reached a settlement in principle, subject to documentation and court approval. The firm has reserved the full amount of its proposed contribution to the settlement.

 

 

  Goldman Sachs 2011 Form 10-K   197


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Treasury Matters. GS&Co. was named as a defendant in a purported class action filed on March 10, 2004 in the U.S. District Court for the Northern District of Illinois on behalf of holders of short positions in 30-year U.S. Treasury futures and options on the morning of October 31, 2001. The complaint alleged that the firm purchased 30-year bonds and futures prior to a forthcoming U.S. Treasury refunding announcement that morning based on non-public information about that announcement, and that such purchases increased the costs of covering such short positions. The complaint also named as defendants the Washington, D.C.-based political consultant who allegedly was the source of the information, a former GS&Co. economist who allegedly received the information, and another company and one of its employees who also allegedly received and traded on the information prior to its public announcement. The complaint alleged violations of the federal commodities and antitrust laws, as well as Illinois statutory and common law, and seeks, among other things, unspecified damages including treble damages under the antitrust laws. The district court dismissed the antitrust and Illinois state law claims but permitted the federal commodities law claims to proceed. Plaintiff’s motion for class certification was denied. GS&Co. moved for summary judgment, and the district court granted the motion but only insofar as the claim relates to the trading of treasury bonds. On October 13, 2009, the parties filed an offer of judgment and notice of acceptance with respect to plaintiff’s individual claim. The plaintiff attempted to pursue an appeal of the denial of class certification, as did another individual trader who had previously litigated and lost an individual claim and unsuccessfully sought to intervene in the purported class action. On August 5, 2011, the U.S. Court of Appeals for the Seventh Circuit affirmed the lower court’s rulings that neither the plaintiff nor the proposed intervenor could pursue the class issues on appeal, but remanded for further consideration as to the amount of pre-judgment interest on the plaintiff’s individual claim. The appellants’ petition for reconsideration en banc was denied on October 19, 2011. On remand, the district court entered a final stipulation and order on December 7, 2011 regarding calculation of pre-judgment interest, which concluded the matter.

Fannie Mae Litigation. GS&Co. was added as a defendant in an amended complaint filed on August 14, 2006 in a purported class action pending in the U.S. District Court for the District of Columbia. The complaint asserts violations of the federal securities laws generally arising from allegations concerning Fannie Mae’s accounting practices in connection with certain Fannie Mae-sponsored REMIC transactions that were allegedly arranged by GS&Co. The complaint does not specify a dollar amount of damages. The other defendants include Fannie Mae, certain of its past and present officers and directors, and accountants. By a decision dated May 8, 2007, the district court granted GS&Co.’s motion to dismiss the claim against it. The time for an appeal will not begin to run until disposition of the claims against other defendants. A motion to stay the action filed by the Federal Housing Finance Agency (FHFA), which took control of the foregoing action following Fannie Mae’s conservatorship, was denied on November 14, 2011.

Beginning in September 2006, Group Inc. and/or GS&Co. were named as defendants in four Fannie Mae shareholder derivative actions in the U.S. District Court for the District of Columbia. The complaints generally allege that the Goldman Sachs defendants aided and abetted a breach of fiduciary duty by Fannie Mae’s directors and officers in connection with certain Fannie Mae-sponsored REMIC transactions, and one of the complaints also asserts a breach of contract claim. The complaints also name as defendants certain former officers and directors of Fannie Mae as well as an outside accounting firm. The complaints seek, inter alia, unspecified damages. The Goldman Sachs defendants were dismissed without prejudice from the first filed of these actions, and the remaining claims in that action were dismissed for failure to make a demand on Fannie Mae’s board of directors. That dismissal has been affirmed on appeal. The district court dismissed the remaining three actions on July 28, 2010. The plaintiffs filed motions for reconsideration, which were denied on October 22, 2010, and have revised their notices of appeal in these actions. On January 20, 2011, the appellate court consolidated all actions on appeal.

 

 

198   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Compensation-Related Litigation. On January 17, 2008, Group Inc., its Board, executive officers and members of its management committee were named as defendants in a purported shareholder derivative action in the U.S. District Court for the Eastern District of New York predicting that the firm’s 2008 Proxy Statement would violate the federal securities laws by undervaluing certain stock option awards and alleging that senior management received excessive compensation for 2007. The complaint seeks, among other things, an equitable accounting for the allegedly excessive compensation. Plaintiff’s motion for a preliminary injunction to prevent the 2008 Proxy Statement from using options valuations that the plaintiff alleges are incorrect and to require the amendment of SEC Form 4s filed by certain of the executive officers named in the complaint to reflect the stock option valuations alleged by the plaintiff was denied, and plaintiff’s appeal from this denial was dismissed. On February 13, 2009, the plaintiff filed an amended complaint, which added purported direct (i.e., non-derivative) claims based on substantially the same theory. The plaintiff filed a further amended complaint on March 24, 2010, and the defendants’ motion to dismiss this further amended complaint was granted on the ground that dismissal of the shareholder plaintiff’s prior action relating the firm’s 2007 Proxy Statement based on the failure to make a demand to the Board precluded relitigation of demand futility. On December 19, 2011, the appellate court vacated the order of dismissal, holding only that preclusion principles did not mandate dismissal and remanding for consideration of the alternative grounds for dismissal.

On March 24, 2009, the same plaintiff filed an action in New York Supreme Court, New York County against Group Inc., its directors and certain senior executives alleging violation of Delaware statutory and common law in connection with substantively similar allegations regarding stock option awards. On January 7, 2011, the plaintiff filed an amended complaint. Defendants moved to dismiss the amended complaint, and the parties subsequently agreed to stay the state court action pending the final resolution of the appeal from the dismissal of the federal court action in respect of the firm’s 2008 Proxy Statement described above, as well as any remanded proceedings further adjudicating defendants’ motion to dismiss.

Purported shareholder derivative actions were commenced in New York Supreme Court, New York County and the Delaware Court of Chancery beginning on December 14, 2009, alleging that the Board breached its fiduciary duties in connection with setting compensation levels for the year 2009 and that such levels were excessive. The complaints name as defendants Group Inc., the Board and certain senior executives. The complaints sought, inter alia, unspecified damages, restitution of certain compensation paid, and an order requiring the firm to adopt corporate reforms. In the actions in New York state court, on April 8, 2010, the plaintiffs filed a motion indicating that they no longer intend to pursue their claims but are seeking an award of attorneys’ fees in connection with bringing the suit, which the defendants opposed. By a decision dated September 21, 2011, the New York court dismissed plaintiffs’ claims as moot and denied plaintiffs’ application for attorneys’ fees. On October 25, 2011, plaintiffs appealed from the denial of a fee award. In the actions brought in the Delaware Court of Chancery, the defendants moved to dismiss, and the plaintiffs amended their complaint on April 28, 2010 to include, among other things, the allegations included in the SEC’s action described in the “Mortgage-Related Matters” section below. The plaintiffs amended the complaint a second time on January 20, 2011, the defendants moved to dismiss the second amended complaint and, by a decision dated October 12, 2011, the Delaware court dismissed plaintiffs’ second amended complaint. Plaintiffs appealed on November 9, 2011.

Group Inc. and certain of its affiliates are subject to a number of investigations and reviews from various governmental agencies and self-regulatory organizations regarding the firm’s compensation processes. The firm is cooperating with the investigations and reviews.

 

 

  Goldman Sachs 2011 Form 10-K   199


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Mortgage-Related Matters. On April 16, 2010, the SEC brought an action (SEC Action) under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against GS&Co. and Fabrice Tourre, one of its employees, in connection with a CDO offering made in early 2007 (ABACUS 2007-AC1 transaction), alleging that the defendants made materially false and misleading statements to investors and seeking, among other things, unspecified monetary penalties. Investigations of GS&Co. by FINRA and of GSI by the FSA were subsequently initiated, and Group Inc. and certain of its affiliates have received subpoenas and requests for information from other regulators, regarding CDO offerings, including the ABACUS 2007-AC1 transaction, and related matters.

On July 14, 2010, GS&Co. entered into a consent agreement with the SEC, settling all claims made against GS&Co. in the SEC Action (SEC Settlement), pursuant to which GS&Co. paid $550 million of disgorgement and civil penalties, and which was approved by the U.S. District Court for the Southern District of New York on July 20, 2010.

On January 6, 2011, ACA Financial Guaranty Corp. filed an action against GS&Co. in respect of the ABACUS 2007-AC1 transaction in New York Supreme Court, New York County. The complaint includes allegations of fraudulent inducement, fraudulent concealment and unjust enrichment and seeks at least $30 million in compensatory damages, at least $90 million in punitive damages and unspecified disgorgement. On March 8, 2011, GS&Co. filed a motion to compel arbitration and/or to dismiss the complaint. On April 25, 2011, the plaintiff filed an amended complaint and, on June 3, 2011, GS&Co. moved to dismiss the amended complaint.

Since April 22, 2010, a number of putative shareholder derivative actions have been filed in New York Supreme Court, New York County, and the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and its affiliates in connection with mortgage-related matters between 2004 and 2007, including the ABACUS 2007-AC1 transaction and other CDO offerings. These derivative complaints generally include allegations of breach of fiduciary duty, corporate waste, abuse of control, mismanagement, unjust enrichment, misappropriation of information, securities fraud and insider trading, and

challenge the accuracy and adequacy of Group Inc.’s disclosure. These derivative complaints seek, among other things, declaratory relief, unspecified compensatory damages, restitution and certain corporate governance reforms. In addition, as described in the “Compensation-Related Litigation” section above, the plaintiffs in the compensation-related Delaware Court of Chancery actions twice amended their complaint, including to assert allegations similar to those in the derivative claims referred to above, the Delaware court granted the defendants’ motion to dismiss the second amended complaint and plaintiffs appealed on November 9, 2011.

The federal court cases have been consolidated, plaintiffs filed a consolidated amended complaint on August 1, 2011, and, on October 6, 2011, the defendants moved to dismiss the action. On December 8, 2011, the parties to the federal court action stipulated that (i) if the dismissal of the Delaware action is affirmed, the parties will submit a proposed order dismissing the federal court action with prejudice and (ii) if the Delaware action is remanded, the federal court action will be reinstated. The New York Supreme Court has consolidated the two actions pending in that court and the defendants moved to dismiss on December 2, 2011.

Since July 1, 2011, two putative shareholder derivative actions have been filed in the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and Litton in connection with the servicing of residential mortgage loans and other mortgage-related activities beginning in January 2009. The complaints generally include allegations of breach of fiduciary duty, waste, abuse of control, and mismanagement and seek, among other things, declaratory relief, unspecified damages and certain governance reforms. The district court consolidated the actions, and, on December 20, 2011, the plaintiffs filed a consolidated amended complaint. On January 31, 2012, the defendants moved to dismiss.

In addition, in October 2011, the Board received a books and records demand from a shareholder for materials relating to, among other subjects, the firm’s mortgage servicing and foreclosure activities, participation in federal programs providing assistance to financial institutions and homeowners and loan sales to Fannie Mae and Freddie Mac.

 

 

200   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Since April 23, 2010, the Board has received letters from shareholders demanding that the Board take action to address alleged misconduct by GS&Co., the Board and certain officers and employees of Group Inc. and its affiliates. The demands generally allege misconduct in connection with the firm’s securitization practices, including the ABACUS 2007-AC1 transaction, the alleged failure by Group Inc. to adequately disclose the SEC investigation that led to the SEC Action, and Group Inc.’s 2009 compensation practices. The demands include a letter from a Group Inc. shareholder, which previously made a demand that the Board investigate and take action in connection with auction products matters, and expanded its demand to address the foregoing matters. The Board previously rejected the demand relating to auction products matters in September 2010, and, in August 2011, the shareholder made a books and records demand for materials related to the Board’s rejection of the shareholder’s demand letter.

In addition, beginning April 26, 2010, a number of purported securities law class actions have been filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the CDO market and the SEC investigation that led to the SEC Action. The purported class action complaints, which name as defendants Group Inc. and certain officers and employees of Group Inc. and its affiliates, have been consolidated, generally allege violations of Sections 10(b) and 20(a) of the Exchange Act and seek unspecified damages. Plaintiffs filed a consolidated amended complaint on July 25, 2011. On October 6, 2011, the defendants moved to dismiss.

GS&Co., Goldman Sachs Mortgage Company (GSMC) and GS Mortgage Securities Corp. (GSMSC) and three current or former Goldman Sachs employees are defendants in a putative class action commenced on December 11, 2008 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&Co. in 2007. The complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory damages and rescission or rescissionary damages. The defendants’ motion to dismiss the second amended complaint was granted with leave to replead certain claims. On March 31, 2010, the plaintiff filed a third amended complaint relating to two offerings, which the defendants moved to dismiss. This motion to dismiss was denied as to the plaintiff’s Section 12(a)(2) claims and granted as to the plaintiff’s Section 11 claims, and the plaintiff’s motion for reconsideration was denied. The plaintiff filed a motion for entry of final judgment or certification of an interlocutory appeal as to plaintiff’s Section 11 claims, which was denied. The plaintiff then filed a motion for leave to amend to reinstate the damages claims based on allegations that it had sold its securities, which was denied. On May 5, 2011, the court granted plaintiff’s motion for entry of a final judgment dismissing all its claims. The plaintiff has appealed the dismissal with respect to all of the offerings included in its original complaint. On June 3, 2010, another investor (who had unsuccessfully sought to intervene in the action) filed a separate putative class action asserting substantively similar allegations relating to an additional offering pursuant to the 2007 registration statement. The defendants moved to dismiss this separate action, and the district court dismissed the action, with leave to replead. Plaintiff filed an amended complaint on October 20, 2011, and, on December 16, 2011, defendants moved to dismiss. These trusts issued, and GS&Co. underwrote, approximately $785 million principal amount of certificates to all purchasers in the offering at issue in this amended complaint.

 

 

  Goldman Sachs 2011 Form 10-K   201


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Group Inc., GS&Co., GSMC and GSMSC are among the defendants in a separate putative class action commenced on February 6, 2009 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&Co. in 2006. The other original defendants include three current or former Goldman Sachs employees and various rating agencies. The second amended complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory and rescissionary damages. Defendants moved to dismiss the second amended complaint. On January 12, 2011, the district court granted the motion to dismiss with respect to offerings in which plaintiff had not purchased securities as well as all claims against the rating agencies, but denied the motion to dismiss with respect to a single offering in which the plaintiff allegedly purchased securities. These trusts issued, and GS&Co. underwrote, approximately $698 million principal amount of certificates to all purchasers in the offerings at issue in the complaint (excluding those offerings for which the claims have been dismissed). On February 2, 2012, the district court granted the plaintiff’s motion for class certification and on February 16, 2012, defendants filed a petition to review that ruling with the U.S. Court of Appeals for the Second Circuit.

On September 30, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York against GS&Co., Group Inc. and two former GS&Co. employees on behalf of investors in notes issued in 2006 and 2007 by two synthetic CDOs (Hudson Mezzanine 2006-1 and 2006-2). The complaint, which was amended on February 4, 2011, asserts federal securities law and common law claims, and seeks unspecified compensatory, punitive and other damages. The defendants moved to dismiss on April 5, 2011.

GS&Co., GSMC and GSMSC are among the defendants in a lawsuit filed in August 2011 by CIFG Assurance of North America, Inc. (CIFG) in the New York Supreme Court. The complaint alleges that CIFG was fraudulently induced to provide credit enhancement for a 2007 securitization sponsored by GSMC, and seeks, among other things, the repurchase of $24.7 million in aggregate principal amount of mortgages that CIFG had previously stated to be non-conforming, an accounting for any proceeds associated with mortgages discharged from the securitization and unspecified compensatory damages. On October 17, 2011, the Goldman Sachs defendants moved to dismiss.

Various alleged purchasers of, and counterparties involved in transactions relating to, mortgage pass-through certificates, CDOs and other mortgage-related products (including certain Allstate affiliates, Basis Yield Alpha Fund (Master), Cambridge Place Investment Management Inc., the Charles Schwab Corporation, the Federal Home Loan Banks of Boston, Chicago, Indianapolis and Seattle, the FHFA (as conservator for Fannie Mae and Freddie Mac), Heungkuk Life Insurance Co. Limited (Heungkuk), Landesbank Baden-Württemberg, Massachusetts Mutual Life Insurance Company, MoneyGram Payment Systems, Inc., the National Credit Union Administration, Stichting Pensioenfonds ABP, The Union Central Life Insurance Company, Ameritas Life Insurance Corp., Acacia Life Insurance Company, and The Western and Southern Life Insurance Co.) have filed complaints in state and federal court against firm affiliates, generally alleging that the offering documents for the securities that they purchased contained untrue statements of material facts and material omissions and generally seeking rescission and damages. Certain of these complaints allege fraud and seek punitive damages. Certain of these complaints also name other firms as defendants.

A number of other entities (including American International Group, Inc. (AIG), Bayerische Landesbank, Deutsche Bank National Trust Company, Deutsche Zentral-Genossenschaftbank, Erste Abwicklungsanstalt and related parties, HSH Nordbank, IKB Deutsche Industriebank AG, John Hancock and related parties, M&T Bank, Norges Bank Investment Management, Prudential Insurance Company of America and related parties, and Sealink Funding Ltd.) have threatened to assert claims of various types against the firm in connection with various mortgage-related transactions, and the firm has entered into agreements with a number of these entities to toll the relevant statute of limitations.

As of the date hereof, the aggregate notional amount of mortgage-related securities sold to plaintiffs in active cases brought against the firm where those plaintiffs are seeking rescission of such securities was approximately $16.5 billion (which does not reflect adjustment for any subsequent paydowns or distributions or any residual value of such securities). This amount does not include the threatened claims noted above or potential claims by other purchasers in the same or other mortgage-related offerings that have not actually brought claims against the firm, or claims that have been dismissed (including a claim by Landesbank Baden-Württemberg, which was dismissed by a decision dated September 26, 2011, from which the plaintiff appealed on October 24, 2011).

 

 

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Notes to Consolidated Financial Statements

 

In June 2011, Heungkuk filed a criminal complaint against certain past and present employees of the firm in South Korea relating to its purchase of a CDO securitization from Goldman Sachs. The filing does not represent any judgment by a governmental entity, but starts a process whereby the prosecutor investigates the complaint and determines whether to take action.

On September 1, 2011, Group Inc. and GS Bank USA entered into a Consent Order with the Federal Reserve Board relating to the servicing of residential mortgage loans. In addition, on September 1, 2011, GS Bank USA entered into an Agreement on Mortgage Servicing Practices with the New York State Banking Department, Litton and the acquirer of Litton, in connection with which Group Inc. agreed to forgive 25% of the unpaid principal balance on certain delinquent first lien residential mortgage loans owned by Group Inc. or a subsidiary, totaling approximately $13 million in principal forgiveness. See Note 18 for further information about these settlements.

Group Inc., GS&Co. and GSMC are among the numerous financial services firms named as defendants in a qui tam action originally filed by a realtor on April 7, 2010 purportedly on behalf of the City of Chicago and State of Illinois in Cook County, Illinois Circuit Court asserting claims under the Illinois Whistleblower Reward and Protection Act and Chicago False Claims Act, based on allegations that defendants had falsely certified compliance with various Illinois laws, which were purportedly violated in connection with mortgage origination and servicing activities. The complaint, which was originally filed under seal, seeks treble damages and civil penalties. Plaintiff filed an amended complaint on December 28, 2011, naming GS&Co. and GSMC, among others, as additional defendants and a second amended complaint on February 8, 2012.

The firm has also received, and continues to receive, requests for information and/or subpoenas from federal, state and local regulators and law enforcement authorities, relating to the mortgage-related securitization process, subprime mortgages, CDOs, synthetic mortgage-related products, particular transactions involving these products, and servicing and foreclosure activities, and is cooperating with these regulators and other authorities. See also “Financial Crisis-Related Matters” below.

On February 24, 2012, the firm received a “Wells” notice from the staff of the SEC with respect to the disclosures contained in the offering documents used in connection with a late 2006 offering of approximately $1.3 billion of subprime residential mortgage-backed securities

underwritten by GS&Co. The firm will be making a submission to, and intends to engage in a dialogue with, the SEC staff seeking to address their concerns.

 

The firm expects to be the subject of additional putative shareholder derivative actions, purported class actions, rescission and “put back” claims and other litigation, additional investor and shareholder demands, and additional regulatory and other investigations and actions with respect to mortgage-related offerings, loan sales, CDOs, and servicing and foreclosure activities. See Note 18 for further information regarding mortgage-related contingencies.

Auction Products Matters. On August 21, 2008, GS&Co. entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department (on behalf of the North American Securities Administrators Association) regarding auction rate securities. Under the agreement, Goldman Sachs agreed, among other things, (i) to offer to repurchase at par the outstanding auction rate securities that its private wealth management clients purchased through the firm prior to February 11, 2008, with the exception of those auction rate securities where auctions were clearing, (ii) to continue to work with issuers and other interested parties, including regulatory and governmental entities, to expeditiously provide liquidity solutions for institutional investors, and (iii) to pay a $22.5 million fine. The settlement is subject to definitive documentation and approval by the various states. On June 2, 2009, GS&Co. entered into an Assurance of Discontinuance with the New York State Attorney General. On March 19, 2010, GS&Co. entered into an Administrative Consent Order with the Illinois Secretary of State, Securities Department, which had conducted an investigation on behalf of states other than New York. GS&Co. has entered into similar consent orders with most states and is in the process of doing so with the remaining states.

On September 4, 2008, Group Inc. was named as a defendant, together with numerous other financial services firms, in two complaints filed in the U.S. District Court for the Southern District of New York alleging that the defendants engaged in a conspiracy to manipulate the auction securities market in violation of federal antitrust laws. The actions were filed, respectively, on behalf of putative classes of issuers of and investors in auction rate securities and seek, among other things, treble damages in an unspecified amount. Defendants’ motion to dismiss was granted on January 26, 2010. On March 1, 2010, the plaintiffs appealed from the dismissal of their complaints.

 

 

  Goldman Sachs 2011 Form 10-K   203


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Private Equity-Sponsored Acquisitions Litigation. Group Inc. and “GS Capital Partners” are among numerous private equity firms and investment banks named as defendants in a federal antitrust action filed in the U.S. District Court for the District of Massachusetts in December 2007. As amended, the complaint generally alleges that the defendants have colluded to limit competition in bidding for private equity-sponsored acquisitions of public companies, thereby resulting in lower prevailing bids and, by extension, less consideration for shareholders of those companies in violation of Section 1 of the U.S. Sherman Antitrust Act and common law. The complaint seeks, among other things, treble damages in an unspecified amount. Defendants moved to dismiss on August 27, 2008. The district court dismissed claims relating to certain transactions that were the subject of releases as part of the settlement of shareholder actions challenging such transactions, and by an order dated December 15, 2008 otherwise denied the motion to dismiss. On April 26, 2010, the plaintiffs moved for leave to proceed with a second phase of discovery encompassing additional transactions. On August 18, 2010, the court permitted discovery on eight additional transactions, and the plaintiffs filed a fourth amended complaint on October 7, 2010. The defendants filed a motion to dismiss certain aspects of the fourth amended complaint on October 21, 2010, and the court granted that motion on January 13, 2011. On January 21, 2011, certain defendants, including Group Inc., filed a motion to dismiss another claim of the fourth amended complaint on the grounds that the transaction was the subject of a release as part of the settlement of a shareholder action challenging the transaction. The court granted that motion on March 1, 2011. On July 11, 2011, the plaintiffs moved for leave to file a fifth amended complaint encompassing additional transactions and to take discovery concerning those transactions. On September 7, 2011, the district court denied the plaintiffs’ motion, without prejudice, insofar as it sought leave to file a fifth amended complaint, but permitted an additional six-month phase of discovery with respect to the additional transactions.

Washington Mutual Securities Litigation. GS&Co. is among numerous underwriters named as defendants in a putative securities class action amended complaint filed on August 5, 2008 in the U.S. District Court for the Western District of Washington. As to the underwriters, plaintiffs allege that the offering documents in connection with various securities offerings by Washington Mutual, Inc.

failed to describe accurately the company’s exposure to mortgage-related activities in violation of the disclosure requirements of the federal securities laws. The defendants include past and present directors and officers of Washington Mutual, the company’s former outside auditors, and numerous underwriters. On June 30, 2011, the underwriter defendants and plaintiffs entered into a definitive settlement agreement, pursuant to which GS&Co. would contribute to a settlement fund. On November 4, 2011, the court approved the settlement, and the time to appeal has run, thereby concluding the matter. The firm has paid the full amount of GS&Co.’s contribution to the settlement fund.

IndyMac Pass-Through Certificates Litigation. GS&Co. is among numerous underwriters named as defendants in a putative securities class action filed on May 14, 2009 in the U.S. District Court for the Southern District of New York. As to the underwriters, plaintiffs allege that the offering documents in connection with various securitizations of mortgage-related assets violated the disclosure requirements of the federal securities laws. The defendants include IndyMac-related entities formed in connection with the securitizations, the underwriters of the offerings, certain ratings agencies which evaluated the credit quality of the securities, and certain former officers and directors of IndyMac affiliates. On November 2, 2009, the underwriters moved to dismiss the complaint. The motion was granted in part on February 17, 2010 to the extent of dismissing claims based on offerings in which no plaintiff purchased, and the court reserved judgment as to the other aspects of the motion. By a decision dated June 21, 2010, the district court formally dismissed all claims relating to offerings in which no named plaintiff purchased certificates (including all offerings underwritten by GS&Co.), and both granted and denied the defendants’ motions to dismiss in various other respects. On May 17, 2010, four additional investors filed a motion seeking to intervene in order to assert claims based on additional offerings (including two underwritten by GS&Co.). On July 6, 2010 and August 19, 2010, two additional investors filed motions to intervene in order to assert claims based on additional offerings (none of which were underwritten by GS&Co.). The defendants opposed the motions on the ground that the putative intervenors’ claims were time-barred and, on June 21, 2011, the court denied the motions to intervene with respect to, among others, the claims based on the offerings underwritten by GS&Co. Certain of the putative intervenors (including those seeking to assert claims based on two offerings underwritten by GS&Co.) have appealed.

 

 

204   Goldman Sachs 2011 Form 10-K  


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

GS&Co. underwrote approximately $751 million principal amount of securities to all purchasers in the offerings at issue in the May 2010 motion to intervene. On July 11, 2008, IndyMac Bank was placed under an FDIC receivership, and on July 31, 2008, IndyMac Bancorp, Inc. filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court in Los Angeles, California.

MF Global Securities Litigation. GS&Co. is among numerous underwriters named as defendants in class action complaints filed in the U.S. District Court for the Southern District of New York commencing November 18, 2011. These complaints generally allege that the offering materials for two offerings of MF Global Holdings Ltd. convertible notes (aggregating approximately $575 million in principal amount) in February 2011 and July 2011 failed to, among other things, describe adequately the extent of MF Global’s exposure to European sovereign debt, in violation of the disclosure requirements of the federal securities laws. GS&Co. underwrote an aggregate principal amount of approximately $214 million of the notes. On October 31, 2011, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Manhattan, New York.

GS&Co. has also received inquiries from various governmental and regulatory bodies and self-regulatory organizations concerning certain transactions with MF Global prior to its bankruptcy filing. Goldman Sachs is cooperating with all such inquiries.

Employment-Related Matters. On May 27, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York by several contingent technology workers who were employees of third-party vendors. The plaintiffs are seeking overtime pay for alleged hours worked in excess of 40 per work week. The complaint alleges that the plaintiffs were de facto employees of GS&Co. and that GS&Co. is responsible for the overtime pay under federal and state overtime laws. The complaint seeks class action status and unspecified damages. On March 21, 2011, the parties agreed to the terms of a settlement in principle and on February 10, 2012, the court approved the terms of the settlement. The firm has reserved the full amount of the proposed settlement.

On September 15, 2010, a putative class action was filed in the U.S. District for the Southern District of New York by three former female employees alleging that Group Inc. and GS&Co. have systematically discriminated against female employees in respect of compensation, promotion, assignments, mentoring and performance evaluations. The complaint alleges a class consisting of all female employees employed at specified levels by Group Inc. and GS&Co. since July 2002, and asserts claims under federal and New York City discrimination laws. The complaint seeks class action status, injunctive relief and unspecified amounts of compensatory, punitive and other damages. Group Inc. and GS&Co. filed a motion to stay the claims of one of the named plaintiffs and to compel individual arbitration with that individual, based on an arbitration provision contained in an employment agreement between Group Inc. and the individual. On April 28, 2011, the magistrate judge to whom the district judge assigned the motion denied the motion. On July 7, 2011, the magistrate judge denied Group Inc.’s and GS&Co.’s motion for reconsideration of the magistrate judge’s decision, and on July 21, 2011 Group Inc. and GS&Co. appealed the magistrate judge’s decision to the district court. On June 13, 2011, Group Inc. and GS&Co. moved to strike the class allegations of one of the three named plaintiffs based on her failure to exhaust administrative remedies. On September 29, 2011, the magistrate judge recommended denial of the motion to strike and Group Inc. and GS&Co. filed their objections to that recommendation with the district judge presiding over the case on October 11, 2011. By a decision dated January 10, 2012, the district court denied the motion to strike. On July 22, 2011, Group Inc. and GS&Co. moved to strike all of the plaintiffs’ class allegations, and for partial summary judgment as to plaintiffs’ disparate impact claims. By a decision dated January 19, 2012, the magistrate judge recommended that defendants’ motion be denied as premature. The defendants have filed their objections to that recommendation with the district judge. On November 15, 2011, the district court denied the defendants’ motion to compel arbitration with one of the three named plaintiffs; defendants have appealed.

 

 

  Goldman Sachs 2011 Form 10-K   205


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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Transactions with the Hellenic Republic (Greece). Group Inc. and certain of its affiliates have been subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm’s transactions with the Hellenic Republic (Greece), including financing and swap transactions. Goldman Sachs has cooperated with the investigations and reviews.

Investment Management Services. Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages. In addition, Group Inc. and its affiliates are subject from time to time to investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm’s investment management services. Goldman Sachs is cooperating with all such investigations and reviews.

Sales, Trading and Clearance Practices. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews, certain of which are industry-wide, by various governmental and regulatory bodies and self-regulatory organizations relating to the sales, trading and clearance of corporate and government securities and other financial products, including compliance with the SEC’s short sale rule, algorithmic and quantitative trading, futures trading, transaction reporting, securities lending practices, trading and clearance of credit derivative instruments, commodities trading, private placement practices and compliance with the U.S. Foreign Corrupt Practices Act.

The European Commission announced in April 2011 that it is initiating proceedings to investigate further numerous financial services companies, including Group Inc., in

connection with the supply of data related to credit default swaps and in connection with profit sharing and fee arrangements for clearing of credit default swaps, including potential anti-competitive practices. These proceedings are ongoing. The firm has received civil investigative demands from the U.S. Department of Justice (DOJ) for information on similar matters.

The CFTC has been investigating the role of GSEC as the clearing broker for an SEC-registered broker-dealer client. The CFTC staff has orally advised GSEC that it intends to recommend that the CFTC bring aiding and abetting, civil fraud and supervision-related charges against GSEC arising from its provision of clearing services to this broker-dealer client based on allegations that GSEC knew or should have known that the client’s subaccounts maintained at GSEC were actually accounts belonging to customers of the broker-dealer client and not the client’s proprietary accounts. GSEC has been discussing a potential resolution. Goldman Sachs is cooperating with the investigations and reviews.

Insider Trading Investigations. From time to time, the firm and its employees are the subject of or otherwise involved in regulatory investigations relating to insider trading, the potential misuse of material nonpublic information and the effectiveness of the firm’s insider trading controls and information barriers. It is the firm’s practice to fully cooperate with any such investigations.

EU Price-Fixing Matter. On July 5, 2011, the European Commission issued a Statement of Objections to Group Inc. raising allegations of an industry-wide conspiracy to fix prices for power cables including by an Italian cable company in which certain Goldman Sachs-affiliated investment funds held ownership interests from 2005 to 2009. The Statement of Objections proposes to hold Group Inc. jointly and severally liable for some or all of any fine levied against the cable company under the concept of parental liability under EU competition law.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Municipal Securities Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to transactions involving municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, underwriting of Build America Bonds and the possible impact of credit default swap transactions on municipal issuers. Goldman Sachs is cooperating with the investigations and reviews.

Group Inc., Goldman Sachs Mitsui Marine Derivative Products, L.P. (GSMMDP) and GS Bank USA are among numerous financial services firms that have been named as defendants in numerous substantially identical individual antitrust actions filed beginning on November 12, 2009 that have been coordinated with related antitrust class action litigation and individual actions, in which no Goldman Sachs affiliate is named, for pre-trial proceedings in the U.S. District Court for the Southern District of New York. The plaintiffs include individual California municipal entities and three New York non-profit entities. All of these complaints against Group Inc., GSMMDP and GS Bank USA generally allege that the Goldman Sachs defendants participated in a conspiracy to arrange bids, fix prices and divide up the market for derivatives used by municipalities in refinancing and hedging transactions from 1992 to 2008.

The complaints assert claims under the federal antitrust laws and either California’s Cartwright Act or New York’s Donnelly Act, and seek, among other things, treble damages under the antitrust laws in an unspecified amount and injunctive relief. On April 26, 2010, the Goldman Sachs defendants’ motion to dismiss complaints filed by several individual California municipal plaintiffs was denied. On August 19, 2011, Group Inc., GSMMDP and GS Bank USA were voluntarily dismissed without prejudice from all actions except one brought by a California municipal entity.

Financial Crisis-Related Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations and litigation relating to the 2008 financial crisis, including the establishment and unwind of credit default swaps between Goldman Sachs and AIG and other transactions with, and in the securities of, AIG, The Bear Stearns Companies Inc., Lehman Brothers Holdings Inc. and other firms. Goldman Sachs is cooperating with the investigations and reviews.

In the second quarter of 2011, a Staff Report of the Senate Permanent Subcommittee on Investigations concerning the key causes of the financial crisis was issued. Goldman Sachs and another financial institution were used as case studies with respect to the role of investment banks. The report was referred to the DOJ and the SEC for review. The firm is cooperating with the investigations arising from this referral, which are ongoing.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Employee Benefit Plans

Note 28.

Employee Benefit Plans

 

The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement.

Defined Benefit Pension Plans and Postretirement Plans

Employees of certain non-U.S. subsidiaries participate in various defined benefit pension plans. These plans generally provide benefits based on years of credited service and a percentage of the employee’s eligible compensation. The firm maintains a defined benefit pension plan for certain U.K. employees. As of April 2008, the U.K. defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. These plans do not have a material impact on the firm’s consolidated results of operations.

The firm also maintains a defined benefit pension plan for substantially all U.S. employees hired prior to November 1, 2003. As of November 2004, this plan was closed to new participants and frozen such that existing participants would not accrue any additional benefits. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. These plans do not have a material impact on the firm’s consolidated results of operations.

The firm recognizes the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the consolidated statements of financial condition. As of December 2011, “Other assets” and “Other liabilities and accrued expenses” included $135 million (related to an overfunded pension plan) and $858 million, respectively, related to these plans. As of December 2010, “Other assets” and “Other liabilities and accrued expenses” included $164 million (related to an overfunded pension plan) and $641 million, respectively, related to these plans.

Defined Contribution Plans

The firm contributes to employer-sponsored U.S. and non-U.S. defined contribution plans. The firm’s contribution to these plans was $225 million, $193 million and $178 million for the years ended December 2011, December 2010 and December 2009, respectively.

 

 

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Employee Incentive Plans

Note 29.

Employee Incentive Plans

 

The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Expected forfeitures are included in determining share-based employee compensation expense.

The firm pays cash dividend equivalents on outstanding RSUs. Dividend equivalents paid on RSUs are generally charged to retained earnings. Dividend equivalents paid on RSUs expected to be forfeited are included in compensation expense. The firm accounts for the tax benefit related to dividend equivalents paid on RSUs as an increase to additional paid-in capital.

In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards. For awards accounted for as equity instruments, additional paid-in capital is adjusted to the extent of the difference between the current value of the award and the grant-date value of the award.

Stock Incentive Plan

The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (SIP), which provides for grants of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, awards with performance conditions and other share-based awards. In the second quarter of 2003, the SIP was approved by the firm’s shareholders, effective for grants after April 1, 2003. The SIP was further amended and restated, effective December 31, 2008.

The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP through the end of the 2008 fiscal year could not exceed 250 million shares. The total number of shares of common stock that may be delivered for awards granted under the SIP in the 2009 fiscal year and each fiscal year thereafter cannot exceed 5% of the issued and outstanding shares of common stock, determined as of the last day of the immediately preceding fiscal year, increased by the number of shares available for awards in previous years but not covered by awards granted in such years. As of December 2011 and December 2010, 161.0 million and 139.2 million shares, respectively, were available for grant under the SIP.

Restricted Stock Units

The firm issues RSUs to employees under the SIP, primarily in connection with year-end compensation and acquisitions. RSUs are valued based on the closing price of the underlying shares on the date of grant after taking into account a liquidity discount for any applicable post-vesting transfer restrictions. Year-end RSUs generally vest and deliver as outlined in the applicable RSU agreements. Employee RSU agreements generally provide that vesting is accelerated in certain circumstances, such as on retirement, death and extended absence. Delivery of the underlying shares of common stock is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. The table below presents the activity related to RSUs.

 

 

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Notes to Consolidated Financial Statements

 

   

Restricted Stock

Units Outstanding

         

Weighted Average Grant-Date Fair

Value of Restricted Stock Units

Outstanding

 
    

Future

Service
Required

     No Future
Service
Required
          

Future

Service
Required

       No Future
Service
Required
 

Outstanding, December 2010

    21,455,793         39,537,417            $ 124.17         $ 145.13   

Granted 1, 2

    10,250,856         7,156,834              139.47           143.70   

Forfeited

    (1,258,410      (183,858           128.29           133.15   

Delivered 3

            (31,815,863                     152.28   

Vested 2

    (16,146,050      16,146,050              119.99           119.99   

Outstanding, December 2011

    14,302,189  4       30,840,580              139.46           124.33   

 

1.

The weighted average grant-date fair value of RSUs granted during the years ended December 2011, December 2010 and December 2009 was $141.21, $132.64 and $151.31, respectively. The fair value of the RSUs granted during the year ended December 2011 and December 2010 includes a liquidity discount of 12.7% and 13.2%, respectively, to reflect post-vesting transfer restrictions of up to 4 years.

 

2.

The aggregate fair value of awards that vested during the years ended December 2011, December 2010 and December 2009 was $2.40 billion, $4.07 billion and $2.18 billion, respectively.

 

3.

Includes RSUs that were cash settled.

 

4.

Includes 754,482 shares of restricted stock subject to future service requirements.

 

In the first quarter of 2012, the firm granted to its employees 10.4 million year-end RSUs, of which 6.2 million RSUs require future service as a condition of delivery. These awards are subject to additional conditions as outlined in the award agreements. Generally, shares underlying these awards, net of required withholding tax, deliver over a three-year period but are subject to post-vesting transfer restrictions through January 2017. These grants are not included in the above table.

Stock Options

Stock options generally vest as outlined in the applicable stock option agreement. Options granted in February 2010 will generally become exercisable in one-third installments in January 2011, January 2012 and January 2013 and will expire in February 2014. In general, options granted prior to February 2010 expire on the tenth anniversary of the grant date, although they may be subject to earlier termination or cancellation under certain circumstances in accordance with the terms of the SIP and the applicable stock option agreement.

The table below presents the activity related to stock options.

 

 

 

     Options
Outstanding
    Weighted Average
Exercise Price
    Aggregate
Intrinsic Value
(in millions)
   

Weighted

Average
Remaining Life

(years)

 

Outstanding, December 2010

    55,247,865      $ 96.71      $ 4,152        6.25   

Exercised

    (4,289,438     89.49                   

Forfeited

    (10,743     79.73                   

Expired

    (3,690,746     91.61                   

Outstanding, December 2011

    47,256,938        97.76        444        6.08   

Exercisable, December 2011

    35,699,815        103.83        310        5.79   

 

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Notes to Consolidated Financial Statements

 

The total intrinsic value of options exercised during the years ended December 2011, December 2010 and December 2009 was $143 million, $510 million and

$484 million, respectively. The table below presents options outstanding.

 

 

 

Exercise Price          Options
Outstanding
   

Weighted

Average

Exercise Price

 

Weighted Average
Remaining Life

(years)

  $  75.00 - $89.99            38,119,258      $  78.79   6.37
  90.00 - 104.99            290,056      96.08   1.92
  105.00 - 119.99                  
  120.00 - 134.99           2,791,500      131.64   3.92
  135.00 - 149.99                  
  150.00 - 164.99            75,000      154.16   2.17
  165.00 - 194.99                  
  195.00 - 209.99            5,981,124      202.27   5.48

 

Outstanding, December 2011

    47,256,938           

 

The weighted average fair value of options granted in the year ended December 2010 was $37.58 per option.

 

The tables below present the primary weighted average assumptions used to estimate fair value as of the grant date based on a Black-Scholes option-pricing model, and share-based compensation and the related tax benefit.

 

 

 

    Year Ended December
     2011        2010      2009

Risk-free interest rate

    N/A           1.6    N/A

Expected volatility

    N/A           32.5       N/A

Annual dividend per share

    N/A           $1.40       N/A

Expected life

    N/A           3.75 years       N/A

 

 

    Year Ended December
in millions   2011        2010        2009 

Share-based compensation

  $ 2,843         $ 4,070         $2,030 

Excess tax benefit related to options exercised

    55           183         166 

Excess tax benefit/(provision) related to share-based awards 1

    138           239         (793)

 

1.

Represents the tax benefit/(provision) recognized in additional paid-in capital on stock options exercised and the delivery of common stock underlying share-based awards.

 

As of December 2011, there was $926 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is

expected to be recognized over a weighted average period of 1.62 years.

 

 

  Goldman Sachs 2011 Form 10-K   211


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Notes to Consolidated Financial Statements

 

Parent Company

Note 30.

Parent Company

 

Group Inc. — Condensed Statements of Earnings
    Year Ended December
in millions   2011   2010   2009

Revenues

           

Dividends from bank subsidiary

    $ 1,000       $       $  

Dividends from nonbank subsidiaries

      4,967         6,032         8,793  

Undistributed earnings of subsidiaries

      481         2,884         5,884  

Other revenues

      (3,381 )       964         (1,018 )

Total non-interest revenues

      3,067         9,880         13,659  

Interest income

      4,547         4,153         4,565  

Interest expense

      3,917         3,429         3,112  

Net interest income

      630         724         1,453  

Net revenues, including net interest income

      3,697         10,604         15,112  

Operating expenses

           

Compensation and benefits

      300         423         637  

Other expenses

      252         238         1,034  

Total operating expenses

      552         661         1,671  

Pre-tax earnings

      3,145         9,943         13,441  

Provision/(benefit) for taxes

      (1,297 )       1,589         56  

Net earnings

      4,442         8,354         13,385  

Preferred stock dividends

      1,932         641         1,193  

Net earnings applicable to common shareholders

    $ 2,510       $ 7,713       $ 12,192  

 

Group Inc. — Condensed Statements of Financial Condition
    As of December
in millions   2011   2010

Assets

       

Cash and cash equivalents

    $ 14       $ 7  

Loans to and receivables from subsidiaries

       

Bank subsidiary

      7,196         5,050  

Nonbank subsidiaries

      180,397         182,316  

Investments in subsidiaries and other affiliates

       

Bank subsidiary

      19,226         18,807  

Nonbank subsidiaries and other affiliates

      48,473         52,498  

Financial instruments owned, at fair value

      20,698         24,153  

Other assets

      7,912         8,612  

Total assets

    $ 283,916       $ 291,443  

Liabilities and shareholders’ equity

       

Payables to subsidiaries

    $ 693       $ 358  

Financial instruments sold, but not yet purchased, at fair value

      241         935  

Unsecured short-term borrowings 1

       

With third parties

      35,368         32,299  

With subsidiaries

      4,701         5,483  

Unsecured long-term borrowings 2

       

With third parties

      166,342         167,782  

With subsidiaries 3

      1,536         1,000  

Other liabilities and accrued expenses

      4,656         6,230  

Total liabilities

      213,537         214,087  

Commitments, contingencies and guarantees

       

Shareholders’ equity

       

Preferred stock

      3,100         6,957  

Common stock

      8         8  

Restricted stock units and employee stock options

      5,681         7,706  

Additional paid-in capital

      45,553         42,103  

Retained earnings

      58,834         57,163  

Accumulated other comprehensive loss

      (516 )       (286 )

Stock held in treasury, at cost

      (42,281 )       (36,295 )

Total shareholders’ equity

      70,379         77,356  

Total liabilities and shareholders’ equity

    $ 283,916       $ 291,443  
Group Inc.—Condensed Statements of Cash Flows
    Year Ended December
in millions   2011   2010   2009

Cash flows from operating activities

           

Net earnings

    $ 4,442       $ 8,354       $ 13,385  

Non-cash items included in net earnings

           

Undistributed earnings of subsidiaries

      (481 )       (2,884 )       (5,884 )

Depreciation and amortization

      14         18         39  

Deferred income taxes

      809         214         (3,347 )

Share-based compensation

      244         393         100  

Changes in operating assets and liabilities

           

Financial instruments owned, at fair value

      3,557         (176 )       24,382  

Financial instruments sold, but not yet purchased, at fair value

      (536 )       (1,091 )       (1,032 )

Other, net

      1,422         10,852         10,081  

Net cash provided by operating activities

      9,471         15,680         37,724  

Cash flows from investing activities

           

Purchase of property, leasehold improvements and equipment

      (42 )       (15 )       (5 )

Issuance of short-term loans to subsidiaries, net of repayments

      20,319         (9,923 )       (6,335 )

Issuance of term loans to subsidiaries

      (42,902 )       (5,532 )       (13,823 )

Repayments of term loans by subsidiaries

      21,850         1,992         9,601  

Capital distributions from/(contributions to) subsidiaries, net

      4,642         (1,038 )       (2,781 )

Net cash provided by/(used for) investing activities

      3,867         (14,516 )       (13,343 )

Cash flows from financing activities

           

Unsecured short-term borrowings, net

      (727 )       3,137         (13,266 )

Proceeds from issuance of long-term borrowings

      27,251         21,098         22,814  

Repayment of long-term borrowings, including the current portion

      (27,865 )       (21,838 )       (27,374 )

Preferred stock repurchased

      (3,857 )               (9,574 )

Common stock repurchased

      (6,048 )       (4,183 )       (2 )

Repurchase of common stock warrants

                      (1,100 )

Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units

      (2,771 )       (1,443 )       (2,205 )

Proceeds from issuance of common stock, including stock option exercises

      368         581         6,260  

Excess tax benefit related to share-based compensation

      358         352         135  

Cash settlement of share-based compensation

      (40 )       (1 )       (2 )

Net cash used for financing activities

      (13,331 )       (2,297 )       (24,314 )

Net increase/(decrease) in cash and cash equivalents

      7         (1,133 )       67  

Cash and cash equivalents, beginning of year

      7         1,140         1,073  

Cash and cash equivalents, end of year

    $ 14       $ 7       $ 1,140  

SUPPLEMENTAL DISCLOSURES:

Cash payments for third-party interest, net of capitalized interest, were $3.83 billion, $3.07 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

Cash payments for income taxes, net of refunds, were $1.39 billion, $2.05 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

 

1.

Includes $6.25 billion and $7.82 billion at fair value as of December 2011 and December 2010, respectively.

 

2.

Includes $12.91 billion and $13.44 billion at fair value as of December 2011 and December 2010, respectively.

 

3.

Unsecured long-term borrowings with subsidiaries by maturity date are $263 million in 2013, $656 million in 2014, $243 million in 2015, $97 million in 2016 and $277 million in 2017-thereafter.

Non-cash activity:

During the year ended December 2011, $103 million of common stock was issued in connection with the acquisition of Goldman Sachs Australia Pty Ltd (GS Australia), formerly Goldman Sachs & Partners Australia Group Holdings Pty Ltd.

 

 

212   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Quarterly Results (unaudited)

 

The following represents the firm’s unaudited quarterly results for the years ended December 2011 and December 2010. These quarterly results were prepared in accordance with generally accepted accounting principles and reflect all

adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.

 

 

    Three Months Ended  
in millions, except per share data   December
2011
       September
2011
       June
2011
       March
2011
 

Total non-interest revenues

    $4,984           $2,231           $5,868           $10,536   

Interest income

    3,032           3,354           3,681           3,107   

Interest expense

    1,967           1,998           2,268           1,749   

Net interest income

    1,065           1,356           1,413           1,358   

Net revenues, including net interest income

    6,049           3,587           7,281           11,894   

Operating expenses 1

    4,802           4,317           5,669           7,854   

Pre-tax earnings/(loss)

    1,247           (730        1,612           4,040   

Provision/(benefit) for taxes

    234           (337        525           1,305   

Net earnings/(loss)

    1,013           (393        1,087           2,735   

Preferred stock dividends

    35           35           35           1,827   

Net earnings/(loss) applicable to common shareholders

    $   978           $   (428        $1,052           $   908   

Earnings/(loss) per common share

                

Basic

    $  1.91           $  (0.84        $  1.96           $   1.66   

Diluted

    1.84           (0.84        1.85           1.56   

Dividends declared per common share

    0.35           0.35           0.35           0.35   
    Three Months Ended  
in millions, except per share data   December
2010
       September
2010
       June
2010
       March
2010
 

Total non-interest revenues

    $7,304           $7,775           $7,222           $11,357   

Interest income

    3,069           2,937           3,302           3,001   

Interest expense

    1,731           1,809           1,683           1,583   

Net interest income

    1,338           1,128           1,619           1,418   

Net revenues, including net interest income

    8,642           8,903           8,841           12,775   

Operating expenses 1

    5,168           6,092           7,393           7,616   

Pre-tax earnings

    3,474           2,811           1,448           5,159   

Provision for taxes

    1,087           913           835           1,703   

Net earnings

    2,387           1,898           613           3,456   

Preferred stock dividends

    160           161           160           160   

Net earnings applicable to common shareholders

    $2,227           $1,737           $   453           $  3,296   

Earnings per common share

                

Basic

    $  4.10           $  3.19           $  0.82           $    6.02   

Diluted

    3.79           2.98           0.78           5.59   

Dividends declared per common share

    0.35           0.35           0.35           0.35   

 

1.

The timing and magnitude of changes in the firm’s discretionary compensation accruals can have a significant effect on results in a given quarter.

 

  Goldman Sachs 2011 Form 10-K   213


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Common Stock Price Range

The table below presents the high and low sales prices per share of the firm’s common stock.

 

    Year Ended December  
    2011          2010          2009  
     High        Low           High        Low           High        Low  

First quarter

  $ 175.34         $ 153.26           $ 178.75         $ 147.81           $ 115.65         $ 59.13   

Second quarter

    164.40           128.30             186.41           131.02             151.17           100.46   

Third quarter

    139.25           91.40             157.25           129.50             188.00           135.23   

Fourth quarter

    118.07           84.27             171.61           144.70             193.60           160.20   

 

As of February 17, 2012, there were 13,340 holders of record of the firm’s common stock.

On February 17, 2012, the last reported sales price for the firm’s common stock on the New York Stock Exchange was $115.91 per share.

 

 

Common Stock Price Performance

 

The following graph compares the performance of an investment in the firm’s common stock from November 24, 2006 through December 31, 2011, with the S&P 500 Index and the S&P 500 Financials Index. The graph assumes $100 was invested on November 24, 2006 in each of the firm’s common stock, the S&P 500

Index and the S&P 500 Financials Index, and the dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.

 

 

LOGO

 

The table below shows the cumulative total returns in dollars of the firm’s common stock, the S&P 500 Index and the S&P 500 Financials Index for Goldman Sachs’ last five fiscal year ends 1, assuming $100 was invested on November 24, 2006 in each of the firm’s common stock,

the S&P 500 Index and the S&P 500 Financials Index, and the dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the table represents past performance and should not be considered an indication of future performance.

 

 

     11/24/06        11/30/07        11/28/08        12/31/09        12/31/10        12/31/11  

The Goldman Sachs Group, Inc.

  $ 100.00         $ 113.17         $ 39.79         $ 86.10         $ 86.56         $ 47.09   

S&P 500 Index

    100.00           107.77           66.72           85.28           98.12           100.19   

S&P 500 Financials Index

    100.00           88.54           37.56           43.92           49.27           40.88   
1.

As a result of the firm’s change in fiscal year-end during 2009, this table includes 61 months beginning November 24, 2006 and ending December 31, 2011.

 

214   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Selected Financial Data

 

    As of or for the
    Year Ended    One Month Ended
    

December

2011

  

December

2010

  

December

2009

  

November

2008

  

November

2007

  

December

2008  1

Income statement data (in millions)

                            

Total non-interest revenues

    $ 23,619        $ 33,658        $ 37,766        $ 17,946        $ 42,000        $ (502 )

Interest income

      13,174          12,309          13,907          35,633          45,968          1,687  

Interest expense

      7,982          6,806          6,500          31,357          41,981          1,002  

Net interest income

      5,192          5,503          7,407          4,276          3,987          685  

Net revenues, including net interest income

      28,811          39,161          45,173          22,222          45,987          183  

Compensation and benefits

      12,223          15,376          16,193          10,934          20,190          744  

U.K. bank payroll tax

               465                                      

Other operating expenses

      10,419          10,428          9,151          8,952          8,193          697  

Pre-tax earnings/(loss)

    $ 6,169        $ 12,892        $ 19,829        $ 2,336        $ 17,604        $ (1,258 )

Balance sheet data (in millions)

                            

Total assets

    $ 923,225        $ 911,332        $ 848,942        $ 884,547        $ 1,119,796        $ 1,112,225  

Other secured financings (long-term)

      8,179          13,848          11,203          17,458          33,300          18,413  

Unsecured long-term borrowings

      173,545          174,399          185,085          168,220          164,174          185,564  

Total liabilities

      852,846          833,976          778,228          820,178          1,076,996          1,049,171  

Total shareholders’ equity

      70,379          77,356          70,714          64,369          42,800          63,054  

Common share data (in millions, except per share amounts)

                            

Earnings/(loss) per common share

                            

Basic

    $ 4.71        $ 14.15        $ 23.74        $ 4.67        $ 26.34        $ (2.15 )

Diluted

      4.51          13.18          22.13          4.47          24.73          (2.15 )

Dividends declared per common share

      1.40          1.40          1.05          1.40          1.40          0.47  3

Book value per common share 2

      130.31          128.72          117.48          98.68          90.43          95.84  

Average common shares outstanding

                            

Basic

      524.6          542.0          512.3          437.0          433.0          485.5  

Diluted

      556.9          585.3          550.9          456.2          461.2          485.5  

Selected data (unaudited)

                            

Total staff

                            

Americas

      17,200          19,900          18,900          19,700          20,100          19,200  

Non-Americas

      16,100          15,800          13,600          14,800          15,400          14,100  

Total staff

      33,300          35,700          32,500          34,500          35,500          33,300  

Total staff, including consolidated entities held for investment purposes

      34,700          38,700          36,200          39,200          40,000          38,000  

Assets under management (in billions)

                            

Asset class

                            

Alternative investments

    $ 142        $ 148        $ 146        $ 146        $ 151        $ 145  

Equity

      126          144          146          112          255          114  

Fixed income

      340          340          315          248          256          253  

Total non-money market assets

      608          632          607          506          662          512  

Money markets

      220          208          264          273          206          286  

Total assets under management

    $ 828        $ 840        $ 871        $ 779        $ 868        $ 798  

 

1.

In connection with becoming a bank holding company, the firm was required to change its fiscal year-end from November to December. December 2008 represents the period from November 29, 2008 to December 26, 2008.

 

2.

Book value per common share is based on common shares outstanding, including RSUs granted to employees with no future service requirements, of 516.3 million, 546.9 million, 542.7 million, 485.4 million, 439.0 million and 485.9 million as of December 2011, December 2010, December 2009, November 2008, November 2007 and December 2008, respectively.

 

3.

Rounded to the nearest penny. Exact dividend amount was $0.4666666 per common share and was reflective of a four-month period (December 2008 through March 2009), due to the change in the firm’s fiscal year-end.

 

  Goldman Sachs 2011 Form 10-K   215


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Statistical Disclosures

Distribution of Assets, Liabilities and Shareholders’ Equity

The table below presents a summary of consolidated average balances and interest rates.

 

    For the Year Ended December  
    2011         2010         2009  
in millions, except rates  

Average

balance

     Interest      Average
rate
        

Average

balance

     Interest      Average
rate
        

Average

balance

     Interest      Average
rate
 

Assets

                           

Deposits with banks

  $ 38,039       $ 125         0.33       $ 29,371       $ 86         0.29       $ 22,108       $ 65         0.29

U.S.

    32,770         95         0.29            24,988         67         0.27            18,134         45         0.25   

Non-U.S.

    5,269         30         0.57            4,383         19         0.43            3,974         20         0.50   

Securities borrowed, securities purchased under agreements to resell, at fair value, and federal funds sold

    351,896         666         0.19            353,719         540         0.15            355,636         951         0.27   

U.S.

    219,240         (249      (0.11         243,907         75         0.03            255,785         14         0.01   

Non-U.S.

    132,656         915         0.69            109,812         465         0.42            99,851         937         0.94   

Financial instruments owned, at fair value 1, 2

    287,322         10,718         3.73            273,801         10,346         3.78            277,706         11,106         4.00   

U.S.

    183,920         7,477         4.07            189,136         7,865         4.16            198,849         8,429         4.24   

Non-U.S.

    103,402         3,241         3.13            84,665         2,481         2.93            78,857         2,677         3.39   

Other interest-earning assets 3

    143,270         1,665         1.16            118,364         1,337         1.13            127,067         1,785         1.40   

U.S.

    99,042         915         0.92            82,965         689         0.83            83,000         1,052         1.27   

Non-U.S.

    44,228         750         1.70            35,399         648         1.83            44,067         733         1.66   

Total interest-earning assets

    820,527         13,174         1.61            775,255         12,309         1.59            782,517         13,907         1.78   

Cash and due from banks

    4,987                              3,709                              5,066                     

Other non-interest-earning assets 2

    118,901                              113,310                              124,554                     

Total Assets

  $ 944,415                            $ 892,274                            $ 912,137                     

Liabilities

                           

Interest-bearing deposits

  $ 40,266       $ 280         0.70          $ 38,011       $ 304         0.80          $ 41,076       $ 415         1.01   

U.S.

    33,234         243         0.73            31,418         279         0.89            35,043         371         1.06   

Non-U.S.

    7,032         37         0.53            6,593         25         0.38            6,033         44         0.73   

Securities loaned and securities sold under agreements to repurchase, at fair value

    171,753         905         0.53            160,280         708         0.44            156,794         1,317         0.84   

U.S.

    110,235         280         0.25            112,839         355         0.31            111,718         392         0.35   

Non-U.S.

    61,518         625         1.02            47,441         353         0.74            45,076         925         2.05   

Financial instruments sold, but not yet purchased 1, 2

    102,282         2,464         2.41            89,040         1,859         2.09            72,866         1,854         2.54   

U.S.

    52,065         984         1.89            44,713         818         1.83            39,647         586         1.48   

Non-U.S.

    50,217         1,480         2.95            44,327         1,041         2.35            33,219         1,268         3.82   

Commercial paper

    1,881         5         0.24            1,624         5         0.31            1,002         5         0.50   

U.S.

    630         2         0.31            289         1         0.35            284         3         1.06   

Non-U.S.

    1,251         3         0.20            1,335         4         0.30            718         2         0.28   

Other borrowings 4, 5

    76,616         521         0.68            53,888         448         0.83            58,129         618         1.06   

U.S.

    50,029         429         0.86            33,017         393         1.19            36,164         525         1.45   

Non-U.S.

    26,587         92         0.35            20,871         55         0.26            21,965         93         0.42   

Long-term borrowings 5, 6

    186,148         3,439         1.85            193,031         3,155         1.63            203,280         2,585         1.27   

U.S.

    179,004         3,235         1.81            183,338         2,910         1.59            192,054         2,313         1.20   

Non-U.S.

    7,144         204         2.86            9,693         245         2.53            11,226         272         2.42   

Other interest-bearing liabilities 7

    203,940         368         0.18            189,008         327         0.17            207,148         (294      (0.14

U.S.

    149,958         (535      (0.36         142,752         (221      (0.15         147,206         (723      (0.49

Non-U.S.

    53,982         903         1.67            46,256         548         1.18            59,942         429         0.72   

Total interest-bearing liabilities

    782,886         7,982         1.02            724,882         6,806         0.94            740,295         6,500         0.88   

Non-interest-bearing deposits

    140                              169                              115                     

Other non-interest-bearing liabilities 2

    88,681                              92,966                              106,200                     

Total liabilities

    871,707                              818,017                              846,610                     

Shareholders’ equity

                           

Preferred stock

    3,990                              6,957                              11,363                     

Common stock

    68,718                              67,300                              54,164                     

Total shareholders’ equity

    72,708                              74,257                              65,527                     

Total liabilities, preferred stock and shareholders’ equity

  $ 944,415                            $ 892,274                            $ 912,137                     

Interest rate spread

                      0.59                           0.65                           0.90

Net interest income and net yield on interest-earning assets

           $ 5,192         0.63                   $ 5,503         0.71                   $ 7,407         0.95   

U.S.

             3,600         0.67                     4,161         0.77                     6,073         1.09   

Non-U.S.

             1,592         0.56                     1,342         0.57                     1,334         0.59   

Percentage of interest-earning assets and interest-bearing liabilities attributable to non-U.S. operations 8

                           

Assets

                      34.80                           30.22                           28.98

Liabilities

                      26.53                              24.35                              24.07   

 

216   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

1.

Consists of cash financial instruments, including equity securities and convertible debentures.

 

2.

Derivative instruments and commodities are included in other non-interest-earning assets and other non-interest-bearing liabilities.

 

3.

Primarily consists of cash and securities segregated for regulatory and other purposes and certain receivables from customers and counterparties.

 

4.

Consists of short-term other secured financings and unsecured short-term borrowings, excluding commercial paper.

 

5.

Interest rates include the effects of interest rate swaps accounted for as hedges.

 

6.

Consists of long-term secured financings and unsecured long-term borrowings.

 

7.

Primarily consists of certain payables to customers and counterparties.

 

8.

Assets, liabilities and interest are attributed to U.S. and non-U.S. based on the location of the legal entity in which the assets and liabilities are held.

 

  Goldman Sachs 2011 Form 10-K   217


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Changes in Net Interest Income, Volume and Rate Analysis

 

The table below presents an analysis of the effect on net interest income of volume and rate changes. In this analysis,

changes due to volume/rate variance have been allocated to volume.

 

 

    For the Year Ended  
    December 2011 versus December 2010          December 2010 versus December 2009  
    Increase (decrease) due
to change in:
                Increase (decrease) due
to change in:
        
in millions   Volume      Rate     

Net

change

              Volume      Rate     

Net

change

 

Interest-earning assets

                  

Deposits with banks

    $  28         $   11         $   39             $   20         $       1         $      21   

U.S.

    23         5         28             18         4         22   

Non-U.S.

    5         6         11             2         (3      (1

Securities borrowed, securities purchased under agreements to resell, at fair value and federal funds sold

    186         (60      126             38         (449      (411

U.S.

    28         (352      (324          (4      65         61   

Non-U.S.

    158         292         450             42         (514      (472

Financial instruments owned, at fair value

    375         (3      372             (234      (526      (760

U.S.

    (212      (176      (388          (404      (160      (564

Non-U.S.

    587         173         760             170         (366      (196

Other interest-earning assets

    299         29         328             (159      (289      (448

U.S.

    149         77         226                     (363      (363

Non-U.S.

    150         (48      102             (159      74         (85

Change in interest income

    888         (23      865             (335      (1,263      (1,598

Interest-bearing liabilities

                  

Interest-bearing deposits

    15         (39      (24          (30      (81      (111

U.S.

    13         (49      (36          (32      (60      (92

Non-U.S.

    2         10         12             2         (21      (19

Securities loaned and securities sold under agreements to repurchase, at fair value

    136         61         197             22         (631      (609

U.S.

    (7      (68      (75          4         (41      (37

Non-U.S.

    143         129         272             18         (590      (572

Financial instruments sold, but not yet purchased, at fair value

    313         292         605             354         (349      5   

U.S.

    139         27         166             93         139         232   

Non-U.S.

    174         265         439             261         (488      (227

Commercial paper

    1         (1                  2         (2        

U.S.

    1                 1                     (2      (2

Non-U.S.

            (1      (1          2                 2   

Other borrowings

    166         (93      73             (40      (130      (170

U.S.

    146         (110      36             (37      (95      (132

Non-U.S.

    20         17         37             (3      (35      (38

Long-term debt

    (151      435         284             (177      747         570   

U.S.

    (78      403         325             (138      735         597   

Non-U.S.

    (73      32         (41          (39      12         (27

Other interest-bearing liabilities

    103         (62      41             (155      776         621   

U.S.

    (26      (288      (314          7         495         502   

Non-U.S.

    129         226         355             (162      281         119   

Change in interest expense

    583         593         1,176             (24      330         306   

Change in net interest income

    $305         $(616      $(311          $(311      $(1,593      $(1,904

 

218   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Available-for-sale Securities Portfolio

The table below presents the fair value of available-for-sale securities.

 

in millions   Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Fair
Value
 

Available-for-sale securities, December 2011

          

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 406       $       $       $ 406   

U.S. government and federal agency obligations

    582         80                 662   

Non-U.S. government obligations

    19                         19   

Mortgage and other asset-backed loans and securities

    1,505         30         (119      1,416   

Corporate debt securities

    1,696         128         (11      1,813   

State and municipal obligations

    418         63                 481   

Other debt obligations

    67                 (3      64   

Total available-for-sale securities

  $ 4,693       $ 301       $ (133    $ 4,861   

Available-for-sale securities, December 2010

          

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 176       $       $       $ 176   

U.S. government and federal agency obligations

    638         18         (19      637   

Non-U.S. government obligations

    2                         2   

Mortgage and other asset-backed loans and securities

    593         82         (5      670   

Corporate debt securities

    1,533         162         (7      1,688   

State and municipal obligations

    356         8         (5      359   

Other debt obligations

    136         7         (2      141   

Total available-for-sale securities

  $ 3,434       $ 277       $ (38    $ 3,673   

 

  Goldman Sachs 2011 Form 10-K   219


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

The table below presents the fair value, amortized cost and weighted average yields of available-for-sale securities by

contractual maturity. Yields are calculated on a weighted average basis.

 

 

    As of December 2011  
   

Due in

One Year or Less

        Due After
One Year Through
Five Years
    Due After
Five Years Through
Ten Years
    Due After
Ten Years
        Total  
$ in millions   Amount      Yield          Amount      Yield     Amount      Yield     Amount      Yield          Amount      Yield  

Fair value of available-for-sale securities

                            

Commercial paper, certificates of deposit, time deposits and other money market instruments

    $406                 $  —             $  —           $               $ 406        

U.S. government and federal agency obligations

    72                    132         3        69         2        389         4            662         3   

Non-U.S. government obligations

                       9         3        9         6        1         4            19         4   

Mortgage and other asset-backed loans and securities

                       120         7        19         5        1,277         10            1,416         10   

Corporate debt securities

    33         5            425         4        848         5        507         6            1,813         5   

State and municipal obligations

    1         5            12         5                       468         6            481         6   

Other debt obligations

                       10         4                       54         3            64         3   

Total available-for-sale securities

    $512                     $708                 $945               $ 2,696                   $ 4,861            

Amortized cost of available-for-sale securities

    $512                     $696                 $899               $ 2,586                   $ 4,693            
    As of December 2010  
   

Due in

One Year or Less

        Due After
One Year Through
Five Years
    Due After
Five Years Through
Ten Years
    Due After
Ten Years
        Total  
$ in millions   Amount      Yield          Amount      Yield     Amount      Yield     Amount      Yield          Amount      Yield  

Fair value of available-for-sale securities

                            

Commercial paper, certificates of deposit, time deposits and other money market instruments

    $176                 $  —             $  —           $               $ 176        

U.S. government and federal agency obligations

    37         4            99         3        17         4        484         4            637         4   

Non-U.S. government obligations

                       2         2                                          2         2   

Mortgage and other asset-backed loans and securities

                                                     670         11            670         11   

Corporate debt securities

    34         6            126         6        717         6        811         7            1,688         6   

State and municipal obligations

                       10         5        11         5        338         6            359         6   

Other debt obligations

                                      24         1        117         5            141         4   

Total available-for-sale securities

    $247                     $237                 $769               $ 2,420                   $ 3,673            

Amortized cost of available-for-sale
securities

    $246                     $220                 $708               $ 2,260                   $ 3,434            

 

220   Goldman Sachs 2011 Form 10-K  


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Deposits

The table below presents a summary of the firm’s interest-bearing deposits.

 

    Average Balances            Average Interest Rates  
    Year Ended December            Year Ended December  
$ in millions   2011        2010        2009             2011      2010      2009  

U.S.:

                        

Savings 1

  $ 25,916         $ 23,260         $ 23,024               0.42      0.44      0.62

Time

    7,318           8,158           12,019               1.84         2.16         1.89   

Total U.S. deposits

    33,234           31,418           35,043               0.73         0.89         1.06   

Non-U.S.:

                        

Demand

    5,378           5,559           5,402               0.46         0.34         0.61   

Time

    1,654           1,034           631               0.73         0.58         1.65   

Total Non-U.S. deposits

    7,032           6,593           6,033               0.53         0.38         0.73   

Total deposits

  $ 40,266         $ 38,011         $ 41,076               0.70         0.80         1.01   

 

1.

Amounts are available for withdrawal upon short notice, generally within seven days.

Ratios

The table below presents selected financial ratios.

 

    Year Ended December  
     2011        2010      2009  

Net earnings to average assets

    0.5        0.9      1.5

Return on average common shareholders’ equity 1

    3.7           11.5         22.5   

Return on average total shareholders’ equity 2

    6.1           11.3         20.4   

Total average equity to average assets

    7.7           8.3         7.2   

Dividend payout ratio 3

    31.0           10.6         4.7   

 

1.

Based on net earnings applicable to common shareholders divided by average monthly common shareholders’ equity.

 

2.

Based on net earnings divided by average monthly total shareholders’ equity.

 

3.

Dividends declared per common share as a percentage of diluted earnings per common share.

Short-term and Other Borrowed Funds

 

The table below presents a summary of the firm’s securities loaned and securities sold under agreements to repurchase and short-term borrowings. These borrowings generally

mature within one year of the financial statement date and include borrowings that are redeemable at the option of the holder within one year of the financial statement date.

 

 

    Securities Loaned and Securities Sold
Under Agreements to Repurchase
        Commercial Paper         Other Funds Borrowed 1, 2  
    As of December         As of December         As of December  
$ in millions   2011     2010     2009          2011     2010     2009          2011     2010     2009  

Amounts outstanding at year-end

  $ 171,684      $ 173,557      $ 143,567          $ 1,491      $ 1,306      $ 1,660          $ 76,732      $ 71,065      $ 48,787   

Average outstanding during the year

    171,753        160,280        156,794            1,881        1,624        1,002            76,616        53,888        58,129   

Maximum month-end outstanding

    190,453        173,557        169,083            2,853        1,712        3,060            84,546        71,065        77,712   

Weighted average interest rate

                     

During the year

    0.53     0.44     0.84         0.24     0.31     0.50         0.68     0.83     1.06

At year-end

    0.39        0.44        0.26            0.34        0.20        0.37            0.93        0.63        0.76   

 

1.

Includes short-term secured financings of $29.19 billion, $24.53 billion and $12.93 billion as of December 2011, December 2010 and December 2009, respectively.

 

2.

As of December 2011, December 2010 and December 2009, weighted average interest rates include the effects of hedging.

 

  Goldman Sachs 2011 Form 10-K   221


Table of Contents

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

 

Supplemental Financial Information

 

Cross-border Outstandings

 

Cross-border outstandings are based on the Federal Financial Institutions Examination Council’s (FFIEC) regulatory guidelines for reporting cross-border information and represent the amounts that the firm may not be able to obtain from a foreign country due to country-specific events, including unfavorable economic and political conditions, economic and social instability, and changes in government policies.

Credit exposure represents the potential for loss due to the default or deterioration in credit quality of a counterparty or an issuer of securities or other instruments the firm holds and is measured based on the potential loss in an event of non-payment by a counterparty. Credit exposure is reduced through the effect of risk mitigants, such as netting agreements with counterparties that permit the firm to offset receivables and payables with such counterparties or obtaining collateral from counterparties. The tables below do not include all the effects of such risk mitigants and do not represent the firm’s credit exposure.

Claims in the tables below include cash, receivables, securities purchased under agreements to resell, securities borrowed and cash financial instruments, but exclude derivative instruments and commitments. Securities purchased under agreements to resell and securities borrowed are presented gross, without reduction for related securities collateral held, based on the domicile of the counterparty. Margin loans (included in receivables) are presented based on the amount of collateral advanced by the counterparty.

The tables below present cross-border outstandings for each country in which cross-border outstandings exceed 0.75% of consolidated assets in accordance with the FFIEC guidelines.

 

 

    As of December 2011  
in millions   Banks        Governments        Other        Total  

Country

                

France

  $ 33,916  1       $ 2,859         $ 3,776         $ 40,551   

Cayman Islands

                        33,742           33,742  3 

Japan

    18,745           31           6,457           25,233  3 

Germany

    5,458           16,089           3,162           24,709   

United Kingdom

    2,111           3,349           5,243           10,703  3 

Italy

    6,143           3,054           841           10,038  4 

Ireland

    1,148           63           8,801  2         10,012   

China

    6,722           38           2,908           9,668   

Switzerland

    3,836           40           5,112           8,988   

Canada

    676           1,019           6,841           8,536   

Australia

    1,597           470           5,209           7,276   

 

    As of December 2010  
in millions   Banks        Governments        Other        Total  

Country

                

France

  $ 29,250  1       $ 7,373         $ 4,860         $ 41,483   

Cayman Islands

    7                     35,850           35,857  3 

Japan

    21,881           49           8,002           29,932  3 

Germany

    3,767           16,572           2,782           23,121   

China

    10,849           701           2,931           14,481   

United Kingdom

    2,829           2,401           6,800           12,030  3 

Switzerland

    2,473           151           7,616           10,240   

Canada

    260           366           6,741           7,367   

 

1.

Primarily comprised of secured lending transactions with a clearing house which are secured by collateral.

 

2.

Primarily comprised of interests in and receivables from funds domiciled in Ireland, but whose underlying investments are primarily located outside of Ireland, and secured lending transactions which are secured by U.S. government obligations.

 

3.

Excludes claims of $2.27 billion, $6.99 billion and $53.01 billion as of December 2011, and $1.21 billion, $7.06 billion and $26.84 billion as of December 2010 for the Cayman Islands, Japan and the United Kingdom, respectively, where the firm’s subsidiary and the counterparty are domiciled within the same foreign country, but the claim is not denominated in that country’s local currency.

 

4.

Primarily comprised of secured lending transactions which are primarily secured by German government obligations.

 

222   Goldman Sachs 2011 Form 10-K  


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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There were no changes in or disagreements with accountants on accounting and financial disclosure during the last two years.

Item 9A. Controls and Procedures

As of the end of the period covered by this report, an evaluation was carried out by Goldman Sachs’ management, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the fourth quarter of our year ended December 31, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm are set forth in Part II, Item 8 of this Form 10-K.

Item 9B. Other Information

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information relating to our executive officers is included on pages 35 to 36 of this Form 10-K. Information relating to our directors, including our audit committee and audit committee financial experts and the procedures by which shareholders can recommend director nominees, and our executive officers will be in our definitive Proxy Statement for our 2012 Annual Meeting of Shareholders, which will be filed within 120 days of the end of 2011 (2012 Proxy Statement) and is incorporated herein by reference. Information relating to our Code of Business Conduct and Ethics, which applies to our senior financial officers, is included under “Available Information” in Part I, Item 1 of this Form 10-K.

Item 11. Executive Compensation

Information relating to our executive officer and director compensation and the compensation committee of our board of directors will be in the 2012 Proxy Statement and is incorporated herein by reference.

 

 

  Goldman Sachs 2011 Form 10-K   223


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Item 12. Security Ownership of Certain
Beneficial Owners and Management and
Related Stockholder Matters

 

 

 

Information relating to security ownership of certain beneficial owners of our common stock and information relating to the security ownership of our management will be in the 2012 Proxy Statement and is incorporated herein by reference.

The following table provides information as of December 31, 2011, the last day of 2011, regarding securities to be issued on exercise of outstanding stock options or pursuant to outstanding restricted stock units and performance-based awards, and securities remaining available for issuance under our equity compensation plans that were in effect during 2011.

 

 

      Plan Category    Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights
    Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
    Number of Securities
Remaining Available
for Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
the Second Column)
 

Equity compensation plans approved by security holders

   The Goldman Sachs Amended and Restated Stock Incentive Plan 1      91, 671,368  2    $ 97.76  3      161,010,336  4 

Equity compensation plans not approved by security holders

   None                      

Total

          91, 671,368  2              161,010,336  4 

 

1.

The Goldman Sachs Amended and Restated Stock Incentive Plan (SIP) was approved by the shareholders of Group Inc. at our 2003 Annual Meeting of Shareholders and is a successor plan to The Goldman Sachs 1999 Stock Incentive Plan (1999 Plan), which was approved by our shareholders immediately prior to our initial public offering in May 1999 and under which no additional awards have been granted since approval of the SIP.

 

2.

Includes: (i) 47,256,938 shares of common stock that may be issued upon exercise of outstanding options; (ii) 44,388,287 shares that may be issued pursuant to outstanding restricted stock units; and (iii) 26,143 shares that may be issued pursuant to outstanding performance-based units granted under the SIP. These awards are subject to vesting and other conditions to the extent set forth in the respective award agreements, and the underlying shares will be delivered net of any required tax withholding.

 

3.

This weighted-average exercise price relates only to the options described in footnote 2. Shares underlying restricted stock units and performance-based units are deliverable without the payment of any consideration, and therefore these awards have not been taken into account in calculating the weighted-average exercise price.

 

4.

Represents shares remaining to be issued under the SIP, excluding shares reflected in the second column. The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP through the end of our 2008 fiscal year could not exceed 250 million shares. The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP in our 2009 fiscal year and each fiscal year thereafter cannot exceed 5% of the issued and outstanding shares of common stock, determined as of the last day of the immediately preceding fiscal year, increased by the number of shares available for awards in previous years but not covered by awards granted in such years. There are no shares remaining to be issued under the 1999 Plan other than those reflected in the second column.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information regarding certain relationships and related transactions and director independence will be in the 2012 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

Information regarding principal accountant fees and services will be in the 2012 Proxy Statement and is incorporated herein by reference.

 

 

224   Goldman Sachs 2011 Form 10-K  


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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this Report:

1. Consolidated Financial Statements

The consolidated financial statements required to be filed in this Form 10-K are included in Part II, Item 8 hereof.

2. Exhibits

 

  2.1

  

Plan of Incorporation (incorporated by reference to the corresponding exhibit to the Registrant’s registration statement on Form S-1 (No. 333-74449)).

  3.1

  

Restated Certificate of Incorporation of The Goldman Sachs Group, Inc., amended as of May 6, 2011 (incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2011, filed May 10, 2011).

  3.2

  

Amended and Restated By-Laws of The Goldman Sachs Group, Inc., amended as of May 7, 2010 (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed May 11, 2010).

  4.1

  

Indenture, dated as of May 19, 1999, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 6 to the Registrant’s registration statement on Form 8-A, filed June 29, 1999).

  4.2

  

Subordinated Debt Indenture, dated as of February 20, 2004, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2003).

  4.3

  

Warrant Indenture, dated as of February 14, 2006, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.34 to the Registrant’s Post-Effective Amendment No. 3 to Form S-3, filed on March 1, 2006).

  4.4

  

Senior Debt Indenture, dated as of December 4, 2007, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.69 to the Registrant’s Post-Effective Amendment No. 10 to Form S-3, filed on December 4, 2007).

  

Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.

  4.5

  

Senior Debt Indenture, dated as of July 16, 2008, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.82 to the Registrant’s Post-Effective Amendment No. 11 to Form S-3 (No. 333-130074), filed July 17, 2008).

  4.6

  

Senior Debt Indenture, dated as of October 10, 2008, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to
Exhibit 4.70 to the Registrant’s registration statement on Form S-3 (No. 333-154173), filed October 10, 2008).

10.1

  

The Goldman Sachs Amended and Restated Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008). 

10.2

  

The Goldman Sachs Amended and Restated Restricted Partner Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended February 24, 2006). 

10.3

  

Form of Employment Agreement for Participating Managing Directors (applicable to executive officers) (incorporated by reference to Exhibit 10.19 to the Registrant’s registration statement on
Form S-1 (No. 333-75213)). 

 

  Goldman Sachs 2011 Form 10-K   225


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10.4

  

Form of Agreement Relating to Noncompetition and Other Covenants (incorporated by reference to
Exhibit 10.20 to the Registrant’s registration statement on Form S-1 (No. 333-75213)). 

10.5

  

Tax Indemnification Agreement, dated as of May 7, 1999, by and among The Goldman Sachs Group, Inc. and various parties (incorporated by reference to Exhibit 10.25 to the Registrant’s registration statement on
Form S-1 (No. 333-75213)).

10.6

  

Amended and Restated Shareholders’ Agreement, effective as of January 22, 2010, among The Goldman Sachs Group, Inc. and various parties (incorporated by reference to Exhibit 10.6 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009).

10.7

  

Instrument of Indemnification (incorporated by reference to Exhibit 10.27 to the Registrant’s registration statement on Form S-1 (No. 333-75213)).

10.8

  

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.28 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 26, 1999).

10.9

  

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.44 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 26, 1999).

10.10

  

Form of Indemnification Agreement, dated as of July 5, 2000 (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2000).

10.11

  

Amendment No. 1, dated as of September 5, 2000, to the Tax Indemnification Agreement, dated as of
May 7, 1999 (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2000).

10.12

  

Letter, dated February 6, 2001, from The Goldman Sachs Group, Inc. to Mr. John H. Bryan (incorporated by reference to Exhibit 10.64 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 24, 2000). 

10.13

  

Letter, dated February 6, 2001, from The Goldman Sachs Group, Inc. to Mr. James A. Johnson (incorporated by reference to Exhibit 10.65 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 24, 2000). 

10.14

  

Letter, dated December 18, 2002, from The Goldman Sachs Group, Inc. to Mr. William W. George (incorporated by reference to Exhibit 10.39 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 29, 2002). 

10.15

  

Letter, dated June 20, 2003, from The Goldman Sachs Group, Inc. to Mr. Claes Dahlbäck (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended
May 30, 2003). 

10.16

  

Letter, dated March 31, 2004, from The Goldman Sachs Group, Inc. to Ms. Lois D. Juliber (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended
February 27, 2004). 

10.17

  

Letter, dated April 6, 2005, from The Goldman Sachs Group, Inc. to Mr. Stephen Friedman (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed April 8, 2005). 

10.18

  

Letter, dated May 12, 2009, from The Goldman Sachs Group, Inc. to Mr. James J. Schiro (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended
June 26, 2009). 

10.19

  

Form of Amendment, dated November 27, 2004, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999 (incorporated by reference to Exhibit 10.32 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 26, 2004). 

10.20

  

Form of Year-End Restricted Stock Award (incorporated by reference to Exhibit 10.34 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007). 

10.21

  

Form of Year-End Restricted Stock Award in Connection with Outstanding RSU Awards (incorporated by reference to Exhibit 10.35 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007). 

10.22

  

The Goldman Sachs Group, Inc. Non-Qualified Deferred Compensation Plan for U.S. Participating Managing Directors (terminated as of December 15, 2008) (incorporated by reference to Exhibit 10.36 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007). 

 

226   Goldman Sachs 2011 Form 10-K  


Table of Contents

10.23

  

Form of Year-End Option Award Agreement (incorporated by reference to Exhibit 10.36 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008). 

10.24

  

Form of Year-End RSU Award Agreement (French alternative award) (incorporated by reference to
Exhibit 10.32 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009). 

10.25

  

Amendments to 2005 and 2006 Year-End RSU and Option Award Agreements (incorporated by reference to Exhibit 10.44 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007). 

10.26

  

Form of Non-Employee Director Option Award Agreement (incorporated by reference to Exhibit 10.34 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009). 

10.27

  

Form of Non-Employee Director RSU Award Agreement. 

10.28

  

Description of Non-Employee Director Compensation. 

10.29

  

Ground Lease, dated August 23, 2005, between Battery Park City Authority d/b/a/ Hugh L. Carey Battery Park City Authority, as Landlord, and Goldman Sachs Headquarters LLC, as Tenant (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed August 26, 2005).

10.30

  

General Guarantee Agreement, dated January 30, 2006, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman, Sachs & Co. (incorporated by reference to Exhibit 10.45 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 25, 2005).

10.31

  

Goldman, Sachs & Co. Executive Life Insurance Policy and Certificate with Metropolitan Life Insurance Company for Participating Managing Directors (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2006). 

10.32

  

Form of Goldman, Sachs & Co. Executive Life Insurance Policy with Pacific Life & Annuity Company for Participating Managing Directors, including policy specifications and form of restriction on Policy Owner’s Rights (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 25, 2006). 

10.33

  

Form of Second Amendment, dated November 25, 2006, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999, as amended effective November 27, 2004 (incorporated by reference to Exhibit 10.51 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended
November 24, 2006). 

10.34

  

Description of PMD Retiree Medical Program (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the period ended February 29, 2008). 

10.35

  

Letter, dated June 28, 2008, from The Goldman Sachs Group, Inc. to Mr. Lakshmi N. Mittal (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, filed June 30, 2008). 

10.36

  

Securities Purchase Agreement, dated September 29, 2008, between The Goldman Sachs Group, Inc. and Berkshire Hathaway Inc. (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended August 29, 2008).

10.37

  

General Guarantee Agreement, dated December 1, 2008, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.80 to the Registrant’s Post-Effective Amendment No. 2 to Form S-3, filed March 19, 2009).

10.38

  

General Guarantee Agreement, dated November 24, 2008, made by The Goldman Sachs Group, Inc. relating to the obligations of Goldman Sachs Bank (Europe) plc (incorporated by reference to Exhibit 10.59 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008).

10.39

  

Guarantee Agreement, dated November 28, 2008 and amended effective as of January 1, 2010, between The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA (incorporated by reference to Exhibit 10.51 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009).

 

  Goldman Sachs 2011 Form 10-K   227


Table of Contents

10.40

  

Collateral Agreement, dated November 28, 2008, between The Goldman Sachs Group, Inc., Goldman Sachs Bank USA and each other party that becomes a pledgor pursuant thereto (incorporated by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008).

10.41

  

Form of One-Time RSU Award Agreement. 

10.42

  

Amendments to Certain Equity Award Agreements (incorporated by reference to Exhibit 10.68 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008). 

10.43

  

Amendments to Certain Non-Employee Director Equity Award Agreements (incorporated by reference to Exhibit 10.69 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended November 28, 2008). 

10.44

  

Form of Signature Card for Equity Awards. 

10.45

  

Form of Signature Card for Equity Awards (employees in Asia outside China). 

10.46

  

Form of Signature Card for Equity Awards (employees in China). 

10.47

  

Form of Year-End RSU Award Agreement (not fully vested). 

10.48

  

Form of Year-End RSU Award Agreement (fully vested). 

10.49

  

Form of Year-End RSU Award Agreement (Base and/or Supplemental). 

10.50

  

Form of Year-End Short-Term RSU Award Agreement. 

10.51

  

Form of Year-End Restricted Stock Award Agreement (Base and/or Supplemental). 

10.52

  

Form of Year-End Restricted Stock Award Agreement (fully vested). 

10.53

  

Form of Year-End Short-Term Restricted Stock Award Agreement. 

10.54

  

General Guarantee Agreement, dated March 2, 2010, made by The Goldman Sachs Group, Inc. relating to the obligations of Goldman Sachs Execution & Clearing, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2010).

10.55

  

Form of Deed of Gift (incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the period ended June 30, 2010). 

10.56

  

The Goldman Sachs Long-Term Performance Incentive Plan, dated December 17, 2010 (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed December 23, 2010). 

10.57

  

Form of Performance-Based Restricted Stock Unit Award Agreement (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed December 23, 2010). 

10.58

  

Form of Performance-Based Option Award Agreement (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed December 23, 2010). 

10.59

  

Form of Performance-Based Cash Compensation Award Agreement (incorporated by reference to the Registrant’s Current Report on Form 8-K, filed December 23, 2010). 

10.60

  

Amended and Restated General Guarantee Agreement dated November 21, 2011 made by the Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed November 21, 2011).

10.61

  

Form of Aircraft Time Sharing Agreement. 

12.1

  

Statement re: Computation of Ratios of Earnings to Fixed Charges and Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends.

21.1

  

List of significant subsidiaries of The Goldman Sachs Group, Inc.

23.1

  

Consent of Independent Registered Public Accounting Firm.

31.1

  

Rule 13a-14(a) Certifications.

32.1

  

Section 1350 Certifications. *

99.1

  

Report of Independent Registered Public Accounting Firm on Selected Financial Data.

 

228   Goldman Sachs 2011 Form 10-K  


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101

  

Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Statements of Earnings for the years ended December 31, 2011, December 31, 2010 and December 31, 2009; (ii) the Consolidated Statements of Financial Condition as of December 31, 2011 and December 31, 2010; (iii) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2011, December 31, 2010 and December 31, 2009; (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2011, December 31, 2010 and December 31, 2009; (v) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, December 31, 2010 and December 31, 2009; and (vi) the notes to the Consolidated Financial Statements.

 

 

This exhibit is a management contract or a compensatory plan or arrangement.

 

  *

This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

 

  Goldman Sachs 2011 Form 10-K   229


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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

THE GOLDMAN SACHS GROUP, INC.

By:

 

/s/    David A. Viniar           

 

Name:

  

David A. Viniar

 

Title:

  

Chief Financial Officer

Date: February 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

Signature

  

Capacity

 

Date

/s/    Lloyd C. Blankfein        

Lloyd C. Blankfein

  

Director, Chairman and Chief Executive

Officer (Principal Executive Officer)

  February 28, 2012

/s/    John H. Bryan        

John H. Bryan

   Director   February 28, 2012

/s/    M. Michele Burns        

M. Michele Burns

   Director   February 28, 2012

/s/    Gary D. Cohn        

Gary D. Cohn

   Director   February 28, 2012

/s/    Claes Dahlbäck        

Claes Dahlbäck

   Director   February 28, 2012

/s/    Stephen Friedman        

Stephen Friedman

   Director   February 28, 2012

/s/    William W. George        

William W. George

   Director   February 28, 2012

/s/    James A. Johnson        

James A. Johnson

   Director   February 28, 2012

/s/    Lois D. Juliber        

Lois D. Juliber

   Director   February 28, 2012

/s/    Lakshmi N. Mittal        

Lakshmi N. Mittal

   Director   February 28, 2012

/s/    James J. Schiro        

James J. Schiro

   Director   February 28, 2012

 

  Goldman Sachs 2011 Form 10-K   II-1


Table of Contents

/s/    Debora L. Spar        

Debora L. Spar

   Director   February 28, 2012

/s/    David A. Viniar        

David A. Viniar

  

Chief Financial Officer

(Principal Financial Officer)

  February 28, 2012

/s/    Sarah E. Smith        

Sarah E. Smith

   Principal Accounting Officer   February 28, 2012

 

II-2   Goldman Sachs 2011 Form 10-K  
EX-10.27 2 d276319dex1027.htm FORM OF NON-EMPLOYEE DIRECTOR RSU AWARD AGREEMENT Form of Non-Employee Director RSU Award Agreement

Exhibit 10.27

THE GOLDMAN SACHS

AMENDED AND RESTATED STOCK INCENTIVE PLAN

OUTSIDE DIRECTOR              RSU AWARD

This Award Agreement sets forth the terms and conditions of an Award of RSUs granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”) as of the Date of Grant.

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement which are not defined in this Award Agreement have the meanings as used or defined in the Plan. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 11.

2. Award. The number of RSUs subject to this Award is set forth in the Award Statement delivered to you. Each RSU constitutes an unfunded and unsecured promise of GS Inc. to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) (or cash or other property equal to the Fair Market Value thereof) on the Delivery Date as provided herein. Until such delivery, you have only the rights of a general unsecured creditor and no rights as a shareholder of GS Inc. This Award is subject to all terms and provisions of the Plan and this Award Agreement.

3. Delivery.

(a) In General. Except as provided below in this Paragraph 3 and subject to Paragraphs 6, 7 and 11, the Delivery Date shall be on the first Business Day in the third quarter of the Firm’s fiscal year that occurs within a Window Period in the year following the year in which you cease to be a director of the GS Inc. Board. The Firm may deliver cash or other property in lieu of all or any portion of the Shares otherwise deliverable on the Delivery Date. Unless otherwise determined by the Committee, or as otherwise provided in this Award Agreement, delivery of Shares shall be effected by book-entry credit to the Custody Account or to a brokerage account, as approved or required by the Firm. No delivery of Shares shall be made unless you have timely established the Custody Account or a brokerage account, as approved or required by the Firm. You shall be the beneficial owner of any Shares properly credited to the Custody Account or delivered to a brokerage account, as approved or required by the Firm. You shall have no right to any dividend or distribution with respect to such Shares if the record date for such dividend or distribution is prior to the date the Custody Account or brokerage account, as approved or required by the Firm, is properly credited with such Shares.

(b) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 11), if you die prior to the Delivery Date, the Shares (or cash or other property in lieu of all or any portion thereof) corresponding to your Outstanding RSUs shall be delivered to the representative of your estate as soon as practicable after the date of death and after such


documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Dividend Equivalent Rights. Prior to the delivery of Shares (or cash or other property in lieu thereof) pursuant to this Award Agreement, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of the Common Stock, you shall be entitled to receive an amount in cash or other property equal to such regular cash dividend payment as would have been made in respect of the Shares not yet delivered, as if the Shares had been actually delivered.

5. Non-transferability. Except as may otherwise be provided in this Paragraph or as otherwise may be provided by the Committee, the limitations set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 5 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which you may transfer some or all of your RSUs through a gift for no consideration to any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the recipient’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, and any other entity in which these persons (or the recipient) own more than 50% of the voting interests.

6. Conflicted Employment. Notwithstanding anything in this Award Agreement to the contrary, if you accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding RSUs would result in an actual or perceived conflict of interest (“Conflicted Employment”), then you shall receive, at the sole discretion of the Firm, either a lump sum cash payment in respect of, or delivery of Shares underlying, your then Outstanding RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

7. Withholding, Consents and Legends.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan, provided that the Committee may determine not to apply the minimum withholding rate specified in Section 3.2.2 of the Plan.

(b) Your rights in respect of the RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable, and, by accepting this Award, you agree to the matters described in Section 3.3.3(d) of the Plan.

 

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(c) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable. GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

8. Successors and Assigns of GS Inc. The terms and conditions of this Award Agreement shall be binding upon and shall inure to the benefit of GS Inc. and its successors and assigns.

9. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement in any respect in accordance with Section 1.3 of the Plan, and the Board may amend the Plan in any respect in accordance with Section 3.1 of the Plan. Notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(h) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent, except that the Committee reserves the right to accelerate the delivery of the Shares and in its discretion provide that such Shares may not be transferable until the Delivery Date. Any amendment of this Award Agreement shall be in writing.

10. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

11. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 11 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 11 and the other provisions of this Award Agreement, this Paragraph 11 shall govern.

 

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(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 7(a) and (b), and the consents and other items specified in Section 3.3 of the Plan) are satisfied, and shall occur by December 31 of the calendar year in which the Delivery Date occurs unless, in order to permit such conditions or restrictions to be satisfied, the Committee elects, pursuant to Treasury Regulations section (“Reg.”) 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(a) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

(d) Notwithstanding the timing provisions of Paragraph 3(b), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) Notwithstanding any provision of Paragraph 4 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding RSUs.

(f) The timing of delivery or payment referred to in Paragraph 6 shall be the earlier of (i) the Delivery Date or (ii) within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

(g) Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(h) Delivery of Shares in respect of this Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

 

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12. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

Accepted and Agreed:
By:    
Print Name:

 

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EX-10.28 3 d276319dex1028.htm DESCRIPTION OF NON-EMPLOYEE DIRECTOR COMPENSATION Description of Non-Employee Director Compensation

Exhibit 10.28

Description of Independent Director Compensation

For 2011, the compensation for the independent directors of The Goldman Sachs Group, Inc. (Group Inc.), which was awarded on February 1, 2012, consisted of the following:

 

   

a $75,000 annual retainer in the form of 662 vested restricted stock units (RSUs) to each independent director, other than Debora L. Spar, who became a director in June 2011 and received a prorated retainer of $43,750 in the form of 386 vested RSUs, and M. Michele Burns, who became a director in October 2011 and received a prorated retainer of $18,750 in the form of 166 vested RSUs;

 

   

a $25,000 committee chair fee in the form of 221 vested RSUs to each of John H. Bryan, Stephen Friedman, James A. Johnson and James J. Schiro; and

 

   

an annual grant of 2,500 vested RSUs to each independent director, other than Dr. Spar, who became a director in June 2011 and received a prorated annual grant of 1,459 vested RSUs, and Ms. Burns, who became a director in October 2011 and received a prorated annual grant of 625 vested RSUs.

In addition, H. Lee Scott, Jr., who retired as a director in May 2011, received a prorated retainer of $31,250 and a prorated annual grant of $112,817. Because he was no longer on the Group Inc. board of directors (the Board), the Board determined to pay his prorated compensation in cash rather than equity.

RSUs granted to independent directors for 2011 services are fully vested and provide for delivery of the underlying shares of common stock, par value $0.01 per share (Common Stock), of Group Inc. on the first eligible trading day in the third quarter of the year following the year of the director’s retirement from the Board.

The Board, upon the recommendation of Group Inc.’s Corporate Governance and Nominating Committee, has a stock ownership policy that requires each independent director to beneficially own at least 5,000 shares of Common Stock or fully vested RSUs within two years of becoming a director.

Independent directors of Group Inc. are permitted to participate in Group Inc.’s employee matching gift program on the same terms as non-participating managing director employees generally. Under the program for 2011, Group Inc. matched gifts of up to $20,000 in the aggregate per participating individual.

Independent directors receive no compensation other than directors’ fees.

EX-10.41 4 d276319dex1041.htm FORM OF ONE-TIME RSU AWARD AGREEMENT Form of One-Time RSU Award Agreement

Exhibit 10.41

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

            ONE-TIME RSU AWARD

This Award Agreement sets forth the terms and conditions of this special             One-Time award (this “Award”) of restricted stock units (“One-Time RSUs”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 15.

2. Award. The number of One-Time RSUs subject to this Award is set forth in the Award Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Vesting and Delivery.

(a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9, 10 and 15, on each Vesting Date you shall become Vested in the number or percentage of One-Time RSUs specified next to such Vesting Date on the Award Statement (which may be rounded to avoid fractional Shares). When a One-Time RSU becomes Vested, it means only that your continued active Employment is not required in order to receive delivery of the Shares underlying your Outstanding One-Time RSUs that are or become Vested. However, all other terms and conditions of this Award Agreement shall continue to apply to such Vested One-Time RSUs, and failure to meet such terms and conditions may result in the termination of this Award (as a result of which no Shares underlying such Vested One-Time RSUs would be delivered).

(b) Delivery.

(i) The Delivery Dates with respect to this Award shall be the dates specified (next to the number or percentage of One-Time RSUs) as such on your Award Statement. In accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that in no event shall you be permitted to designate, directly or indirectly, the taxable year of the delivery.


(ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9, 10, 15 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than 30 Business Days) after each date specified as a Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the number or percentage of your then Outstanding One-Time RSUs with respect to which such Delivery Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a brokerage account, as approved or required by the Firm. Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

(iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or any portion of your One-Time RSUs, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to deliveries of Shares shall include such deliveries of cash, other securities, other awards under the Plan or other property.

(iv) In the discretion of the Committee, delivery of Shares may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your One-Time RSUs, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, your (or your estate or beneficiary) executing any documents related to, and your (or your estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(c) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 15), if you die prior to the Delivery Date, the Shares underlying your then Outstanding One-Time RSUs shall be delivered to the representative of your estate as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding One-Time RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of One-Time RSUs and Non-Delivery of Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6, 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, your rights in respect of your One-Time RSUs that were Outstanding but that had not yet become Vested prior to your termination of Employment immediately shall terminate, such One-Time RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof.

(b) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Outstanding One-Time RSUs (whether or not Vested) immediately shall terminate, such One-Time RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

 

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(ii) any event that constitutes Cause has occurred;

(iii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

(iv) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the delivery of Shares under this Award Agreement, you shall be deemed to have represented and certified at such time that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(v) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(vi) as a result of any action brought by you, it is determined that any of the terms or conditions for delivery of Shares in respect of this Award Agreement are invalid; [or]

(vii) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding One-Time RSUs[; or]

[(viii) this Award is intended to replace or substitute for any award or compensation forgone with an entity to which you previously provided services, and such entity nevertheless delivers to you such award or compensation (including, but not limited to, cash, equity or other property (whether vested or unvested)), as determined by the Firm in its sole discretion].

For purposes of the foregoing, the term “Selected Firm Personnel” means: (i) any Firm employee or consultant (A) with whom you personally worked while employed by the Firm, or (B) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (ii) any Managing Director of the Firm. For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraph 4(b)(v) regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraph 4(b)(ii).

 

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(c) Unless the Committee determines otherwise, without limiting any other provision in Paragraph 4(b), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s             fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your One-Time RSUs awarded as part of this Award (whether or not Vested) immediately shall terminate, such One-Time RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares, dividends, payments under Dividend Equivalent Rights, or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5).

5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees to repay to the Firm amounts delivered to them if the Committee determines that all terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall apply to this Award which, for the avoidance of doubt, includes all amounts received under this Award, including dividends and payments under Dividend Equivalent Rights.

6. Extended Absence[, Retirement and Downsizing].

(a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph 6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) by reason of Extended Absence [or Retirement (as defined below)], the condition set forth in Paragraph 4(a) shall be waived with respect to any One-Time RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such One-Time RSUs shall become Vested), but all other terms and conditions of this Award Agreement shall continue to apply. [Notwithstanding anything to the contrary in the Plan or otherwise, “Retirement” means termination of your Employment (other than for Cause) on or after the Date of Grant at a time when (i) (A) the sum of your age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) you have completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) you have attained age 50 and (B) you have completed at least five years of service with the Firm (as determined by the Committee in its sole discretion).]

(b) Without limiting the application of Paragraphs 4(b) and 4(c), your rights in respect of your Outstanding One-Time RSUs that become Vested in accordance with Paragraph 6(a) immediately shall terminate, such Outstanding One-Time RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof if, prior to the original Vesting Date with respect to such One-Time RSUs, you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 6(b) will not apply if your termination of Employment by reason of Extended Absence [or Retirement] is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

 

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(c) [Notwithstanding any other provision of this Award Agreement and subject to your executing such general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee, if your Employment is terminated without Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived with respect to your One-Time RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such One-Time RSUs shall become Vested), but all other conditions of this Award Agreement shall continue to apply. Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will be solely by reason of a “downsizing.”]

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement (except Paragraph 15), in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all Shares underlying your then Outstanding One-Time RSUs, whether or not Vested, shall be delivered.

8. Dividend Equivalent Rights. Each One-Time RSU shall include a Dividend Equivalent Right. Accordingly, with respect to each of your Outstanding One-Time RSUs, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Share underlying such Outstanding One-Time RSU. Payment in respect of a Dividend Equivalent Right shall be made only with respect to One-Time RSUs that are Outstanding on the relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s             fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the One-Time RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your One-Time RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

 

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(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of your One-Time RSUs in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your One-Time RSU Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(b) and 4(c), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding One-Time RSUs would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding One-Time RSUs;

then, in the case of Paragraph 9(g)(i) only, the condition set forth in Paragraph 4(a) shall be waived with respect to any One-Time RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such One-Time RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i) and 9(g)(ii), at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of, or delivery of the Shares underlying, your then Outstanding Vested One-Time RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Vested One-Time RSUs, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding One-Time RSUs, as applicable, in accordance with Paragraphs 4(b)(iv).

 

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10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver Shares under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of One-Time RSUs may transfer some or all of their One-Time RSUs through a gift for no consideration to any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the recipient’s household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, and any other entity in which these persons (or the recipient) own more than 50% of the voting interests.

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 15 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15 shall govern.

 

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(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your One-Time RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 6(b) [and (c) (execution of waiver and release of claims and agreement to pay associated tax liability)] and 9 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion shall occur by the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your One-Time RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

(d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 7, references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A).

(f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding One-Time RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding One-Time RSUs.

(g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

 

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(h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

(j) The Grantee understands and agrees that the Grantee is solely responsible for the payment of any taxes and penalties due pursuant to Section 409A.

16. Compliance of Award Agreement and Plan with Section 457A. To the extent the Committee or the Plan’s committee that has been delegated certain authority by the Committee (the “SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the documents governing an Award must specify that such Award will be delivered within the period set forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant (as the Committee or the SIP Committee determines necessary or appropriate after consultation with counsel) to provide that delivery of One-Time RSUs will occur no later than 12 months after the end of the taxable year in which the right to delivery is first no longer subject to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no action or modification will be permitted to the extent that such action or modification would cause such Award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

17. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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EX-10.44 5 d276319dex1044.htm FORM OF SIGNATURE CARD FOR EQUITY AWARDS Form of Signature Card for Equity Awards

Exhibit 10.44

The Goldman Sachs Group, Inc.

SIGNATURE CARD FOR          YEAR-END AWARDS AND THE BNY MELLON CUSTODY ACCOUNT

AND CONSENT TO RECEIVE ELECTRONIC DELIVERY

IMPORTANT: PLEASE REVIEW, EXECUTE AND RETURN THIS FORM TO: EQUITY COMPENSATION

(DIVISION OF HCM), 30 HUDSON STREET, 34TH FLOOR, JERSEY CITY, NJ 07302.

YOU MUST PROPERLY EXECUTE THIS FORM TO ACKNOWLEDGE ACCEPTANCE OF THE TERMS AND

CONDITIONS OF YOUR AWARD(S) AND RELATED MATTERS.

 

1. I have received and agree to be bound by The Goldman Sachs Amended and Restated Stock Incentive Plan (the “SIP”) and the Award Agreement(s) applicable to me in connection with the         Year-End Award(s) (the “Award(s)”) that I have been granted by the Firm (as defined in the SIP). I confirm that I have accepted the Award(s) subject to the terms and conditions contained in the SIP and the Award Agreement(s), including, but not limited to, the requirement that disputes relating to the Award(s) and the Award Agreement(s) be decided through arbitration in New York City and be governed by New York law.

As a condition of this grant, I understand that the Award(s) (as well as any other award that the Firm may grant to me under the SIP) is/are subject to other governing law provisions (as outlined in this signature card (the “Signature Card”), in the current or otherwise then current Award Summary (as defined below) or otherwise as may be required under applicable law) and, as a condition to receiving such awards, I agree to be bound thereby. I also understand that the Firm may grant to me other awards under the SIP that also may contain (among other terms and conditions) arbitration and other governing law provisions and, as a condition to receiving such awards, I agree to be bound thereby. As a condition of this grant, I agree to provide upon request an appropriate certification regarding my U.S. tax status on Form W-8BEN, Form W-9, or other appropriate form, and I understand that failure to supply a required form may result in the imposition of backup withholding on certain payments I receive pursuant to this grant.

I understand and acknowledge that I am agreeing to arbitrate all claims, in accordance with the arbitration procedure set forth in the Award Agreement(s). The Award Agreement(s) does not include an agreement to arbitrate claims on a collective or class basis. It is explicitly agreed that, to the fullest extent permitted by applicable law, no arbitrator shall have the authority to consider class or collective claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved.

I irrevocably grant full power and authority to The Goldman Sachs Group, Inc. (“GS Inc.”) to register in its name, or that of any designee, any and all Restricted Shares (as defined in the applicable Award Agreement), Shares at Risk (as defined in the applicable Award Agreement) or other shares of GS Inc. common stock that have been or may be delivered to me subject to transfer restrictions or forfeiture provisions, and I irrevocably authorize GS Inc., or its designee, to sell, assign or transfer such shares to GS Inc. or such other persons as it may determine in the event of a forfeiture of such shares pursuant to any agreement with GS Inc.

Further, as a condition of this grant, if I am a person who has worked in the United Kingdom at any time during the earnings period relating to any award under the SIP, as determined by the Firm, when requested and as directed by the Firm, I will agree to a Joint Election under s431 ITEPA 2003 of the laws of the United Kingdom for full or partial disapplication of Chapter 2 Income Tax (Earnings and Pension) Act 2003 under the laws of the United Kingdom and will sign and return such election in respect of all future deliveries of shares underlying the Award(s) and any previous grants made to me under the SIP and understand that the Firm intends to meet its delivery obligations in shares with respect to my Award(s), except as may be prohibited by law or described in the accompanying Award Agreement(s) or supplementary materials.

If I have worked in Switzerland at any time during the earnings period relating to the Award(s) granted to me as determined by the Firm, (i) I acknowledge that my Award(s) are subject to tax in accordance with the rulings and method of calculation of taxable values to be agreed by the Firm with the Federal and/or Zurich/Geneva cantonal/communal tax authorities or as otherwise directed by the Firm, and (ii) I hereby agree to be bound by any rulings agreed by the Firm in respect of any Award(s), which is expected to result in taxation at the time of delivery of shares (or cash or other property in lieu thereof), and (iii) I undertake to declare and make a full and accurate income tax declaration in respect of my Award(s) in accordance with the above ruling or as directed by the Firm.

I understand and acknowledge that any transfer provisions (including, where applicable, escrow and other similar provisions, but specifically excluding any transfer restrictions imposed on any Award(s) in the Award Agreement(s) or the SIP) in the SIP or related documents will not apply to me (i) to the extent that the applicability of those provisions would affect the availability of relevant exemptions or tax favorable treatment, or (ii) otherwise in circumstances determined by the Firm in its sole discretion.

2. I have read and understand the Firm’s “Notice Periods for Recipients of Year-End Equity-Based Awards” policy (the “Notice Policy”) available through the HR Workways® link on GSWeb or as otherwise provided to me, pursuant to which I am required to provide certain specified advance notice of my intent to

leave employment with the Firm. By executing this form, I am agreeing to be bound by the Notice Policy as in effect from time to time and, where applicable, am agreeing to a permanent change in the terms and conditions of my employment. I agree to this change in consideration of my continued employment with the Firm and the Firm’s offer of the Award(s). I understand that the Notice Policy requires me, among other things, to provide my employing entity with advance written notice of my intention to leave employment with the Firm as follows:

 

   

In the Americas: 60 days in advance of my termination date;

 

   

In Europe, the Middle East, Africa and India: 90 days in advance of my termination date; and

 

   

In Japan and Asia Ex-Japan (including Australia and New Zealand and excluding India): 90 days in advance of my termination date if I am a Vice President or an Executive Director; 60 days in advance of my termination date in all other cases.

If, under local law or my contract of employment (for example, a Managing Director Agreement), I have a notice requirement that is longer than those specified above, I understand that the longer notice period will apply. I also understand that if my employment is subject to a probation period, the Notice Policy applies only if notice of termination is given after the probation period has ended.

I understand that if I fail to comply in any respect with the Notice Policy, I will have failed to meet an obligation I have under an agreement with the Firm, as a result of which the Firm may have certain legal and equitable rights and remedies, including, without limitation, forfeiture of the Award(s) and any other awards granted to me under the SIP. The Firm may forfeit such Award(s) for violation of the Notice Policy irrespective of whether this agreement constitutes a legally recognized permanent change to my terms and conditions of employment, and irrespective of whether applicable law permits me to make a payment in lieu of notice. In addition, the Firm may seek an order or injunction from a court or arbitration panel to stop a breach and may also seek other permissible remedies. The Firm may hold me personally liable for any damages it suffers as a result of the breach.

This agreement concerning my notice period is being made for and on behalf of my Goldman Sachs employing entity, and implementation of the Notice Policy does not create an employment relationship between me and GS Inc.

3. I have read and understand the Firm’s hedging and pledging policies (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and agree to be bound by them (with respect to the Award(s) and any prior awards under the SIP), both during and following my employment with the Firm.

4. If a custody account is required, I request that The Bank of New York Mellon (“BNY Mellon”) (successor in interest to Mellon Bank, N.A.) open a custody account for me as described in the enclosed Custody Agreement among BNY Mellon (as successor in interest to Mellon Bank, N.A.), GS Inc., and myself. I have received and agree to be bound by the Custody Agreement (or any other such custody agreement previously entered into by me or on my behalf), including the applicable restrictions on transfers, pledges and withdrawals of shares of the common stock of GS Inc. (“Shares”), the provisions permitting the Firm to monitor my custody account, and the limitations on the liability of BNY Mellon and the Firm. I also agree to open an account with any other custodian or broker selected by the Firm, if the Firm, in its sole discretion, requires me to open an account with such custodian or broker as a condition to delivery of Shares (or cash or other property) underlying the Award(s).

5. If the Firm advanced or loaned me funds to pay certain taxes (including income taxes and Social Security, or similar contributions) in connection with the Award(s) (or does so in the future), and if I have not signed a separate loan agreement governing repayment, I authorize the Firm to withhold from my compensation any amounts required to reimburse it for any such advance or loan to the extent permitted by applicable law.

I understand and agree that, if I leave the Firm, I am required immediately to repay any outstanding amount. I further understand and agree that the Firm has the right to offset, to the extent permitted by the Award Agreement and applicable law (including Section 409A of the U.S. Internal Revenue Code of 1986, as amended, which limits the Firm’s ability to offset in the case of United States taxpayers under certain circumstances), any outstanding amounts that I then owe the Firm against its delivery obligations under the Award(s) or against any other amounts the Firm then owes me. I understand that the delivery of Shares

 


pursuant to the Award(s) is conditioned on my satisfaction of any applicable taxes or social security contributions (collectively referred to as “tax” or “taxes” for purposes of the SIP and all related documents) in accordance with the SIP. To the extent permitted by applicable law, the Firm, in its sole discretion, may require me to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on me or the Firm in connection with the grant, vesting or delivery of the Award(s) by requiring me to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) or (iii) as otherwise permitted in the Award Agreement(s). However, in no event shall any such choice or the choice specified in paragraph 6, below, determine, or give me any discretion to affect, the timing of the delivery of Shares or payment of tax obligations.

6. If I am an individual with separate employment contracts (at any time during and/or after the Firm’s         fiscal year), I acknowledge and agree that the Firm may, in its sole discretion, require (to the extent permitted by applicable law) that I provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to my separate employment contracts by requiring me to choose between remitting such amount (i) in cash (or through payroll deductions or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) (or any other of my awards outstanding under the SIP).

7. In connection with any Award Agreement or other interest I may receive in the SIP or any Shares that I may receive in connection with the Award(s) or any award I have previously received or may receive, or in connection with any amendment or variation thereof or any documents listed in paragraph 8, I hereby consent to (a) the acceptance by me of the Award(s) electronically, (b) the giving of instructions in electronic form whether by me or the Firm, and (c) the receipt in electronic form at my email address maintained at Goldman Sachs or via Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, at such other email address as I may specify, or via such other electronic means as the Firm and I may agree) all notices and information that the Firm is required by law to send to me in connection therewith including, without limitation, any document (or part thereof) constituting part of a prospectus covering securities that have been registered under the U.S. Securities Act of 1933, the information contained in any such document and any information required to be delivered to me under Rule 428 of the U.S. Securities Act of 1933, including, for example, the annual report to security holders or the annual report on Form 10-K of GS Inc. for its latest fiscal year, and that all prior elections that I may have made relating to the delivery of any such document in physical form are hereby revoked and superseded. I agree to check Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, such other electronic site as the Firm and I may agree) periodically as I deem appropriate for any new notices or information concerning the SIP. I understand that I am not required to consent to the receipt of such documents in electronic form in order to receive the Award(s) and that I may decline to receive such documents in electronic form by contacting Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, which will provide me with hard copies of such documents upon request. I also understand that this consent is voluntary and may be revoked at any time on three business days’ written notice.

8. I hereby acknowledge that I have received in electronic form in accordance with my consent in paragraph 7 the following documents:

 

   

The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Summary of The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Custody Agreement with BNY Mellon;

 

   

The          Annual Report for The Goldman Sachs Group, Inc.;

 

   

The annual report on Form 10-K for The Goldman Sachs Group, Inc. for the fiscal year ended December 31,         ;

 

   

The Award Agreement(s); and

 

   

Summaries of the Award(s) (“Award Summary”).

9. I expressly authorize any appropriate representative of the Firm to make any notifications, filings or remittances of funds that may be required in connection with the SIP or otherwise on my behalf. Further, if I am an employee who is resident in South Africa at a relevant time, by accepting my Award(s), I expressly authorize any appropriate representative of the Firm to make any required notification on my behalf to the Reserve Bank of South Africa (or its authorized dealer) in relation to my participation in the SIP and to any acquisition of Shares for no consideration under the SIP or other similar filing that may otherwise be required in South Africa. I acknowledge that any such authorization is effective from the date of acceptance of my Award(s) until such time as I expressly revoke the authorization by written notice to any appropriate representative of the Firm. I understand that this authorization does not create any obligation on the Firm to deal with any such notifications, filings or remittances of funds that I may be required to make in connection with the SIP and I accept full responsibility in this regard.

10. The granting of the Award(s), the delivery of the underlying Shares (or cash or other property) and any subsequent dividends or dividend equivalent payments, and the receipt of any proceeds in connection with the Award(s) may result in legal or regulatory requirements in some jurisdictions. I understand and

agree that it is my responsibility to ensure that I comply with any legal or regulatory requirements in respect of the Award(s).

11. I confirm that I have filed all tax returns that I am required to file and paid all taxes I am required to pay with respect to awards previously granted to me by the Firm, and I agree, with respect to both the Award(s) as well as awards previously granted to me by the Firm, to file all tax returns I am required to file and to pay all taxes I am required to pay.

Consent to Data Collection, Processing and Transfers:

I understand and agree that in connection with the SIP and any other Firm benefit plan (the “Programs”), to the extent permitted under the laws of the applicable jurisdiction, the Firm may collect and process various data that is personal to me, including my name, address, work location, hire date, Social Security or Social Insurance or taxpayer identification number (required for tax purposes), type and amount of SIP or other benefit plan award, citizenship or residency (required for tax purposes) and other similar information reasonably necessary for the administration of such Programs (collectively referred to as “Information”) and provide such Information to its affiliates and BNY Mellon (and its affiliates) or any other service provider, whether in the United States or elsewhere, as is reasonably necessary for the administration of the Programs and under the laws of these jurisdictions. I understand that, in certain circumstances, foreign courts, law enforcement agencies or regulatory agencies may be entitled to access the Information. I understand that, unless I explicitly authorize otherwise, the Firm, its affiliates and its service providers (through their respective employees in charge of the relevant electronic and manual processing) will use this Information only for purposes of administering the Programs. I understand that, in the United States and in other countries to which such Information may be transferred for the administration of the Programs, the level of data protection is not equivalent to data protection standards in the member states of the European Union, Canada or certain Canadian provinces or my home country. I understand that, upon request, to Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, to the extent required under the laws of the applicable jurisdiction, I may have access to and obtain communication of the Information and may exercise any of my rights in respect of such Information, including objecting to the processing of the Information and requesting that the Information be corrected (if wrong), completed or clarified (if incomplete or equivocal), or erased (if cannot legally be collected or kept). Upon request, to the extent required under the laws of the applicable jurisdiction, Equity Compensation (division of HCM) will also provide me, free of charge, with a list of all the service providers used in connection with the Programs at the time of request. I understand that, if I refuse to authorize the use and transfer of the Information consistent with the above, I may not benefit from the Programs. I authorize the use and transfer of the Information consistent with the above for the period of administration of the Programs. In particular, I authorize (within the limits described above): (i) the data processing by the Firm (which means GS Inc. and its subsidiaries and affiliates); (ii) the data processing by BNY Mellon and its affiliates; (iii) the data processing by the Firm’s other service providers; and (iv) the data transfer to the United States and other countries. A list of the Firm’s international offices and countries to which data that is personal to me can be transferred is set forth at http://www2.goldmansachs.com/who-we-are/locations/index.html. I further acknowledge that the Information may be retained by the aforementioned persons beyond the period of administration of the Programs to the extent permitted under the laws of the applicable jurisdiction and I so authorize.

Other Legal Notices:

FOR ARGENTINA EMPLOYEES ONLY

This is a private offer. It is not subject to the supervision of the Comision Nacional de Valores (CNV) or any other governmental authority in Argentina.

FOR AUSTRALIA EMPLOYEES ONLY

GS Inc. undertakes that it will, at any time until the Delivery Date, within a reasonable period of you so requesting, provide you with a copy of the rules of the SIP and/or the Australian dollar equivalent of the market price of GS Inc.’s shares. This information may be obtained by sending a written request to Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

Any advice given by GS Inc. in connection with the SIP is general advice only. Nothing in the documentation is to be taken to constitute a recommendation or statement of opinion that is intended to influence a person or persons in making a decision to acquire any restricted stock units and you should consider obtaining your own financial product and/or legal advice from an independent person. The documentation does not take into account the objectives, financial situation or needs of any particular person. Before acting on the information contained in the documentation, or making a decision to participate, you should seek professional

 

 

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advice as to whether participation is appropriate in light of your personal circumstances.

Throughout the period in which you hold a Dividend Equivalent Right you may obtain copies of all information filed by GS Inc. with the U.S. Securities and Exchange Commission (“SEC”) which is accessible by GS Inc.’s shareholders and the general public (“shareholder information”) by going to the SEC’s website (www.sec.gov) or to the GS Inc. website, www.gs.com, and going to: http://www2.goldmansachs.com/our-firm/investors/financials/index.html. In addition, copies of any or all of these documents may be obtained free of charge by sending a written request to the Head of Securities Compliance – Goldman Sachs Australia Pty Ltd. You should be aware that shareholder information can affect the value of your Dividend Equivalent Rights from time to time.

FOR BRAZIL EMPLOYEES ONLY

Please note that the offer of an award under the SIP does not constitute a public offer in Brazil, and therefore it is not subject to registration with the Brazilian authorities.

According to Brazilian regulations, individuals resident in Brazil must inform the Central Bank of Brazil yearly the amounts of any nature, the assets and rights (including cash and other deposits) held outside of the Brazilian territory. Please consult your own legal counsel on the terms and conditions for presentation of such information.

By accepting the Award(s), you acknowledge that the Firm has provided you with Portuguese translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control. (Ao aceitar esta outorga, Você reconhece que a Empresa Ihe disponibilizou a versão em português do Award Summary, do Award Agreement e do Signature Card; porém a versão original em inglês desses documentos prevalecerá.)

FOR CANADA EMPLOYEES IN QUEBEC ONLY

By accepting the Award(s), you acknowledge and agree that you and the Firm expressly wish that all documents related to the Award(s) (including, without limitation, the SIP, this Signature Card, the Award Agreement and the Award Summary) be in English only.

En acceptant le ou les octrois, vous reconnaissez et acceptez que les parties souhaitent expressément que tous les documents se rapportant à l’octroi ou aux octrois (incluant, sans limité la généralité de ce qui précède, le document du régime, cette carte de signature, la convention d’octroi et le sommaire d’octroi) soient en anglais seulement.

FOR THE PEOPLE’S REPUBLIC OF CHINA EMPLOYEES ONLY

All documentation in relation to the Award(s) is intended for your personal use and in your capacity as an employee of the Firm (and/or its affiliate) and is being given to you solely for the purpose of providing you with information concerning the Award(s) which the Firm may grant to you as an employee of the Firm (and/or its affiliate) in accordance with the terms of the SIP, this documentation and the applicable Award Agreement(s). The grant of the Award(s) has not been and will not be registered with the China Securities Regulatory Commission of the People’s Republic of China pursuant to relevant securities laws and regulations, and the Award(s) may not be offered or sold within the mainland of the People’s Republic of China by means of any of the documentation in relation to the Award(s) through a public offering or in circumstances which require a registration or approval of the China Securities Regulatory Commission of the People’s Republic of China in accordance with the relevant securities laws and regulations.

FOR FRANCE EMPLOYEES ONLY

Disclaimer: The current Award(s) is not covered by any prospectus which is the subject of the AMF’s approval. Grantees can only receive this award for their own account (“compte propre”) in the conditions laid down by articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 and D. 764-1 of the French Monetary and Financial Code. Any direct or indirect dissemination into the public of the financial instruments acquired can only take place within the conditions of articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 -to L. 621-8-3 of the French Monetary and Financial Code.

By accepting the Award(s), you acknowledge that the Firm has provided you with French translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

The provisions of the Award Agreement will apply only in respect of the year to which the Award Agreement relates and will not in any circumstances create any right or entitlement to you for any future fiscal years.

Avertissement: La présente attribution ne donne pas lieu à un prospectus soumis au visa de l’Autorité des marchés financiers. Les personnes qui y participent ne peuvent le faire que pour compte propre dans les conditions fixées

par les articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 et D. 764-1 du Code monetaire et financier. La diffusion, directe ou indirecte, dans le public des instruments financiers ainsi acquis, ne peut être réalisée que dans les conditions prévues aux articles L. 411-1, L. 411-2 L. 412-1 et L. 621-8 à L. 621-8-3 du Code monétaire et financier.

En acceptant cet octroi, vous reconnaissez que la Société vous a transmis une version français de l’Award Summary (Résumé de l’Octroi), l’Award Agreement (Contrat d’Octroi) et de la Signature Card (Carte de Signature), mais que seule la version originale en langue anglaise fait foi.

Les dispositions de l’Accord de prime s’appliquent uniquement à l’année concernée par l’Accord de prime et ne créent en aucune circonstance tous droits ou habilitations s’agissant des années fiscales à venir.

FOR GERMANY EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered the Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(e) of that directive. This document is not a prospectus within the meaning of that directive.

Die Prämien werden Ihnen von der GS Inc. gemäß den in der Prämienübersicht aufgeführten Bestimmungen des Erwerbsplans angeboten. Weitere Informationen über GS Inc. finden Sie unter www.gs.com. Die Prämien werden Ihnen im Rahmen des Erwerbsplans angeboten, um einen zusätzlichen Anreiz darzustellen und Sie als Mitarbeiter zum Erwerb von Aktien zu ermutigen, um so Ihren Anteil am Erfolg des Unternehmens zu vergrößern. Informationen zur Anzahl der im Rahmen des Plans angebotenen GS Inc.-Aktien entnehmen Sie bitte dem Abschnitt als Prämien erhältliche Aktien im Erwerbsplan. Die Verpflichtung zur Veröffentlichung eines Emissionsprospekts gemäß der europäischen Prospektrichtlinie trifft auf Grund von Artikel 4(1)(e) dieser Richtlinie nicht auf dieses Angebot zu. Dieses Dokument ist kein Prospekt im Sinne dieser Richtlinie.

FOR HONG KONG EMPLOYEES ONLY

WARNING:

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of this document, you should obtain independent professional advice.

By accepting the Award(s), you acknowledge and accept that you will not be permitted to transfer awards to persons who fall outside the definition of ‘qualifying persons’ in the Companies Ordinance (i.e., a person who is not a current or former director, employee, officer, consultant of the Firm or a person other than the offeree’s wife, husband, widow, widower, child or step-child under the age of 18 years, or as otherwise defined), even if otherwise permitted under the SIP or any of the related documents.

FOR INDIA EMPLOYEES ONLY

This website does not invite offers from the public for subscription or purchase of the securities of any body corporate under any law for the time being in force in India. The website is not a prospectus under the applicable laws for the time being in force in India. GS Inc. does not intend to market, promote, invite offers for subscription or purchase of the securities of any body corporate by this website. The information provided on this website is for the record only. Any person who subscribes or purchases securities of any body corporate should consult his own investment advisers before making any investments. GS Inc. shall not be liable or responsible for any such investment decision made by any person.

FOR INDONESIA EMPLOYEES ONLY

By accepting the Award(s), you acknowledge that the Firm has provided you with Bahasa Indonesia translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

Dengan menerima Putusan, Anda menyatakan bahwa Perusahaan telah memberikan Anda terjemahan Bahasa Indonesia dari Ikhtisar Putusan, Perjanjian Putusan dan Perjanjian dengan Tanda Tangan, tapi versi asli dalam Bahasa Inggris dari dokumen-dokumen ini tetap mengendalikan.

 

 

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FOR ITALY EMPLOYEES ONLY

No person resident or located in Italy other than the original recipients of this document and any other document related to the Award(s) may rely on such documents or their content. The offer of the Award(s) under the SIP (and the delivery of underlying shares) is exempted from prospectus requirements under Italian securities legislation.

Under Italian regulations, taxpayers must report in their annual tax returns any foreign financial assets in excess of EUR 10,000. Please consult your own advisors regarding the terms and conditions of this reporting obligation.

FOR MONACO EMPLOYEES ONLY

By accepting your Award(s), you expressly renounce the jurisdiction of Monaco (and, if applicable, France and notably the application of articles 14 and 15 of the French Civil Code) in connection with any dispute relating to your Award(s).

FOR NEW ZEALAND EMPLOYEES ONLY

The Financial Markets Authority in New Zealand has issued the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 (Notice), which sets out the way in which GS Inc. can offer you securities under the SIP. In accordance with the requirements of the Notice, the following information has been made available to you:

 

1. GS Inc.’s most recent annual report on

http://www2.goldmansachs.com/our-firm/investors/financials/index.html.

 

2. The SIP documentation (which constitutes the current rules of the employee share purchase scheme for the purposes of the Notice) on https://hcm.web.gs.com/newaward.

 

3. A copy of the Award Agreement on https://hcm.web.gs.com/newaward.

 

4. GS Inc.’s most recent published financial statements on http://www2.goldmansachs.com/our-firm/investors/financials/index.html.

You may request copies of the documents listed above free of charge from Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

FOR POLAND EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(b) of that directive.

The Goldman Sachs Group, Inc. („GS Inc.”) przyznaje Państwu Premię (premie) zgodnie z warunkami Motywacyjnego Programu Akcji Pracowniczych opisanymi w Ogólnych Warunkach Przyznania Premii. Więcej informacji na temat GS Inc. można uzyskać na stronie www.gs.com. Oferowana Państwu na podstawie Motywacyjnego Programu Akcji Pracowniczych Premia ma stanowić

dodatkową motywację i rozwijać akcjonariat pracowniczy a w konsekwencji zwiększyć Państwa zaangażowanie w sukces Firmy. Prosimy zapoznać się z działem zatytułowanym Akcje dostępne w ramach Premii w Motywacyjnym Programie Akcji Pracowniczych, w celu uzyskania informacji na temat maksymalnej liczby akcji GS Inc. oferowanych na podstawie Motywacyjnego Programu Akcji Pracowniczych. Obowiązek publikowania prospektu wynikający z Dyrektywy w Sprawie Prospektu Emisyjnego nie ma zastosowania do niniejszej oferty, ze względu na brzmienie art. 4 ust. 1 lit. b wskazanej powyżej dyrektywy.

FOR RUSSIA EMPLOYEES ONLY

None of the information contained in the documents referred to in paragraph 8 of this Signature Card or in this Signature Card constitutes an advertisement of the Award(s) in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. The Award(s) have not been and will not be registered in Russia and are not intended for “placement” or “public circulation” in Russia.

FOR SAUDI ARABIA EMPLOYEES ONLY

The Award(s) are offered to you on behalf of Goldman Sachs Saudi Arabia, Commercial Registration Number 1010256672, 25th Floor, Kingdom Tower, Post Office Box 52969, Riyadh 11573, Saudi Arabia. The SIP documents may not be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of the SIP documents, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of the SIP documents. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of the SIP documents you should consult an authorized financial adviser.

FOR SWEDEN EMPLOYEES ONLY

By accepting the Award(s), you acknowledge and accept that any transfer provisions (including, where applicable, escrow and other similar provisions) in the SIP or any related documents do not apply to you.

FOR UK EMPLOYEES ONLY

This document does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Recipients should seek their own financial advice.

The Award(s) are subject to the terms and conditions set forth in the SIP and the Award Agreement(s). The price of shares and the income from such shares (if any) can fluctuate and may be affected by changes in the exchange rate for U.S. Dollars. Past performance will not necessarily be repeated. Levels and bases of taxation may change from time to time. Investors should consult their own tax advisers in order to understand tax consequences. GS Inc. has (and its associates may have) a material interest in the shares and the investments that are the subject of this document.

 

 

Signature:         Date:    
Print Name:         Employee ID #:    

 

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EX-10.45 6 d276319dex1045.htm SIGNATURE CARD ASIA Signature Card Asia

Exhibit 10.45

The Goldman Sachs Group, Inc.

SIGNATURE CARD FOR ____ YEAR-END AWARDS (ASIA) AND THE BNY MELLON CUSTODY ACCOUNT

AND CONSENT TO RECEIVE ELECTRONIC DELIVERY

IMPORTANT: PLEASE REVIEW, EXECUTE AND RETURN THIS FORM TO: EQUITY COMPENSATION

(DIVISION OF HCM), 30 HUDSON STREET, 34TH FLOOR, JERSEY CITY, NJ 07302.

YOU MUST PROPERLY EXECUTE THIS FORM TO ACKNOWLEDGE ACCEPTANCE OF THE TERMS AND CONDITIONS OF YOUR AWARD(S) AND RELATED MATTERS.

 

1. I have received and agree to be bound by The Goldman Sachs Amended and Restated Stock Incentive Plan (the “SIP”) and the Award Agreement(s) applicable to me in connection with the ____ Year-End Award(s) (the “Award(s)”) that I have been granted by the Firm (as defined in the SIP). I confirm that I have accepted the Award(s) subject to the terms and conditions contained in the SIP and the Award Agreement(s), including, but not limited to, the requirement that disputes relating to the Award(s) and the Award Agreement(s) be decided through arbitration in New York City and be governed by New York law.

As a condition of this grant, I understand that the Award(s) (as well as any other award that the Firm may grant to me under the SIP) is/are subject to other governing law provisions (as outlined in this signature card (the “Signature Card”), in the current or otherwise then current Award Summary (as defined below) or otherwise as may be required under applicable law) and, as a condition to receiving such awards, I agree to be bound thereby. I also understand that the Firm may grant to me other awards under the SIP that also may contain (among other terms and conditions) arbitration and other governing law provisions and, as a condition to receiving such awards, I agree to be bound thereby. As a condition of this grant, I agree to provide upon request an appropriate certification regarding my U.S. tax status on Form W-8BEN, Form W-9, or other appropriate form, and I understand that failure to supply a required form may result in the imposition of backup withholding on certain payments I receive pursuant to this grant.

I understand and acknowledge that I am agreeing to arbitrate all claims, in accordance with the arbitration procedure set forth in the Award Agreement(s). The Award Agreement(s) does not include an agreement to arbitrate claims on a collective or class basis. It is explicitly agreed that, to the fullest extent permitted by applicable law, no arbitrator shall have the authority to consider class or collective claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved.

I irrevocably grant full power and authority to The Goldman Sachs Group, Inc. (“GS Inc.”) to register in its name, or that of any designee, any and all Restricted Shares (as defined in the applicable Award Agreement), Shares at Risk (as defined in the applicable Award Agreement) or other shares of GS Inc. common stock that have been or may be delivered to me subject to transfer restrictions or forfeiture provisions, and I irrevocably authorize GS Inc., or its designee, to sell, assign or transfer such shares to GS Inc. or such other persons as it may determine in the event of a forfeiture of such shares pursuant to any agreement with GS Inc.

Further, as a condition of this grant, if I am a person who has worked in the United Kingdom at any time during the earnings period relating to any award under the SIP, as determined by the Firm, when requested and as directed by the Firm, I will agree to a Joint Election under s431 ITEPA 2003 of the laws of the United Kingdom for full or partial disapplication of Chapter 2 Income Tax (Earnings and Pension) Act 2003 under the laws of the United Kingdom and will sign and return such election in respect of all future deliveries of shares underlying the Award(s) and any previous grants made to me under the SIP and understand that the Firm intends to meet its delivery obligations in shares with respect to my Award(s), except as may be prohibited by law or described in the accompanying Award Agreement(s) or supplementary materials.

If I have worked in Switzerland at any time during the earnings period relating to the Award(s) granted to me as determined by the Firm, (i) I acknowledge that my Award(s) are subject to tax in accordance with the rulings and method of calculation of taxable values to be agreed by the Firm with the Federal and/or Zurich/Geneva cantonal/communal tax authorities or as otherwise directed by the Firm, and (ii) I hereby agree to be bound by any rulings agreed by the Firm in respect of any Award(s), which is expected to result in taxation at the time of delivery of shares (or cash or other property in lieu thereof), and (iii) I undertake to declare and make a full and accurate income tax declaration in respect of my Award(s) in accordance with the above ruling or as directed by the Firm.

I understand and acknowledge that any transfer provisions (including, where applicable, escrow and other similar provisions, but specifically excluding any transfer restrictions imposed on any Award(s) in the Award Agreement(s) or the SIP) in the SIP or related documents will not apply to me (i) to the extent that the applicability of those provisions would affect the availability of relevant exemptions or tax favorable treatment, or (ii) otherwise in circumstances determined by the Firm in its sole discretion.

2. I have read and understand the Firm’s “Notice Periods for Recipients of Year-End Equity-Based Awards” policy (the “Notice Policy”) available through the HR Workways® link on GSWeb or as otherwise provided to me, pursuant to which I am required to provide certain specified advance notice of my intent to

leave employment with the Firm. By executing this form, I am agreeing to be bound by the Notice Policy as in effect from time to time and, where applicable, am agreeing to a permanent change in the terms and conditions of my employment. I agree to this change in consideration of my continued employment with the Firm and the Firm’s offer of the Award(s). I understand that the Notice Policy requires me, among other things, to provide my employing entity with advance written notice of my intention to leave employment with the Firm as follows:

 

   

In the Americas: 60 days in advance of my termination date;

 

   

In Europe, the Middle East, Africa and India: 90 days in advance of my termination date; and

 

   

In Japan and Asia Ex-Japan (including Australia and New Zealand and excluding India): 90 days in advance of my termination date if I am a Vice President or an Executive Director; 60 days in advance of my termination date in all other cases.

If, under local law or my contract of employment (for example, a Managing Director Agreement), I have a notice requirement that is longer than those specified above, I understand that the longer notice period will apply. I also understand that if my employment is subject to a probation period, the Notice Policy applies only if notice of termination is given after the probation period has ended.

I understand that if I fail to comply in any respect with the Notice Policy, I will have failed to meet an obligation I have under an agreement with the Firm, as a result of which the Firm may have certain legal and equitable rights and remedies, including, without limitation, forfeiture of the Award(s) and any other awards granted to me under the SIP. The Firm may forfeit such Award(s) for violation of the Notice Policy irrespective of whether this agreement constitutes a legally recognized permanent change to my terms and conditions of employment, and irrespective of whether applicable law permits me to make a payment in lieu of notice. In addition, the Firm may seek an order or injunction from a court or arbitration panel to stop a breach and may also seek other permissible remedies. The Firm may hold me personally liable for any damages it suffers as a result of the breach.

This agreement concerning my notice period is being made for and on behalf of my Goldman Sachs employing entity, and implementation of the Notice Policy does not create an employment relationship between me and GS Inc.

3. I have read and understand the Firm’s hedging and pledging policies (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and agree to be bound by them (with respect to the Award(s) and any prior awards under the SIP), both during and following my employment with the Firm.

4. If a custody account is required, I request that The Bank of New York Mellon (“BNY Mellon”) (successor in interest to Mellon Bank, N.A.) open a custody account for me as described in the enclosed Custody Agreement among BNY Mellon (as successor in interest to Mellon Bank, N.A.), GS Inc., and myself. I have received and agree to be bound by the Custody Agreement (or any other such custody agreement previously entered into by me or on my behalf), including the applicable restrictions on transfers, pledges and withdrawals of shares of the common stock of GS Inc. (“Shares”), the provisions permitting the Firm to monitor my custody account, and the limitations on the liability of BNY Mellon and the Firm. I also agree to open an account with any other custodian or broker selected by the Firm, if the Firm, in its sole discretion, requires me to open an account with such custodian or broker as a condition to delivery of Shares (or cash or other property) underlying the Award(s).

5. If the Firm advanced or loaned me funds to pay certain taxes (including income taxes and Social Security, or similar contributions) in connection with the Award(s) (or does so in the future), and if I have not signed a separate loan agreement governing repayment, I authorize the Firm to withhold from my compensation any amounts required to reimburse it for any such advance or loan to the extent permitted by applicable law.

I understand and agree that, if I leave the Firm, I am required immediately to repay any outstanding amount. I further understand and agree that the Firm has the right to offset, to the extent permitted by the Award Agreement and applicable law (including Section 409A of the U.S. Internal Revenue Code of 1986, as amended, which limits the Firm’s ability to offset in the case of United States taxpayers under certain circumstances), any outstanding amounts that I then owe the Firm against its delivery obligations under the Award(s) or against any other amounts the Firm then owes me. I understand that the delivery of Shares

 

 


pursuant to the Award(s) is conditioned on my satisfaction of any applicable taxes or social security contributions (collectively referred to as “tax” or “taxes” for purposes of the SIP and all related documents) in accordance with the SIP. To the extent permitted by applicable law, the Firm, in its sole discretion, may require me to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on me or the Firm in connection with the grant, vesting or delivery of the Award(s) by requiring me to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) or (iii) as otherwise permitted in the Award Agreement(s). However, in no event shall any such choice or the choice specified in paragraph 6, below, determine, or give me any discretion to affect, the timing of the delivery of Shares or payment of tax obligations.

6. If I am an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), I acknowledge and agree that the Firm may, in its sole discretion, require (to the extent permitted by applicable law) that I provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to my separate employment contracts by requiring me to choose between remitting such amount (i) in cash (or through payroll deductions or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) (or any other of my awards outstanding under the SIP).

7. In connection with any Award Agreement or other interest I may receive in the SIP or any Shares that I may receive in connection with the Award(s) or any award I have previously received or may receive, or in connection with any amendment or variation thereof or any documents listed in paragraph 8, I hereby consent to (a) the acceptance by me of the Award(s) electronically, (b) the giving of instructions in electronic form whether by me or the Firm, and (c) the receipt in electronic form at my email address maintained at Goldman Sachs or via Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, at such other email address as I may specify, or via such other electronic means as the Firm and I may agree) all notices and information that the Firm is required by law to send to me in connection therewith including, without limitation, any document (or part thereof) constituting part of a prospectus covering securities that have been registered under the U.S. Securities Act of 1933, the information contained in any such document and any information required to be delivered to me under Rule 428 of the U.S. Securities Act of 1933, including, for example, the annual report to security holders or the annual report on Form 10-K of GS Inc. for its latest fiscal year, and that all prior elections that I may have made relating to the delivery of any such document in physical form are hereby revoked and superseded. I agree to check Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, such other electronic site as the Firm and I may agree) periodically as I deem appropriate for any new notices or information concerning the SIP. I understand that I am not required to consent to the receipt of such documents in electronic form in order to receive the Award(s) and that I may decline to receive such documents in electronic form by contacting Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, which will provide me with hard copies of such documents upon request. I also understand that this consent is voluntary and may be revoked at any time on three business days’ written notice.

8. I hereby acknowledge that I have received in electronic form in accordance with my consent in paragraph 7 the following documents:

 

   

The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Summary of The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Custody Agreement with BNY Mellon;

 

   

The ____ Annual Report for The Goldman Sachs Group, Inc.;

 

   

The annual report on Form 10-K for The Goldman Sachs Group, Inc. for the fiscal year ended December 31, ____;

 

   

The Award Agreement(s); and

 

   

Summaries of the Award(s) (“Award Summary”).

9. I expressly authorize any appropriate representative of the Firm to make any notifications, filings or remittances of funds that may be required in connection with the SIP or otherwise on my behalf. Further, if I am an employee who is resident in South Africa at a relevant time, by accepting my Award(s), I expressly authorize any appropriate representative of the Firm to make any required notification on my behalf to the Reserve Bank of South Africa (or its authorized dealer) in relation to my participation in the SIP and to any acquisition of Shares for no consideration under the SIP or other similar filing that may otherwise be required in South Africa. I acknowledge that any such authorization is effective from the date of acceptance of my Award(s) until such time as I expressly revoke the authorization by written notice to any appropriate representative of the Firm. I understand that this authorization does not create any obligation on the Firm to deal with any such notifications, filings or remittances of funds that I may be required to make in connection with the SIP and I accept full responsibility in this regard.

10. The granting of the Award(s), the delivery of the underlying Shares (or cash or other property) and any subsequent dividends or dividend equivalent payments, and the receipt of any proceeds in connection with the Award(s) may result in legal or regulatory requirements in some jurisdictions. I understand and agree that it is my responsibility to ensure that I comply with any legal or regulatory requirements in respect of the Award(s).

11. I confirm that I have filed all tax returns that I am required to file and paid all taxes I am required to pay with respect to awards previously granted to me by the Firm, and I agree, with respect to both the Award(s) as well as awards previously granted to me by the Firm, to file all tax returns I am required to file and to pay all taxes I am required to pay.

Consent to Data Collection, Processing and Transfers:

I understand and agree that in connection with the SIP and any other Firm benefit plan (the “Programs”), to the extent permitted under the laws of the applicable jurisdiction, the Firm may collect and process various data that is personal to me, including my name, address, work location, hire date, Social Security or Social Insurance or taxpayer identification number (required for tax purposes), type and amount of SIP or other benefit plan award, citizenship or residency (required for tax purposes) and other similar information reasonably necessary for the administration of such Programs (collectively referred to as “Information”) and provide such Information to its affiliates and BNY Mellon (and its affiliates) or any other service provider, whether in the United States or elsewhere, as is reasonably necessary for the administration of the Programs and under the laws of these jurisdictions. I understand that, in certain circumstances, foreign courts, law enforcement agencies or regulatory agencies may be entitled to access the Information. I understand that, unless I explicitly authorize otherwise, the Firm, its affiliates and its service providers (through their respective employees in charge of the relevant electronic and manual processing) will use this Information only for purposes of administering the Programs. I understand that, in the United States and in other countries to which such Information may be transferred for the administration of the Programs, the level of data protection is not equivalent to data protection standards in the member states of the European Union, Canada or certain Canadian provinces or my home country. I understand that, upon request, to Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, to the extent required under the laws of the applicable jurisdiction, I may have access to and obtain communication of the Information and may exercise any of my rights in respect of such Information, including objecting to the processing of the Information and requesting that the Information be corrected (if wrong), completed or clarified (if incomplete or equivocal), or erased (if cannot legally be collected or kept). Upon request, to the extent required under the laws of the applicable jurisdiction, Equity Compensation (division of HCM) will also provide me, free of charge, with a list of all the service providers used in connection with the Programs at the time of request. I understand that, if I refuse to authorize the use and transfer of the Information consistent with the above, I may not benefit from the Programs. I authorize the use and transfer of the Information consistent with the above for the period of administration of the Programs. In particular, I authorize (within the limits described above): (i) the data processing by the Firm (which means GS Inc. and its subsidiaries and affiliates); (ii) the data processing by BNY Mellon and its affiliates; (iii) the data processing by the Firm’s other service providers; and (iv) the data transfer to the United States and other countries. A list of the Firm’s international offices and countries to which data that is personal to me can be transferred is set forth at http://www2.goldmansachs.com/who-we-are/locations/index.html. I further acknowledge that the Information may be retained by the aforementioned persons beyond the period of administration of the Programs to the extent permitted under the laws of the applicable jurisdiction and I so authorize.

NON-COMPETITION AND NON-SOLICITATION RESTRICTIONS FOR EMPLOYEES PROVIDING SERVICES IN ASIA

In addition to and without limiting any provisions in the SIP or the applicable Award Agreement(s) (including without limitation the Award vesting, delivery, forfeiture, termination or repayment provisions) unless provided otherwise in the Restrictions, if I am providing services to the Firm in Asia or to BGH, in view of my importance to the Firm and/or BGH, I hereby agree to and acknowledge the following:

(a) I hereby agree that the Firm or BGH would likely suffer significant harm from me competing with the Firm or BGH for some period of time after my employment ends. Accordingly, I hereby agree that I will not, without the written consent of the Firm or BGH, during the Restricted Period in the Geographic Area:

(i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Covered Competitive Enterprise; or

(ii) associate (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Covered Competitive Enterprise and in connection with such association engage in, or directly or indirectly manage or supervise personnel engaged in, any activity:

A. which is similar or substantially related to any activity in which I was engaged, in whole or in part, at the Firm or BGH,

B. for which I had direct or indirect managerial or supervisory responsibility at the Firm or BGH, or

 

 

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C. which calls for the application of the same or similar specialized knowledge or skills as those utilized by me in my activities with the Firm or BGH,

at any time during the one-year period immediately prior to the end of the Asia Service Period, and, in any such case, irrespective of the purpose of the activity or whether the activity is or was in furtherance of advisory, agency, proprietary or fiduciary business of either the Firm or BGH or the Covered Competitive Enterprise.

(By way of example only, this provision precludes an “advisory” investment banker from joining a leveraged-buyout firm, a research analyst from becoming a proprietary trader or joining a hedge fund, or an information systems professional from joining a management or other consulting firm and providing information technology consulting services or advice to any Covered Competitive Enterprise, in each case without the written consent of the Firm or BGH.)

(b) I hereby agree that during the Restricted Period, I will not, in any manner, directly or indirectly, (1) Solicit a Covered Client to transact business with a Covered Competitive Enterprise or to reduce or refrain from doing any business with the Firm or BGH, or (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm or BGH and a Covered Client.

(c) I hereby agree that during the Restricted Period, I will not, in any manner, directly or indirectly:

(i) Solicit any Covered Personnel to resign from the Firm or BGH or to apply for or accept employment, consultancy, partnership, membership or similar status with a Covered Competitive Enterprise;

(ii) hire or participate in the hiring of any Covered Personnel (whether as an employee, consultant, or otherwise) by a Covered Competitive Enterprise;

(iii) participate in the decision to offer Covered Personnel employment, consultancy, admission into partnership, membership or similar status with a Covered Competitive Enterprise; or

(iv) participate in the identification of Covered Personnel for potential hiring, consultancy or admission into partnership, membership or similar status with a Covered Competitive Enterprise.

I acknowledge that I will have violated this provision if, during the Restricted Period, any Covered Personnel are Solicited, hired, made a consultant or are accepted into partnership, membership or similar status:

(i) by any Covered Competitive Enterprise which I form, which bears my name, or in which I am a partner, a member or have similar status, or in which I possess or control a greater than de minimis equity ownership, voting or profit participation; or

(ii) by any Covered Competitive Enterprise, and I have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Covered Personnel.

(d) I acknowledge and agree that these Restrictions form part of my terms and conditions of employment. I also acknowledge and agree that these Restrictions supersede any part of any other agreement (which, for the avoidance of doubt, excludes the SIP and the Award Agreement(s)), written or oral, that I am subject to in respect of the same subject matter unless I am notified in writing to the contrary.

(e) Prior to accepting employment with any other person or entity during the Restricted Period, I will provide any prospective employer with written notice of the Restrictions with a copy containing the prospective employer’s name and contact information delivered simultaneously to the Firm.

(f) I understand that the Restrictions may limit my ability to earn a livelihood in a business similar to the business of the Firm or BGH. I acknowledge that a violation on my part of any of the Restrictions would cause immeasurable and irreparable damage to the Firm or BGH. Accordingly, I agree that the Firm and/or BGH will be entitled to injunctive relief in any court of competent jurisdiction for any actual or threatened violation of any of the Restrictions in addition to any other remedies it or they may have. In the event that I violate any of the Restrictions, I acknowledge that the Restricted Period shall automatically be extended by the period of time that I was in violation of the said Restriction(s). I also acknowledge that a violation of any of the Restrictions would constitute my failure to meet an obligation I have under an agreement between me and the Firm that was entered into in connection with my employment with the Firm and/or BGH, may be detrimental to the Firm and/or BGH and would constitute “Cause” for purposes of any equity-based awards granted to me by the Firm and/or BGH and will result in my forfeiting such equity-based awards.

(g) If any provision (or part of a provision) of the Restrictions is held by a court of competent jurisdiction to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such provisions will not be affected thereby; provided, however, that if any of the Restrictions are held by a court of competent jurisdiction to be invalid, illegal or unenforceable because it exceeds the maximum time period such court determines is acceptable to permit such provision to be enforceable, such Restrictions will be deemed to be modified to the minimum extent necessary to modify such time period in order to make such provision enforceable hereunder.

(h) The promises contained in the Restrictions are provided by me for the benefit of each Firm entity and BGH and I acknowledge and agree that each such entity may independently enforce the Restrictions against me. Any benefit that I give or am deemed to have given by virtue of the Restrictions is received jointly and severally by each Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH.

(i) For the purposes of the Restrictions, GS Inc. enters into the SIP and Award Agreement(s) applicable to me in connection with the Award(s) in its own capacity and as agent for each other Firm entity and BGH. The consideration for the promises in these Restrictions is given to me by GS Inc. on its own behalf and on behalf of each other Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH.

(j) I acknowledge that the Restrictions set out in this clause are reasonable and necessary for the protection of the legitimate interests of the Firm and/or BGH, and that, having regard to those interests, such restrictions do not impose an unreasonable burden on me.

(k) The Restrictions shall remain in full force and effect and survive the termination of my employment for any reason whatsoever.

(l) If I am a Managing Director subject to a Goldman Sachs Group, Inc. Managing Director Agreement, the Restrictions shall not apply to me.

(m) If I am a Private Wealth Management employee subject to an Employee Agreement Regarding Confidential and Proprietary Information and Materials and Non-Solicitation, I will be subject to the restrictions contained in clause (a) of the Restrictions but will not be subject to the restrictions contained in clauses (b) and (c) of the Restrictions. Nothing in the Restrictions will affect the operation of the Employee Agreement Regarding Confidential and Proprietary Information and Materials and Non-Solicitation.

(n) For the purposes of the Restrictions only, the following terms have the following meanings:

“Asia” means each state and territory in Australia, Brunei, Hong Kong SAR, India, Indonesia, Japan, Korea, Labuan, Macau SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, the Philippines, the PRC, Singapore, Taiwan, Thailand and Vietnam.

“Asia Service Period” means the period during which I am located in Asia and contracted to provide services to a member of the Firm in Asia or BGH. For the avoidance of doubt, the Asia Service Period does not end when I transfer to another member of the Firm in Asia or BGH.

“BGH” means Beijing Gao Hua Securities Company Limited, its subsidiaries and affiliates, and its or their respective successors.

“Covered Client” means any client or prospective client of the Firm or BGH (i) to whom I provided services in the one year period immediately prior to the end of the Asia Service Period, or (ii) for whom I transacted business in the one year period immediately prior to the end of the Asia Service Period, or (iii) whose identity became known to me in connection with my relationship with or employment by the Firm or BGH in the one year period immediately prior to the end of the Asia Service Period and with respect to whom I had access to confidential information.

“Covered Competitive Enterprise” means a business enterprise that (i) engages in any activity, or (ii) owns or controls a significant interest in any entity that engages in any activity that, in either case, competes anywhere with any activity in which the Firm or BGH is engaged. The activities covered by the previous sentence include, without limitation, financial services such as investment banking, public or private finance, lending, financial advisory services, private investing (for anyone other than me and members of my family), merchant banking, asset or hedge fund management, insurance or reinsurance underwriting or brokerage, property management, or securities, futures, commodities, energy, derivatives or currency brokerage, sales, lending, custody, clearance, settlement or trading.

“Covered Extended Absence” means my absence from active employment for at least 180 days in any 12-month period as a result of my incapacity due to mental or physical illness, as determined by the Firm or BGH (as applicable).

“Covered Personnel” means any Firm or BGH employee or consultant with whom I had material contact or dealings in the one year period immediately prior to the end of the Asia Service Period or in relation to whom I had access to confidential information.

“Effective Date” means (i) if the termination is for cause or Covered Extended Absence, the date on which such termination occurs; or (ii) if I repudiate my employment contract, the date of repudiation as determined by the Firm or BGH (as applicable).

“Firm” means GS Inc., its subsidiaries and affiliates and its and their respective successors.

 

 

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“Geographic Area” means (i) the jurisdiction in Asia in which I am located as of the date of execution of the Signature Card; and/or (ii) any other jurisdiction in Asia in relation to which I have substantial product and/or geographical market responsibilities in the one year period immediately prior to the end of the Asia Service Period; and/or (iii) any other jurisdiction in Asia in relation to which I have substantial employee managerial responsibilities in the one year period immediately prior to the end of the Asia Service Period; and/or (iv) any other jurisdiction in Asia in relation to which I provided services in the one year period immediately prior to the end of the Asia Service Period.

“PRC” means, for the purpose of the Restrictions, the People’s Republic of China, excluding Hong Kong SAR, Macau SAR and Taiwan.

“Restricted Period” means (i) in the event of the termination of my employment with the Firm in Asia or BGH, the Asia Service Period including any notice period applicable under the Notice Policy or, in the event I repudiate my notice requirement or exercise any statutory right to shorten the notice period or if my employment is terminated without notice, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the Effective Date; or (ii) in the event of my employment with the Firm in Asia or BGH ending by reason of the transfer of my employment to another member of the Firm outside Asia, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period; or (iii) in the event of the termination of my secondment to the Firm in Asia or BGH and assignment or transfer of my employment to another member of the Firm outside Asia, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period.

“Restrictions” means the non-competition and non-solicitation restrictions for employees providing services in Asia as set out in (a) to (o) of this section of the Signature Card.

“Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action.

(o) Notwithstanding paragraph 1 of this Signature Card, the Restrictions shall be governed by and construed in accordance with the laws of the jurisdiction in which I am located and providing services to the Firm at the date of execution of the Signature Card. If I am located and providing services to the Firm in a state or territory in Australia, the laws of the jurisdiction shall be New South Wales. Notwithstanding paragraph 1, any Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) or BGH may at any time elect to enforce the Restrictions in any competent court of any jurisdiction determined by such entity.

Other Legal Notices:

FOR ARGENTINA EMPLOYEES ONLY

This is a private offer. It is not subject to the supervision of the Comision Nacional de Valores (CNV) or any other governmental authority in Argentina.

FOR AUSTRALIA EMPLOYEES ONLY

GS Inc. undertakes that it will, at any time until the Delivery Date, within a reasonable period of you so requesting, provide you with a copy of the rules of the SIP and/or the Australian dollar equivalent of the market price of GS Inc.’s shares. This information may be obtained by sending a written request to Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

Any advice given by GS Inc. in connection with the SIP is general advice only. Nothing in the documentation is to be taken to constitute a recommendation or statement of opinion that is intended to influence a person or persons in making a decision to acquire any restricted stock units and you should consider obtaining your own financial product and/or legal advice from an independent person. The documentation does not take into account the objectives, financial situation or needs of any particular person. Before acting on the information contained in the documentation, or making a decision to participate, you should seek professional advice as to whether participation is appropriate in light of your personal circumstances.

Throughout the period in which you hold a Dividend Equivalent Right you may obtain copies of all information filed by GS Inc. with the U.S. Securities and Exchange Commission (“SEC”) which is accessible by GS Inc.’s shareholders and the general public (“shareholder information”) by going to the SEC’s website (www.sec.gov) or to the GS Inc. website, www.gs.com, and going to: http://www2.goldmansachs.com/our-firm/investors/financials/index.html. In addition, copies of any or all of these documents may be obtained free of charge by sending a written request to the Head of Securities Compliance – Goldman Sachs Australia Pty Ltd. You should be aware that shareholder information can affect the value of your Dividend Equivalent Rights from time to time.

FOR BRAZIL EMPLOYEES ONLY

Please note that the offer of an award under the SIP does not constitute a public offer in Brazil, and therefore it is not subject to registration with the Brazilian authorities.

According to Brazilian regulations, individuals resident in Brazil must inform the Central Bank of Brazil yearly the amounts of any nature, the assets and rights (including cash and other deposits) held outside of the Brazilian territory. Please consult your own legal counsel on the terms and conditions for presentation of such information.

By accepting the Award(s), you acknowledge that the Firm has provided you with Portuguese translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control. (Ao aceitar esta outorga, Você reconhece que a Empresa Ihe disponibilizou a versão em português do Award Summary, do Award Agreement e do Signature Card; porém a versão original em inglês desses documentos prevalecerá.)

FOR CANADA EMPLOYEES IN QUEBEC ONLY

By accepting the Award(s), you acknowledge and agree that you and the Firm expressly wish that all documents related to the Award(s) (including, without limitation, the SIP, this Signature Card, the Award Agreement and the Award Summary) be in English only.

En acceptant le ou les octrois, vous reconnaissez et acceptez que les parties souhaitent expressément que tous les documents se rapportant à l’octroi ou aux octrois (incluant, sans limité la généralité de ce qui précède, le document du régime, cette carte de signature, la convention d’octroi et le sommaire d’octroi) soient en anglais seulement.

FOR THE PEOPLE’S REPUBLIC OF CHINA EMPLOYEES ONLY

All documentation in relation to the Award(s) is intended for your personal use and in your capacity as an employee of the Firm (and/or its affiliate) and is being given to you solely for the purpose of providing you with information concerning the Award(s) which the Firm may grant to you as an employee of the Firm (and/or its affiliate) in accordance with the terms of the SIP, this documentation and the applicable Award Agreement(s). The grant of the Award(s) has not been and will not be registered with the China Securities Regulatory Commission of the People’s Republic of China pursuant to relevant securities laws and regulations, and the Award(s) may not be offered or sold within the mainland of the People’s Republic of China by means of any of the documentation in relation to the Award(s) through a public offering or in circumstances which require a registration or approval of the China Securities Regulatory Commission of the People’s Republic of China in accordance with the relevant securities laws and regulations.

FOR FRANCE EMPLOYEES ONLY

Disclaimer: The current Award(s) is not covered by any prospectus which is the subject of the AMF’s approval. Grantees can only receive this award for their own account (“compte propre”) in the conditions laid down by articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 and D. 764-1 of the French Monetary and Financial Code. Any direct or indirect dissemination into the public of the financial instruments acquired can only take place within the conditions of articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 -to L. 621-8-3 of the French Monetary and Financial Code.

By accepting the Award(s), you acknowledge that the Firm has provided you with French translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

The provisions of the Award Agreement will apply only in respect of the year to which the Award Agreement relates and will not in any circumstances create any right or entitlement to you for any future fiscal years.

Avertissement: La présente attribution ne donne pas lieu à un prospectus soumis au visa de l’Autorité des marchés financiers. Les personnes qui y participent ne peuvent le faire que pour compte propre dans les conditions fixées par les articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 et D. 764-1 du Code monetaire et financier. La diffusion, directe ou indirecte, dans le public des instruments financiers ainsi acquis, ne peut être réalisée que dans les conditions prévues aux articles L. 411-1, L. 411-2 L. 412-1 et L. 621-8 à L. 621-8-3 du Code monétaire et financier.

En acceptant cet octroi, vous reconnaissez que la Société vous a transmis une version français de l’Award Summary (Résumé de l’Octroi), l’Award Agreement (Contrat d’Octroi) et de la Signature Card (Carte de Signature), mais que seule la version originale en langue anglaise fait foi.

Les dispositions de l’Accord de prime s’appliquent uniquement à l’année concernée par l’Accord de prime et ne créent en aucune circonstance tous droits ou habilitations s’agissant des années fiscales à venir.

FOR GERMANY EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered the Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(e) of that directive. This document is not a prospectus within the meaning of that directive.

 

 

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Die Prämien werden Ihnen von der GS Inc. gemäß den in der Prämienübersicht aufgeführten Bestimmungen des Erwerbsplans angeboten. Weitere Informationen über GS Inc. finden Sie unter www.gs.com. Die Prämien werden Ihnen im Rahmen des Erwerbsplans angeboten, um einen zusätzlichen Anreiz darzustellen und Sie als Mitarbeiter zum Erwerb von Aktien zu ermutigen, um so Ihren Anteil am Erfolg des Unternehmens zu vergrößern. Informationen zur Anzahl der im Rahmen des Plans angebotenen GS Inc.-Aktien entnehmen Sie bitte dem Abschnitt als Prämien erhältliche Aktien im Erwerbsplan. Die Verpflichtung zur Veröffentlichung eines Emissionsprospekts gemäß der europäischen Prospektrichtlinie trifft auf Grund von Artikel 4(1)(e) dieser Richtlinie nicht auf dieses Angebot zu. Dieses Dokument ist kein Prospekt im Sinne dieser Richtlinie.

FOR HONG KONG EMPLOYEES ONLY

WARNING:

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of this document, you should obtain independent professional advice.

By accepting the Award(s), you acknowledge and accept that you will not be permitted to transfer awards to persons who fall outside the definition of ‘qualifying persons’ in the Companies Ordinance (i.e., a person who is not a current or former director, employee, officer, consultant of the Firm or a person other than the offeree’s wife, husband, widow, widower, child or step-child under the age of 18 years, or as otherwise defined), even if otherwise permitted under the SIP or any of the related documents.

FOR INDIA EMPLOYEES ONLY

This website does not invite offers from the public for subscription or purchase of the securities of any body corporate under any law for the time being in force in India. The website is not a prospectus under the applicable laws for the time being in force in India. GS Inc. does not intend to market, promote, invite offers for subscription or purchase of the securities of any body corporate by this website. The information provided on this website is for the record only. Any person who subscribes or purchases securities of any body corporate should consult his own investment advisers before making any investments. GS Inc. shall not be liable or responsible for any such investment decision made by any person.

FOR INDONESIA EMPLOYEES ONLY

By accepting the Award(s), you acknowledge that the Firm has provided you with Bahasa Indonesia translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

Dengan menerima Putusan, Anda menyatakan bahwa Perusahaan telah memberikan Anda terjemahan Bahasa Indonesia dari Ikhtisar Putusan, Perjanjian Putusan dan Perjanjian dengan Tanda Tangan, tapi versi asli dalam Bahasa Inggris dari dokumen-dokumen ini tetap mengendalikan.

FOR ITALY EMPLOYEES ONLY

No person resident or located in Italy other than the original recipients of this document and any other document related to the Award(s) may rely on such documents or their content. The offer of the Award(s) under the SIP (and the delivery of underlying shares) is exempted from prospectus requirements under Italian securities legislation.

Under Italian regulations, taxpayers must report in their annual tax returns any foreign financial assets in excess of EUR 10,000. Please consult your own advisors regarding the terms and conditions of this reporting obligation.

FOR MONACO EMPLOYEES ONLY

By accepting your Award(s), you expressly renounce the jurisdiction of Monaco (and, if applicable, France and notably the application of articles 14 and 15 of the French Civil Code) in connection with any dispute relating to your Award(s).

FOR NEW ZEALAND EMPLOYEES ONLY

The Financial Markets Authority in New Zealand has issued the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 (Notice), which sets out the way in which GS Inc. can offer you securities under the SIP. In accordance with the requirements of the Notice, the following information has been made available to you:

 

1. GS Inc.’s most recent annual report on http://www2.goldmansachs.com/our-firm/investors/financials/index.html.
2. The SIP documentation (which constitutes the current rules of the employee share purchase scheme for the purposes of the Notice) on https://hcm.web.gs.com/newaward.

 

3. A copy of the Award Agreement on https://hcm.web.gs.com/newaward.

 

4. GS Inc.’s most recent published financial statements on http://www2.goldmansachs.com/our-firm/investors/financials/index.html.

You may request copies of the documents listed above free of charge from Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

FOR POLAND EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(b) of that directive.

The Goldman Sachs Group, Inc. („GS Inc.”) przyznaje Państwu Premię (premie) zgodnie z warunkami Motywacyjnego Programu Akcji Pracowniczych opisanymi w Ogólnych Warunkach Przyznania Premii. Więcej informacji na temat GS Inc. można uzyskać na stronie www.gs.com. Oferowana Państwu na podstawie Motywacyjnego Programu Akcji Pracowniczych Premia ma stanowić dodatkową motywację i rozwijać akcjonariat pracowniczy a w konsekwencji zwiększyć Państwa zaangażowanie w sukces Firmy. Prosimy zapoznać się z działem zatytułowanym Akcje dostępne w ramach Premii w Motywacyjnym Programie Akcji Pracowniczych, w celu uzyskania informacji na temat maksymalnej liczby akcji GS Inc. oferowanych na podstawie Motywacyjnego Programu Akcji Pracowniczych. Obowiązek publikowania prospektu wynikający z Dyrektywy w Sprawie Prospektu Emisyjnego nie ma zastosowania do niniejszej oferty, ze względu na brzmienie art. 4 ust. 1 lit. b wskazanej powyżej dyrektywy.

FOR RUSSIA EMPLOYEES ONLY

None of the information contained in the documents referred to in paragraph 8 of this Signature Card or in this Signature Card constitutes an advertisement of the Award(s) in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. The Award(s) have not been and will not be registered in Russia and are not intended for “placement” or “public circulation” in Russia.

FOR SAUDI ARABIA EMPLOYEES ONLY

The Award(s) are offered to you on behalf of Goldman Sachs Saudi Arabia, Commercial Registration Number 1010256672, 25th Floor, Kingdom Tower, Post Office Box 52969, Riyadh 11573, Saudi Arabia. The SIP documents may not be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of the SIP documents, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of the SIP documents. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of the SIP documents you should consult an authorized financial adviser.

FOR SWEDEN EMPLOYEES ONLY

By accepting the Award(s), you acknowledge and accept that any transfer provisions (including, where applicable, escrow and other similar provisions) in the SIP or any related documents do not apply to you.

FOR UK EMPLOYEES ONLY

This document does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Recipients should seek their own financial advice.

The Award(s) are subject to the terms and conditions set forth in the SIP and the Award Agreement(s). The price of shares and the income from such shares (if any) can fluctuate and may be affected by changes in the exchange rate for U.S. Dollars. Past performance will not necessarily be repeated. Levels and bases of taxation may change from time to time. Investors should consult their own tax advisers in order to understand tax consequences. GS Inc. has (and its associates may have) a material interest in the shares and the investments that are the subject of this document.

 

 

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Signature:         Date:    
Print Name:         Employee ID #:    

 

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EX-10.46 7 d276319dex1046.htm SIGNATURE CARD CHINA Signature Card China

Exhibit 10.46

The Goldman Sachs Group, Inc.

SIGNATURE CARD FOR              YEAR-END AWARDS (CHINA) AND THE BNY MELLON CUSTODY ACCOUNT AND

CONSENT TO RECEIVE ELECTRONIC DELIVERY

IMPORTANT: PLEASE REVIEW, EXECUTE AND RETURN THIS FORM TO: EQUITY COMPENSATION

(DIVISION OF HCM), 30 HUDSON STREET, 34TH FLOOR, JERSEY CITY, NJ 07302.

YOU MUST PROPERLY EXECUTE THIS FORM TO ACKNOWLEDGE ACCEPTANCE OF THE TERMS AND CONDITIONS OF YOUR AWARD(S) AND RELATED MATTERS.

 

1. I have received and agree to be bound by The Goldman Sachs Amended and Restated Stock Incentive Plan (the “SIP”) and the Award Agreement(s) applicable to me in connection with the              Year-End Award(s) (the “Award(s)”) that I have been granted by the Firm (as defined in the SIP). I confirm that I have accepted the Award(s) subject to the terms and conditions contained in the SIP and the Award Agreement(s), including, but not limited to, the requirement that disputes relating to the Award(s) and the Award Agreement(s) be decided through arbitration in New York City and be governed by New York law.

As a condition of this grant, I understand that the Award(s) (as well as any other award that the Firm may grant to me under the SIP) is/are subject to other governing law provisions (as outlined in this signature card (the “Signature Card”), in the current or otherwise then current Award Summary (as defined below) or otherwise as may be required under applicable law) and, as a condition to receiving such awards, I agree to be bound thereby. I also understand that the Firm may grant to me other awards under the SIP that also may contain (among other terms and conditions) arbitration and other governing law provisions and, as a condition to receiving such awards, I agree to be bound thereby. As a condition of this grant, I agree to provide upon request an appropriate certification regarding my U.S. tax status on Form W-8BEN, Form W-9, or other appropriate form, and I understand that failure to supply a required form may result in the imposition of backup withholding on certain payments I receive pursuant to this grant.

I understand and acknowledge that I am agreeing to arbitrate all claims, in accordance with the arbitration procedure set forth in the Award Agreement(s). The Award Agreement(s) does not include an agreement to arbitrate claims on a collective or class basis. It is explicitly agreed that, to the fullest extent permitted by applicable law, no arbitrator shall have the authority to consider class or collective claims, to order consolidation or to join different claimants or grant relief other than on an individual basis to the individual claimant involved.

I irrevocably grant full power and authority to The Goldman Sachs Group, Inc. (“GS Inc.”) to register in its name, or that of any designee, any and all Restricted Shares (as defined in the applicable Award Agreement), Shares at Risk (as defined in the applicable Award Agreement) or other shares of GS Inc. common stock that have been or may be delivered to me subject to transfer restrictions or forfeiture provisions, and I irrevocably authorize GS Inc., or its designee, to sell, assign or transfer such shares to GS Inc. or such other persons as it may determine in the event of a forfeiture of such shares pursuant to any agreement with GS Inc.

Further, as a condition of this grant, if I am a person who has worked in the United Kingdom at any time during the earnings period relating to any award under the SIP, as determined by the Firm, when requested and as directed by the Firm, I will agree to a Joint Election under s431 ITEPA 2003 of the laws of the United Kingdom for full or partial disapplication of Chapter 2 Income Tax (Earnings and Pension) Act 2003 under the laws of the United Kingdom and will sign and return such election in respect of all future deliveries of shares underlying the Award(s) and any previous grants made to me under the SIP and understand that the Firm intends to meet its delivery obligations in shares with respect to my Award(s), except as may be prohibited by law or described in the accompanying Award Agreement(s) or supplementary materials.

If I have worked in Switzerland at any time during the earnings period relating to the Award(s) granted to me as determined by the Firm, (i) I acknowledge that my Award(s) are subject to tax in accordance with the rulings and method of calculation of taxable values to be agreed by the Firm with the Federal and/or Zurich/Geneva cantonal/communal tax authorities or as otherwise directed by the Firm, and (ii) I hereby agree to be bound by any rulings agreed by the Firm in respect of any Award(s), which is expected to result in taxation at the time of delivery of shares (or cash or other property in lieu thereof), and (iii) I undertake to declare and make a full and accurate income tax declaration in respect of my Award(s) in accordance with the above ruling or as directed by the Firm.

I understand and acknowledge that any transfer provisions (including, where applicable, escrow and other similar provisions, but specifically excluding any transfer restrictions imposed on any Award(s) in the Award Agreement(s) or the SIP) in the SIP or related documents will not apply to me (i) to the extent that the applicability of those provisions would affect the availability of relevant exemptions or tax favorable treatment, or (ii) otherwise in circumstances determined by the Firm in its sole discretion.

2. I have read and understand the Firm’s “Notice Periods for Recipients of Year-End Equity-Based Awards” policy (the “Notice Policy”) available through the HR Workways® link on GSWeb or as otherwise provided to me, pursuant to which I am required to provide certain specified advance notice of my intent to

leave employment with the Firm. By executing this form, I am agreeing to be bound by the Notice Policy as in effect from time to time and, where applicable, am agreeing to a permanent change in the terms and conditions of my employment. I agree to this change in consideration of my continued employment with the Firm and the Firm’s offer of the Award(s). I understand that the Notice Policy requires me, among other things, to provide my employing entity with advance written notice of my intention to leave employment with the Firm as follows:

 

   

In the Americas: 60 days in advance of my termination date;

 

   

In Europe, the Middle East, Africa and India: 90 days in advance of my termination date; and

 

   

In Japan and Asia Ex-Japan (including Australia and New Zealand and excluding India): 90 days in advance of my termination date if I am a Vice President or an Executive Director; 60 days in advance of my termination date in all other cases.

If, under local law or my contract of employment (for example, a Managing Director Agreement), I have a notice requirement that is longer than those specified above, I understand that the longer notice period will apply. I also understand that if my employment is subject to a probation period, the Notice Policy applies only if notice of termination is given after the probation period has ended.

I understand that if I fail to comply in any respect with the Notice Policy, I will have failed to meet an obligation I have under an agreement with the Firm, as a result of which the Firm may have certain legal and equitable rights and remedies, including, without limitation, forfeiture of the Award(s) and any other awards granted to me under the SIP. The Firm may forfeit such Award(s) for violation of the Notice Policy irrespective of whether this agreement constitutes a legally recognized permanent change to my terms and conditions of employment, and irrespective of whether applicable law permits me to make a payment in lieu of notice. In addition, the Firm may seek an order or injunction from a court or arbitration panel to stop a breach and may also seek other permissible remedies. The Firm may hold me personally liable for any damages it suffers as a result of the breach.

This agreement concerning my notice period is being made for and on behalf of my Goldman Sachs employing entity, and implementation of the Notice Policy does not create an employment relationship between me and GS Inc.

3. I have read and understand the Firm’s hedging and pledging policies (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and agree to be bound by them (with respect to the Award(s) and any prior awards under the SIP), both during and following my employment with the Firm.

4. If a custody account is required, I request that The Bank of New York Mellon (“BNY Mellon”) (successor in interest to Mellon Bank, N.A.) open a custody account for me as described in the enclosed Custody Agreement among BNY Mellon (as successor in interest to Mellon Bank, N.A.), GS Inc., and myself. I have received and agree to be bound by the Custody Agreement (or any other such custody agreement previously entered into by me or on my behalf), including the applicable restrictions on transfers, pledges and withdrawals of shares of the common stock of GS Inc. (“Shares”), the provisions permitting the Firm to monitor my custody account, and the limitations on the liability of BNY Mellon and the Firm. I also agree to open an account with any other custodian or broker selected by the Firm, if the Firm, in its sole discretion, requires me to open an account with such custodian or broker as a condition to delivery of Shares (or cash or other property) underlying the Award(s).

5. If the Firm advanced or loaned me funds to pay certain taxes (including income taxes and Social Security, or similar contributions) in connection with the Award(s) (or does so in the future), and if I have not signed a separate loan agreement governing repayment, I authorize the Firm to withhold from my compensation any amounts required to reimburse it for any such advance or loan to the extent permitted by applicable law.

I understand and agree that, if I leave the Firm, I am required immediately to repay any outstanding amount. I further understand and agree that the Firm has the right to offset, to the extent permitted by the Award Agreement and applicable law (including Section 409A of the U.S. Internal Revenue Code of 1986, as amended, which limits the Firm’s ability to offset in the case of United States taxpayers under certain circumstances), any outstanding amounts that I then owe the Firm against its delivery obligations under the Award(s) or against any other amounts the Firm then owes me. I understand that the delivery of Shares

 

 


pursuant to the Award(s) is conditioned on my satisfaction of any applicable taxes or social security contributions (collectively referred to as “tax” or “taxes” for purposes of the SIP and all related documents) in accordance with the SIP. To the extent permitted by applicable law, the Firm, in its sole discretion, may require me to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on me or the Firm in connection with the grant, vesting or delivery of the Award(s) by requiring me to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) or (iii) as otherwise permitted in the Award Agreement(s). However, in no event shall any such choice or the choice specified in paragraph 6, below, determine, or give me any discretion to affect, the timing of the delivery of Shares or payment of tax obligations.

6. If I am an individual with separate employment contracts (at any time during and/or after the Firm’s              fiscal year), I acknowledge and agree that the Firm may, in its sole discretion, require (to the extent permitted by applicable law) that I provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to my separate employment contracts by requiring me to choose between remitting such amount (i) in cash (or through payroll deductions or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to me pursuant to the Award(s) (or any other of my awards outstanding under the SIP).

7. In connection with any Award Agreement or other interest I may receive in the SIP or any Shares that I may receive in connection with the Award(s) or any award I have previously received or may receive, or in connection with any amendment or variation thereof or any documents listed in paragraph 8, I hereby consent to (a) the acceptance by me of the Award(s) electronically, (b) the giving of instructions in electronic form whether by me or the Firm, and (c) the receipt in electronic form at my email address maintained at Goldman Sachs or via Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, at such other email address as I may specify, or via such other electronic means as the Firm and I may agree) all notices and information that the Firm is required by law to send to me in connection therewith including, without limitation, any document (or part thereof) constituting part of a prospectus covering securities that have been registered under the U.S. Securities Act of 1933, the information contained in any such document and any information required to be delivered to me under Rule 428 of the U.S. Securities Act of 1933, including, for example, the annual report to security holders or the annual report on Form 10-K of GS Inc. for its latest fiscal year, and that all prior elections that I may have made relating to the delivery of any such document in physical form are hereby revoked and superseded. I agree to check Goldman Sachs’ intranet site (or, if I am no longer employed by the Firm, such other electronic site as the Firm and I may agree) periodically as I deem appropriate for any new notices or information concerning the SIP. I understand that I am not required to consent to the receipt of such documents in electronic form in order to receive the Award(s) and that I may decline to receive such documents in electronic form by contacting Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, which will provide me with hard copies of such documents upon request. I also understand that this consent is voluntary and may be revoked at any time on three business days’ written notice.

8. I hereby acknowledge that I have received in electronic form in accordance with my consent in paragraph 7 the following documents:

 

   

The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Summary of The Goldman Sachs Amended and Restated Stock Incentive Plan;

 

   

Custody Agreement with BNY Mellon;

 

   

The              Annual Report for The Goldman Sachs Group, Inc.;

 

   

The annual report on Form 10-K for The Goldman Sachs Group, Inc. for the fiscal year ended December 31,         ;

 

   

The Award Agreement(s); and

 

   

Summaries of the Award(s) (“Award Summary”).

9. I expressly authorize any appropriate representative of the Firm to make any notifications, filings or remittances of funds that may be required in connection with the SIP or otherwise on my behalf. Further, if I am an employee who is resident in South Africa at a relevant time, by accepting my Award(s), I expressly authorize any appropriate representative of the Firm to make any required notification on my behalf to the Reserve Bank of South Africa (or its authorized dealer) in relation to my participation in the SIP and to any acquisition of Shares for no consideration under the SIP or other similar filing that may otherwise be required in South Africa. I acknowledge that any such authorization is effective from the date of acceptance of my Award(s) until such time as I expressly revoke the authorization by written notice to any appropriate representative of the Firm. I understand that this authorization does not create any obligation on the Firm to deal with any such notifications, filings or remittances of funds that I may be required to make in connection with the SIP and I accept full responsibility in this regard.

10. The granting of the Award(s), the delivery of the underlying Shares (or cash or other property) and any subsequent dividends or dividend equivalent payments, and the receipt of any proceeds in connection with the Award(s) may result in legal or regulatory requirements in some jurisdictions. I understand and agree that it is my responsibility to ensure that I comply with any legal or regulatory requirements in respect of the Award(s).

11. I confirm that I have filed all tax returns that I am required to file and paid all taxes I am required to pay with respect to awards previously granted to me by the Firm, and I agree, with respect to both the Award(s) as well as awards previously granted to me by the Firm, to file all tax returns I am required to file and to pay all taxes I am required to pay.

Consent to Data Collection, Processing and Transfers:

I understand and agree that in connection with the SIP and any other Firm benefit plan (the “Programs”), to the extent permitted under the laws of the applicable jurisdiction, the Firm may collect and process various data that is personal to me, including my name, address, work location, hire date, Social Security or Social Insurance or taxpayer identification number (required for tax purposes), type and amount of SIP or other benefit plan award, citizenship or residency (required for tax purposes) and other similar information reasonably necessary for the administration of such Programs (collectively referred to as “Information”) and provide such Information to its affiliates and BNY Mellon (and its affiliates) or any other service provider, whether in the United States or elsewhere, as is reasonably necessary for the administration of the Programs and under the laws of these jurisdictions. I understand that, in certain circumstances, foreign courts, law enforcement agencies or regulatory agencies may be entitled to access the Information. I understand that, unless I explicitly authorize otherwise, the Firm, its affiliates and its service providers (through their respective employees in charge of the relevant electronic and manual processing) will use this Information only for purposes of administering the Programs. I understand that, in the United States and in other countries to which such Information may be transferred for the administration of the Programs, the level of data protection is not equivalent to data protection standards in the member states of the European Union, Canada or certain Canadian provinces or my home country. I understand that, upon request, to Equity Compensation (division of HCM), 30 Hudson Street, 34th Floor, Jersey City, NJ 07302, telephone (212) 357-1444, to the extent required under the laws of the applicable jurisdiction, I may have access to and obtain communication of the Information and may exercise any of my rights in respect of such Information, including objecting to the processing of the Information and requesting that the Information be corrected (if wrong), completed or clarified (if incomplete or equivocal), or erased (if cannot legally be collected or kept). Upon request, to the extent required under the laws of the applicable jurisdiction, Equity Compensation (division of HCM) will also provide me, free of charge, with a list of all the service providers used in connection with the Programs at the time of request. I understand that, if I refuse to authorize the use and transfer of the Information consistent with the above, I may not benefit from the Programs. I authorize the use and transfer of the Information consistent with the above for the period of administration of the Programs. In particular, I authorize (within the limits described above): (i) the data processing by the Firm (which means GS Inc. and its subsidiaries and affiliates); (ii) the data processing by BNY Mellon and its affiliates; (iii) the data processing by the Firm’s other service providers; and (iv) the data transfer to the United States and other countries. A list of the Firm’s international offices and countries to which data that is personal to me can be transferred is set forth at http://www2.goldmansachs.com/who-we-are/locations/index.html. I further acknowledge that the Information may be retained by the aforementioned persons beyond the period of administration of the Programs to the extent permitted under the laws of the applicable jurisdiction and I so authorize.

NON-COMPETITION AND NON-SOLICITATION RESTRICTIONS FOR EMPLOYEES PROVIDING SERVICES IN ASIA

In addition to and without limiting any provisions in the SIP or the applicable Award Agreement(s) (including without limitation the Award vesting, delivery, forfeiture, termination or repayment provisions) unless provided otherwise in the Restrictions, if I am providing services to the Firm in Asia or to BGH, in view of my importance to the Firm and/or BGH, I hereby agree to and acknowledge the following:

(a) I hereby agree that the Firm or BGH would likely suffer significant harm from me competing with the Firm or BGH for some period of time after my employment ends. Accordingly, I hereby agree that I will not, without the written consent of the Firm or BGH, during the Restricted Period in the Geographic Area:

(i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Covered Competitive Enterprise; or

(ii) associate (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Covered Competitive Enterprise and in connection with such association engage in, or directly or indirectly manage or supervise personnel engaged in, any activity:

A. which is similar or substantially related to any activity in which I was engaged, in whole or in part, at the Firm or BGH,

 

 

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B. for which I had direct or indirect managerial or supervisory responsibility at the Firm or BGH, or

C. which calls for the application of the same or similar specialized knowledge or skills as those utilized by me in my activities with the Firm or BGH,

at any time during the one-year period immediately prior to the end of the Asia Service Period, and, in any such case, irrespective of the purpose of the activity or whether the activity is or was in furtherance of advisory, agency, proprietary or fiduciary business of either the Firm or BGH or the Covered Competitive Enterprise.

(By way of example only, this provision precludes an “advisory” investment banker from joining a leveraged-buyout firm, a research analyst from becoming a proprietary trader or joining a hedge fund, or an information systems professional from joining a management or other consulting firm and providing information technology consulting services or advice to any Covered Competitive Enterprise, in each case without the written consent of the Firm or BGH.)

To the extent that separate financial consideration may be necessary in order to enforce the restrictive covenant set forth in Section (a) above, the Firm or BGH will pay me a monthly payment equivalent to 25% of my last monthly base salary, unless local regulation provides otherwise, in which case local regulation shall apply. Any such payment shall be made in accordance with the relevant entity’s payroll practices and shall begin within the first week after termination of employment.

(b) I hereby agree that during the Restricted Period, I will not, in any manner, directly or indirectly, (1) Solicit a Covered Client to transact business with a Covered Competitive Enterprise or to reduce or refrain from doing any business with the Firm or BGH, or (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm or BGH and a Covered Client.

(c) I hereby agree that during the Restricted Period, I will not, in any manner, directly or indirectly:

(i) Solicit any Covered Personnel to resign from the Firm or BGH or to apply for or accept employment, consultancy, partnership, membership or similar status with a Covered Competitive Enterprise;

(ii) hire or participate in the hiring of any Covered Personnel (whether as an employee, consultant, or otherwise) by a Covered Competitive Enterprise;

(iii) participate in the decision to offer Covered Personnel employment, consultancy, admission into partnership, membership or similar status with a Covered Competitive Enterprise; or

(iv) participate in the identification of Covered Personnel for potential hiring, consultancy or admission into partnership, membership or similar status with a Covered Competitive Enterprise.

I acknowledge that I will have violated this provision if, during the Restricted Period, any Covered Personnel are Solicited, hired, made a consultant or are accepted into partnership, membership or similar status:

(i) by any Covered Competitive Enterprise which I form, which bears my name, or in which I am a partner, a member or have similar status or in which I possess or control a greater than de minimis equity ownership, voting or profit participation; or

(ii) by any Covered Competitive Enterprise, and I have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Covered Personnel.

To the extent that separate financial consideration may be necessary in order to enforce the restrictive covenants set forth in Sections (b) and (c) above, the Firm or BGH will pay me a monthly payment equivalent to 25% of my last monthly base salary, unless local regulation provides otherwise, in which case local regulation shall apply. Any such payment shall be made in accordance with the relevant entity’s payroll practices and shall begin within the first week after termination of employment.

(d) I acknowledge and agree that these Restrictions form part of my terms and conditions of employment. I also acknowledge and agree that these Restrictions supersede any part of any other agreement (which, for the avoidance of doubt, excludes the SIP and the Award Agreement(s)), written or oral, that I am subject to in respect of the same subject matter unless I am notified in writing to the contrary.

(e) Prior to accepting employment with any other person or entity during the Restricted Period, I will provide any prospective employer with written notice of the Restrictions with a copy containing the prospective employer’s name and contact information delivered simultaneously to the Firm.

(f) I understand that the Restrictions may limit my ability to earn a livelihood in a business similar to the business of the Firm or BGH. I acknowledge that a violation on my part of any of the Restrictions would cause immeasurable and irreparable damage to the Firm or BGH. Accordingly, I agree that the Firm and/or BGH will be entitled to injunctive relief in any court of competent jurisdiction for any actual or threatened violation of any of the Restrictions in addition to any other remedies it or they may have. In the event that I violate any of the Restrictions, I acknowledge that the Restricted Period shall automatically

be extended by the period of time that I was in violation of the said Restriction(s). I also acknowledge that a violation of any of the Restrictions would constitute my failure to meet an obligation I have under an agreement between me and the Firm that was entered into in connection with my employment with the Firm and/or BGH, may be detrimental to the Firm and/or BGH and would constitute “Cause” for purposes of any equity-based awards granted to me by the Firm and/or BGH and will result in my forfeiting such equity-based awards.

(g) If any provision (or part of a provision) of the Restrictions is held by a court of competent jurisdiction to be invalid, illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such provisions will not be affected thereby; provided, however, that if any of the Restrictions are held by a court of competent jurisdiction to be invalid, illegal or unenforceable because it exceeds the maximum time period such court determines is acceptable to permit such provision to be enforceable, such Restrictions will be deemed to be modified to the minimum extent necessary to modify such time period in order to make such provision enforceable hereunder.

(h) The promises contained in the Restrictions are provided by me for the benefit of each Firm entity and BGH and I acknowledge and agree that each such entity may independently enforce the Restrictions against me. Any benefit that I give or am deemed to have given by virtue of the Restrictions is received jointly and severally by each Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH.

(i) For the purposes of the Restrictions, GS Inc. enters into the SIP and Award Agreement(s) applicable to me in connection with the Award(s) in its own capacity and as agent for each other Firm entity and BGH. The consideration for the promises in these Restrictions is given to me by GS Inc. on its own behalf and on behalf of each other Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) and BGH.

(j) I acknowledge that the Restrictions set out in this clause are reasonable and necessary for the protection of the legitimate interests of the Firm and/or BGH, and that, having regard to those interests, such restrictions do not impose an unreasonable burden on me.

(k) The Restrictions shall remain in full force and effect and survive the termination of my employment for any reason whatsoever.

(l) If I am a Managing Director subject to a Goldman Sachs Group, Inc. Managing Director Agreement, the Restrictions shall not apply to me.

(m) If I am a Private Wealth Management employee subject to an Employee Agreement Regarding Confidential and Proprietary Information and Materials and Non-Solicitation, I will be subject to the restrictions contained in clause (a) of the Restrictions but will not be subject to the restrictions contained in clauses (b) and (c) of the Restrictions. Nothing in the Restrictions will affect the operation of the Employee Agreement Regarding Confidential and Proprietary Information and Materials and Non-Solicitation.

(n) For the purposes of the Restrictions only, the following terms have the following meanings:

“Asia” means each state and territory in Australia, Brunei, Hong Kong SAR, India, Indonesia, Japan, Korea, Labuan, Macau SAR, Malaysia, Mongolia, New Zealand, Papua New Guinea, the Philippines, the PRC, Singapore, Taiwan, Thailand and Vietnam.

“Asia Service Period” means the period during which I am located in Asia and contracted to provide services to a member of the Firm in Asia or BGH. For the avoidance of doubt, the Asia Service Period does not end when I transfer to another member of the Firm in Asia or BGH.

“BGH” means Beijing Gao Hua Securities Company Limited, its subsidiaries and affiliates, and its or their respective successors.

“Covered Client” means any client or prospective client of the Firm or BGH (i) to whom I provided services in the one year period immediately prior to the end of the Asia Service Period, or (ii) for whom I transacted business in the one year period immediately prior to the end of the Asia Service Period , or (iii) whose identity became known to me in connection with my relationship with or employment by the Firm or BGH in the one year period immediately prior to the end of the Asia Service Period and with respect to whom I had access to confidential information.

“Covered Competitive Enterprise” means a business enterprise that (i) engages in any activity, or (ii) owns or controls a significant interest in any entity that engages in any activity that, in either case, competes anywhere with any activity in which the Firm or BGH is engaged. The activities covered by the previous sentence include, without limitation, financial services such as investment banking, public or private finance, lending, financial advisory services, private investing (for anyone other than me and members of my family), merchant banking, asset or hedge fund management, insurance or reinsurance underwriting or brokerage, property management, or securities, futures, commodities, energy, derivatives or currency brokerage, sales, lending, custody, clearance, settlement or trading.

“Covered Extended Absence” means my absence from active employment for at least 180 days in any 12-month period as a result of my incapacity due to mental or physical illness, as determined by the Firm or BGH (as applicable).

 

 

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“Covered Personnel” means any Firm or BGH employee or consultant with whom I had material contact or dealings in the one year period immediately prior to the end of the Asia Service Period or in relation to whom I had access to confidential information.

“Effective Date means (i) if the termination is for cause or Covered Extended Absence, the date on which such termination occurs; or (ii) if I repudiate my employment contract, the date of repudiation as determined by the Firm or BGH (as applicable).

“Firm” means GS Inc., its subsidiaries and affiliates and its and their respective successors.

“Geographic Area” means (i) the PRC; and/or (ii) any other country in Asia in relation to which I have substantial product and/or geographical market responsibilities in the one year period immediately prior to the end of the Asia Service Period; and/or (iii) any other country in Asia in relation to which I have substantial employee managerial responsibilities in the one year period immediately prior to the end of the Asia Service Period; and/or (iv) any other jurisdiction in Asia in relation to which I provided services in the one year period immediately prior to the end of the Asia Service Period.

“PRC” means, for the purpose of the Restrictions, the People’s Republic of China, excluding Hong Kong SAR, Macau SAR and Taiwan.

“Restricted Period” means (i) in the event of the termination of my employment with the Firm in Asia or BGH, the Asia Service Period including any notice period applicable under the Notice Policy or, in the event I repudiate my notice requirement or exercise any statutory right to shorten the notice period or if my employment is terminated without notice, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the Effective Date; or (ii) in the event of my employment with the Firm in Asia or BGH ending by reason of the transfer of my employment to another member of the Firm outside Asia, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period; or (iii) in the event of the termination of my secondment to the Firm in Asia or BGH and assignment or transfer of my employment to another member of the Firm outside Asia, the Asia Service Period and the period of time equivalent to my notice requirement commencing from the conclusion of the Asia Service Period.

“Restrictions” means the non-competition and non-solicitation restrictions for employees providing services in Asia as set out in (a) to (o) of this section of the Signature Card.

“Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action.

(o) (i) Notwithstanding paragraph 1 of this Signature Card, subject to clause (ii) below, the Restrictions shall be governed by and construed in accordance with the laws which govern my employment contract.

(ii) To the extent that I seek to engage in activity in the PRC, which activity is prohibited under the Restrictions, the Restrictions shall be governed by and construed in accordance with the laws of the PRC.

(iii) Notwithstanding paragraph 1, any Firm entity (including, for the avoidance of doubt, any Firm entity to which I provide services from time to time) or BGH may at any time elect to enforce the Restrictions in any competent court of any jurisdiction determined by such entity.

Other Legal Notices:

FOR ARGENTINA EMPLOYEES ONLY

This is a private offer. It is not subject to the supervision of the Comision Nacional de Valores (CNV) or any other governmental authority in Argentina.

FOR AUSTRALIA EMPLOYEES ONLY

GS Inc. undertakes that it will, at any time until the Delivery Date, within a reasonable period of you so requesting, provide you with a copy of the rules of the SIP and/or the Australian dollar equivalent of the market price of GS Inc.’s shares. This information may be obtained by sending a written request to Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

Any advice given by GS Inc. in connection with the SIP is general advice only. Nothing in the documentation is to be taken to constitute a recommendation or statement of opinion that is intended to influence a person or persons in making a decision to acquire any restricted stock units and you should consider obtaining your own financial product and/or legal advice from an independent person. The documentation does not take into account the objectives, financial situation or needs of any particular person. Before acting on the information contained in the documentation, or making a decision to participate, you should seek professional advice as to whether participation is appropriate in light of your personal circumstances.

Throughout the period in which you hold a Dividend Equivalent Right you may obtain copies of all information filed by GS Inc. with the U.S. Securities and Exchange Commission (“SEC”) which is accessible by GS Inc.’s shareholders and the general public (“shareholder information”) by going to the SEC’s website (www.sec.gov) or to the GS Inc. website, www.gs.com, and going to: http://www2.goldmansachs.com/our-firm/investors/financials/index.html. In addition, copies of any or all of these documents may be obtained free of charge by sending a written request to the Head of Securities Compliance – Goldman Sachs Australia Pty Ltd. You should be aware that shareholder information can affect the value of your Dividend Equivalent Rights from time to time.

FOR BRAZIL EMPLOYEES ONLY

Please note that the offer of an award under the SIP does not constitute a public offer in Brazil, and therefore it is not subject to registration with the Brazilian authorities.

According to Brazilian regulations, individuals resident in Brazil must inform the Central Bank of Brazil yearly the amounts of any nature, the assets and rights (including cash and other deposits) held outside of the Brazilian territory. Please consult your own legal counsel on the terms and conditions for presentation of such information.

By accepting the Award(s), you acknowledge that the Firm has provided you with Portuguese translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control. (Ao aceitar esta outorga, Você reconhece que a Empresa Ihe disponibilizou a versão em português do Award Summary, do Award Agreement e do Signature Card; porém a versão original em inglês desses documentos prevalecerá.)

FOR CANADA EMPLOYEES IN QUEBEC ONLY

By accepting the Award(s), you acknowledge and agree that you and the Firm expressly wish that all documents related to the Award(s) (including, without limitation, the SIP, this Signature Card, the Award Agreement and the Award Summary) be in English only.

En acceptant le ou les octrois, vous reconnaissez et acceptez que les parties souhaitent expressément que tous les documents se rapportant à l’octroi ou aux octrois (incluant, sans limité la généralité de ce qui précède, le document du régime, cette carte de signature, la convention d’octroi et le sommaire d’octroi) soient en anglais seulement.

FOR THE PEOPLE’S REPUBLIC OF CHINA EMPLOYEES ONLY

All documentation in relation to the Award(s) is intended for your personal use and in your capacity as an employee of the Firm (and/or its affiliate) and is being given to you solely for the purpose of providing you with information concerning the Award(s) which the Firm may grant to you as an employee of the Firm (and/or its affiliate) in accordance with the terms of the SIP, this documentation and the applicable Award Agreement(s). The grant of the Award(s) has not been and will not be registered with the China Securities Regulatory Commission of the People’s Republic of China pursuant to relevant securities laws and regulations, and the Award(s) may not be offered or sold within the mainland of the People’s Republic of China by means of any of the documentation in relation to the Award(s) through a public offering or in circumstances which require a registration or approval of the China Securities Regulatory Commission of the People’s Republic of China in accordance with the relevant securities laws and regulations.

FOR FRANCE EMPLOYEES ONLY

Disclaimer: The current Award(s) is not covered by any prospectus which is the subject of the AMF’s approval. Grantees can only receive this award for their own account (“compte propre”) in the conditions laid down by articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 and D. 764-1 of the French Monetary and Financial Code. Any direct or indirect dissemination into the public of the financial instruments acquired can only take place within the conditions of articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 -to L. 621-8-3 of the French Monetary and Financial Code.

By accepting the Award(s), you acknowledge that the Firm has provided you with French translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

The provisions of the Award Agreement will apply only in respect of the year to which the Award Agreement relates and will not in any circumstances create any right or entitlement to you for any future fiscal years.

Avertissement: La présente attribution ne donne pas lieu à un prospectus soumis au visa de l’Autorité des marchés financiers. Les personnes qui y participent ne peuvent le faire que pour compte propre dans les conditions fixées par les articles D. 411-1, D. 411-2, D.411-3, D.411-4, D. 744-1, D. 754-1 et D. 764-1 du Code monetaire et financier. La diffusion, directe ou indirecte, dans le public des instruments financiers ainsi acquis, ne peut être réalisée que dans les conditions prévues aux articles L. 411-1, L. 411-2 L. 412-1 et L. 621-8 à L. 621-8-3 du Code monétaire et financier.

 

 

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En acceptant cet octroi, vous reconnaissez que la Société vous a transmis une version français de l’Award Summary (Résumé de l’Octroi), l’Award Agreement (Contrat d’Octroi) et de la Signature Card (Carte de Signature), mais que seule la version originale en langue anglaise fait foi.

Les dispositions de l’Accord de prime s’appliquent uniquement à l’année concernée par l’Accord de prime et ne créent en aucune circonstance tous droits ou habilitations s’agissant des années fiscales à venir.

FOR GERMANY EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered the Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(e) of that directive. This document is not a prospectus within the meaning of that directive.

Die Prämien werden Ihnen von der GS Inc. gemäß den in der Prämienübersicht aufgeführten Bestimmungen des Erwerbsplans angeboten. Weitere Informationen über GS Inc. finden Sie unter www.gs.com. Die Prämien werden Ihnen im Rahmen des Erwerbsplans angeboten, um einen zusätzlichen Anreiz darzustellen und Sie als Mitarbeiter zum Erwerb von Aktien zu ermutigen, um so Ihren Anteil am Erfolg des Unternehmens zu vergrößern. Informationen zur Anzahl der im Rahmen des Plans angebotenen GS Inc.-Aktien entnehmen Sie bitte dem Abschnitt als Prämien erhältliche Aktien im Erwerbsplan. Die Verpflichtung zur Veröffentlichung eines Emissionsprospekts gemäß der europäischen Prospektrichtlinie trifft auf Grund von Artikel 4(1)(e) dieser Richtlinie nicht auf dieses Angebot zu. Dieses Dokument ist kein Prospekt im Sinne dieser Richtlinie.

FOR HONG KONG EMPLOYEES ONLY

WARNING:

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of this document, you should obtain independent professional advice.

By accepting the Award(s), you acknowledge and accept that you will not be permitted to transfer awards to persons who fall outside the definition of ‘qualifying persons’ in the Companies Ordinance (i.e., a person who is not a current or former director, employee, officer, consultant of the Firm or a person other than the offeree’s wife, husband, widow, widower, child or step-child under the age of 18 years, or as otherwise defined), even if otherwise permitted under the SIP or any of the related documents.

FOR INDIA EMPLOYEES ONLY

This website does not invite offers from the public for subscription or purchase of the securities of any body corporate under any law for the time being in force in India. The website is not a prospectus under the applicable laws for the time being in force in India. GS Inc. does not intend to market, promote, invite offers for subscription or purchase of the securities of any body corporate by this website. The information provided on this website is for the record only. Any person who subscribes or purchases securities of any body corporate should consult his own investment advisers before making any investments. GS Inc. shall not be liable or responsible for any such investment decision made by any person.

FOR INDONESIA EMPLOYEES ONLY

By accepting the Award(s), you acknowledge that the Firm has provided you with Bahasa Indonesia translations of the Award Summary, Award Agreement and Signature Card, but that the original English versions of these documents control.

Dengan menerima Putusan, Anda menyatakan bahwa Perusahaan telah memberikan Anda terjemahan Bahasa Indonesia dari Ikhtisar Putusan, Perjanjian Putusan dan Perjanjian dengan Tanda Tangan, tapi versi asli dalam Bahasa Inggris dari dokumen-dokumen ini tetap mengendalikan.

FOR ITALY EMPLOYEES ONLY

No person resident or located in Italy other than the original recipients of this document and any other document related to the Award(s) may rely on such documents or their content. The offer of the Award(s) under the SIP (and the delivery of underlying shares) is exempted from prospectus requirements under Italian securities legislation.

Under Italian regulations, taxpayers must report in their annual tax returns any foreign financial assets in excess of EUR 10,000. Please consult your own advisors regarding the terms and conditions of this reporting obligation.

FOR MONACO EMPLOYEES ONLY

By accepting your Award(s), you expressly renounce the jurisdiction of Monaco (and, if applicable, France and notably the application of articles 14 and 15 of the French Civil Code) in connection with any dispute relating to your Award(s).

FOR NEW ZEALAND EMPLOYEES ONLY

The Financial Markets Authority in New Zealand has issued the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 (Notice), which sets out the way in which GS Inc. can offer you securities under the SIP. In accordance with the requirements of the Notice, the following information has been made available to you:

 

1. GS Inc.’s most recent annual report on
     http://www2.goldmansachs.com/our-firm/investors/financials/index.html.

 

2. The SIP documentation (which constitutes the current rules of the employee share purchase scheme for the purposes of the Notice) on https://hcm.web.gs.com/newaward.

 

3. A copy of the Award Agreement on https://hcm.web.gs.com/newaward.

 

4. GS Inc.’s most recent published financial statements on http://www2.goldmansachs.com/our-firm/investors/financials/index.html.

You may request copies of the documents listed above free of charge from Head of Securities Compliance – Goldman Sachs Australia Pty Ltd.

FOR POLAND EMPLOYEES ONLY

The Award(s) are offered to you by GS Inc. in accordance with the terms of the SIP which are summarized in the Award Summary. More information about GS Inc. is available on www.gs.com. You are being offered Award(s) under the SIP in order to provide an additional incentive and to encourage employee share ownership and so increase your interest in the Firm’s success. Please refer to the section entitled Shares Available for Awards in the SIP for information on the maximum number of GS Inc. shares that can be offered under the SIP. The obligation to publish a prospectus under the Prospectus Directive does not apply to the offer because of Article 4(1)(b) of that directive.

The Goldman Sachs Group, Inc. („GS Inc.”) przyznaje Państwu Premię (premie) zgodnie z warunkami Motywacyjnego Programu Akcji Pracowniczych opisanymi w Ogólnych Warunkach Przyznania Premii. Więcej informacji na temat GS Inc. można uzyskać na stronie www.gs.com. Oferowana Państwu na podstawie Motywacyjnego Programu Akcji Pracowniczych Premia ma stanowić dodatkową motywację i rozwijać akcjonariat pracowniczy a w konsekwencji zwiększyć Państwa zaangażowanie w sukces Firmy. Prosimy zapoznać się z działem zatytułowanym Akcje dostępne w ramach Premii w Motywacyjnym Programie Akcji Pracowniczych, w celu uzyskania informacji na temat maksymalnej liczby akcji GS Inc. oferowanych na podstawie Motywacyjnego Programu Akcji Pracowniczych. Obowiązek publikowania prospektu wynikający z Dyrektywy w Sprawie Prospektu Emisyjnego nie ma zastosowania do niniejszej oferty, ze względu na brzmienie art. 4 ust. 1 lit. b wskazanej powyżej dyrektywy.

FOR RUSSIA EMPLOYEES ONLY

None of the information contained in the documents referred to in paragraph 8 of this Signature Card or in this Signature Card constitutes an advertisement of the Award(s) in Russia and must not be passed on to third parties or otherwise be made publicly available in Russia. The Award(s) have not been and will not be registered in Russia and are not intended for “placement” or “public circulation” in Russia.

FOR SAUDI ARABIA EMPLOYEES ONLY

The Award(s) are offered to you on behalf of Goldman Sachs Saudi Arabia, Commercial Registration Number 1010256672, 25th Floor, Kingdom Tower, Post Office Box 52969, Riyadh 11573, Saudi Arabia. The SIP documents may not be distributed in the Kingdom except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of the SIP documents, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of the SIP documents. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of the SIP documents you should consult an authorized financial adviser.

 

 

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FOR SWEDEN EMPLOYEES ONLY

By accepting the Award(s), you acknowledge and accept that any transfer provisions (including, where applicable, escrow and other similar provisions) in the SIP or any related documents do not apply to you.

FOR UK EMPLOYEES ONLY

This document does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Recipients should seek their own financial advice.

The Award(s) are subject to the terms and conditions set forth in the SIP and the Award Agreement(s). The price of shares and the income from such shares (if any) can fluctuate and may be affected by changes in the exchange rate for U.S. Dollars. Past performance will not necessarily be repeated. Levels and bases of taxation may change from time to time. Investors should consult their own tax advisers in order to understand tax consequences. GS Inc. has (and its associates may have) a material interest in the shares and the investments that are the subject of this document.

 

 

Signature:         Date:    
Print Name:         Employee ID #:    

 

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EX-10.47 8 d276319dex1047.htm YEAR END RSU AWARD AGREEMENT (NOT FULLY VESTED) Year End RSU Award Agreement (not fully vested)

Exhibit 10.47

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

         YEAR-END RSU AWARD

This Award Agreement sets forth the terms and conditions of the          Year-End award (this “Award”) of RSUs (“Year-End RSUs”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 15.

2. Award. The number of Year-End RSUs subject to this Award is set forth in the Award Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. In addition, some or all of any Shares delivered in respect of your Year-End RSUs will be subject to transfer restrictions following the Delivery Date as described in Paragraph 3(b)(iv) below. THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Vesting and Delivery and Transfer Restrictions.

(a) Vesting. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9, 10 and 15, on each Vesting Date you shall become Vested in the number or percentage of Year-End RSUs specified next to such Vesting Date on the Award Statement (which may be rounded to avoid fractional Shares). When a Year-End RSU becomes Vested, it means only that your continued active Employment is not required in order to receive delivery of the Shares underlying your Outstanding Year-End RSUs that are or become Vested. However, all other terms and conditions of this Award Agreement shall continue to apply to such Vested Year-End RSUs, and failure to meet such terms and conditions may result in the termination of this Award (as a result of which, no Shares underlying such Vested Year-End RSUs would be delivered).


(b) Delivery and Transfer Restrictions.

(i) The Delivery Date with respect to the number or percentage of your Year-End RSUs shall be the date specified next to such number or percentage of Year-End RSUs on your Award Statement. In accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that in no event shall you be permitted to designate, directly or indirectly, the taxable year of the delivery.

(ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9, 10, 15 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than 30 Business Days) after each date specified as a Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the number or percentage of your then Outstanding Year-End RSUs with respect to which such Delivery Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a brokerage account, as approved or required by the Firm. Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

(iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or any portion of your Year-End RSUs, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to deliveries of Shares shall include such deliveries of cash, other securities, other awards under the Plan or other property.

(iv) Except as provided in this Paragraph 3(b)(iv) and Paragraphs 3(c), 7, and 9(g), the following Shares delivered to you in respect of your Year-End RSUs shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”):

(1) If the withholding rate applicable to the delivery of Shares on a Delivery Date (or any other date delivery of Shares is called for hereunder) is at least 50%, then all the Shares delivered to you (after application of the withholding) in respect of your Year-End RSUs on such date will be subject to the Transfer Restrictions until the date specified in your Award Statement as the “Transferability Date” (the “Transferability Date”).

(2) If the withholding rate applicable to the delivery of Shares on a Delivery Date (or any other date delivery of Shares is called for hereunder) is less than 50%, then 50% of the Shares scheduled to be delivered to you (prior to application of any withholding) on such date will be subject to the Transfer Restrictions until the Transferability Date and the remaining Shares delivered to you (after application of any withholding) on such date will not be subject to the Transfer Restrictions. Shares may be rounded to avoid fractional Shares.

Shares that are subject to Transfer Restrictions are referred to in this Award Agreement as “Shares at Risk.” Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent your Shares at Risk are certificated, the Certificates representing the Shares at Risk are subject to the restrictions in this Paragraph 3(b)(iv), and GS Inc. shall advise its transfer agent to place a stop order against your Shares at Risk. Within 30 Business Days after the applicable Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions.

 

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(v) In the discretion of the Committee, delivery of Shares (including Shares at Risk) may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Year-End RSUs, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, your (or your estate or beneficiary) executing any documents related to, and your (or your estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(c) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 15), if you die prior to the Delivery Date and/or the Transferability Date, the Shares underlying your then Outstanding Year-End RSUs shall be delivered to the representative of your estate and any Transfer Restrictions shall cease to apply as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding Year-End RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of Year-End RSUs and Non-Delivery of Shares; Termination of Shares at Risk.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6, 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, your rights in respect of your Year-End RSUs that were Outstanding but that had not yet become Vested prior to your termination of Employment immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof. Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(b)(iv).

(b) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Outstanding Year-End RSUs (whether or not Vested) immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) any event that constitutes Cause has occurred;

(iii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept

 

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employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

(iv) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the delivery of Shares under this Award Agreement, you shall be deemed to have represented and certified at such time that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(v) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(vi) as a result of any action brought by you, it is determined that any of the terms or conditions for delivery of Shares in respect of this Award Agreement are invalid; or

(vii) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Year-End RSUs.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (B) any Managing Director of the Firm.

(c) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Shares at Risk immediately shall terminate and such Shares at Risk shall be cancelled (and shall be subject to repayment in a manner similar to the provisions described in Paragraph 5) if:

(i) any event constituting Cause has occurred;

(ii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement; or

 

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(iv) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Shares at Risk.

(d) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraphs 4(b)(v) and 4(c)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraphs 4(b)(ii) and 4(c)(i).

(e) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(b) or 4(c), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s          fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Year-End RSUs awarded as part of this Award (whether or not Vested) immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares, payments under Dividend Equivalent Rights, dividends on Shares at Risk or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5) and any Shares at Risk shall be cancelled.

5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees to repay to the Firm amounts delivered to them if the Committee determines that all terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall apply to this Award which, for the avoidance of doubt, includes all amounts received under this Award, including Shares at Risk, dividends and payments under Dividend Equivalent Rights.

6. Extended Absence, Retirement, Downsizing and Approved Termination for Program Analysts.

(a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph 6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) by reason of Extended Absence or Retirement (as defined below), the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other terms and conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Notwithstanding anything to the contrary in the Plan or otherwise, “Retirement” means termination of your Employment (other than for Cause) on or after the Date of Grant at a time when (i) (A) the sum of your age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) you have completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) you have attained age 50 and (B) you have completed at least five years of service with the Firm (as determined by the Committee in its sole discretion). Any termination of Employment by reason of Extended Absence or Retirement shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(b)(iv).

 

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(b) Without limiting the application of Paragraphs 4(b), 4(c) and 4(e), your rights in respect of your Outstanding Year-End RSUs that become Vested in accordance with Paragraph 6(a) immediately shall terminate, such Outstanding Year-End RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof if, prior to the original Vesting Date with respect to such Year-End RSUs, you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 6(b) will not apply if your termination of Employment by reason of Extended Absence or Retirement is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

(c) Notwithstanding any other provision of this Award Agreement and subject to your executing such general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee, if your Employment is terminated without Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived with respect to your Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will be solely by reason of a “downsizing.” Your termination of Employment by reason of “downsizing” shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(b)(iv).

(d) Notwithstanding any other provision of this Award Agreement, if you are classified by the Firm as a “program analyst,” and your Employment is terminated without Cause solely by reason of an “approved termination” with respect to your participation in the program prior to any Vesting Date specified on your Award Statement, the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Unless otherwise determined by the Committee, for purposes of this Paragraph 6(d), an “approved termination” shall mean a termination of Employment from the analyst program where you: (i) successfully complete the analyst program (as determined by the Firm in its sole discretion), which shall include, but not be limited to, remaining Employed by the Firm through the analyst program completion date specified by the Firm and (ii) terminate Employment with the Firm immediately after you complete the analyst program, without any “stay-on” or other agreement or understanding to continue Employment with the Firm. If you agree to stay with the Firm as an employee after your analyst program ends and then later terminate Employment, you will not have an “approved termination.” An “approved termination” shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(b)(iv).

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement (except Paragraph 15), in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all Shares underlying your then Outstanding Year-End RSUs, whether or not Vested, shall be delivered and any Transfer Restrictions shall cease to apply.

 

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8. Dividend Equivalent Rights; Dividends. Each Year-End RSU shall include a Dividend Equivalent Right. Accordingly, with respect to each of your Outstanding Year-End RSUs, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Share underlying such Outstanding Year-End RSU. Payment in respect of a Dividend Equivalent Right shall be made only with respect to Year-End RSUs that are Outstanding on the relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Shares at Risk, or, if the Shares at Risk are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Shares at Risk.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s          fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the Year-End RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your Year-End RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of your Year-End RSUs in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your Year-End RSU Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

 

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(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(b), 4(c) and 4(e), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Year-End RSUs and/or Shares at Risk would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Year-End RSUs and/or Shares at Risk;

then, in the case of Paragraph 9(g)(i) only, the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i) and 9(g)(ii), any Transfer Restrictions shall cease to apply, and, at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of, or delivery of Shares underlying, your then Outstanding Vested Year-End RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Vested Year-End RSUs and/or Shares at Risk, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Year-End RSUs and Shares at Risk, as applicable, in accordance with Paragraphs 4(b)(iv) and 4(c)(iii).

10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver Shares or to remove the Transfer Restrictions under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall

 

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materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Year-End RSUs may transfer some or all of their Year-End RSUs and/or Shares at Risk (which shall continue to be subject to Transfer Restrictions until the Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 15 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15 shall govern.

(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your Year-End RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 6(b) and (c) (execution of waiver and release of claims and agreement to pay associated tax liability) and 9 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion shall occur by the

 

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March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your Year-End RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

(d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 7, references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A).

(f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding Year-End RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding Year-End RSUs.

(g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

(h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

 

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(j) The Grantee understands and agrees that the Grantee is solely responsible for the payment of any taxes and penalties due pursuant to Section 409A.

16. Compliance of Award Agreement and Plan with Section 457A. To the extent the Committee or the Plan’s committee that has been delegated certain authority by the Committee (the “SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the documents governing an Award must specify that such Award will be delivered within the period set forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant (as the Committee or the SIP Committee determines necessary or appropriate after consultation with counsel) to provide that delivery of Year-End RSUs will occur no later than 12 months after the end of the taxable year in which the right to delivery is first no longer subject to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no action or modification will be permitted to the extent that such action or modification would cause such Award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

17. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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EX-10.48 9 d276319dex1048.htm YEAR -END RSU AWARD AGREEMENT( FULLY VESTED) Year -End RSU Award Agreement( fully vested)

Exhibit 10.48

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

         YEAR-END RSU AWARD

This Award Agreement sets forth the terms and conditions of the          Year-End award (this “Award”) of RSUs (“Year-End RSUs”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 15.

2. Award. The number of Year-End RSUs subject to this Award is set forth in the Award Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. In addition, Shares delivered in respect of your Year-End RSUs will be subject to transfer restrictions following the Delivery Date as described in Paragraph 3(b)(iv) below. THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Vesting and Delivery and Transfer Restrictions.

(a) Vesting. All of your Year-End RSUs shall be Vested on the Date of Grant. The fact that your Year-End RSUs are Vested means only that your continued active Employment is not required in order to receive delivery of the Shares underlying your Outstanding Year-End RSUs. However, all other terms and conditions of this Award Agreement shall continue to apply to such Year-End RSUs, and failure to meet such terms and conditions may result in the termination of this Award (as a result of which, no Shares underlying such Year-End RSUs would be delivered).


(b) Delivery and Transfer Restrictions.

(i) The Delivery Date with respect to the number or percentage of your Year-End RSUs shall be the date specified next to such number or percentage of Year-End RSUs on your Award Statement. In accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that in no event shall you be permitted to designate, directly or indirectly, the taxable year of the delivery.

(ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 7, 9, 10, 15 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than 30 Business Days) after each date specified as a Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the number or percentage of your then Outstanding Year-End RSUs with respect to which such Delivery Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a brokerage account, as approved or required by the Firm. Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

(iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or any portion of your Year-End RSUs, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to deliveries of Shares shall include such deliveries of cash, other securities, other awards under the Plan or other property.

(iv) Except as provided in Paragraphs 3(c), 7, and 9(g), the following Shares delivered to you in respect of your Year-End RSUs shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”):

(1) If the withholding rate applicable to the delivery of Shares on a Delivery Date (or any other date delivery of Shares is called for hereunder) is at least 50%, then all the Shares delivered to you (after application of the withholding) in respect of your Year-End RSUs on such date will be subject to the Transfer Restrictions until the date specified in your Award Statement as the “Transferability Date” (the “Transferability Date”).

(2) If the withholding rate applicable to the delivery of Shares on a Delivery Date (or any other date delivery of Shares is called for hereunder) is less than 50%, then 50% of the Shares scheduled to be delivered to you (prior to application of any withholding) on such date will be subject to the Transfer Restrictions until the Transferability Date[, and the remaining Shares delivered to you (after application of any withholding) on such date will be subject to the Transfer Restrictions until the first trading day during a Window Period that occurs on or after the six-month anniversary of the Delivery Date]. Shares may be rounded to avoid fractional Shares.

Shares that are subject to Transfer Restrictions are referred to in this Award Agreement as “Shares at Risk.” Any date on which Transfer Restrictions lapse pursuant to this Paragraph 3(b)(iv) is referred to in this Award Agreement as an “Applicable Transferability Date.” Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent your Shares at Risk are certificated, the Certificates representing the Shares at Risk

 

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are subject to the restrictions in this Paragraph 3(b)(iv), and GS Inc. shall advise its transfer agent to place a stop order against your Shares at Risk. Within 30 Business Days after the Applicable Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions.

(v) In the discretion of the Committee, delivery of Shares (including Shares at Risk) may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Year-End RSUs, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, your (or your estate or beneficiary) executing any documents related to, and your (or your estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(c) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 15), if you die prior to the Delivery Date and/or the Applicable Transferability Date, the Shares underlying your then Outstanding Year-End RSUs shall be delivered to the representative of your estate and any Transfer Restrictions shall cease to apply as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding Year-End RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of Year-End RSUs and Non-Delivery of Shares; Termination of Shares at Risk.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, any Transfer Restrictions shall continue to apply until the ApplicableTransferability Date as provided in Paragraph 3(b)(iv).

(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), and subject to Paragraph 6(b):

(i) your rights in respect of all Year-End RSUs shall terminate, such Outstanding Year-End RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof, if you engage in “Competition” (as defined below) prior to the earlier of December 31,          or the date on which your Year-End RSUs become deliverable following a Change in Control in accordance with Paragraph 7 hereof;

(ii) your rights in respect of the number or percentage of Year-End RSUs that are scheduled to deliver in January          and January          shall terminate, such number of Year-End RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof, if you engage in Competition on or after December 31,         , but prior to the earlier of December 31,          or the date on which your Year-End RSUs become deliverable following a Change in Control in accordance with Paragraph 7 hereof; and

 

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(iii) your rights in respect of the number or percentage of Year-End RSUs that are scheduled to deliver in January ____ shall terminate, such number of Year-End RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof, if you engage in Competition on or after December 31, ____, but prior to the earlier of December 31, ____ or the date on which your Year-End RSUs become deliverable following a Change in Control in accordance with Paragraph 7 hereof.

For purposes of this Award Agreement, “Competition” means that you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise.

(c) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Outstanding Year-End RSUs immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) any event that constitutes Cause has occurred;

(iii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

(iv) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the delivery of Shares under this Award Agreement, you shall be deemed to have represented and certified at such time that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(v) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(vi) as a result of any action brought by you, it is determined that any of the terms or conditions for delivery of Shares in respect of this Award Agreement are invalid;

(vii) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Year-End RSUs;

 

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(viii) [GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days; or ]

(ix) [the Board of Governors of the Federal Reserve or the Federal Deposit Insurance Corporation (the “FDIC”) makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc. is “in default” or “in danger of default.”]

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (B) any Managing Director of the Firm.

(d) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Shares at Risk immediately shall terminate and such Shares at Risk shall be cancelled (and shall be subject to repayment in a manner similar to the provisions described in Paragraph 5) if:

(i) any event constituting Cause has occurred;

(ii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement; or

(iv) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Shares at Risk.

(e) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraphs 4(c)(v) and 4(d)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraphs 4(c)(ii) and 4(d)(i).

(f) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(c) or 4(d), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns

 

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about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Year-End RSUs awarded as part of this Award immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares, payments under Dividend Equivalent Rights, dividends on Shares at Risk or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5) and any Shares at Risk shall be cancelled.

5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees to repay to the Firm amounts delivered to them if the Committee determines that all terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall apply to this Award which, for the avoidance of doubt, includes all amounts received under this Award, including Shares at Risk, dividends and payments under Dividend Equivalent Rights.

6. Certain Terminations of Employment.

(a) In the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) for any reason, all terms and conditions of this Award Agreement shall continue to apply.

(b) Unless otherwise determined by the Committee in its discretion, Paragraph 4(b) will not apply following termination of Employment that is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement (except Paragraph 15), in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all Shares underlying your then Outstanding Year-End RSUs shall be delivered and any Transfer Restrictions shall cease to apply.

8. Dividend Equivalent Rights; Dividends. Each Year-End RSU shall include a Dividend Equivalent Right. Accordingly, with respect to each of your Outstanding Year-End RSUs, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Share underlying such Outstanding Year-End RSU. Payment in respect of a Dividend Equivalent Right shall be made only with respect to Year-End RSUs that are Outstanding on the relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Shares at Risk, or, if the Shares at Risk are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Shares at Risk.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or

 

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delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the Year-End RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your Year-End RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of your Year-End RSUs in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your Year-End RSU Award, including without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Year-End RSUs and/or Shares at Risk would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

 

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(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Year-End RSUs and/or Shares at Risk;

then any Transfer Restrictions shall cease to apply, and, at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of, or delivery of Shares underlying, your then Outstanding Year-End RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Year-End RSUs and/or Shares at Risk, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Year-End RSUs and Shares at Risk, as applicable, in accordance with Paragraphs 4(c)(iv) and 4(d)(iii).

10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver Shares or to remove the Transfer Restrictions under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Year-End RSUs may transfer some or all of their Year-End RSUs and/or Shares at Risk (which shall continue to be subject to Transfer Restrictions until the Applicable Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

 

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14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 15 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15 shall govern.

(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your Year-End RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 6(b) (execution of waiver and release of claims and agreement to pay associated tax liability) and 9 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion shall occur by the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your Year-End RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

 

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(d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 7, references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A).

(f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding Year-End RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding Year-End RSUs.

(g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

(h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

(j) The Grantee understands and agrees that the Grantee is solely responsible for the payment of any taxes and penalties due pursuant to Section 409A.

16. Compliance of Award Agreement and Plan with Section 457A. To the extent the Committee or the Plan’s committee that has been delegated certain authority by the Committee (the “SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the documents governing an Award must specify that such Award will be delivered within the period set forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant (as the Committee or the SIP Committee determines necessary or appropriate after consultation with counsel) to provide that delivery of Year-End RSUs will occur no later than 12 months after the end of the taxable year in which the right to delivery is first no longer subject to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no action or modification will be permitted to the extent that such action or modification would cause such Award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

17. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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EX-10.49 10 d276319dex1049.htm YEAR-END RSU AWARD AGREEMENT( BASE AND /OR SUPPLEMENTAL) Year-End RSU Award Agreement( base and /or Supplemental)

Exhibit 10.49

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

____ YEAR-END RSU AWARD

This Award Agreement sets forth the terms and conditions of the ____ Year-End award (this “Award”) of RSUs (“Year-End RSUs”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 15.

2. Award. The number of Year-End RSUs subject to this Award is set forth in the Award Statement delivered to you and is comprised of the number of RSUs designated on your Award Statement as “____ Year-End RSUs” and “____ Year-End Supplemental RSUs.” The RSUs that are designated on your Award Statement as “____ Year-End RSUs” (and not “____ Year-End Supplemental RSUs”) are referred to in this Award Agreement as “Base RSUs.” The RSUs that are designated on your Award Statement as “____ Year-End Supplemental RSUs” are referred to in this Award Agreement as “Supplemental RSUs.” Unless otherwise provided, all references to “Year-End RSUs” include both the Supplemental RSUs and the Base RSUs. (For the avoidance of doubt, this Award Agreement does not govern the terms and conditions of the RSUs designated on your Award Statement as “____ Year-End Short-Term RSUs,” which are addressed separately in the ____ Year-End Short-Term RSU Award Agreement.) An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. In addition, Shares delivered in respect of your Year-End RSUs will be subject to transfer restrictions following the Delivery Date as described in Paragraph 3(b)(iv) below. THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.


3. Vesting and Delivery and Transfer Restrictions.

(a) Vesting. All of your Supplemental RSUs shall be Vested on the Date of Grant. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9, 10 and 15, on each Vesting Date you shall become Vested in the number or percentage of Base RSUs specified next to such Vesting Date on the Award Statement (which may be rounded to avoid fractional Shares). When a Year-End RSU becomes Vested, it means only that your continued active Employment is not required in order to receive delivery of the Shares underlying your Outstanding Year-End RSUs that are or become Vested. However, all other terms and conditions of this Award Agreement shall continue to apply to such Vested Year-End RSUs, and failure to meet such terms and conditions may result in the termination of this Award (as a result of which, no Shares underlying such Vested Year-End RSUs would be delivered).

(b) Delivery and Transfer Restrictions.

(i) The Delivery Date with respect to the number or percentage of your Year-End RSUs shall be the date specified next to such number or percentage of Year-End RSUs on your Award Statement, such that delivery applies first to Shares underlying the Supplemental RSUs and then to Shares underlying the Base RSUs. In accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that in no event shall you be permitted to designate, directly or indirectly, the taxable year of the delivery.

(ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 6, 7, 9, 10, 15 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than 30 Business Days) after each date specified as a Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the number or percentage of your then Outstanding Year-End RSUs with respect to which such Delivery Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a brokerage account, as approved or required by the Firm. Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

(iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or any portion of your Year-End RSUs, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to deliveries of Shares shall include such deliveries of cash, other securities, other awards under the Plan or other property.

(iv) Except as provided in Paragraphs 3(c), 7, and 9(g), the following Shares delivered to you in respect of your Year-End RSUs shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”):

(A) Transfer Restrictions on Supplemental RSU Shares. All Shares delivered to you in respect of Supplemental RSUs (after application of any tax or other withholding) shall be subject to the Transfer Restrictions until the first trading day during a Window Period that occurs on or after the six-month anniversary of the Delivery Date.

 

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(B) Transfer Restrictions on Base RSU Shares.

(1) If the withholding rate applicable to the delivery of Shares underlying Base RSUs on a Delivery Date (or any other date delivery of Shares is called for hereunder) is at least 50%, then all the Shares delivered to you (after application of the withholding) in respect of such RSUs on such date will be subject to the Transfer Restrictions until the date specified for such RSUs in your Award Statement as the “Transferability Date” (the “Transferability Date”).

(2) If the withholding rate applicable to delivery of Shares underlying Base RSUs on a Delivery Date (or any other date delivery of Shares is called for hereunder) is less than 50%, then 50% of the Shares scheduled to be delivered to you (prior to application of any withholding) in respect of such RSUs on such date will be subject to the Transfer Restrictions until the Transferability Date. The remaining Shares underlying such RSUs delivered to you (after application of any withholding) on such date will be subject to the Transfer Restrictions until the first trading day during a Window Period that occurs on or after the six-month anniversary of the Delivery Date. Shares may be rounded to avoid fractional Shares.

Shares that are subject to Transfer Restrictions are referred to in this Award Agreement as “Shares at Risk.” Any date on which Transfer Restrictions lapse pursuant to this Paragraph 3(b)(iv) is referred to in this Award Agreement as an “Applicable Transferability Date.” Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent your Shares at Risk are certificated, the Certificates representing the Shares at Risk are subject to the restrictions in this Paragraph 3(b)(iv), and GS Inc. shall advise its transfer agent to place a stop order against your Shares at Risk. Within 30 Business Days after the Applicable Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions.

(v) In the discretion of the Committee, delivery of Shares (including Shares at Risk) may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Year-End RSUs, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, your (or your estate or beneficiary) executing any documents related to, and your (or your estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(vi) If you are a party to the Amended and Restated Shareholders’ Agreement (the “Shareholders’ Agreement”), Shares delivered with respect to your Year-End RSUs will be subject to the Shareholders’ Agreement, except that Shares delivered with respect to Supplemental RSUs will not be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement.

(c) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 15), if you die prior to the Delivery Date and/or the Applicable Transferability Date, the Shares underlying your then Outstanding Year-End RSUs shall be delivered to the representative of your estate and any Transfer Restrictions shall cease to apply as soon as practicable after the date of death and after such

 

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documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding Year-End RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of Year-End RSUs and Non-Delivery of Shares; Termination of Shares at Risk.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 6, 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, your rights in respect of your Year-End RSUs that were Outstanding but that had not yet become Vested prior to your termination of Employment immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof. Unless the Committee determines otherwise, and except as provided in Paragraphs 3(c), 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, any Transfer Restrictions shall continue to apply until the Applicable Transferability Date as provided in Paragraph 3(b)(iv).

(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), your rights in respect of the number or percentage of Supplemental RSUs that are scheduled to deliver on an applicable Delivery Date shall terminate, such number of Supplemental RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof, if you engage in “Competition” on or prior to the earlier of (i) the December 31 that immediately precedes such Delivery Date or (ii) the date on which your Supplemental RSUs become deliverable following a Change in Control in accordance with Paragraph 7 hereof. For purposes of this Award Agreement, “Competition” means that you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 4(b) will not apply if your Employment is terminated without Cause solely by reason of a “downsizing,” or is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement” or be solely by reason of a “downsizing.” Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion.

(c) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Outstanding Year-End RSUs (whether or not Vested) immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) any event that constitutes Cause has occurred;

(iii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive

 

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Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

(iv) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the delivery of Shares under this Award Agreement, you shall be deemed to have represented and certified at such time that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(v) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(vi) as a result of any action brought by you, it is determined that any of the terms or conditions for delivery of Shares in respect of this Award Agreement are invalid;

(vii) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Year-End RSUs;

(viii) GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days; or

(ix) the Board of Governors of the Federal Reserve or the Federal Deposit Insurance Corporation (the “FDIC”) makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc. is “in default” or “in danger of default.”

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (B) any Managing Director of the Firm.

(d) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Shares at Risk immediately shall terminate and such Shares at Risk shall be cancelled (and shall be subject to repayment in a manner similar to the provisions described in Paragraph 5) if:

(i) any event constituting Cause has occurred;

 

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(ii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement; or

(iv) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Shares at Risk.

(e) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraphs 4(c)(v) and 4(d)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraphs 4(c)(ii) and 4(d)(i).

(f) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(b), 4(c) or 4(d), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Year-End RSUs awarded as part of this Award (whether or not Vested) immediately shall terminate, such Year-End RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares, payments under Dividend Equivalent Rights, dividends on Shares at Risk or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5) and any Shares at Risk shall be cancelled.

5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees to repay to the Firm amounts delivered to them if the Committee determines that all terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall apply to this Award which, for the avoidance of doubt, includes all amounts received under this Award, including Shares at Risk, dividends and payments under Dividend Equivalent Rights.

6. Extended Absence, Retirement, Downsizing and Approved Termination for Program Analysts.

(a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph 6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) by reason of Extended Absence or Retirement (as defined below), the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other terms and conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Notwithstanding anything to the contrary in the Plan or otherwise, “Retirement” means termination of your Employment (other than for Cause) on or after the Date of

 

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Grant at a time when (i) (A) the sum of your age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) you have completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) you have attained age 50 and (B) you have completed at least five years of service with the Firm (as determined by the Committee in its sole discretion). Any termination of Employment by reason of Extended Absence or Retirement shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Applicable Transferability Date as provided in Paragraph 3(b)(iv).

(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), your rights in respect of your Outstanding Year-End RSUs that become Vested in accordance with Paragraph 6(a) immediately shall terminate, such Outstanding Year-End RSUs shall cease to be Outstanding, and no Shares shall be delivered in respect thereof if, prior to the original Vesting Date with respect to such Year-End RSUs, you engage in Competition. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 6(b) will not apply if your termination of Employment by reason of Extended Absence or Retirement is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

(c) Notwithstanding any other provision of this Award Agreement and subject to your executing such general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee, if your Employment is terminated without Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived with respect to your Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will be solely by reason of a “downsizing.” Your termination of Employment by reason of “downsizing” shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Applicable Transferability Date as provided in Paragraph 3(b)(iv).

(d) Notwithstanding any other provision of this Award Agreement, if you are classified by the Firm as a “program analyst,” and your Employment is terminated without Cause solely by reason of an “approved termination” with respect to your participation in the program prior to any Vesting Date specified on your Award Statement, the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested), but all other conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Unless otherwise determined by the Committee, for purposes of this Paragraph 6(d), an “approved termination” shall mean a termination of Employment from the analyst program where you: (i) successfully complete the analyst program (as determined by the Firm in its sole discretion), which shall include, but not be limited to, remaining Employed by the Firm through the analyst program completion date specified by the Firm and (ii) terminate Employment with the Firm immediately after you complete the analyst program, without any “stay-on” or other agreement or understanding to continue Employment with the Firm. If you agree to stay with the Firm as an employee after your analyst program ends and then later terminate Employment, you will not have an “approved termination.” An “approved termination” shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Applicable Transferability Date as provided in Paragraph 3(b)(iv).

 

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7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement (except Paragraph 15), in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all Shares underlying your then Outstanding Year-End RSUs, whether or not Vested, shall be delivered and any Transfer Restrictions shall cease to apply.

8. Dividend Equivalent Rights; Dividends. Each Year-End RSU shall include a Dividend Equivalent Right. Accordingly, with respect to each of your Outstanding Year-End RSUs, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Share underlying such Outstanding Year-End RSU. Payment in respect of a Dividend Equivalent Right shall be made only with respect to Year-End RSUs that are Outstanding on the relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Shares at Risk, or, if the Shares at Risk are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Shares at Risk.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the Year-End RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your Year-End RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and

 

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GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of your Year-End RSUs in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your Year-End RSU Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(b), 4(c), 4(d) and 4(f), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Year-End RSUs and/or Shares at Risk would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Year-End RSUs and/or Shares at Risk;

then, in the case of Paragraph 9(g)(i) only, the condition set forth in Paragraph 4(a) shall be waived with respect to any Year-End RSUs that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Year-End RSUs shall become Vested) and, in the case of Paragraphs 9(g)(i) and 9(g)(ii), any Transfer Restrictions shall cease to apply, and, at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of, or delivery of Shares underlying, your then Outstanding Vested Year-End RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Vested Year-End RSUs and/or Shares at Risk, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Year-End RSUs and Shares at Risk, as applicable, in accordance with Paragraphs 4(c)(iv) and 4(d)(iii).

 

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10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver Shares or to remove the Transfer Restrictions under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Year-End RSUs may transfer some or all of their Year-End RSUs and/or Shares at Risk (which shall continue to be subject to Transfer Restrictions until the Applicable Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 15 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15 shall govern.

 

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(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your Year-End RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c), 4(b), 6(b) and (c) (execution of waiver and release of claims and agreement to pay associated tax liability) and 9 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion shall occur by the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your Year-End RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

(d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 7, references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A).

(f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding Year-End RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding Year-End RSUs.

(g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

 

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(h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

(j) The Grantee understands and agrees that the Grantee is solely responsible for the payment of any taxes and penalties due pursuant to Section 409A.

16. Compliance of Award Agreement and Plan with Section 457A. To the extent the Committee or the Plan’s committee that has been delegated certain authority by the Committee (the “SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the documents governing an Award must specify that such Award will be delivered within the period set forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant (as the Committee or the SIP Committee determines necessary or appropriate after consultation with counsel) to provide that delivery of Year-End RSUs will occur no later than 12 months after the end of the taxable year in which the right to delivery is first no longer subject to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no action or modification will be permitted to the extent that such action or modification would cause such Award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

17. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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EX-10.50 11 d276319dex1050.htm YEAR-END SHORT-TERM RSU AWARD AGREEMENT Year-End Short-Term RSU Award Agreement

Exhibit 10.50

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

____ YEAR-END SHORT-TERM RSU AWARD

This Award Agreement sets forth the terms and conditions of the ____ Year-End award (this “Award”) of “Short-Term” RSUs (“Year-End Short-Term RSUs”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision. IN LIGHT OF THE U.S. TAX RULES RELATING TO DEFERRED COMPENSATION IN SECTION 409A OF THE CODE, TO THE EXTENT THAT YOU ARE A UNITED STATES TAXPAYER, CERTAIN PROVISIONS OF THIS AWARD AGREEMENT AND OF THE PLAN SHALL APPLY ONLY AS PROVIDED IN PARAGRAPH 15.

2. Award. The number of Year-End Short-Term RSUs subject to this Award is set forth in the Award Statement delivered to you. An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the terms and conditions of this Award Agreement, a share of Common Stock (a “Share”) on the Delivery Date or as otherwise provided herein. Until such delivery, you have only the rights of a general unsecured creditor, and no rights as a shareholder of GS Inc. THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Vesting and Delivery.

(a) Vesting. All of your Year-End Short-Term RSUs shall be Vested on the Date of Grant. The fact that your Year-End Short-Term RSUs are Vested means only that your continued active Employment is not required in order to receive delivery of the Shares underlying your Outstanding Year-End Short-Term RSUs. However, all other terms and conditions of this Award Agreement shall continue to apply to such Vested Year-End Short-Term RSUs, and failure to meet such terms and conditions may result in the termination of this Award (as a result of which, no Shares underlying such Year-End Short-Term RSUs would be delivered).


(b) Delivery.

(i) The Delivery Date with respect to the number or percentage of your Year-End Short-Term RSUs shall be the date specified next to such number or percentage of Year-End Short-Term RSUs on your Award Statement. In accordance with Treasury Regulations section (“Reg.”) 1.409A-3(d), the Firm may accelerate delivery to a date that is up to 30 days before the Delivery Date specified on the Award Statement; provided, however, that in no event shall you be permitted to designate, directly or indirectly, the taxable year of the delivery.

(ii) Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 5, 7, 9, 10, 15 and 16, in accordance with Section 3.23 of the Plan, reasonably promptly (but in no case more than 30 Business Days) after each date specified as a Delivery Date (or any other date delivery of Shares is called for hereunder), Shares underlying the number or percentage of your then Outstanding Year-End Short-Term RSUs with respect to which such Delivery Date (or other date) has occurred (which number of Shares may be rounded to avoid fractional Shares) shall be delivered by book entry credit to your Custody Account or to a brokerage account, as approved or required by the Firm. Notwithstanding the foregoing, if you are or become considered by GS Inc. to be one of its “covered employees” within the meaning of Section 162(m) of the Code, then you shall be subject to Section 3.21.3 of the Plan, as a result of which delivery of your Shares may be delayed.

(iii) In accordance with Section 1.3.2(i) of the Plan, in the discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of all or any portion of your Year-End Short-Term RSUs, the Firm may deliver cash, other securities, other awards under the Plan or other property, and all references in this Award Agreement to deliveries of Shares shall include such deliveries of cash, other securities, other awards under the Plan or other property.

(iv) In the discretion of the Committee, delivery of Shares may be made initially into an escrow account meeting such terms and conditions as are determined by the Firm and may be held in that escrow account until such time as the Committee has received such documentation as it may have requested or until the Committee has determined that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Year-End Short-Term RSUs, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account on such terms and conditions (which may include, without limitation, your (or your estate or beneficiary) executing any documents related to, and your (or your estate or beneficiary) paying for any costs associated with, such account) as the Firm may deem necessary or appropriate. Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(v) If you are a party to the Amended and Restated Shareholders’ Agreement (the “Shareholders’ Agreement”), Shares delivered with respect to your Year-End Short-Term RSUs will be subject to the Shareholders’ Agreement, except those Shares will not be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement.

(c) Death. Notwithstanding any other Paragraph of this Award Agreement (except Paragraph 15), if you die prior to the Delivery Date, the Shares underlying your then Outstanding Year-End Short-Term RSUs shall be delivered to the representative of your estate as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Outstanding Year-End Short-Term RSUs under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

 

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4. Termination of Year-End Short-Term RSUs and Non-Delivery of Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of all of your Outstanding Year-End Short-Term RSUs immediately shall terminate, such Year-End Short-Term RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) any event that constitutes Cause has occurred;

(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. By accepting the delivery of Shares under this Award Agreement, you shall be deemed to have represented and certified at such time that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(iv) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(v) as a result of any action brought by you, it is determined that any of the terms or conditions for delivery of Shares in respect of this Award Agreement are invalid; or

(vi) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Year-End Short-Term RSUs.

For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraph 4(a)(iv), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraph 4(a)(ii).

(b) Unless the Committee determines otherwise, without limiting any other provision in Paragraph 4(a), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Year-End Short-Term RSUs awarded as part of this Award immediately shall terminate, such Year-End Short-Term RSUs shall cease to be Outstanding and no Shares shall be delivered in respect thereof (and any Shares, payments under Dividend Equivalent Rights or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5).

 

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5. Repayment. The provisions of Section 2.6.3 of the Plan (which require Grantees to repay to the Firm amounts delivered to them if the Committee determines that all terms and conditions of this Award Agreement in respect of such delivery were not satisfied) shall apply to this Award which, for the avoidance of doubt, includes all amounts received under this Award, including payments under Dividend Equivalent Rights.

6. Termination of Employment. In the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) for any reason, all terms and conditions of this Award Agreement shall continue to apply.

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement (except Paragraph 15), in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all Shares underlying your then Outstanding Year-End Short-Term RSUs shall be delivered.

8. Dividend Equivalent Rights. Each Year-End Short-Term RSU shall include a Dividend Equivalent Right. Accordingly, with respect to each of your Outstanding Year-End Short-Term RSUs, at or after the time of distribution of any regular cash dividend paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant, you shall be entitled to receive an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Share underlying such Outstanding Year-End Short-Term RSU. Payment in respect of a Dividend Equivalent Right shall be made only with respect to Year-End Short-Term RSUs that are Outstanding on the relevant record date. Each Dividend Equivalent Right shall be subject to the provisions of Section 2.8.2 of the Plan.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares is conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the Year-End Short-Term RSUs are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of your Year-End Short-Term RSUs are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

 

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(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award, you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of your Year-End Short-Term RSUs in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with your Year-End Short-Term RSU Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(a) and 4(b), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Year-End Short-Term RSUs would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Year-End Short-Term RSUs;

then, at the sole discretion of the Firm, you shall receive either a lump sum cash payment in respect of, or delivery of Shares underlying, your then Outstanding Year-End Short-Term RSUs, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Year-End Short-Term RSUs, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Year-End Short-Term RSUs in accordance with Paragraph 4(a)(iii).

 

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10. Right of Offset. Except as provided in Paragraph 15(h), the obligation to deliver Shares under this Award Agreement is subject to Section 3.4 of the Plan, which provides for the Firm’s right to offset against such obligation any outstanding amounts you owe to the Firm and any amounts the Committee deems appropriate pursuant to any tax equalization policy or agreement.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Year-End Short-Term RSUs may transfer some or all of their Year-End Short-Term RSUs through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Compliance of Award Agreement and Plan with Section 409A. The provisions of this Paragraph 15 apply to you only if you are a United States taxpayer.

(a) References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance. This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions). The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections

 

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1.3.2 and 2.1 thereof) and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 15 and the other provisions of this Award Agreement, this Paragraph 15 shall govern.

(b) Delivery of Shares shall not be delayed beyond the date on which all applicable conditions or restrictions on delivery of Shares in respect of your Year-End Short-Term RSUs required by this Agreement (including, without limitation, those specified in Paragraphs 3(b) and (c) and 9 and the consents and other items specified in Section 3.3 of the Plan) are satisfied. To the extent that any portion of this Award is intended to satisfy the requirements for short-term deferral treatment under Section 409A, delivery for such portion shall occur by the March 15 coinciding with the last day of the applicable “short-term deferral” period described in Reg. 1.409A-1(b)(4) in order for the delivery of Shares to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Committee elects, pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with Section 409A, to delay delivery of Shares to a later date within the same calendar year or to such later date as may be permitted under Section 409A, including, without limitation, Regs. 1.409A-2(b)(7) (in conjunction with Section 3.21.3 of the Plan pertaining to Code Section 162(m)) and 1.409A-3(d).

(c) Notwithstanding the provisions of Paragraph 3(b)(iii) and Section 1.3.2(i) of the Plan, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that the Firm may deliver in respect of your Year-End Short-Term RSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose pursuant to Reg. 1.409A-1(b)(4)(i)(D) or otherwise as may be permitted under Section 409A, including, without limitation and to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Reg. 1.409A-2(b)).

(d) Notwithstanding the timing provisions of Paragraph 3(c), the delivery of Shares referred to therein shall be made after the date of death and during the calendar year that includes the date of death (or on such later date as may be permitted under Section 409A).

(e) The timing of delivery or payment pursuant to Paragraph 7 shall occur on the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the termination of Employment occurs; provided, however, that, if you are a “specified employee” (as defined by the Firm in accordance with Section 409A(a)(2)(i)(B) of the Code), delivery shall occur on the earlier of the Delivery Date or (to the extent required to avoid the imposition of additional tax under Section 409A) the date that is six months after your termination of Employment (or, if the latter date is not during a Window Period, the first trading day of the next Window Period). For purposes of Paragraph 7, references in this Award Agreement to termination of Employment mean a termination of Employment from the Firm (as defined by the Firm) which is also a separation from service (as defined by the Firm in accordance with Section 409A).

(f) Notwithstanding any provision of Paragraph 8 or Section 2.8.2 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your Outstanding Year-End Short-Term RSUs shall be paid to you within the calendar year that includes the date of distribution of any corresponding regular cash dividends paid by GS Inc. in respect of a Share the record date for which occurs on or after the Date of Grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such Outstanding Year-End Short-Term RSUs.

 

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(g) The timing of delivery or payment referred to in Paragraph 9(g) shall be the earlier of (i) the Delivery Date or (ii) a date that is within the calendar year in which the Committee receives satisfactory documentation relating to your Conflicted Employment, provided that such delivery or payment shall be made only at such time as, and if and to the extent that it, as reasonably determined by the Firm, would not result in the imposition of any additional tax to you under Section 409A.

(h) Paragraph 10 and Section 3.4 of the Plan shall not apply to Awards that are 409A deferred compensation.

(i) Delivery of Shares in respect of any Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified hereinabove (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later delivery is permitted under Section 409A).

(j) The Grantee understands and agrees that the Grantee is solely responsible for the payment of any taxes and penalties due pursuant to Section 409A.

16. Compliance of Award Agreement and Plan with Section 457A. To the extent the Committee or the Plan’s committee that has been delegated certain authority by the Committee (the “SIP Committee”) determines that (i) Section 457A of the Code or any guidance promulgated thereunder (“Section 457A”) requires that, in order to qualify for the short-term deferral exception from treatment as “deferred compensation” under Section 457A(d)(3)(B) of the Code, the documents governing an Award must specify that such Award will be delivered within the period set forth in Section 457A(d)(3)(B) of the Code and (ii) all or any portion of this Award is or becomes subject to Section 457A, this Award Agreement will be deemed to be amended as of the Date of Grant (as the Committee or the SIP Committee determines necessary or appropriate after consultation with counsel) to provide that delivery of Year-End Short-Term RSUs will occur no later than 12 months after the end of the taxable year in which the right to delivery is first no longer subject to a substantial risk of forfeiture (as defined under Section 457A); provided, however, that no action or modification will be permitted to the extent that such action or modification would cause such Award to fail to satisfy the conditions of an applicable exception from the requirements of Section 409A or otherwise would result in an additional tax imposed under Section 409A in respect of such Award.

17. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:   LOGO
Name:   Lloyd C. Blankfein
Title:   Chairman and Chief Executive Officer

 

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EX-10.51 12 d276319dex1051.htm YEAR-END RESTRICTED STOCK AWARD AGREEMENT (BASE AND/ OR SUPPLEMENT) Year-End Restricted Stock Award Agreement (base and/ or supplement)

Exhibit 10.51

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

____ YEAR-END RESTRICTED STOCK AWARD

This Award Agreement sets forth the terms and conditions of the ____ Year-End Restricted Stock Award (this “Award”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision.

2. Award. This Award is made up of Restricted Shares. A Restricted Share is a share of Common Stock (a “Share”) delivered under the Plan that is subject to certain transfer restrictions and other terms and conditions described in this Award Agreement. The number of Restricted Shares subject to this Award is set forth in the Award Statement delivered to you and is comprised of the number of Restricted Shares designated on your Award Statement as “____ Year-End Restricted Stock” and “____ Year-End Supplemental Restricted Stock.” The Restricted Shares that are designated on your Award Statement as “____ Year-End Restricted Stock” are referred to in this Award Agreement as “Base Restricted Shares.” The Restricted Shares that are designated on your Award Statement as “____ Year-End Supplemental Restricted Stock” are referred to in this Award Agreement as “Supplemental Restricted Shares.” Unless otherwise provided, all references to “Restricted Shares” in this Award Agreement include both the Shares that are designated on your Award Statement as “____ Year-End Restricted Stock” and the Shares that are designated on your Award Statement as “____ Year-End Supplemental Restricted Stock.” (For the avoidance of doubt, this Award Agreement does not govern the terms and conditions of the Restricted Shares designated on your Award Statement as “____ Year-End Short-Term Restricted Stock,” which are addressed separately in the ____ Year-End Short-Term Restricted Stock Award Agreement.) This Award is conditioned upon your granting to the Firm the full power and authority to register the Restricted Shares in its or its designee’s name and authorizing the Firm or its designee to sell, assign or transfer any Restricted Shares in the event of forfeiture of your Restricted Shares. Unless otherwise determined by the Firm, this Award is conditioned upon your filing an election with the Internal Revenue Service within 30 days of the grant of your Restricted Shares, electing pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Restricted Shares on the Date of Grant. This will result in the recognition of taxable income on the Date of Grant equal to such fair market value (but will not affect the Vesting of your Restricted Shares or the removal of the Transfer Restrictions). THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.


3. Certain Material Terms of Restricted Shares.

(a) Vesting. All of your Supplemental Restricted Shares shall be Vested on the Date of Grant. Except as provided in this Paragraph 3 and in Paragraphs 2, 4, 6, 7, 9 and 10, on each Vesting Date you shall become Vested in the number or percentage of Base Restricted Shares specified next to such Vesting Date on the Award Statement (which may be rounded to avoid fractional Shares). When a Restricted Share becomes Vested, it means only that your continued active Employment is not required in order for your Restricted Shares that become Vested to become fully transferable without risk of forfeiture. However, all other terms and conditions of this Award Agreement (including the Transfer Restrictions described in Paragraph 3(c)) shall continue to apply to such Restricted Shares, and failure to meet such terms and conditions may result in the forfeiture of all of your rights in respect of the Restricted Shares and their return to GS Inc. and the cancellation of this Award.

(b) Date of Grant. The date on which your Restricted Shares will be granted, subject to the conditions of this Award Agreement, is set forth on your Award Statement. Except as provided in this Paragraph 3 and in Paragraph 2, the Restricted Shares shall be delivered to an escrow, custody, brokerage or similar account, as approved or required by the Firm, and, except as provided in Paragraphs 3(d), 7 and 9(g), shall be subject to the Transfer Restrictions described in Paragraph 3(c).

(c) Transfer Restrictions; Escrow.

(i) Except as provided in Paragraphs 3(d), 7, and 9(g), Restricted Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”) until the date specified as the “Transferability Date” next to such number or percentage of Restricted Shares on your Award Statement (each such date, a “Transferability Date”). Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent Restricted Shares are certificated, the Certificates representing such Restricted Shares are subject to the restrictions in this Paragraph 3(c)(i), and GS Inc. shall advise its transfer agent to place a stop order against such Restricted Shares. Within 30 Business Days after the Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions in respect of any of such Restricted Shares that have not been previously forfeited.

(ii) In the discretion of the Committee, delivery of the Restricted Shares may be made directly into an escrow account meeting such terms and conditions as are determined by the Firm, provided that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Restricted Shares, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account for your benefit on such terms and conditions as the Firm may deem necessary or appropriate (which may include, without limitation, your (or your estate or other permitted beneficiary) executing any documents related to, and your (or your estate or other permitted beneficiary) paying for any costs associated with, such account). Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

 

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(iii) If you are a party to the Amended and Restated Shareholders’ Agreement (the “Shareholders’ Agreement”), your Base Restricted Shares will be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement as described in Appendix A hereto. Your Supplemental Restricted Shares will not be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement and will not be subject to the retention requirement under the Shareholders’ Agreement.

(d) Death. Notwithstanding any other Paragraph of this Award Agreement, if you die prior to the Transferability Date with respect to your Restricted Shares, as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee, the Transfer Restrictions then applicable to such Restricted Shares shall be removed. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Restricted Shares under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of Employment; Forfeiture of Restricted Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(d), 6, 7, and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, your rights in respect of your Restricted Shares that were Outstanding but that had not yet become Vested prior to your termination of Employment immediately shall be forfeited, such Restricted Shares shall immediately be returned to GS Inc. and such portion of the Award immediately shall be cancelled. Unless the Committee determines otherwise, and except as provided in Paragraphs 3(d), 7 and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, the Transfer Restrictions shall continue to apply to your Restricted Shares that were Outstanding and had become Vested prior to your termination of Employment until the Transferability Date in accordance with Paragraph 3(c).

(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), your rights in respect of the Supplemental Restricted Shares corresponding to a Transferability Date immediately shall be forfeited, such Supplemental Restricted Shares immediately shall be returned to GS Inc. and such portion of the Award immediately shall be cancelled if you engage in “Competition” (as defined below) prior to the earlier of (i) the December 31 that immediately precedes such Transferability Date or (ii) the date on which the Transfer Restrictions and risks of forfeiture with respect to your Supplemental Restricted Shares are removed following a Change in Control in accordance with Paragraph 7 hereof. For purposes of this Award Agreement, “Competition” means that you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 4(b) will not apply if your Employment is terminated without Cause solely by reason of a “downsizing,” or is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement” or be solely by reason of a “downsizing.” Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion.

 

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(c) Unless the Committee determines otherwise, and except as provided in Paragraph 7, if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

(iii) as a result of any action brought by you, it is determined that any of the terms or conditions for the expiration of the Transfer Restrictions with respect to this Award are invalid;

(iv) [GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days; or]

(v) [the Board of Governors of the Federal Reserve or the Federal Deposit Insurance Corporation (the “FDIC”) makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc. is “in default” or “in danger of default,”]

your rights in respect of the following Restricted Shares (whether or not Vested) immediately shall be forfeited, such Shares immediately shall be returned to GS Inc. and such portion of the Award immediately shall be cancelled: (x) all of the gross Restricted Shares granted to you if any of the events described in this Paragraph 4(c) (the “Events”) occurs prior to the January ____ Date (as defined below); (y) two-thirds of the gross Restricted Shares granted to you if any of the Events occurs on or after the January ____ Date but prior to the January ____ Date (as defined below); and (z) one-third of the gross Restricted Shares granted to you if any of the Events occurs on or after the January ____ Date but prior to the January ____ Date (as defined below). The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January ____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January ____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January

 

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____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. Such forfeiture will apply first to any Base Restricted Shares that are not Vested, then to any Vested Base Restricted Shares, and then to any Supplemental Restricted Shares.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (B) any Managing Director of the Firm.

(d) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of Outstanding Restricted Shares (whether or not Vested) immediately shall be forfeited, and such Shares immediately shall be returned to GS Inc., if, before the Transferability Date for such Restricted Shares:

(i) any event that constitutes Cause has occurred;

(ii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. On each Transferability Date, you shall be deemed to have represented and certified that you have complied with all the terms and conditions of the Plan and this Award Agreement; or

(iv) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Restricted Shares.

(e) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraph 4(d)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraph 4(d)(i).

(f) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(b), 4(c) or 4(d), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Outstanding Restricted Shares awarded as part of this Award (whether or not Vested) immediately shall be forfeited,

 

5


such Shares immediately shall be returned to GS Inc. and this Award shall be cancelled (and any dividends or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5).

5. Repayment and Forfeiture.

(a) The provisions of Section 2.5.2 of the Plan (which require Grantees to repay to the Firm the value of Restricted Shares, without reduction for related withholding tax, if the Committee determines that all terms and conditions of this Award Agreement were not satisfied) shall apply to this Award, (and, for the avoidance of doubt, shall include repayment of all dividends received on Restricted Shares), except that if the condition that was not satisfied would have resulted in the Transfer Restrictions not being removed, then the Fair Market Value of the Shares shall be determined as of the Transferability Date (or any earlier date that the Transfer Restrictions were removed).

(b) If and to the extent you forfeit any Restricted Shares hereunder or are required to repay any amount in respect of a number of Restricted Shares pursuant to Paragraph 5(a), you also will be required to pay to the Firm, immediately upon demand therefor, an amount equal to the Fair Market Value (determined as of the Date of Grant) of the number of Shares that were used to satisfy tax withholding for such Restricted Shares that are forfeited or subject to repayment pursuant to Paragraph 5(a). Such repayment amount for Restricted Shares applied to tax withholding will be determined by multiplying the number of Restricted Shares that were used to satisfy withholding taxes related to this Award (the “Tax Withholding Shares”) by a fraction, the numerator of which is the number of Restricted Shares you forfeited (or with respect to which repayment is required) and the denominator of which is the number of Restricted Shares that comprised the Award (reduced by the Tax Withholding Shares).

6. Extended Absence, Retirement and Downsizing.

(a) Notwithstanding any other provision of this Award Agreement, but subject to Paragraph 6(b), in the event of the termination of your Employment (determined as described in Section 1.2.19 of the Plan) by reason of Extended Absence or Retirement (as defined below), the condition set forth in Paragraph 4(a) shall be waived with respect to any Restricted Shares that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Restricted Shares shall become Vested), but all other terms and conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Notwithstanding anything to the contrary in the Plan or otherwise, “Retirement” means termination of your Employment (other than for Cause) on or after the Date of Grant at a time when (i) (A) the sum of your age plus years of service with the Firm (as determined by the Committee in its sole discretion) equals or exceeds 60 and (B) you have completed at least 10 years of service with the Firm (as determined by the Committee in its sole discretion) or, if earlier, (ii) (A) you have attained age 50 and (B) you have completed at least five years of service with the Firm (as determined by the Committee in its sole discretion). Any termination of Employment by reason of Extended Absence or Retirement shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(c).

(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), your rights in respect of your Outstanding Restricted Shares that become Vested in accordance with Paragraph 6(a) immediately shall be forfeited and such Restricted Shares immediately shall be returned to GS Inc. if, prior to the original Vesting Date with respect to such Restricted Shares, you engage in Competition. Notwithstanding the foregoing, unless otherwise determined by the Committee in its discretion, this Paragraph 6(b) will not apply to your Outstanding Restricted Shares if your termination of Employment

 

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by reason of Extended Absence or Retirement is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

(c) Notwithstanding any other provision of this Award Agreement and subject to your executing such general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee, if your Employment is terminated without Cause solely by reason of a “downsizing,” the condition set forth in Paragraph 4(a) shall be waived with respect to your Restricted Shares that were Outstanding but that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Restricted Shares shall become Vested), but all other conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions). Whether or not your Employment is terminated solely by reason of a “downsizing” shall be determined by the Firm in its sole discretion. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will be solely by reason of a “downsizing.” Your termination of Employment by reason of “downsizing” shall not affect any applicable Transfer Restrictions, and any Transfer Restrictions shall continue to apply until the Transferability Date as provided in Paragraph 3(c).

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all of the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares (whether or not Vested) shall be removed.

8. Dividends. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Restricted Shares, or, if the Restricted Shares are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Restricted Shares.

9. Certain Additional Terms, Conditions and Agreements.

(a) The Vesting and delivery of Shares and the removal of the Transfer Restrictions are conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award or (iii) in Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

 

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(b) If you are or become a Managing Director, your rights in respect of the Restricted Shares are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of this Award are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of this Award in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with this Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(b), 4(c), 4(d) and 4(f), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency, or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Restricted Shares would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Restricted Shares;

then, in the case of Paragraph 9(g)(i) only, the condition set forth in Paragraph 4(a) shall be waived with respect to any Restricted Shares you then hold that had not yet become Vested immediately prior to such termination of Employment (as a result of which such Restricted Shares shall become Vested) and, in the cases of Paragraphs 9(g)(i) and 9(g)(ii), any Transfer Restrictions shall be removed, in each case as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

 

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(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree, by accepting this Award, that Restricted Shares hereby are pledged to the Firm to secure its right to such Restricted Shares in the event you forfeit any such Restricted Shares pursuant to the terms of the Plan or this Award Agreement. This Award, if held in escrow, will not be delivered to you but will be held by an escrow agent for your benefit. If an escrow agent is used, such escrow agent will also hold the Restricted Shares for the benefit of the Firm for the purpose of perfecting its security interest.

(j) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Restricted Shares, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Restricted Shares in accordance with Paragraph 4(d)(iii).

10. Right of Offset. The Firm may exercise its right of offset under Section 3.4 of the Plan by conditioning the removal of the Transfer Restrictions on your satisfaction of your obligations to the Firm in a manner deemed appropriate by the Committee, including by the application of some or all of your Restricted Shares.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, and without limiting Paragraph 3(c) hereof, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Restricted

 

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Shares may transfer some or all of their Restricted Shares (which shall continue to be subject to the Transfer Restrictions until the Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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Appendix A

Treatment of Restricted Shares under the Shareholders’ Agreement. Capitalized terms used in this Appendix A that are not defined in this Appendix A, the Award Agreement or the Plan have the meanings as used or defined in the Shareholders’ Agreement.

With respect to all Base Restricted Shares that are awarded under the ____ Year-End Restricted Stock Award, an event triggering the recalculation of the Covered Person’s Covered Shares shall be deemed to occur on each of the January ____ Date, the January ____ Date, and the January ____ Date (each such date being referred to as a “Trigger Date”).

As of each such Trigger Date, such Covered Person’s Covered Shares shall be increased by:

 

   

the gross number of Base Restricted Shares that cease to be forfeitable on such Trigger Date pursuant to Paragraph 4(c) (determined before any deductions, including any deductions for withholding taxes, fees or commissions), minus

 

   

such gross number multiplied by the Specified Tax Rate that would apply if the Covered Person had received, on or around the Trigger Date, a delivery of Common Stock underlying Year-End RSUs instead of receiving a grant of Restricted Shares.

Until a Trigger Date, the Covered Person shall not be deemed to be the Sole Beneficial Owner of the Restricted Shares (including for these purposes Supplemental Restricted Shares) that cease to be subject to forfeiture on such Trigger Date under Paragraph 4(c) (and therefore until such Trigger Date such Shares shall not be counted toward the satisfaction of the Transfer Restrictions (as defined in the Shareholders’ Agreement)).

 

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EX-10.52 13 d276319dex1052.htm YEAR-END RESTRICTED STOCK AWARD AGREEMENT ( FULLY VESTED) Year-End Restricted Stock Award Agreement ( fully vested)

Exhibit 10.52

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

____ YEAR-END RESTRICTED STOCK AWARD

This Award Agreement sets forth the terms and conditions of the ____ Year-End Restricted Stock Award (this “Award”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision.

2. Award. This Award is made up of the number of Restricted Shares (“Restricted Shares”) specified on your Award Statement. A Restricted Share is a share of Common Stock (a “Share”) delivered under the Plan that is subject to certain transfer restrictions and other terms and conditions described in this Award Agreement. This Award is conditioned upon your granting to the Firm the full power and authority to register the Restricted Shares in its or its designee’s name and authorizing the Firm or its designee to sell, assign or transfer any Restricted Shares in the event of forfeiture of your Restricted Shares. Unless otherwise determined by the Firm, this Award is conditioned upon your filing an election with the Internal Revenue Service within 30 days of the grant of your Restricted Shares, electing pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Restricted Shares on the Date of Grant. This will result in the recognition of taxable income on the Date of Grant equal to such fair market value (but will not affect the Vesting of your Restricted Shares or the removal of the Transfer Restrictions). THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Certain Material Terms of Restricted Shares.

(a) Vesting. All of your Restricted Shares shall be Vested on the Date of Grant. When a Restricted Share is Vested, it means only that your continued active Employment is not required in order for your Restricted Shares to become fully transferable without risk of forfeiture. However, all other terms and conditions of this Award Agreement (including the Transfer Restrictions described in Paragraph 3(c)) shall continue to apply to such Restricted Shares, and failure to meet such terms and conditions may result in the forfeiture of all of your rights in respect of the Restricted Shares and their return to GS Inc. and the cancellation of this Award.

(b) Date of Grant. The date on which your Restricted Shares will be granted, subject to the conditions of this Award Agreement, is set forth on your Award Statement. Except as provided in this Paragraph 3 and in Paragraph 2, the Restricted Shares shall be delivered to an escrow, custody, brokerage or similar account, as approved or required by the Firm, and, except as provided in Paragraphs 3(d), 7 and 9(g), shall be subject to the Transfer Restrictions described in Paragraph 3(c).


(c) Transfer Restrictions; Escrow.

(i) Except as provided in Paragraphs 3(d), 7, and 9(g), Restricted Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”) until the date specified as the “Transferability Date” next to such number or percentage of Restricted Shares on your Award Statement (each such date, a “Transferability Date”). Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent Restricted Shares are certificated, the Certificates representing such Restricted Shares are subject to the restrictions in this Paragraph 3(c)(i), and GS Inc. shall advise its transfer agent to place a stop order against such Restricted Shares. Within 30 Business Days after the Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions in respect of any of such Restricted Shares that have not been previously forfeited.

(ii) In the discretion of the Committee, delivery of the Restricted Shares may be made directly into an escrow account meeting such terms and conditions as are determined by the Firm, provided that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Restricted Shares, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account for your benefit on such terms and conditions as the Firm may deem necessary or appropriate (which may include, without limitation, your (or your estate or other permitted beneficiary) executing any documents related to, and your (or your estate or other permitted beneficiary) paying for any costs associated with, such account). Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(iii) If you are a party to the Amended and Restated Shareholders’ Agreement (the “Shareholders’ Agreement”), your Restricted Shares will be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement as described in Appendix A hereto.

(d) Death. Notwithstanding any other Paragraph of this Award Agreement, if you die prior to the Transferability Date with respect to your Restricted Shares, as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee, the Transfer Restrictions then applicable to such Restricted Shares shall be removed. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Restricted Shares under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

4. Termination of Employment; Forfeiture of Restricted Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(d), 7 and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, the Transfer Restrictions shall continue to apply to your Restricted Shares that were Outstanding prior to your termination of Employment until the Transferability Date in accordance with Paragraph 3(c).

 

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(b) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), and subject to Paragraph 6(b), your rights in respect of the following Restricted Shares immediately shall be forfeited, such Restricted Shares immediately shall be returned to GS Inc. and such portion of the Award immediately shall be cancelled if you engage in “Competition” (as defined below):

(i) all of the gross Restricted Shares granted to you if you engage in Competition prior to the earlier of (A) December 31, ____ and (B) the date on which the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares are removed following a Change in Control in accordance with Paragraph 7 hereof;

(ii) two-thirds of the gross Restricted Shares granted to you if you engage in Competition on or after December 31, ____ but prior to the earlier of (A) December 31, ____ and (B) the date on which the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares are removed following a Change in Control in accordance with Paragraph 7 hereof; and

(iii) one-third of the gross Restricted Shares granted to you if you engage in Competition on or after December 31, ____ but prior to the earlier of (A) December 31, ____ and (B) the date on which the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares are removed following a Change in Control in accordance with Paragraph 7 hereof.

For purposes of this Award Agreement, “Competition” means that you (i) form, or acquire a 5% or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise, or (ii) associate in any capacity (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise.

(c) Unless the Committee determines otherwise, and except as provided in Paragraph 7, if:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) (A) you, in any manner, directly or indirectly, (1) Solicit any Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, (2) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and any Client, (3) Solicit any person who is an employee of the Firm to resign from the Firm or to apply for or accept employment with any Competitive Enterprise or (4) on behalf of yourself or any person or Competitive Enterprise hire, or participate in the hiring of, any Selected Firm Personnel or identify, or participate in the identification of, Selected Firm Personnel for potential hiring, whether as an employee or consultant or otherwise, or (B) Selected Firm Personnel are Solicited, hired or accepted into partnership, membership or similar status (1) by a Competitive Enterprise that you form, that bears your name, in which you are a partner, member or have similar status, or in which you possess or control greater than a de minimis equity ownership, voting or profit participation or (2) by any Competitive Enterprise where you have, or are intended to have, direct or indirect managerial or supervisory responsibility for such Selected Firm Personnel;

 

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(iii) as a result of any action brought by you, it is determined that any of the terms or conditions for the expiration of the Transfer Restrictions with respect to this Award are invalid;

(iv) GS Inc. fails to maintain the required “Minimum Tier 1 Capital Ratio” as defined under Federal Reserve Board Regulations applicable to GS Inc. for a period of 90 consecutive business days; or

(v) the Board of Governors of the Federal Reserve or the Federal Deposit Insurance Corporation (the “FDIC”) makes a written recommendation under Title II (Orderly Liquidation Authority) of the Dodd-Frank Wall Street Reform and Consumer Protection Act for the appointment of the FDIC as a receiver of GS Inc. based on a determination that GS Inc. is “in default” or “in danger of default,”

your rights in respect of the following Restricted Shares immediately shall be forfeited, such Shares immediately shall be returned to GS Inc. and such portion of the Award immediately shall be cancelled: (x) all of the gross Restricted Shares granted to you if any of the events described in this Paragraph 4(c) (the “Events”) occurs prior to the January ____ Date (as defined below); (y) two-thirds of the gross Restricted Shares granted to you if any of the Events occurs on or after the January ____ Date but prior to the January ____ Date (as defined below); and (z) one-third of the gross Restricted Shares granted to you if any of the Events occurs on or after the January ____ Date but prior to the January ____ Date (as defined below). The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January ____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January ____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. The “January ____ Date” is the first trading day in a Window Period in January ____ (or if there is no trading day in a Window Period that occurs in January ____ on or before January 29, another date in January that is selected by the Committee or the committee that is delegated certain authority by the Committee) and includes the 30 Business Days after such date. Shares may be rounded to avoid fractional Shares.

For purposes of the foregoing, the term “Selected Firm Personnel” means: (A) any Firm employee or consultant (1) with whom you personally worked while employed by the Firm, or (2) who at any time during the year immediately preceding your termination of Employment with the Firm, worked in the same division in which you worked; and (B) any Managing Director of the Firm.

(d) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of Outstanding Restricted Shares immediately shall be forfeited, and such Shares immediately shall be returned to GS Inc., if, before the Transferability Date for such Restricted Shares:

(i) any event that constitutes Cause has occurred;

(ii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

 

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(iii) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. On the Transferability Date, you shall be deemed to have represented and certified that you have complied with all the terms and conditions of the Plan and this Award Agreement; or

(iv) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Restricted Shares.

(e) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraph 4(d)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraph 4(d)(i).

(f) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(c) or 4(d), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Outstanding Restricted Shares awarded as part of this Award immediately shall be forfeited, such Shares immediately shall be returned to GS Inc. and this Award shall be cancelled (and any dividends or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5).

5. Repayment and Forfeiture.

(a) The provisions of Section 2.5.2 of the Plan (which require Grantees to repay to the Firm the value of Restricted Shares, without reduction for related withholding tax, if the Committee determines that all terms and conditions of this Award Agreement were not satisfied) shall apply to this Award (and, for the avoidance of doubt, shall include repayment of all dividends received on Restricted Shares), except that if the condition that was not satisfied would have resulted in the Transfer Restrictions not being removed, then the Fair Market Value of the Shares shall be determined as of the Transferability Date (or any earlier date that the Transfer Restrictions were removed).

(b) If and to the extent you forfeit any Restricted Shares hereunder or are required to repay any amount in respect of a number of Restricted Shares pursuant to Paragraph 5(a), you also will be required to pay to the Firm, immediately upon demand therefor, an amount equal to the Fair Market Value (determined as of the Date of Grant) of the number of Shares that were used to satisfy tax withholding for such Restricted Shares that are forfeited or subject to repayment pursuant to Paragraph 5(a). Such repayment amount for Restricted Shares applied to tax withholding will be determined by

 

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multiplying the number of Restricted Shares that were used to satisfy withholding taxes related to this Award (the “Tax Withholding Shares”) by a fraction, the numerator of which is the number of Restricted Shares you forfeited (or with respect to which repayment is required) and the denominator of which is the number of Restricted Shares that comprised the Award (reduced by the Tax Withholding Shares).

6. Certain Terminations of Employment.

(a) In the event of the termination of your Employment for any reason (determined as described in Section 1.2.19 of the Plan), all terms and conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions).

(b) Unless otherwise determined by the Committee in its discretion, Paragraph 4(b) will not apply following termination of Employment that is characterized by the Firm as “involuntary” or by “mutual agreement” other than for Cause and if you execute such a general waiver and release of claims and an agreement to pay any associated tax liability, both as may be prescribed by the Firm or its designee. No termination of Employment initiated by you, including any termination claimed to be a “constructive termination” or the like or a termination for good reason, will constitute an “involuntary” termination of Employment or a termination of Employment by “mutual agreement.”

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all of the Transfer Restrictions and risks of forfeiture with respect to your Restricted Shares shall be removed.

8. Dividends. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Restricted Shares, or, if the Restricted Shares are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Restricted Shares.

9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares and the removal of the Transfer Restrictions are conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award or (iii) in Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

 

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(b) If you are or become a Managing Director, your rights in respect of the Restricted Shares are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of this Award are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of this Award in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with this Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

(g) Without limiting the application of Paragraphs 4(c), 4(d) and 4(f), if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency, or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Restricted Shares would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Restricted Shares;

then any Transfer Restrictions shall be removed as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

 

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(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree, by accepting this Award, that Restricted Shares hereby are pledged to the Firm to secure its right to such Restricted Shares in the event you forfeit any such Restricted Shares pursuant to the terms of the Plan or this Award Agreement. This Award, if held in escrow, will not be delivered to you but will be held by an escrow agent for your benefit. If an escrow agent is used, such escrow agent will also hold the Restricted Shares for the benefit of the Firm for the purpose of perfecting its security interest.

(j) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Restricted Shares, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Restricted Shares in accordance with Paragraph 4(d)(iii).

10. Right of Offset. The Firm may exercise its right of offset under Section 3.4 of the Plan by conditioning the removal of the Transfer Restrictions on your satisfaction of your obligations to the Firm in a manner deemed appropriate by the Committee, including by the application of some or all of your Restricted Shares.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, and without limiting Paragraph 3(c) hereof, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Restricted Shares may transfer some or all of their Restricted Shares (which shall continue to be subject to the Transfer Restrictions until the Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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Appendix A

Treatment of ____ Year-End Restricted Stock under the Shareholders’ Agreement. Capitalized terms used in this Appendix A that are not defined in this Appendix A, the Award Agreement or the Plan have the meanings as used or defined in the Shareholders’ Agreement.

 

   

With respect to all Restricted Shares that are awarded under the ____ Year-End Restricted Stock Award, an event triggering the recalculation of the Covered Person’s Covered Shares shall be deemed to occur with respect to one-third of such Restricted Shares on each of the January ____ Date, the January ____ Date, and the January ____ Date (each such date being referred to as a “Trigger Date”).

 

   

As of each such Trigger Date, such Covered Person’s Covered Shares shall be increased by:

 

   

the gross number of Restricted Shares for such Trigger Date (determined before any deductions, including any deductions for withholding taxes, fees or commissions), minus

 

   

such gross number multiplied by the Specified Tax Rate that would apply if the Covered Person had received, on or around the Trigger Date, a delivery of Common Stock underlying Year-End RSUs instead of receiving a grant of Restricted Shares.

 

   

Until a Trigger Date, the Covered Person shall not be deemed to be the Sole Beneficial Owner of the Restricted Shares relating to such Trigger Date (and therefore until such Trigger Date such Shares shall not be counted toward the satisfaction of the Transfer Restrictions (as defined in the Shareholders’ Agreement)).

 

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EX-10.53 14 d276319dex1053.htm YEAR -END SHORT-TERM RESTRICTED STOCK AWARD AGREEMENT Year -End Short-Term Restricted Stock Award Agreement

Exhibit 10.53

THE GOLDMAN SACHS AMENDED AND RESTATED

STOCK INCENTIVE PLAN

____ YEAR-END SHORT-TERM RESTRICTED STOCK AWARD

This Award Agreement sets forth the terms and conditions of the ____ Year-End Short-Term Restricted Stock Award (this “Award”) granted to you under The Goldman Sachs Amended and Restated Stock Incentive Plan (the “Plan”).

1. The Plan. This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement. Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision.

2. Award. This Award is made up of the number of Restricted Shares (“Short- Term Restricted Shares”) set forth on your Award Statement as “____ Year-End Short-Term Restricted Stock.” A Restricted Share is a share of Common Stock (a “Share”) delivered under the Plan that is subject to certain transfer restrictions and other terms and conditions described in this Award Agreement. This Award is conditioned upon your granting to the Firm the full power and authority to register the Short-Term Restricted Shares in its or its designee’s name and authorizing the Firm or its designee to sell, assign or transfer any Short-Term Restricted Shares in the event of forfeiture of your Short-Term Restricted Shares. Unless otherwise determined by the Firm, this Award is conditioned upon your filing an election with the Internal Revenue Service within 30 days of the grant of your Short-Term Restricted Shares, electing pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Short-Term Restricted Shares on the Date of Grant. This will result in the recognition of taxable income on the Date of Grant equal to such fair market value (but will not affect the Vesting of your Short-Term Restricted Shares or the removal of the Transfer Restrictions). THIS AWARD IS CONDITIONED ON YOUR EXECUTING THE RELATED SIGNATURE CARD AND RETURNING IT TO THE ADDRESS DESIGNATED ON THE SIGNATURE CARD AND/OR BY THE METHOD DESIGNATED ON THE SIGNATURE CARD BY THE DATE SPECIFIED, AND IS SUBJECT TO ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN PARAGRAPH 12. BY EXECUTING THE RELATED SIGNATURE CARD (WHICH, AMONG OTHER THINGS, OPENS THE CUSTODY ACCOUNT REFERRED TO IN PARAGRAPH 3(b) IF YOU HAVE NOT DONE SO ALREADY), YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF ALL OF THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT.

3. Certain Material Terms of Short-Term Restricted Shares.

(a) Vesting. All of your Short-Term Restricted Shares shall be Vested on the Date of Grant. When a Short-Term Restricted Share is Vested, it means only that your continued active Employment is not required in order for your Short-Term Restricted Shares to become fully transferable without risk of forfeiture. However, all other terms and conditions of this Award Agreement (including the Transfer Restrictions described in Paragraph 3(c)) shall continue to apply to such Short-Term Restricted Shares, and failure to meet such terms and conditions may result in the forfeiture of all of your rights in respect of the Short-Term Restricted Shares and their return to GS Inc. and the cancellation of this Award.


(b) Date of Grant. The date on which your Short-Term Restricted Shares will be granted, subject to the conditions of this Award Agreement, is set forth on your Award Statement. Except as provided in this Paragraph 3 and in Paragraph 2, the Short-Term Restricted Shares shall be delivered to an escrow, custody, brokerage or similar account, as approved or required by the Firm, and, except as provided in Paragraphs 3(d), 7 and 9(g), shall be subject to the Transfer Restrictions described in Paragraph 3(c).

(c) Transfer Restrictions; Escrow.

(i) Except as provided in Paragraphs 3(d), 7, and 9(g), the Short-Term Restricted Shares shall not be permitted to be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument), whether voluntarily or involuntarily by you (such restrictions collectively referred to herein as the “Transfer Restrictions”) until the date specified on your Award Statement as the “Transferability Date.” Any purported sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of the Transfer Restrictions shall be void. If and to the extent Short-Term Restricted Shares are certificated, the Certificates representing such Short-Term Restricted Shares are subject to the restrictions in this Paragraph 3(c)(i), and GS Inc. shall advise its transfer agent to place a stop order against such Short-Term Restricted Shares. Within 30 Business Days after the Transferability Date (or any other date described herein on which the Transfer Restrictions are removed), GS Inc. shall take, or shall cause to be taken, such steps as may be necessary to remove the Transfer Restrictions in respect of any of such Short-Term Restricted Shares that have not been previously forfeited.

(ii) In the discretion of the Committee, delivery of the Short-Term Restricted Shares may be made directly into an escrow account meeting such terms and conditions as are determined by the Firm, provided that any other conditions or restrictions on delivery of Shares required by this Award Agreement have been satisfied. By accepting your Short-Term Restricted Shares, you have agreed on behalf of yourself (and your estate or other permitted beneficiary) that the Firm may establish and maintain an escrow account for your benefit on such terms and conditions as the Firm may deem necessary or appropriate (which may include, without limitation, your (or your estate or other permitted beneficiary) executing any documents related to, and your (or your estate or other permitted beneficiary) paying for any costs associated with, such account). Any such escrow arrangement shall, unless otherwise determined by the Firm, provide that (A) the escrow agent shall have the exclusive authority to vote such Shares while held in escrow and (B) dividends paid on such Shares held in escrow may be accumulated and shall be paid as determined by the Firm in its sole discretion.

(iii) If you are a party to the Amended and Restated Shareholders’ Agreement (the “Shareholders’ Agreement”), your Short-Term Restricted Shares will be subject to the Shareholders’ Agreement, except those Shares will not be considered “Covered Shares” for purposes of Section 2.1(a) of the Shareholders’ Agreement. Until the Transferability Date, you shall not be deemed to be the Sole Beneficial Owner (as defined in the Shareholders’ Agreement) of the Short-Term Restricted Shares (and therefore until the Transferability Date such Shares shall not be counted toward the satisfaction of the Transfer Restrictions (as defined in the Shareholders’ Agreement)).(d) Death. Notwithstanding any other Paragraph of this Award Agreement, if you die prior to the Transferability Date, as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee, the Transfer Restrictions then applicable to such Short-Term Restricted Shares shall be removed. The Committee may adopt procedures pursuant to which you may be permitted to specifically bequeath some or all of your Short-Term Restricted Shares under your will to an organization described in Sections 501(c)(3) and 2055(a) of the Code (or such other similar charitable organization as may be approved by the Committee).

 

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4. Termination of Employment; Forfeiture of Short-Term Restricted Shares.

(a) Unless the Committee determines otherwise, and except as provided in Paragraphs 3(d), 7 and 9(g), if your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm, the Transfer Restrictions shall continue to apply to your Short-Term Restricted Shares that were Outstanding prior to your termination of Employment until the Transferability Date in accordance with Paragraph 3(c).

(b) Unless the Committee determines otherwise, and except as provided in Paragraph 7, your rights in respect of Outstanding Short-Term Restricted Shares immediately shall be forfeited, and such Shares immediately shall be returned to GS Inc., if, before the Transferability Date:

(i) you attempt to have any dispute under the Plan or this Award Agreement resolved in any manner that is not provided for by Paragraph 12 or Section 3.17 of the Plan;

(ii) any event that constitutes Cause has occurred;

(iii) the Committee determines that you failed to meet, in any respect, any obligation you may have under any agreement between you and the Firm, or any agreement entered into in connection with your Employment with the Firm or this Award, including, without limitation, the Firm’s notice period requirement applicable to you, any offer letter, employment agreement or any shareholders’ agreement to which other similarly situated employees of the Firm are a party;

(iv) you fail to certify to GS Inc., in accordance with procedures established by the Committee, that you have complied, or the Committee determines that you in fact have failed to comply, with all the terms and conditions of the Plan and this Award Agreement. On the Transferability Date, you shall be deemed to have represented and certified that you have complied with all the terms and conditions of the Plan and this Award Agreement;

(v) as a result of any action brought by you, it is determined that any of the terms or conditions for the expiration of the Transfer Restrictions with respect to this Award are invalid; or

(vi) your Employment terminates for any reason or you otherwise are no longer actively employed with the Firm and an entity to which you provide services grants you cash, equity or other property (whether vested or unvested) to replace, substitute for or otherwise in respect of any Outstanding Short-Term Restricted Shares.

(c) For the avoidance of doubt, failure to pay or reimburse the Firm, upon demand, for any amount you owe to the Firm shall constitute (i) failure to meet an obligation you have under an agreement referred to in Paragraph 4(b)(ii), regardless of whether such obligation arises under a written agreement, and/or (ii) a material violation of Firm policy constituting Cause referred to in Paragraph 4(b)(i).

(d) Unless the Committee determines otherwise, without limiting any other provision in Paragraphs 4(b), and except as provided in Paragraph 7, if the Committee determines that, during the Firm’s ____ fiscal year, you participated in the structuring or marketing of any product or service, or

 

3


participated on behalf of the Firm or any of its clients in the purchase or sale of any security or other property, in any case without appropriate consideration of the risk to the Firm or the broader financial system as a whole (for example, where you have improperly analyzed such risk or where you have failed sufficiently to raise concerns about such risk) and, as a result of such action or omission, the Committee determines there has been, or reasonably could be expected to be, a material adverse impact on the Firm, your business unit or the broader financial system, your rights in respect of your Outstanding Short-Term Restricted Shares awarded as part of this Award immediately shall be forfeited, such Shares immediately shall be returned to GS Inc. and this Award shall be cancelled (and any dividends or other amounts paid or delivered to you in respect of this Award shall be subject to repayment in accordance with, or in a manner similar to the provisions described in, Paragraph 5).

5. Repayment and Forfeiture.

(a) The provisions of Section 2.5.2 of the Plan (which require Grantees to repay to the Firm the value of Short-Term Restricted Shares, without reduction for related withholding tax, if the Committee determines that all terms and conditions of this Award Agreement were not satisfied) shall apply to this Award (and, for the avoidance of doubt, shall include repayment of all dividends received on Short-Term Restricted Shares), except that if the condition that was not satisfied would have resulted in the Transfer Restrictions not being removed, then the Fair Market Value of the Shares shall be determined as of the Transferability Date (or any earlier date that the Transfer Restrictions were removed).

(b) If and to the extent you forfeit any Short-Term Restricted Shares hereunder or are required to repay any amount in respect of a number of Short-Term Restricted Shares pursuant to Paragraph 5(a), you also will be required to pay to the Firm, immediately upon demand therefor, an amount equal to the Fair Market Value (determined as of the Date of Grant) of the number of Shares that were used to satisfy tax withholding for such Short-Term Restricted Shares that are forfeited or subject to repayment pursuant to Paragraph 5(a). Such repayment amount for Short-Term Restricted Shares applied to tax withholding will be determined by multiplying the number of Short-Term Restricted Shares that were used to satisfy withholding taxes related to this Award (the “Tax Withholding Shares”) by a fraction, the numerator of which is the number of Short-Term Restricted Shares you forfeited (or with respect to which repayment is required) and the denominator of which is the number of Short-Term Restricted Shares that comprised the Award (reduced by the Tax Withholding Shares).

6. Termination of Employment. In the event of the termination of your Employment for any reason (determined as described in Section 1.2.19 of the Plan), all terms and conditions of this Award Agreement shall continue to apply (including any applicable Transfer Restrictions).

7. Change in Control. Notwithstanding anything to the contrary in this Award Agreement, in the event a Change in Control shall occur and within 18 months thereafter the Firm terminates your Employment without Cause or you terminate your Employment for Good Reason, all of the Transfer Restrictions and risks of forfeiture with respect to your Short-Term Restricted Shares shall be removed.

8. Dividends. You shall be entitled to receive on a current basis any regular cash dividend paid by GS Inc. in respect of your Short-Term Restricted Shares, or, if the Short-Term Restricted Shares are held in escrow, the Firm will direct the transfer/paying agent to distribute the dividends to you in respect of your Short-Term Restricted Shares.

 

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9. Certain Additional Terms, Conditions and Agreements.

(a) The delivery of Shares and the removal of the Transfer Restrictions are conditioned on your satisfaction of any applicable withholding taxes in accordance with Section 3.2 of the Plan. To the extent permitted by applicable law, the Firm, in its sole discretion, may require you to provide amounts equal to all or a portion of any Federal, State, local, foreign or other tax obligations imposed on you or the Firm in connection with the grant, vesting or delivery of this Award by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise), (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award or (iii) in Shares delivered to you pursuant to this Award. In addition, if you are an individual with separate employment contracts (at any time during and/or after the Firm’s ____ fiscal year), the Firm may, in its sole discretion, require you to provide for a reserve in an amount the Firm determines is advisable or necessary in connection with any actual, anticipated or potential tax consequences related to your separate employment contracts by requiring you to choose between remitting such amount (i) in cash (or through payroll deduction or otherwise) or (ii) in the form of proceeds from the Firm’s executing a sale of Shares delivered to you pursuant to this Award (or any other Outstanding Awards under the Plan). In no event, however, shall any choice you may have under the preceding two sentences determine, or give you any discretion to affect, the timing of the delivery of Shares or the timing of payment of tax obligations.

(b) If you are or become a Managing Director, your rights in respect of the Short-Term Restricted Shares are conditioned on your becoming a party to any shareholders’ agreement to which other similarly situated employees of the Firm are a party.

(c) Your rights in respect of this Award are conditioned on the receipt to the full satisfaction of the Committee of any required consents (as described in Section 3.3 of the Plan) that the Committee may determine to be necessary or advisable.

(d) You understand and agree, in accordance with Section 3.3 of the Plan, by accepting this Award you have expressly consented to all of the items listed in Section 3.3.3(d) of the Plan, which are incorporated herein by reference.

(e) You understand and agree, in accordance with Section 3.22 of the Plan, by accepting this Award you have agreed to be subject to the Firm’s policies in effect from time to time concerning trading in Shares and hedging or pledging Shares and equity-based compensation or other awards (including, without limitation, the Firm’s “Policies With Respect to Transactions Involving GS Shares, Equity Awards and GS Options by Persons Affiliated with GS Inc.”), and confidential or proprietary information, and to effect sales of Shares delivered to you in respect of this Award in accordance with such rules and procedures as may be adopted from time to time with respect to sales of such Shares (which may include, without limitation, restrictions relating to the timing of sale requests, the manner in which sales are executed, pricing method, consolidation or aggregation of orders and volume limits determined by the Firm). In addition, you understand and agree that you shall be responsible for all brokerage costs and other fees or expenses associated with this Award, including, without limitation, such brokerage costs or other fees or expenses in connection with the sale of Shares delivered to you hereunder.

(f) GS Inc. may affix to Certificates representing Shares issued pursuant to this Award Agreement any legend that the Committee determines to be necessary or advisable (including to reflect any restrictions to which you may be subject under a separate agreement with GS Inc.). GS Inc. may advise the transfer agent to place a stop order against any legended Shares.

 

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(g) Without limiting the application of Paragraphs 4(b) and 4(d) if:

(i) your Employment with the Firm terminates solely because you resigned to accept employment at any U.S. Federal, state or local government, any non-U.S. government, any supranational or international organization, any self-regulatory organization, or any agency, or instrumentality of any such government or organization, or any other employer determined by the Committee, and as a result of such employment, your continued holding of your Outstanding Short-Term Restricted Shares would result in an actual or perceived conflict of interest (“Conflicted Employment”); or

(ii) following your termination of Employment other than described in Paragraph 9(g)(i), you notify the Firm that you have accepted or intend to accept Conflicted Employment at a time when you continue to hold Outstanding Short-Term Restricted Shares;

then any Transfer Restrictions shall be removed as soon as practicable after the Committee has received satisfactory documentation relating to your Conflicted Employment.

(h) In addition to and without limiting the generality of the provisions of Section 1.3.5 of the Plan, neither the Firm nor any Covered Person shall have any liability to you or any other person for any action taken or omitted in respect of this or any other Award.

(i) You understand and agree, by accepting this Award, that Short-Term Restricted Shares hereby are pledged to the Firm to secure its right to such Short-Term Restricted Shares in the event you forfeit any such Short-Term Restricted Shares pursuant to the terms of the Plan or this Award Agreement. This Award, if held in escrow, will not be delivered to you but will be held by an escrow agent for your benefit. If an escrow agent is used, such escrow agent will also hold the Short-Term Restricted Shares for the benefit of the Firm for the purpose of perfecting its security interest.

(j) You understand and agree that, in the event of your termination of Employment while you continue to hold Outstanding Short-Term Restricted Shares, you may be required to certify, from time to time, your compliance with all terms and conditions of the Plan and this Award Agreement. You understand and agree that (i) it is your responsibility to inform the Firm of any changes to your address to ensure timely receipt of the certification materials, (ii) you are responsible for obtaining such certification materials by contacting the Firm if you do not receive certification materials, and (iii) failure to return properly completed certification materials by the deadline specified in the certification materials will result in the forfeiture of all of your Outstanding Short-Term Restricted Shares in accordance with Paragraph 4(b)(iii).

10. Right of Offset. The Firm may exercise its right of offset under Section 3.4 of the Plan by conditioning the removal of the Transfer Restrictions on your satisfaction of your obligations to the Firm in a manner deemed appropriate by the Committee, including by the application of some or all of your Short-Term Restricted Shares.

11. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, and the Board may amend the Plan in any respect; provided that, notwithstanding the foregoing and Sections 1.3.2(f), 1.3.2(g) and 3.1 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent; and provided further that the Committee expressly reserves its rights to amend the Award Agreement and the Plan as described in Sections 1.3.2(h)(1), (2) and (4) of the Plan. Any amendment of this Award Agreement shall be in writing.

 

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12. Arbitration; Choice of Forum. BY ACCEPTING THIS AWARD, YOU UNDERSTAND AND AGREE THAT THE ARBITRATION AND CHOICE OF FORUM PROVISIONS SET FORTH IN SECTION 3.17 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE FIRM AND YOU ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AWARD AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK CITY, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTION 3.17 OF THE PLAN, SHALL APPLY.

13. Non-transferability. Except as otherwise may be provided in this Paragraph 13 or as otherwise may be provided by the Committee, and without limiting Paragraph 3(c) hereof, the limitations on transferability set forth in Section 3.5 of the Plan shall apply to this Award. Any purported transfer or assignment in violation of the provisions of this Paragraph 13 or Section 3.5 of the Plan shall be void. The Committee may adopt procedures pursuant to which some or all recipients of Short-Term Restricted Shares may transfer some or all of their Short-Term Restricted Shares (which shall continue to be subject to the Transfer Restrictions until the Transferability Date) through a gift for no consideration to any immediate family member (as determined pursuant to the procedures) or a trust in which the recipient and/or the recipient’s immediate family members in the aggregate have 100% of the beneficial interest (as determined pursuant to the procedures).

14. Governing Law. THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

15. Headings. The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

 

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IN WITNESS WHEREOF, GS Inc. has caused this Award Agreement to be duly executed and delivered as of the Date of Grant.

 

THE GOLDMAN SACHS GROUP, INC.
By:    
Name:  
Title:  

 

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EX-10.61 15 d276319dex1061.htm FORM OF AIRCRAFT TIME SHARING AGREEMENT Form of Aircraft Time Sharing Agreement

Exhibit 10.61

AIRCRAFT TIME SHARING AGREEMENT

This Agreement is made and entered into as of             by and between GSTP LLC, a Delaware limited liability company (“GSTP”) and wholly owned subsidiary of The Goldman Sachs Group, Inc, a Delaware corporation (together with its subsidiaries and affiliates, including GSTP, “Goldman Sachs”), and                     (“Lessee”).

WITNESSETH:

WHEREAS, GSTP entered into a Trust Agreement, dated             , as supplemented, with                     , not in its individual capacity but solely as Owner Trustee (the “Trustee”). GSTP entered into agreements with             (the “Operative Agreements”) and thereafter assigned such Operative Agreements to the Trust, which enables GSTP to conduct operations under Federal Aviation Regulations (“FAR”) Part 91 Subpart K in accordance with the Operative Agreements; and

WHEREAS, under the Operative Agreements, GSTP is the operator of, and the Trustee is the registered owner of undivided interests in, aircraft bearing the Manufacturer’s Serial Number(s) and the United States Federal Aviation Administration (“FAA”) Registration Number(s) listed on Schedule A hereto, as amended from time to time (collectively, the “Aircraft”); and

WHEREAS, from time to time, in connection with use of the Aircraft for Goldman Sachs’ business purposes, Lessee may desire to use the Aircraft for personal usage incidental to business travel; and

WHEREAS, the parties intend for Lessee to reimburse Goldman Sachs for certain costs associated with such personal usage incidental to business travel on a non-exclusive time sharing basis in accordance with FAR § 91.501;

NOW THEREFORE, in consideration of the mutual covenants herein set forth, the parties agree as follows:

1. Provision of Aircraft and Crew. Subject to Aircraft availability, Goldman Sachs agrees to allow Lessee’s personal usage of the Aircraft incidental to business travel on a time sharing basis in accordance with the provisions of FAR §§ 91.501(b)(6), (b)(10), (c)(1) and (d). Goldman Sachs shall provide, at its sole expense, fully qualified flight crew for all flight operations under this Agreement. If Goldman Sachs is no longer the operator of any of the Aircraft, Schedule A shall be deemed amended to delete any reference to such Aircraft and this Agreement shall be terminated as to such Aircraft but shall remain in full force and effect with respect to each of the other Aircraft, if any. No such termination shall affect any of the rights and obligations of the parties accrued or incurred prior to such termination. If Goldman Sachs becomes the operator of any aircraft not listed on Schedule A hereto, Schedule A shall be deemed amended to include such Aircraft, and this Agreement shall remain in full force and effect with respect to such Aircraft and each of the other Aircraft, if any.

2. Term. The term of this Agreement (the “Term”) shall commence on the date hereof and shall continue until terminated by either party on written notice to the other party. This Agreement shall terminate immediately in the event that Lessee is no longer an employee or director of Goldman Sachs. Notwithstanding the foregoing, any provisions directly or indirectly related to Lessee’s payment obligations for flights completed prior to the date of termination shall survive the termination of this Agreement.

 

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3. Reimbursement of Expenses. For each flight conducted under this Agreement involving personal usage incidental to business travel, Lessee shall pay Goldman Sachs an amount determined by Goldman Sachs for the expenses attributable to such personal usage incidental to business travel in an amount not to exceed that permitted by FAR §91.501(d). The invoice to Lessee shall not exceed the aggregate cost of:

 

  (a) Fuel, oil, lubricants, and other additives;

 

  (b) Travel expenses of the crew, including food, lodging, and ground transportation;

 

  (c) Hangar and tie-down costs away from the Aircraft’s base of operation;

 

  (d) Insurance obtained for the specific flight;

 

  (e) Landing fees, airport taxes, and similar assessments;

 

  (f) Customs, foreign permit, and similar fees directly related to the flight;

 

  (g) In-flight food and beverages;

 

  (h) Passenger ground transportation;

 

  (i) Flight planning and weather contract services; and

 

  (j) An additional charge equal to one hundred percent (100%) of the expenses listed in subsection (a) above.

4. Invoicing and Payment. All payments to be made to Goldman Sachs by Lessee hereunder shall be paid in the manner set forth in this Section 4. Goldman Sachs will pay, or cause to be paid, all expenses related to the operation of the Aircraft hereunder in the ordinary course. As soon as practicable after the relevant flight, Goldman Sachs shall provide or cause to be provided to Lessee an invoice detailing all amounts payable by Lessee pursuant to Section 3 of this Agreement. Lessee shall pay all amounts due under the invoice not later than 60 days after receipt thereof unless otherwise specified in such invoice.

5. Flight Requests. Lessee will provide the designated representatives of Goldman Sachs with flight requests for Lessee’s personal usage incidental to business travel pursuant to this Agreement as far in advance of the relevant flight as possible and in accordance with all policies established by Goldman Sachs. Flight requests shall be in a form, whether oral or written, mutually convenient to the parties. Goldman Sachs shall have sole and exclusive authority over the scheduling of the Aircraft. Goldman Sachs shall not be liable to Lessee or any other person for loss, injury, or damage occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason.

 

2


Any flights or personal usage incidental to business travel scheduled under this Agreement are subject to cancellation by either party without incurring liability to the other party. In the event of a cancellation, the canceling party shall provide the maximum notice reasonably practicable.

6. Operational Authority and Control. Goldman Sachs shall be responsible for the physical and technical operation of the Aircraft and the safe performance of all flights under this Agreement, and shall retain full authority and control, including exclusive operational control and exclusive possession, command and control of the Aircraft for all flights under this Agreement. Goldman Sachs shall furnish at its expense a fully qualified flight crew with appropriate credentials to conduct each flight undertaken under this Agreement. In accordance with applicable FARs, the qualified flight crew provided by Goldman Sachs will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder. The pilot-in-command shall have absolute discretion in all matters concerning the preparation of the Aircraft for flight and the flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken or personal usage incidental to business travel shall be permitted, the route to be flown, the place where landings shall be made, and all other matters relating to operation of the Aircraft. Lessee specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight or any personal usage incidental to business travel for any reason or condition that in the sole judgment of the pilot-in-command could compromise the safety of the flight, and to take any other action that in the sole judgment of the pilot-in-command is necessitated by considerations of safety. No such action of the pilot-in-command shall create or support any liability to Lessee or any other person for loss, injury, damage or delay. Goldman Sachs’s operation of the Aircraft hereunder shall be strictly within the guidelines and policies established by Goldman Sachs and FAR Part 91.

7. Aircraft Maintenance. Goldman Sachs shall, at its own expense, cause the Aircraft to be inspected, maintained, serviced, repaired, overhauled, and tested in accordance with FAR Part 91 so that the Aircraft will remain in good operating condition and in a condition consistent with its airworthiness certification and shall take such requirements into account in scheduling the Aircraft hereunder. Performance of maintenance, preventive maintenance or inspection shall not be delayed or postponed for the purpose of scheduling the Aircraft unless such maintenance or inspection can safely be conducted at a later time in compliance with applicable laws, regulations and requirements, and such delay or postponement is consistent with the sound discretion of the pilot-in-command. In the event that any non-standard maintenance is required during the term and will interfere with Lessee’s requested or scheduled personal usage incidental to business travel, Goldman Sachs, or Goldman Sachs’s pilot-in-command, shall notify Lessee of the maintenance required, the effect on the ability to comply with Lessee’s requested or scheduled personal usage incidental to business travel and the manner in which the parties will proceed with the performance of such maintenance and conduct of such flight(s). In no event shall Goldman Sachs be liable to Lessee or any other person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft under this Agreement, whether or not maintenance-related.

8. Insurance. Goldman Sachs, at its expense, will maintain or cause to be maintained in full force and effect throughout the Term of this Agreement (i) comprehensive aircraft and liability insurance against bodily injury and property damage claims, including, without limitation, contractual liability, in respect of the Aircraft in such amount as is customarily maintained by prudent operators of similar aircraft; and (ii) hull insurance for the full replacement cost of the Aircraft.

 

3


Goldman Sachs shall use reasonable commercial efforts to provide such additional insurance for specific flights under this Agreement as Lessee may request in writing. Lessee acknowledges that any trips scheduled to the European Union may require Goldman Sachs to purchase additional insurance to comply with applicable regulations.

9. Use of Aircraft. Lessee warrants that:

(i) Lessee will use the Aircraft under this Agreement for and only for his or her own account, including the carriage of guests, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo for compensation or hire or for common carriage;

(ii) Lessee will not permit any lien, security interest or other charge or encumbrance to attach against the Aircraft as a result of his or her actions or inactions, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or Goldman Sachs’s rights hereunder or create any kind of lien or security interest involving the Aircraft or do anything or take any action that might mature into such a lien; and

(iii) During the Term of this Agreement, Lessee will abide by and conform to all such laws, governmental and airport orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation or use of the Aircraft by a lessee under a time sharing arrangement and all applicable policies of Goldman Sachs.

10. Limitation of Liability. NEITHER GOLDMAN SACHS (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE.

IN NO EVENT SHALL GOLDMAN SACHS OR ITS AFFILIATES BE LIABLE FOR OR HAVE ANY DUTY OF INDEMNIFICATION, CONTRIBUTION OR REIMBURSEMENT TO LESSEE, LESSEE’S EMPLOYEES, AGENTS OR GUESTS FOR ANY LOSS, CLAIM, DAMAGE OR EXPENSE OF ANY KIND UNLESS SUCH LOSS, CLAIM, DAMAGE OR EXPENSE IS DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A NON-APPEALABLE JUDGMENT TO BE SOLELY DUE TO GOLDMAN SACHS’ BAD FAITH OR WILLFUL MISCONDUCT. The provisions of this Section 10 shall survive the termination or expiration of this Agreement.

11. Notices and Communications. All notices and other communications under this Agreement shall be in writing (except as permitted in Section 5) and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by personal delivery, by facsimile (with a simultaneous confirmation copy sent by first class mail properly addressed and postage prepaid), by email, or by a reputable overnight courier service, addressed as follows:

 

4


If to Goldman

Sachs:

  

The Goldman Sachs Group, Inc.

200 West Street

New York, New York 10282

Fax:

Email:

If to Lessee:

  

 

  

c/o The Goldman Sachs Group, Inc.

200 West Street

New York, New York 10282

Fax:

Email:

or to such other person or address as either party may from time to time designate in writing to the other party. Notices shall be effective upon receipt.

12. Entire Agreement. This Agreement constitutes the entire understanding between the parties with respect to its subject matter, and there are no representations, warranties, rights, obligations, liabilities, conditions, covenants, or agreements relating to such subject matter that are not expressly set forth herein. There are no third-party beneficiaries of this Agreement.

13. Further Acts. Goldman Sachs and Lessee shall from time to time perform such other and further acts and execute such other and further instruments as may be required by law or may be reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to establish, maintain and protect the respective rights and remedies of the other party.

14. Successors and Assigns. Lessee shall not have the right to assign, transfer or pledge this Agreement and any such attempted assignment, transfer or pledge shall be null and void. This Agreement shall be binding on the parties hereto and their respective heirs, executors, administrators, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, their respective heirs, executors, administrators, other legal representatives, successors and permitted assigns.

15. Taxes. Lessee shall be responsible for paying, and Goldman Sachs shall be responsible for collecting from Lessee and paying over to the appropriate authorities, all applicable Federal excise taxes imposed under Internal Revenue Code §4261 and all sales, use and other excise taxes imposed by any authority in connection with the use of the Aircraft by Lessee hereunder.

16. Governing Law and Consent to Jurisdiction. This Agreement shall be governed by the laws of the State of New York without regard to its choice of law principles. The parties hereby consent and agree to submit to the exclusive jurisdiction and venue of any state or federal court in New York, New York in any proceedings hereunder, and each hereby waives any objection to any such proceedings based on improper venue or forum non-conveniens or similar principles. The parties hereto hereby further consent and agree to the exercise of such personal jurisdiction over them by such courts with respect to any such proceedings, waive any objection to the assertion or exercise of such jurisdiction and consent to process being served in any such proceedings in the manner provided for the giving of notices hereunder.

 

5


17. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions shall not be affected or impaired.

18. Amendment or Modification. This Agreement may be amended, modified or terminated only in writing duly executed by the parties hereto.

19. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement, binding on all the parties notwithstanding that all the parties are not signatories to the same counterpart. Each party may transmit its signature by facsimile, and any faxed counterpart of this Agreement shall have the same force and effect as a manually-executed original.

20. Truth-in-Leasing Compliance. Goldman Sachs, on behalf of Lessee, shall (i) deliver a copy of this Agreement to the Aircraft Registration Branch, Technical Section, of the FAA in Oklahoma City within 24 hours of its execution; (ii) notify the appropriate Flight Standards District Office at least 48 hours prior to the first flight under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time for such flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement.

21. TRUTH IN LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION REGULATIONS:

(a) GOLDMAN SACHS CERTIFIES THAT EACH OF THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT (OR SUCH SHORTER PERIOD AS GOLDMAN SACHS SHALL HAVE POSSESSED THE AIRCRAFT) IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS. EACH OF THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

(B) GOLDMAN SACHS AGREES, CERTIFIES AND ACKNOWLEDGES, AS EVIDENCED BY ITS SIGNATURE BELOW, THAT WHENEVER ANY OF THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, GOLDMAN SACHS SHALL BE KNOWN AS, CONSIDERED, AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT, AND THAT GOLDMAN SACHS UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

(C) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE.

 

6


IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the day and year first above written. The persons signing below warrant their authority to sign.

 

GSTP LLC

   LESSEE:                                    

By:

 

The Goldman Sachs Group, Inc., as

Managing Member

     
 

By:

 

 

  

 

  
    Name:      
    Title:      

A legible copy of this Agreement shall be kept in the Aircraft for all operations conducted hereunder.

 

7


SCHEDULE A

 

Year/Make/Model

  

Manufacturer’s Serial Number

  

FAA Registration Number

     

 

8

EX-12.1 16 d276319dex121.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS Statement re: Computation of Ratios of Earnings to Fixed Charges and Ratios

EXHIBIT 12.1

THE GOLDMAN SACHS GROUP, INC. and SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS

TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

    Year Ended December     Year Ended November     One Month
Ended
December
 
$ in millions   2011            2010            2009            2008            2007            2008  

Net earnings/(loss)

  $ 4,442              $ 8,354              $ 13,385              $ 2,322              $ 11,599              $ (780

Add:

                     

Provision/(benefit) for taxes

    1,727                4,538                6,444                14                6,005                (478

Portion of rents representative of an interest factor

    159                169                145                146                137                13   

Interest expense on all indebtedness

    7,982                6,806                6,500                31,357                41,981                1,002   

Pre-tax earnings/(loss), as adjusted

  $ 14,310              $ 19,867              $ 26,474              $ 33,839              $ 59,722              $ (243

Fixed charges 1:

                     

Portion of rents representative of an interest factor

  $ 159              $ 169              $ 145              $ 146              $ 137              $ 13   

Interest expense on all indebtedness

    7,987                6,810                6,570                31,444                42,051                1,008   

Total fixed charges

  $ 8,146              $ 6,979              $ 6,715              $ 31,590              $ 42,188              $ 1,021   

Preferred stock dividend requirements

    2,683                989                1,767                283                291                400   

Total combined fixed charges and preferred stock dividends

  $ 10,829              $ 7,968              $ 8,482              $ 31,873              $ 42,479              $ 1,421   

Ratio of earnings to fixed charges

    1.76        x        2.85        x        3.94        x        1.07        x        1.42        x        N/A  2 

Ratio of earnings to combined fixed charges and preferred stock dividends

    1.32        x        2.49        x        3.12        x        1.06        x        1.41        x        N/A  2 

 

1.

Fixed charges include capitalized interest of $5 million, $4 million, $70 million, $87 million, $70 million and $6 million for the years ended December 2011, December 2010, December 2009, November 2008, November 2007 and one month ended December 2008, respectively.

 

2.

Earnings for the one month ended December 2008 were inadequate to cover total fixed charges and total combined fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges and total combined fixed charges and preferred stock dividends were $1.26 billion and $1.66 billion, respectively.

 

EX-21.1 17 d276319dex211.htm LIST OF SIGNIFICANT SUBSIDIARIES OF THE GOLDMAN SACHS GROUP, INC. List of Significant subsidiaries of The Goldman Sachs Group, Inc.

EXHIBIT 21.1

Significant Subsidiaries of the Registrant

The following are significant subsidiaries of The Goldman Sachs Group, Inc. as of December 31, 2011 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. The Goldman Sachs Group, Inc. owns, directly or indirectly, at least 99% of the voting securities of substantially all of the subsidiaries included below. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934.

 

Name    State or
Jurisdiction of
Organization of
Entity

The Goldman Sachs Group, Inc.

   Delaware

Goldman, Sachs & Co.

   New York

Goldman Sachs (UK) L.L.C.

   Delaware

Goldman Sachs Group Holdings (U.K.)

   United Kingdom

Goldman Sachs International Bank

   United Kingdom

Goldman Sachs Holdings (U.K.)

   United Kingdom

Goldman Sachs International

   United Kingdom

Goldman Sachs Asset Management International

   United Kingdom

Shire UK Limited

   United Kingdom

KPL Finance Limited

   Cayman Islands

GS Financial Services L.P. (Del)

   Delaware

JLQ LLC

   Cayman Islands

Jupiter Investment Co., Ltd.

   Japan

Goldman Sachs Global Holdings L.L.C.

   Delaware

GS Asian Venture (Delaware) L.L.C.

   Delaware

Triumph II Investments (Ireland) Limited

   Ireland

GS Diversified Funding LLC

   Delaware

Panda Investments Ltd

   Mauritius

GS (Asia) L.P.

   Delaware

Goldman Sachs (Japan) Ltd.

   British Virgin Islands

Goldman Sachs Japan Co., Ltd.

   Japan

J. Aron Holdings, L.P.

   Delaware

J. Aron & Company

   New York

Horizon Fundo De Investimento Multimercado Credito Privado - Investimento No Exterior

   Brazil

Goldman Sachs Asset Management, L.P.

   Delaware

Goldman Sachs Hedge Fund Strategies LLC

   Delaware

Goldman Sachs (Cayman) Holding Company

   Cayman Islands

Goldman Sachs (Cayman) Trust, Limited

   Cayman Islands

Goldman Sachs (Asia) Corporate Holdings L.P.

   Delaware

Goldman Sachs Holdings (Hong Kong) Limited

   Hong Kong

Goldman Sachs (Asia) Finance

   Mauritius

Goldman Sachs (Asia) LLC

   Delaware

Goldman Sachs (Asia) Securities Limited

   Hong Kong

Goldman Sachs Financial Markets, L.P.

   Delaware

MTGLQ Investors, L.P.

   Delaware

ELQ Investors, Ltd

   United Kingdom

GS European Opportunities Fund B.V.

   Netherlands

GS European Strategic Investment Group B.V.

   Netherlands

Opal Resources LLC

   Delaware

GS Mehetia LLC

   Delaware

Mehetia Holdings Inc.

   Delaware

GS Lending Partners Holdings LLC

   Delaware

Goldman Sachs Lending Partners LLC

   Delaware

Goldman Sachs Bank USA

   New York

Goldman Sachs Mortgage Company

   New York

GSCP (DEL) Inc.

   Delaware

Goldman Sachs Credit Partners L.P.

   Bermuda

GSTM LLC

   Delaware

SLK LLC

   New York

Goldman Sachs Execution & Clearing, L.P.

   New York

GS Financial Services II, LLC

   Delaware

GS Funding Europe

   United Kingdom

GS Funding Europe I Ltd.

   Cayman Islands


Name    State or
Jurisdiction of
Organization of
Entity

GS Funding Europe II Ltd.

   Cayman Islands

GS Investment Strategies, LLC

   Delaware

GSEM (Del) Inc.

   Delaware

GSEM (Del) Holdings, L.P.

   Delaware

GSEM Bermuda Holdings, L.P.

   Bermuda

GSEM (Del) LLC

   Delaware

GS Equity Markets, L.P.

   Bermuda

GSIP Holdco A LLC

   Delaware

Special Situations Investing Group, Inc.

   Delaware

GS Mortgage Derivatives, Inc.

   Delaware

GS Direct, L.L.C.

   Delaware

Commonwealth Annuity and Life Insurance Company

   Massachusetts

First Allmerica Financial Life Insurance Company

   Massachusetts

Goldman Sachs Specialty Lending Holdings, Inc. II

   Delaware

Goldman Sachs Specialty Lending CLO-I, Ltd.

   Cayman Islands

GS Power Holdings LLC

   Delaware

Natural Resources Investments S.L.

   Spain

Comercializadora Internacional Colombian Natural Resources I S.A.S.

   Colombia

Mitsi Holdings LLC

   Delaware

Metro International Trade Services LLC

   Delaware

MLQ Investors, L.P.

   Delaware

AR Holdings (Delaware) L.L.C.

   Delaware

AR Holdings GK

   Japan

GK Kagurazaka Holdings

   Japan

GK Arisugawa Finance

   Japan

K.K. Minato Saiken Kaishu

   Japan

GS PIA Holdings GK

   Japan

Crane Holdings Ltd.

   Japan

Goldman Sachs Realty Japan Ltd.

   Japan

Goldman Sachs Ireland Group Holdings LLC

   Delaware

Goldman Sachs Ireland LLC

   Delaware

Goldman Sachs Ireland Group Limited

   Ireland

Goldman Sachs Ireland Holdings Limited

   Ireland

Goldman Sachs Bank (Europe) plc

   Ireland

Rothesay Life, L.L.C.

   Delaware

Rothesay Life (Cayman) Limited

   Cayman Islands

Rothesay Life Limited

   United Kingdom

ELQ Holdings (Del) LLC

   Delaware

ELQ Holdings (UK) Ltd

   United Kingdom

ELQ Investors II Ltd

   United Kingdom

Goldman Sachs Specialty Lending Holdings, Inc.

   Delaware

Goldman Sachs Holdings ANZ Pty Limited

   Australia

GS HLDGS ANZ II Pty Ltd

   Australia

Goldman Sachs Australia Group Holdings Pty Ltd

   Australia

Goldman Sachs Australia Pty Ltd

   Australia

Archon International Inc.

   Delaware

Archon Group Deutschland GMBH

   Germany

Goldman Sachs Private Equity Group Master Fund I, LLC

   Delaware
EX-23.1 18 d276319dex231.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Consent of Independent Registered Public Accounting Firm

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (File Nos. 333-159143 and 333-176914) and on Form S-8 (File Nos. 333-80839, 333-42068, 333-106430 and 333-120802) of The Goldman Sachs Group, Inc. of our report dated February 28, 2012 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Part II, Item 8 of this Form 10-K. We also consent to the incorporation by reference in such Registration Statements of our report dated February 28, 2012 relating to Selected Financial Data, which appears in Exhibit 99.1 of this Form 10-K.

/s/ PRICEWATERHOUSECOOPERS LLP

New York, New York

February 28, 2012

 

EX-31.1 19 d276319dex311.htm RULE 13A-14(A) CERTIFICATIONS Rule 13a-14(a) Certifications

EXHIBIT 31.1

CERTIFICATIONS

I, Lloyd C. Blankfein, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2011 of The Goldman Sachs Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ Lloyd C. Blankfein

 

Name: Lloyd C. Blankfein

 

Title: Chief Executive Officer

 

Date: February 28, 2012


CERTIFICATIONS

I, David A. Viniar, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2011 of The Goldman Sachs Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ David A. Viniar

 

Name: David A. Viniar

 

Title: Chief Financial Officer

 

Date: February 28, 2012

 

EX-32.1 20 d276319dex321.htm SECTION 1350 CERTIFICATIONS Section 1350 Certifications

EXHIBIT 32.1

Certification

Pursuant to 18 U.S.C. § 1350, the undersigned officer of The Goldman Sachs Group, Inc. (the “Company”) hereby certifies that the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: February 28, 2012

 

/s/ Lloyd C. Blankfein

  
 

Lloyd C. Blankfein

  
 

Chief Executive Officer

  

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

 


Certification

Pursuant to 18 U.S.C. § 1350, the undersigned officer of The Goldman Sachs Group, Inc. (the “Company”) hereby certifies that the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: February 28, 2012

 

/s/ David A. Viniar

  
 

David A. Viniar

  
 

Chief Financial Officer

  

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

EX-99.1 21 d276319dex991.htm REPORT OF INDEPENDENT REGISTERED PUBLIC ACCT'G FIRM ON SELECTED FINANCIAL DATA Report of Independent Registered Public Acct'g Firm on Selected Financial Data

EXHIBIT 99.1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON SELECTED FINANCIAL DATA

To the Board of Directors and the Shareholders of

The Goldman Sachs Group, Inc.:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of The Goldman Sachs Group, Inc. and subsidiaries (the “Company”) at December 31, 2011 and 2010, and for each of the three years in the period ended December 31, 2011, and the effectiveness of the Company’s internal control over financial reporting as of December 31, 2011, and in our report dated February 28, 2012, we expressed unqualified opinions thereon. We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s consolidated statements of financial condition at December 31, 2009, November 28, 2008 and November 30, 2007, and the related consolidated statements of earnings, changes in shareholders’ equity, cash flows and comprehensive income for the years ended November 28, 2008 and November 30, 2007 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements. In our opinion, the information set forth in the selected financial data for the fiscal years ended December 31, 2011, December 31, 2010, December 31, 2009, November 28, 2008 and November 30, 2007 and the income statement data and common share data for the one-month period ended December 26, 2008 appearing on page 215 in Part II, Item 8 of this Form 10-K, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

/s/ PRICEWATERHOUSECOOPERS LLP

New York, New York

February 28, 2012

 

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These VIEs use the funds from the sale of beneficial interests and the premiums received from credit derivative counterparties to purchase securities which serve to collateralize the beneficial interest holders and/or the credit derivative counterparty. These VIEs may enter into other derivatives, primarily interest rate swaps, which are typically not variable interests. 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All such assets and amounts are then assigned a risk weight depending on, among other things, whether the counterparty is a sovereign, bank or qualifying securities firm or other entity (or if collateral is held, depending on the nature of the collateral). </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Tier 1 leverage ratio is defined as Tier 1 capital under Basel 1 divided by average adjusted total assets (which includes adjustments for disallowed goodwill and intangible assets, and the carrying value of equity investments in non-financial companies that are subject to deductions from Tier 1 capital). </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Regulatory Reform </b></font></p> <p style="font-size:0px;margin-top:0px;margin-bottom:0px">&#160; </p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm is currently working to implement the requirements set out in the Federal Reserve Board&#8217;s Risk-Based Capital Standards: Advanced Capital Adequacy Framework &#8212; Basel&#160;2, as applicable to Group Inc. as a bank holding company (Basel 2), which are based on the advanced approaches under the Revised Framework for the International Convergence of Capital Measurement and Capital Standards issued by the Basel Committee. U.S. banking regulators have incorporated the Basel 2 framework into the existing risk-based capital requirements by requiring that internationally active banking organizations, such as Group Inc., adopt Basel&#160;2, once approved to do so by regulators. As required by the Dodd-Frank Act, U.S. banking regulators have adopted a rule that requires large banking organizations, upon adoption of Basel&#160;2, to continue to calculate risk-based capital ratios under both Basel 1 and Basel 2. For each of the Tier 1 and Total capital ratios, the lower of the Basel 1 and Basel 2 ratios calculated will be used to determine whether the bank meets its minimum risk-based capital requirements. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In December 2011, the U.S. federal bank regulatory agencies issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. These modifications are designed to address the adjustments to the market risk framework that were announced by the Basel Committee in June 2010 (Basel&#160;2.5), as well as the prohibition in the use of credit&#160;ratings, as required by the Dodd-Frank Act. 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However, for these cases, management does not believe, based on currently available information, that the outcomes of such proceedings will have a material adverse effect on the firm&#8217;s financial condition, though the outcomes could be material to the firm&#8217;s operating results for any particular period, depending, in part, upon the operating results for such period. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>IPO Process Matters. </b></font><font style="font-family:times new roman" size="2"> Group Inc. and GS&#038;Co. are among the numerous financial services companies that have been named as defendants in a variety of lawsuits alleging improprieties in the process by which those companies participated in the underwriting of public offerings in recent years. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co. has, together with other underwriters in certain offerings as well as the issuers and certain of their officers and directors, been named as a defendant in a number of related lawsuits filed in the U.S. District Court for the Southern District of New York alleging, among other things, that the prospectuses for the offerings violated the federal securities laws by failing to disclose the existence of alleged arrangements tying allocations in certain offerings to higher customer brokerage commission rates as well as purchase orders in the aftermarket, and that the alleged arrangements resulted in market manipulation. On October&#160;5, 2009, the district court approved a settlement agreement entered into by the parties. The firm has paid into a settlement fund the full amount that GS&#038;Co. would contribute in the settlement. Certain objectors appealed certain aspects of the settlement&#8217;s approval, but all such appeals have been withdrawn or finally dismissed, thereby concluding the matter. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co. is among numerous underwriting firms named as defendants in a number of complaints filed commencing October&#160;3, 2007, in the U.S. District Court for the Western District of Washington alleging violations of Section&#160;16 of the Exchange Act in connection with offerings of securities for 15 issuers during 1999 and 2000. The complaints generally assert that the underwriters, together with each issuer&#8217;s directors, officers and principal shareholders, entered into purported agreements to tie allocations in the offerings to increased brokerage commissions and aftermarket purchase orders. The complaints further allege that, based upon these and other purported agreements, the underwriters violated the reporting provisions of, and are subject to short-swing profit recovery under, Section&#160;16 of the Exchange Act. The district court granted defendants&#8217; motions to dismiss on the grounds that the plaintiff&#8217;s demands were inadequate with respect to certain actions and that the remaining actions were time-barred. On December&#160;2, 2010, the appellate court affirmed in part and reversed in part, upholding the dismissal of seven of the actions in which GS&#038;Co. is a defendant that were dismissed based on the deficient demands but remanding the remaining eight actions in which GS&#038;Co. is a defendant that were dismissed as time-barred for consideration of other bases for dismissal. On June&#160;27, 2011, the U.S. Supreme Court granted the defendants&#8217; petition for review of whether the actions that were remanded are time-barred and denied the plaintiff&#8217;s petition. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> GS&#038;Co. has been named as a defendant in an action commenced on May&#160;15, 2002 in New York Supreme Court, New York County, by an official committee of unsecured creditors on behalf of eToys, Inc., alleging that the firm intentionally underpriced eToys, Inc.&#8217;s initial public offering. The action seeks, among other things, unspecified compensatory damages resulting from the alleged lower amount of offering proceeds. On appeal from rulings on GS&#038;Co.&#8217;s motion to dismiss, the New York Court of Appeals dismissed claims for breach of contract, professional malpractice and unjust enrichment, but permitted claims for breach of fiduciary duty and fraud to continue. On remand, the lower court granted GS&#038;Co.&#8217;s motion for summary judgment and, on December&#160;8, 2011, the appellate court affirmed the lower court&#8217;s decision. 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The parties entered into a definitive settlement agreement, dated July&#160;15,&#160;2011, pursuant to which GSI will contribute up to &#8364;48&#160;million to a settlement fund. The firm has paid the full amount of GSI&#8217;s proposed contribution to the settlement into an escrow account. Other shareholders&#8217; associations have made demands or filed claims for compensation of alleged damages. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Research Matters. </b></font><font style="font-family:times new roman" size="2">Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to research practices, including, among other things, research analysts&#8217; methods for obtaining receipt and distribution of information and communications among research analysts, sales and trading personnel and clients. On June&#160;9, 2011, pursuant to a settlement, a consent order was entered by the Massachusetts Securities Division pursuant to which GS&#038;Co. paid a $10 million civil penalty and agreed to various undertakings regarding certain of its research practices. Other regulators, including the SEC and FINRA, have been investigating matters similar to those involved in the Massachusetts settlement, and Goldman Sachs <b></b>has been discussing potential resolution of their proposed charges. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Adelphia Communications Fraudulent Conveyance Litigation.</b></font><font style="font-family:times new roman" size="2"> GS&#038;Co. is named a defendant in two adversary proceedings commenced in the U.S. Bankruptcy Court for the Southern District of New York, one on July&#160;6, 2003 by a creditors committee, and the second on or about July&#160;31, 2003 by an equity committee of Adelphia Communications, Inc. Those proceedings were consolidated in a single amended complaint filed by the Adelphia Recovery Trust on October&#160;31, 2007. The complaint seeks, among other things, to recover, as fraudulent conveyances, approximately $62.9&#160;million allegedly paid to GS&#038;Co. by Adelphia Communications, Inc. and its affiliates in respect of margin calls made in the ordinary course of business on accounts owned by members of the family that formerly controlled Adelphia Communications, Inc. The district court assumed jurisdiction over the action and on April&#160;8, 2011 granted GS&#038;Co.&#8217;s motion for summary judgment. 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The SLKS settlement involves, among other things, (i)&#160;findings by the SEC and the NYSE that SLKS violated certain federal securities laws and NYSE rules, and in some cases failed to supervise certain individual specialists, in connection with trades that allegedly disadvantaged customer orders, (ii)&#160;a cease and desist order against SLKS, (iii)&#160;a censure of SLKS, (iv)&#160;SLKS&#8217; agreement to pay an aggregate of $45.3 million in disgorgement and a penalty to be used to compensate customers, (v)&#160;certain undertakings with respect to SLKS&#8217; systems and procedures, and (vi)&#160;SLKS&#8217; retention of an independent consultant to review and evaluate certain of SLKS&#8217; compliance systems, policies and procedures. Comparable findings were made and sanctions imposed in the settlements with other specialist firms. The settlement did not resolve the related private civil actions against SLKS and other firms or regulatory investigations involving individuals or conduct on other exchanges. On May&#160;26,&#160;2011, the SEC issued an order directing the undistributed settlement funds to be transferred to the U.S. Treasury; the funds will accordingly not be allocated to any settlement fund for the civil actions described below. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">SLKS, Spear, Leeds&#160;&#038; Kellogg, L.P. and Group Inc. are among numerous defendants named in purported class actions brought beginning in October 2003 on behalf of investors in the U.S. District Court for the Southern District of New York alleging violations of the federal securities laws and state common law in connection with NYSE floor specialist activities. The actions, which have been consolidated, seek unspecified compensatory damages, restitution and disgorgement on behalf of purchasers and sellers of unspecified securities between October&#160;17,&#160;1998 and October&#160;15, 2003. By a decision dated March&#160;14,&#160;2009, the district court granted plaintiffs&#8217; motion for class certification. The defendants&#8217; petition with the U.S. Court of Appeals for the Second Circuit seeking review of the certification ruling was denied, and the specialist defendants&#8217; petition for a rehearing and/or rehearing en banc was denied on February&#160;24, 2010. On December&#160;5, 2011, the parties reached a settlement in principle, subject to documentation and court approval. The firm has reserved the full amount of its proposed contribution to the settlement. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Treasury Matters. </b></font><font style="font-family:times new roman" size="2">GS&#038;Co. was named as a defendant in a purported class action filed on March&#160;10, 2004 in the U.S. District Court for the Northern District of Illinois on behalf of holders of short positions in 30-year U.S. Treasury futures and options on the morning of October&#160;31, 2001. The complaint alleged that the firm purchased 30-year bonds and futures prior to a forthcoming U.S. Treasury refunding announcement that morning based on non-public information about that announcement, and that such purchases increased the costs of covering such short positions. The complaint also named as defendants the Washington, D.C.-based political consultant who allegedly was the source of the information, a former GS&#038;Co. economist who allegedly received the information, and another company and one of its employees who also allegedly received and traded on the information prior to its public announcement. The complaint alleged violations of the federal commodities and antitrust laws, as well as Illinois statutory and common law, and seeks, among other things, unspecified damages including treble damages under the antitrust laws. The district court dismissed the antitrust and Illinois state law claims but permitted the federal commodities law claims to proceed. Plaintiff&#8217;s motion for class certification was denied. GS&#038;Co. moved for summary judgment, and the district court granted the motion but only insofar as the claim relates to the trading of treasury bonds. On October&#160;13, 2009, the parties filed an offer of judgment and notice of acceptance with respect to plaintiff&#8217;s individual claim. The plaintiff attempted to pursue an appeal of the denial of class certification, as did another individual trader who had previously litigated and lost an individual claim and unsuccessfully sought to intervene in the purported class action. On August&#160;5, 2011, the U.S. Court of Appeals for the Seventh Circuit affirmed the lower court&#8217;s rulings that neither the plaintiff nor the proposed intervenor could pursue the class issues on appeal, but remanded for further consideration as to the amount of pre-judgment interest on the plaintiff&#8217;s individual claim. The appellants&#8217; petition for reconsideration en banc was denied on October&#160;19, 2011. On remand, the district court entered a final stipulation and order on December&#160;7, 2011 regarding calculation of pre-judgment interest, which concluded the matter. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Fannie Mae Litigation. </b></font><font style="font-family:times new roman" size="2">GS&#038;Co. was added as a defendant in an amended complaint filed on August&#160;14,&#160;2006 in a purported class action pending in the U.S. District Court for the District of Columbia. The complaint asserts violations of the federal securities laws generally arising from allegations concerning Fannie Mae&#8217;s accounting practices in connection with certain Fannie Mae-sponsored REMIC transactions that were allegedly arranged by GS&#038;Co. The complaint does not specify a dollar amount of damages. The other defendants include Fannie Mae, certain of its past and present officers and directors, and accountants. By a decision dated May&#160;8, 2007, the district court granted GS&#038;Co.&#8217;s motion to dismiss the claim against it. The time for an appeal will not begin to run until disposition of the claims against other defendants. A motion to stay the action filed by the Federal Housing Finance Agency (FHFA), which took control of the foregoing action following Fannie Mae&#8217;s conservatorship, was denied on November&#160;14, 2011. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Beginning in September 2006, Group Inc. and/or GS&#038;Co. were named as defendants in four Fannie Mae shareholder derivative actions in the U.S. District Court for the District of Columbia. The complaints generally allege that the Goldman Sachs defendants aided and abetted a breach of fiduciary duty by Fannie Mae&#8217;s directors and officers in connection with certain Fannie Mae-sponsored REMIC transactions, and one of the complaints also asserts a breach of contract claim. The complaints also name as defendants certain former officers and directors of Fannie Mae as well as an outside accounting firm. The complaints seek, inter alia, unspecified damages. The Goldman Sachs defendants were dismissed without prejudice from the first filed of these actions, and the remaining claims in that action were dismissed for failure to make a demand on Fannie Mae&#8217;s board of directors. That dismissal has been affirmed on appeal. The district court dismissed the remaining three actions on July&#160;28, 2010. The plaintiffs filed motions for reconsideration, which were denied on October&#160;22, 2010, and have revised their notices of appeal in these actions. On January&#160;20, 2011, the appellate court consolidated all actions on appeal. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Compensation-Related Litigation. </b></font><font style="font-family:times new roman" size="2">On January&#160;17, 2008, Group Inc., its Board, executive officers and members of its management committee were named as defendants in a purported shareholder derivative action in the U.S. District Court for the Eastern District of New York predicting that the firm&#8217;s 2008 Proxy Statement would violate the federal securities laws by undervaluing certain stock option awards and alleging that senior management received excessive compensation for 2007. The complaint seeks, among other things, an equitable accounting for the allegedly excessive compensation. Plaintiff&#8217;s motion for a preliminary injunction to prevent the 2008 Proxy Statement from using options valuations that the plaintiff alleges are incorrect and to require the amendment of SEC Form 4s filed by certain of the executive officers named in the complaint to reflect the stock option valuations alleged by the plaintiff was denied, and plaintiff&#8217;s appeal from this denial was dismissed. On February&#160;13, 2009, the plaintiff filed an amended complaint, which added purported direct (i.e., non-derivative) claims based on substantially the same theory. The plaintiff filed a further amended complaint on March&#160;24, 2010, and the defendants&#8217; motion to dismiss this further amended complaint was granted on the ground that dismissal of the shareholder plaintiff&#8217;s prior action relating the firm&#8217;s 2007 Proxy Statement based on the failure to make a demand to the Board precluded relitigation of demand futility. On December&#160;19,&#160;2011, the appellate court vacated the order of dismissal, holding only that preclusion principles did not mandate dismissal and remanding for consideration of the alternative grounds for dismissal. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> On March&#160;24, 2009, the same plaintiff filed an action in New York Supreme Court, New York County against Group Inc., its directors and certain senior executives alleging violation of Delaware statutory and common law in connection with substantively similar allegations regarding stock option awards. On January&#160;7, 2011, the plaintiff filed an amended complaint. Defendants moved to dismiss the amended complaint, and the parties subsequently agreed to stay the state court action pending the final resolution of the appeal from the dismissal of the federal court action in respect of the firm&#8217;s 2008 Proxy Statement described above, as well as any remanded proceedings further adjudicating defendants&#8217; motion to dismiss. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Purported shareholder derivative actions were commenced in New York Supreme Court, New York County and the Delaware Court of Chancery beginning on December&#160;14,&#160;2009, alleging that the Board breached its fiduciary duties in connection with setting compensation levels for the year 2009 and that such levels were excessive. The complaints name as defendants Group Inc., the Board and certain senior executives. The complaints sought, <i>inter alia</i>, unspecified damages, restitution of certain compensation paid, and an order requiring the firm to adopt corporate reforms. In the actions in New York state court, on April&#160;8,&#160;2010, the plaintiffs filed a motion indicating that they no longer intend to pursue their claims but are seeking an award of attorneys&#8217; fees in connection with bringing the suit, which the defendants opposed. By a decision dated September&#160;21,&#160;2011, the New York court dismissed plaintiffs&#8217; claims as moot and denied plaintiffs&#8217; application for attorneys&#8217; fees. On October&#160;25,&#160;2011, plaintiffs appealed from the denial of a fee award. In the actions brought in the Delaware Court of Chancery, the defendants moved to dismiss, and the plaintiffs amended their complaint on April&#160;28,&#160;2010 to include, among other things, the allegations included in the SEC&#8217;s action described in the &#8220;Mortgage-Related Matters&#8221; section below. The plaintiffs amended the complaint a second time on January&#160;20,&#160;2011, the defendants moved to dismiss the second amended complaint and, by a decision dated October&#160;12,&#160;2011, the Delaware court dismissed plaintiffs&#8217; second amended complaint. Plaintiffs appealed on November&#160;9, 2011. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Group Inc. and certain of its affiliates are subject to a number of investigations and reviews from various governmental agencies and self-regulatory organizations regarding the firm&#8217;s compensation processes. The firm is cooperating with the investigations and reviews. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Mortgage-Related Matters.</b></font><font style="font-family:times new roman" size="2"> On April&#160;16, 2010, the SEC brought an action (SEC Action) under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against GS&#038;Co. and Fabrice Tourre, one of its employees, in connection with a CDO offering made in early 2007 (ABACUS 2007-AC1 transaction), alleging that the defendants made materially false and misleading statements to investors and seeking, among other things, unspecified monetary penalties. Investigations of GS&#038;Co. by FINRA and of GSI by the FSA were subsequently initiated, and Group Inc. and certain of its affiliates have received subpoenas and requests for information from other regulators, regarding CDO offerings, including the ABACUS 2007-AC1 transaction, and related matters. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> On July&#160;14, 2010, GS&#038;Co. entered into a consent agreement with the SEC, settling all claims made against GS&#038;Co. in the SEC Action (SEC Settlement), pursuant to which GS&#038;Co. paid $550 million of disgorgement and civil penalties, and which was approved by the U.S. District Court for the Southern District of New York on July&#160;20, 2010. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> On January&#160;6, 2011, ACA Financial Guaranty Corp. filed an action against GS&#038;Co. in respect of the ABACUS 2007-AC1 transaction in New York Supreme Court, New York County. The complaint includes allegations of fraudulent inducement, fraudulent concealment and unjust enrichment and seeks at least $30&#160;million in compensatory damages, at least $90&#160;million in punitive damages and unspecified disgorgement. On March&#160;8, 2011, GS&#038;Co. filed a motion to compel arbitration and/or to dismiss the complaint. On April&#160;25, 2011, the plaintiff filed an amended complaint and, on June&#160;3, 2011, GS&#038;Co. moved to dismiss the amended complaint. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Since April&#160;22, 2010, a number of putative shareholder derivative actions have been filed in New York Supreme Court, New York County, and the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and its affiliates in connection with mortgage-related matters between 2004 and 2007, including the ABACUS 2007-AC1 transaction and other CDO offerings. These derivative complaints generally include allegations of breach of fiduciary duty, corporate waste, abuse of control, mismanagement, unjust enrichment, misappropriation of information, securities fraud and insider trading, and challenge the accuracy and adequacy of Group Inc.&#8217;s disclosure. These derivative complaints seek, among other things, declaratory relief, unspecified compensatory damages, restitution and certain corporate governance reforms. In addition, as described in the &#8220;Compensation-Related Litigation&#8221; section above, the plaintiffs in the compensation-related Delaware Court of Chancery actions twice amended their complaint, including to assert allegations similar to those in the derivative claims referred to above, the Delaware court granted the defendants&#8217; motion to dismiss the second amended complaint and plaintiffs appealed on November&#160;9, 2011. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The federal court cases have been consolidated, plaintiffs filed a consolidated amended complaint on August&#160;1, 2011, and, on October&#160;6, 2011, the defendants moved to dismiss the action. On December&#160;8, 2011, the parties to the federal court action stipulated that (i)&#160;if the dismissal of the Delaware action is affirmed, the parties will submit a proposed order dismissing the federal court action with prejudice and (ii)&#160;if the Delaware action is remanded, the federal court action will be reinstated. The New York Supreme Court has consolidated the two actions pending in that court and the defendants moved to dismiss on December&#160;2, 2011. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Since July&#160;1, 2011, two putative shareholder derivative actions have been filed in the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and Litton in connection with the servicing of residential mortgage loans and other mortgage-related activities beginning in January&#160;2009. The complaints generally include allegations of breach of fiduciary duty, waste, abuse of control, and mismanagement and seek, among other things, declaratory relief, unspecified damages and certain governance reforms. The district court consolidated the actions, and, on December&#160;20, 2011, the plaintiffs filed a consolidated amended complaint. On January&#160;31, 2012, the defendants moved to dismiss. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In addition, in October 2011, the Board received a books and records demand from a shareholder for materials relating to, among other subjects, the firm&#8217;s mortgage servicing and foreclosure activities, participation in federal programs providing assistance to financial institutions and homeowners and loan sales to Fannie Mae and Freddie Mac. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Since April&#160;23, 2010, the Board has received letters from shareholders demanding that the Board take action to address alleged misconduct by GS&#038;Co., the Board and certain officers and employees of Group Inc. and its affiliates. The demands generally allege misconduct in connection with the firm&#8217;s securitization practices, including the ABACUS 2007-AC1 transaction, the alleged failure by Group Inc. to adequately disclose the SEC investigation that led to the SEC Action, and Group Inc.&#8217;s 2009 compensation practices. The demands include a letter from a Group Inc. shareholder, which previously made a demand that the Board investigate and take action in connection with auction products matters, and expanded its demand to address the foregoing matters. The Board previously rejected the demand relating to auction products matters in September 2010, and, in August 2011, the shareholder made a books and records demand for materials related to the Board&#8217;s rejection of the shareholder&#8217;s demand letter. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In addition, beginning April&#160;26, 2010, a number of purported securities law class actions have been filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.&#8217;s public disclosure of, among other things, the firm&#8217;s activities in the CDO market and the SEC investigation that led to the SEC Action. The purported class action complaints, which name as defendants Group Inc. and certain officers and employees of Group Inc. and its affiliates, have been consolidated, generally allege violations of Sections 10(b) and 20(a) of the Exchange Act and seek unspecified damages. Plaintiffs filed a consolidated amended complaint on July&#160;25, 2011. On October&#160;6, 2011, the defendants moved to dismiss. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co., Goldman Sachs Mortgage Company (GSMC) and GS Mortgage Securities Corp. (GSMSC) and three current or former Goldman Sachs employees are defendants in a putative class action commenced on December&#160;11,&#160;2008 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&#038;Co. in 2007. The complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory damages and rescission or rescissionary damages. The defendants&#8217; motion to dismiss the second amended complaint was granted with leave to replead certain claims. On March&#160;31,&#160;2010, the plaintiff filed a third amended complaint relating to two offerings, which the defendants moved to dismiss. This motion to dismiss was denied as to the plaintiff&#8217;s Section&#160;12(a)(2) claims and granted as to the plaintiff&#8217;s Section&#160;11 claims, and the plaintiff&#8217;s motion for reconsideration was denied. The plaintiff filed a motion for entry of final judgment or certification of an interlocutory appeal as to plaintiff&#8217;s Section&#160;11 claims, which was denied. The plaintiff then filed a motion for leave to amend to reinstate the damages claims based on allegations that it had sold its securities, which was denied. On May&#160;5,&#160;2011, the court granted plaintiff&#8217;s motion for entry of a final judgment dismissing all its claims. The plaintiff has appealed the dismissal with respect to all of the offerings included in its original complaint. On June&#160;3, 2010, another investor (who had unsuccessfully sought to intervene in the action) filed a separate putative class action asserting substantively similar allegations relating to an additional offering pursuant to the 2007 registration statement. The defendants moved to dismiss this separate action, and the district court dismissed the action, with leave to replead. Plaintiff filed an amended complaint on October&#160;20,&#160;2011, and, on December&#160;16,&#160;2011, defendants moved to dismiss. These trusts issued, and GS&#038;Co. underwrote, approximately $785 million principal amount of certificates to all purchasers in the offering at issue in this amended complaint. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Group Inc., GS&#038;Co., GSMC and GSMSC are among the defendants in a separate putative class action commenced on February&#160;6, 2009 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&#038;Co. in 2006. The other original defendants include three current or former Goldman Sachs employees and various rating agencies. The second amended complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory and rescissionary damages. Defendants moved to dismiss the second amended complaint. On January&#160;12,&#160;2011, the district court granted the motion to dismiss with respect to offerings in which plaintiff had not purchased securities as well as all claims against the rating agencies, but denied the motion to dismiss with respect to a single offering in which the plaintiff allegedly purchased securities. These trusts issued, and GS&#038;Co. underwrote, approximately $698&#160;million principal amount of certificates to all purchasers in the offerings at issue in the complaint (excluding those offerings for which the claims have been dismissed). On February&#160;2,&#160;2012, the district court granted the plaintiff&#8217;s motion for class certification and on February&#160;16,&#160;2012, defendants filed a petition to review that ruling with the U.S. Court of Appeals for the Second Circuit. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> On September&#160;30, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York against GS&#038;Co., Group Inc. and two former GS&#038;Co. employees on behalf of investors in notes issued in 2006 and 2007 by two synthetic CDOs (Hudson Mezzanine 2006-1 and 2006-2). The complaint, which was amended on February&#160;4,&#160;2011, asserts federal securities law and common law claims, and seeks unspecified compensatory, punitive and other damages. The defendants moved to dismiss on April&#160;5,&#160;2011. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co., GSMC and GSMSC are among the defendants in a lawsuit filed in August 2011 by CIFG Assurance of North America, Inc. (CIFG) in the New York Supreme Court. The complaint alleges that CIFG was fraudulently induced to provide credit enhancement for a 2007 securitization sponsored by GSMC, and seeks, among other things, the repurchase of $24.7 million in aggregate principal amount of mortgages that CIFG had previously stated to be non-conforming, an accounting for any proceeds associated with mortgages discharged from the securitization and unspecified compensatory damages. On October&#160;17, 2011, the Goldman Sachs defendants moved to dismiss. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Various alleged purchasers of, and counterparties involved in transactions relating to, mortgage pass-through certificates, CDOs and other mortgage-related products (including certain Allstate affiliates, Basis Yield Alpha Fund (Master), Cambridge Place Investment Management Inc., the Charles Schwab Corporation, the Federal Home Loan Banks of Boston, Chicago, Indianapolis and Seattle, the FHFA (as conservator for Fannie Mae and Freddie Mac), Heungkuk Life Insurance Co. Limited (Heungkuk), Landesbank Baden-W&uuml;rttemberg, Massachusetts Mutual Life Insurance Company, MoneyGram Payment Systems, Inc., the National Credit Union Administration, Stichting Pensioenfonds ABP, The Union Central Life Insurance Company, Ameritas Life Insurance Corp., Acacia Life Insurance Company, and The Western and Southern Life Insurance Co.) have filed complaints in state and federal court against firm affiliates, generally alleging that the offering documents for the securities that they purchased contained untrue statements of material facts and material omissions and generally seeking rescission and damages. Certain of these complaints allege fraud and seek punitive damages. Certain of these complaints also name other firms as defendants. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">A number of other entities (including American International Group, Inc. (AIG), Bayerische Landesbank, Deutsche Bank National Trust Company, Deutsche Zentral-Genossenschaftbank, Erste Abwicklungsanstalt and related parties, HSH Nordbank, IKB Deutsche Industriebank AG, John Hancock and related parties, M&#038;T Bank, Norges Bank Investment Management, Prudential Insurance Company of America and related parties, and Sealink Funding Ltd.) have threatened to assert claims of various types against the firm in connection with various mortgage-related transactions, and the firm has entered into agreements with a number of these entities to toll the relevant statute of limitations. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">As of the date hereof, the aggregate notional amount of mortgage-related securities sold to plaintiffs in active cases brought against the firm where those plaintiffs are seeking rescission of such securities was approximately $16.5&#160;billion (which does not reflect adjustment for any subsequent paydowns or distributions or any residual value of such securities). This amount does not include the threatened claims noted above or potential claims by other purchasers in the same or other mortgage-related offerings that have not actually brought claims against the firm, or claims that have been dismissed (including a claim by Landesbank Baden-W&uuml;rttemberg, which was dismissed by a decision dated September&#160;26, 2011, from which the plaintiff appealed on October&#160;24, 2011). </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In June 2011, Heungkuk filed a criminal complaint against certain past and present employees of the firm in South Korea relating to its purchase of a CDO securitization from Goldman Sachs. The filing does not represent any judgment by a governmental entity, but starts a process whereby the prosecutor investigates the complaint and determines whether to take action. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">On September&#160;1, 2011, Group Inc. and GS Bank USA entered into a Consent Order with the Federal Reserve Board relating to the servicing of residential mortgage loans. In addition, on September&#160;1, 2011, GS Bank USA entered into an Agreement on Mortgage Servicing Practices with the New York State Banking Department, Litton and the acquirer of Litton, in connection with which Group Inc. agreed to forgive 25% of the unpaid principal balance on certain delinquent first lien residential mortgage loans owned by Group Inc. or a subsidiary, totaling approximately $13 million in principal forgiveness. See Note 18 for further information about these settlements. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> Group Inc., GS&#038;Co. and GSMC are among the numerous financial services firms named as defendants in a qui tam action originally filed by a realtor on April&#160;7,&#160;2010 purportedly on behalf of the City of Chicago and State of Illinois in Cook County, Illinois Circuit Court asserting claims under the Illinois Whistleblower Reward and Protection Act and Chicago False Claims Act, based on allegations that defendants had falsely certified compliance with various Illinois laws, which were purportedly violated in connection with mortgage origination and servicing activities. The complaint, which was originally filed under seal, seeks treble damages and civil penalties. Plaintiff filed an amended complaint on December 28, 2011, naming GS&#038;Co. and GSMC, among others, as additional defendants and a second amended complaint on February&#160;8, 2012. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> The firm has also received, and continues to receive, requests for information and/or subpoenas from federal, state and local regulators and law enforcement authorities, relating to the mortgage-related securitization process, subprime mortgages, CDOs, synthetic mortgage-related products, particular transactions involving these products, and servicing and foreclosure activities, and is cooperating with these regulators and other authorities. See also &#8220;Financial Crisis-Related Matters&#8221; below. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">On February 24, 2012, the firm received a &#8220;Wells&#8221; notice from the staff of the SEC with respect to the disclosures contained in the offering documents used in connection with a late 2006 offering of approximately $1.3 billion of subprime residential mortgage-backed securities underwritten by GS&#038;Co. The firm will be making a submission to, and intends to engage in a dialogue with, the SEC staff seeking to address their concerns. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> The firm expects to be the subject of additional putative shareholder derivative actions, purported class actions, rescission and &#8220;put back&#8221; claims and other litigation, additional investor and shareholder demands, and additional regulatory and other investigations and actions with respect to mortgage-related offerings, loan sales, CDOs, and servicing and foreclosure activities. See Note 18 for further information regarding mortgage-related contingencies. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Auction Products Matters.</b></font><font style="font-family:times new roman" size="2"> On August&#160;21, 2008, GS&#038;Co. entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department (on behalf of the North American Securities Administrators Association) regarding auction rate securities. Under the agreement, Goldman Sachs agreed, among other things, (i)&#160;to offer to repurchase at par the outstanding auction rate securities that its private wealth management clients purchased through the firm prior to February&#160;11, 2008, with the exception of those auction rate securities where auctions were clearing, (ii)&#160;to continue to work with issuers and other interested parties, including regulatory and governmental entities, to expeditiously provide liquidity solutions for institutional investors, and (iii)&#160;to pay a $22.5&#160;million fine. The settlement is subject to definitive documentation and approval by the various states. On June&#160;2,&#160;2009, GS&#038;Co. entered into an Assurance of Discontinuance with the New York State Attorney General. On March&#160;19,&#160;2010, GS&#038;Co. entered into an Administrative Consent Order with the Illinois Secretary of State, Securities Department, which had conducted an investigation on behalf of states other than New York. GS&#038;Co. has entered into similar consent orders with most states and is in the process of doing so with the remaining states. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">On September&#160;4, 2008, Group Inc. was named as a defendant, together with numerous other financial services firms, in two complaints filed in the U.S. District Court for the Southern District of New York alleging that the defendants engaged in a conspiracy to manipulate the auction securities market in violation of federal antitrust laws. The actions were filed, respectively, on behalf of putative classes of issuers of and investors in auction rate securities and seek, among other things, treble damages in an unspecified amount. Defendants&#8217; motion to dismiss was granted on January&#160;26, 2010. On March&#160;1, 2010, the plaintiffs appealed from the dismissal of their complaints. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Private Equity-Sponsored Acquisitions Litigation. </b></font><font style="font-family:times new roman" size="2">Group Inc. and &#8220;GS Capital Partners&#8221; are among numerous private equity firms and investment banks named as defendants in a federal antitrust action filed in the U.S. District Court for the District of Massachusetts in December&#160;2007. As amended, the complaint generally alleges that the defendants have colluded to limit competition in bidding for private equity-sponsored acquisitions of public companies, thereby resulting in lower prevailing bids and, by extension, less consideration for shareholders of those companies in violation of Section&#160;1 of the U.S. Sherman Antitrust Act and common law. The complaint seeks, among other things, treble damages in an unspecified amount. Defendants moved to dismiss on August&#160;27, 2008. The district court dismissed claims relating to certain transactions that were the subject of releases as part of the settlement of shareholder actions challenging such transactions, and by an order dated December&#160;15, 2008 otherwise denied the motion to dismiss. On April&#160;26,&#160;2010, the plaintiffs moved for leave to proceed with a second phase of discovery encompassing additional transactions. On August&#160;18, 2010, the court permitted discovery on eight additional transactions, and the plaintiffs filed a fourth amended complaint on October&#160;7,&#160;2010. The defendants filed a motion to dismiss certain aspects of the fourth amended complaint on October&#160;21, 2010, and the court granted that motion on January&#160;13, 2011. On January&#160;21,&#160;2011, certain defendants, including Group Inc., filed a motion to dismiss another claim of the fourth amended complaint on the grounds that the transaction was the subject of a release as part of the settlement of a shareholder action challenging the transaction. The court granted that motion on March&#160;1, 2011. On July&#160;11,&#160;2011, the plaintiffs moved for leave to file a fifth amended complaint encompassing additional transactions and to take discovery concerning those transactions. On September&#160;7,&#160;2011, the district court denied the plaintiffs&#8217; motion, without prejudice, insofar as it sought leave to file a fifth amended complaint, but permitted an additional six-month phase of discovery with respect to the additional transactions. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Washington Mutual Securities Litigation.</b></font><font style="font-family:times new roman" size="2"> GS&#038;Co. is among numerous underwriters named as defendants in a putative securities class action amended complaint filed on August&#160;5, 2008 in the U.S. District Court for the Western District of Washington. As to the underwriters, plaintiffs allege that the offering documents in connection with various securities offerings by Washington Mutual, Inc. failed to describe accurately the company&#8217;s exposure to mortgage-related activities in violation of the disclosure requirements of the federal securities laws. The defendants include past and present directors and officers of Washington Mutual, the company&#8217;s former outside auditors, and numerous underwriters. On June&#160;30, 2011, the underwriter defendants and plaintiffs entered into a definitive settlement agreement, pursuant to which GS&#038;Co. would contribute to a settlement fund. On November&#160;4, 2011, the court approved the settlement, and the time to appeal has run, thereby concluding the matter. The firm has paid the full amount of GS&#038;Co.&#8217;s contribution to the settlement fund. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>IndyMac Pass-Through Certificates Litigation.</b></font><font style="font-family:times new roman" size="2"> GS&#038;Co. is among numerous underwriters named as defendants in a putative securities class action filed on May&#160;14,&#160;2009 in the U.S. District Court for the Southern District of New York. As to the underwriters, plaintiffs allege that the offering documents in connection with various securitizations of mortgage-related assets violated the disclosure requirements of the federal securities laws. The defendants include IndyMac-related entities formed in connection with the securitizations, the underwriters of the offerings, certain ratings agencies which evaluated the credit quality of the securities, and certain former officers and directors of IndyMac affiliates. On November&#160;2, 2009, the underwriters moved to dismiss the complaint. The motion was granted in part on February&#160;17,&#160;2010 to the extent of dismissing claims based on offerings in which no plaintiff purchased, and the court reserved judgment as to the other aspects of the motion. By a decision dated June&#160;21, 2010, the district court formally dismissed all claims relating to offerings in which no named plaintiff purchased certificates (including all offerings underwritten by GS&#038;Co.), and both granted and denied the defendants&#8217; motions to dismiss in various other respects. On May&#160;17,&#160;2010, four additional investors filed a motion seeking to intervene in order to assert claims based on additional offerings (including two underwritten by GS&#038;Co.). On July&#160;6,&#160;2010 and August&#160;19,&#160;2010, two additional investors filed motions to intervene in order to assert claims based on additional offerings (none of which were underwritten by GS&#038;Co.). The defendants opposed the motions on the ground that the putative intervenors&#8217; claims were time-barred and, on June&#160;21,&#160;2011, the court denied the motions to intervene with respect to, among others, the claims based on the offerings underwritten by GS&#038;Co. Certain of the putative intervenors (including those seeking to assert claims based on two offerings underwritten by GS&#038;Co.) have appealed. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co. underwrote approximately $751 million principal amount of securities to all purchasers in the offerings at issue in the May 2010 motion to intervene. On July&#160;11,&#160;2008, IndyMac Bank was placed under an FDIC receivership, and on July&#160;31, 2008, IndyMac Bancorp, Inc. filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court in Los Angeles, California. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>MF Global Securities Litigation. </b></font><font style="font-family:times new roman" size="2">GS&#038;Co. is among numerous underwriters named as defendants in class action complaints filed in the U.S. District Court for the Southern District of New York commencing November&#160;18, 2011. These complaints generally allege that the offering materials for two offerings of MF Global Holdings Ltd. convertible notes (aggregating approximately $575 million in principal amount) in February 2011 and July 2011 failed to, among other things, describe adequately the extent of MF Global&#8217;s exposure to European sovereign debt, in violation of the disclosure requirements of the federal securities laws. GS&#038;Co. underwrote an aggregate principal amount of approximately $214 million of the notes.<b> </b>On October&#160;31, 2011, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Manhattan, New York. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">GS&#038;Co. has also received inquiries from various governmental and regulatory bodies and self-regulatory organizations concerning certain transactions with MF Global prior to its bankruptcy filing. Goldman Sachs is cooperating with all such inquiries. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Employment-Related Matters. </b></font><font style="font-family:times new roman" size="2">On May&#160;27, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York by several contingent technology workers who were employees of third-party vendors. The plaintiffs are seeking overtime pay for alleged hours worked in excess of 40&#160;per work week. The complaint alleges that the plaintiffs were de facto employees of GS&#038;Co. and that GS&#038;Co. is responsible for the overtime pay under federal and state overtime laws. The complaint seeks class action status and unspecified damages. On March&#160;21, 2011, the parties agreed to the terms of a settlement in principle and on February&#160;10,&#160;2012, the court approved the terms of the settlement. The firm has reserved the full amount of the proposed settlement. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">On September&#160;15, 2010, a putative class action was filed in the U.S. District for the Southern District of New York by three former female employees alleging that Group Inc. and GS&#038;Co. have systematically discriminated against female employees in respect of compensation, promotion, assignments, mentoring and performance evaluations. The complaint alleges a class consisting of all female employees employed at specified levels by Group Inc. and GS&#038;Co. since July 2002, and asserts claims under federal and New York City discrimination laws. The complaint seeks class action status, injunctive relief and unspecified amounts of compensatory, punitive and other damages. Group Inc. and GS&#038;Co. filed a motion to stay the claims of one of the named plaintiffs and to compel individual arbitration with that individual, based on an arbitration provision contained in an employment agreement between Group Inc. and the individual. On April&#160;28, 2011, the magistrate judge to whom the district judge assigned the motion denied the motion. On July&#160;7, 2011, the magistrate judge denied Group Inc.&#8217;s and GS&#038;Co.&#8217;s motion for reconsideration of the magistrate judge&#8217;s decision, and on July&#160;21, 2011 Group Inc. and GS&#038;Co. appealed the magistrate judge&#8217;s decision to the district court. On June&#160;13, 2011, Group Inc. and GS&#038;Co. moved to strike the class allegations of one of the three named plaintiffs based on her failure to exhaust administrative remedies. On September&#160;29, 2011, the magistrate judge recommended denial of the motion to strike and Group Inc. and GS&#038;Co. filed their objections to that recommendation with the district judge presiding over the case on October&#160;11,&#160;2011. By a decision dated January&#160;10, 2012, the district court denied the motion to strike. On July&#160;22, 2011, Group Inc. and GS&#038;Co. moved to strike all of the plaintiffs&#8217; class allegations, and for partial summary judgment as to plaintiffs&#8217; disparate impact claims. By a decision dated January&#160;19, 2012, the magistrate judge recommended that defendants&#8217; motion be denied as premature. The defendants have filed their objections to that recommendation with the district judge. On November&#160;15, 2011, the district court denied the defendants&#8217; motion to compel arbitration with one of the three named plaintiffs; defendants have appealed. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Transactions with the Hellenic Republic (Greece). </b></font><font style="font-family:times new roman" size="2">Group Inc. and certain of its affiliates have been subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm&#8217;s transactions with the Hellenic Republic (Greece), including financing and swap transactions. Goldman Sachs has cooperated with the investigations and reviews. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Investment Management Services</b></font><font style="font-family:times new roman" size="2"> . Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm&#8217;s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages. In addition, Group Inc. and its affiliates are subject from time to time to investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm&#8217;s investment management services. Goldman Sachs is cooperating with all such investigations and reviews. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Sales, Trading and Clearance Practices.</b></font><font style="font-family:times new roman" size="2"> Group Inc. and certain of its affiliates are subject to a number of investigations and reviews, certain of which are industry-wide, by various governmental and regulatory bodies and self-regulatory organizations relating to the sales, trading and clearance of corporate and government securities and other financial products, including compliance with the SEC&#8217;s short sale rule, algorithmic and quantitative trading, futures trading, transaction reporting, securities lending practices, trading and clearance of credit derivative instruments, commodities trading, private placement practices and compliance with the U.S. Foreign Corrupt Practices Act. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The European Commission announced in April 2011 that it is initiating proceedings to investigate further numerous financial services companies, including Group Inc., in connection with the supply of data related to credit default swaps and in connection with profit sharing and fee arrangements for clearing of credit default swaps, including potential anti-competitive practices. These proceedings are ongoing. The firm has received civil investigative demands from the U.S. Department of Justice (DOJ) for information on similar matters. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The CFTC has been investigating the role of GSEC as the clearing broker for an SEC-registered broker-dealer client. The CFTC staff has orally advised GSEC that it intends to recommend that the CFTC bring aiding and abetting, civil fraud and supervision-related charges against GSEC arising from its provision of clearing services to this broker-dealer client based on allegations that GSEC knew or should have known that the client&#8217;s subaccounts maintained at GSEC were actually accounts belonging to customers of the broker-dealer client and not the client&#8217;s proprietary accounts. <b></b>GSEC has been discussing a potential resolution. Goldman Sachs is cooperating with the investigations and reviews. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Insider Trading Investigations.</b></font><font style="font-family:times new roman" size="2"> From time to time, the firm and its employees are the subject of or otherwise involved in regulatory investigations relating to insider trading, the potential misuse of material nonpublic information and the effectiveness of the firm&#8217;s insider trading controls and information barriers. It is the firm&#8217;s practice to fully cooperate with any such investigations. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>EU Price-Fixing Matter.</b></font><font style="font-family:times new roman" size="2"> On July&#160;5, 2011, the European Commission issued a Statement of Objections to Group Inc. raising allegations of an industry-wide conspiracy to fix prices for power cables including by an Italian cable company in which certain Goldman Sachs-affiliated investment funds held ownership interests from 2005 to 2009. The Statement of Objections proposes to hold Group Inc. jointly and severally liable for some or all of any fine levied against the cable company under the concept of parental liability under EU competition law. </font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Municipal Securities Matters.</b></font><font style="font-family:times new roman" size="2"> Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to transactions involving municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, underwriting of Build America Bonds and the possible impact of credit default swap transactions on municipal issuers. Goldman Sachs is cooperating with the investigations and reviews. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Group Inc., Goldman Sachs Mitsui Marine Derivative Products, L.P. (GSMMDP) and GS Bank USA are among numerous financial services firms that have been named as defendants in numerous substantially identical individual antitrust actions filed beginning on November&#160;12, 2009 that have been coordinated with related antitrust class action litigation and individual actions, in which no Goldman Sachs affiliate is named, for pre-trial proceedings in the U.S. District Court for the Southern District of New York. The plaintiffs include individual California municipal entities and three New York non-profit entities. All of these complaints against Group Inc., GSMMDP and GS Bank USA generally allege that the Goldman Sachs defendants participated in a conspiracy to arrange bids, fix prices and divide up the market for derivatives used by municipalities in refinancing and hedging transactions from 1992 to 2008. The complaints assert claims under the federal antitrust laws and either California&#8217;s Cartwright Act or New York&#8217;s Donnelly Act, and seek, among other things, treble damages under the antitrust laws in an unspecified amount and injunctive relief. On April&#160;26, 2010, the Goldman Sachs defendants&#8217; motion to dismiss complaints filed by several individual California municipal plaintiffs was denied. On August&#160;19, 2011, Group Inc., GSMMDP and GS Bank USA were voluntarily dismissed without prejudice from all actions except one brought by a California municipal entity. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> </font><font style="font-family:arial" size="2"><b>Financial Crisis-Related Matters.</b></font><font style="font-family:times new roman" size="2"> Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations and litigation relating to the 2008 financial crisis, including the establishment and unwind of credit default swaps between Goldman Sachs and AIG and other transactions with, and in the securities of, AIG, The Bear Stearns Companies Inc., Lehman Brothers Holdings Inc. and other firms. Goldman Sachs is cooperating with the investigations and reviews. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In the second quarter of 2011, a Staff Report of the Senate Permanent Subcommittee on Investigations concerning the key causes of the financial crisis was issued. Goldman Sachs and another financial institution were used as case studies with respect to the role of investment banks. The report was referred to the DOJ and the SEC for review. The firm is cooperating with the investigations arising from this referral, which are ongoing. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 28 - us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock--> <font style="display:none">Employee Benefit Plans </font> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Note 28. </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="3"><b>Employee Benefit Plans </b></font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160; </p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:arial" size="2"><b>Defined Benefit Pension Plans and Postretirement Plans </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> Employees of certain non-U.S. subsidiaries participate in various defined benefit pension plans. These plans generally provide benefits based on years of credited service and a percentage of the employee&#8217;s eligible compensation. The firm maintains a defined benefit pension plan for certain U.K. employees. As of April 2008, the U.K. defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. These plans do not have a material impact on the firm&#8217;s consolidated results of operations. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm also maintains a defined benefit pension plan for substantially all U.S. employees hired prior to November&#160;1, 2003. As of November 2004, this plan was closed to new participants and frozen such that existing participants would not accrue any additional benefits. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. These plans do not have a material impact on the firm&#8217;s consolidated results of operations. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm recognizes the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the consolidated statements of financial condition. As of December 2011, &#8220;Other assets&#8221; and &#8220;Other liabilities and accrued expenses&#8221; included $135 million (related to an overfunded pension plan) and $858 million, respectively, related to these plans. As of December 2010, &#8220;Other assets&#8221; and &#8220;Other liabilities and accrued expenses&#8221; included $164 million (related to an overfunded pension plan) and $641 million, respectively, related to these plans. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:arial" size="2"> <b>Defined Contribution Plans </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm contributes to employer-sponsored U.S. and non-U.S. defined contribution plans. The firm&#8217;s contribution to these plans was $225 million, $193 million and $178 million for the years ended December 2011,&#160;December 2010 and December 2009, respectively. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 29 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--> <font style="display:none">Employee Incentive Plans </font> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Note 29. </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="3"><b>Employee Incentive Plans </b></font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160; </p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Expected forfeitures are included in determining share-based employee compensation expense. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm pays cash dividend equivalents on outstanding RSUs. Dividend equivalents paid on RSUs are generally charged to retained earnings. Dividend equivalents paid on RSUs expected to be forfeited are included in compensation expense. The firm accounts for the tax benefit related to dividend equivalents paid on RSUs as an increase to additional paid-in capital. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards. For awards accounted for as equity instruments, additional paid-in capital is adjusted to the extent of the difference between the current value of the award and the grant-date value of the award. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Stock Incentive Plan </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (SIP), which provides for grants of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, awards with performance conditions and other share-based awards. In the second quarter of 2003, the SIP was approved by the firm&#8217;s shareholders, effective for grants after April&#160;1, 2003. The SIP was further amended and restated, effective December&#160;31, 2008. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP through the end of the 2008 fiscal year could not exceed 250&#160;million shares. The total number of shares of common stock that may be delivered for awards granted under the SIP in the 2009 fiscal year and each fiscal year thereafter cannot exceed 5% of the issued and outstanding shares of common stock, determined as of the last day of the immediately preceding fiscal year, increased by the number of shares available for awards in previous years but not covered by awards granted in such years. 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See Notes 5 through 8 for further information about fair value measurements. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Investment Banking</b></font><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>.</b></font><font style="font-family:times new roman" size="2"> Fees from financial advisory assignments and underwriting revenues are recognized in earnings when the services related to the underlying transaction are completed under the terms of the assignment. Expenses associated with such transactions are deferred until the related revenue is recognized or the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recorded as non-compensation expenses, net of client reimbursements. Underwriting revenues are presented net of related expenses. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Investment Management. </b></font><font style="font-family:times new roman" size="2"> The firm earns management fees and incentive fees for investment management services. Management fees are calculated as a percentage of net asset value, invested capital or commitments, and are recognized over the period that the related service is provided. Incentive fees are calculated as a percentage of a fund&#8217;s or separately managed account&#8217;s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a 12-month period or over the life of a fund. Fees that are based on performance over a 12-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees are recognized only when all material contingencies have been resolved. Management and incentive fee revenues are included in &#8220;Investment management&#8221; revenues. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Commissions and Fees. </b></font><font style="font-family:times new roman" size="2">The firm earns &#8220;Commissions and fees&#8221; from executing and clearing client transactions on stock, options and futures markets. Commissions and fees are recognized on the day the trade is executed. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: gs-20111231_note3_accounting_policy_table6 - us-gaap:TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsAggregationPolicy--> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Transfers of Assets </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Transfers of assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of assets accounted for as sales, any related gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm&#8217;s continuing involvement with transferred assets are measured at fair value. For transfers of assets that are not accounted for as sales, the assets remain in &#8220;Financial instruments owned, at fair value&#8221; and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. 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Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> For transfers of assets that are not accounted for as sales, the assets remain in &#8220;Financial instruments owned, at fair value&#8221; and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. 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These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. 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A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: gs-20111231_note3_accounting_policy_table7 - gs:ReceivablesFromCustomersAndCounterpartiesPolicyTextBlock--> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Receivables from Customers and Counterparties </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Receivables from customers and counterparties generally relate to collateralized transactions. Such receivables are primarily comprised of customer margin loans, transfers of assets accounted for as secured loans rather than purchases and collateral posted in connection with certain derivative transactions. Certain of the firm&#8217;s receivables from customers and counterparties are accounted for at fair value under the fair value option, with changes in fair value generally included in &#8220;Market making&#8221; revenues. See Note 8 for further information about the fair values of these receivables. Receivables from customers and counterparties not accounted for at fair value are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. 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Changes in reserves, including interest credited to policyholder account balances, are recognized in &#8220;Insurance reserves.&#8221; </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Premiums earned for underwriting property catastrophe reinsurance are recognized in earnings over the coverage period, net of premiums ceded for the cost of reinsurance, and are included in &#8220;Market making&#8221; revenues. Expenses for liabilities related to property catastrophe reinsurance claims, including estimates of losses that have been incurred but not reported, are included in &#8220;Insurance reserves.&#8221; </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: gs-20111231_note3_accounting_policy_table9 - us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock--> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Foreign Currency Translation </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2">Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated statements of financial condition and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: gs-20111231_note3_accounting_policy_table10 - us-gaap:CashAndCashEquivalentsPolicyTextBlock--> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Cash and Cash Equivalents </b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. As of December 2011 and December 2010, &#8220;Cash and cash equivalents&#8221; included $7.95 billion and $5.75 billion, respectively, of cash and due from banks, and $48.05&#160;billion and $34.04 billion, respectively, of interest-bearing deposits with banks. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: gs-20111231_note3_accounting_policy_table11 - gs:RecentAccountingDevelopmentsPolicyTextBlock--> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:arial" size="2"><b>Recent Accounting Developments </b></font></p> <p style="font-size:0px;margin-top:0px;margin-bottom:0px">&#160; </p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Improving Disclosures about Fair Value Measurements (FASB Accounting Standards Codification (ASC) 820). </b></font><font style="font-family:times new roman" size="2">In January 2010, the FASB issued ASU No.&#160;2010-06, &#8220;Fair Value Measurements and Disclosures (Topic 820) &#8212; Improving Disclosures about Fair Value Measurements.&#8221; ASU No.&#160;2010-06 provides amended disclosure requirements related to fair value measurements. Certain of these disclosure requirements became effective for the firm beginning in the first quarter of 2010, while others became effective for the firm beginning in the first quarter of 2011. Since these amended principles require only additional disclosures concerning fair value measurements, adoption did not affect the firm&#8217;s financial condition, results of operations or cash flows. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Reconsideration of Effective Control for Repurchase Agreements (ASC 860)</b></font><font style="font-family:times new roman" size="2">. 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The adoption of ASU No.&#160;2011-03 will not affect the firm&#8217;s financial condition, results of operations or cash flows. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> </font><font style="font-family:arial" size="2"><b>Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASC 820). </b></font><font style="font-family:times new roman" size="2"> In May 2011, the FASB issued ASU No.&#160;2011-04, &#8220;Fair Value Measurements and Disclosures (Topic 820) &#8212; Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.&#8221; ASU No.&#160;2011-04 clarifies the application of existing fair value measurement and disclosure requirements, changes certain principles related to measuring fair value, and requires additional disclosures about fair value measurements. ASU No.&#160;2011-04 is effective for periods beginning after December&#160;15, 2011. Adoption of ASU No.&#160;2011-04 will not materially affect the firm&#8217;s financial condition, results of operations or cash flows. </font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"> <b>Testing Goodwill for Impairment (ASC 350).</b></font><font style="font-family:times new roman" size="2"> In September 2011, the FASB issued ASU No.&#160;2011-08, &#8220;Intangibles &#8212; Goodwill and Other (Topic 350) &#8212; Testing Goodwill for Impairment.&#8221; ASU No.&#160;2011-08 simplifies how entities test goodwill for impairment by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative, two-step goodwill impairment test. ASU No.&#160;2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December&#160;15, 2011. Early adoption is permitted. The firm adopted these amended principles in conjunction with its goodwill impairment test performed in the fourth quarter of 2011. The adoption of ASU No.&#160;2011-08 did not affect the firm&#8217;s financial condition, results of operations or cash flows. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Derecognition of in Substance Real Estate (ASC 360).</b></font><font style="font-family:times new roman" size="2"> In December 2011, the FASB issued ASU No.&#160;2011-10, &#8220;Property, Plant, and Equipment (Topic 360) &#8212; Derecognition of in Substance Real Estate &#8212; a Scope Clarification.&#8221; ASU No.&#160;2011-10 clarifies that in order to deconsolidate a subsidiary (that is in substance real estate) as a result of a parent no longer controlling the subsidiary due to a default on the subsidiary&#8217;s nonrecourse debt, the parent also must satisfy the sale criteria in ASC 360-20, &#8220;Property, Plant, and Equipment &#8212; Real Estate Sales.&#8221; The ASU is effective for fiscal years beginning on or after June&#160;15, 2012. The firm will apply the provisions of the ASU to such events occurring on or after January&#160;1, 2013. Adoption is not expected to materially affect the firm&#8217;s financial condition, results of operations or cash flows. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"> </font><font style="font-family:arial" size="2"><b>Disclosures about Offsetting Assets and Liabilities (ASC 210). </b></font><font style="font-family:times new roman" size="2">In December 2011, the FASB issued ASU No.&#160;2011-11, &#8220;Balance Sheet (Topic 210) &#8212; Disclosures about Offsetting Assets and Liabilities.&#8221; ASU No.&#160;2011-11 will require disclosure of the effect or potential effect of offsetting arrangements on the firm&#8217;s financial position as well as enhanced disclosure of the rights of setoff associated with the firm&#8217;s recognized assets and recognized liabilities. ASU No.&#160;2011-11 is effective for annual reporting periods beginning on or after January&#160;1, 2013, and interim periods within those annual periods. 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Absent evidence to the contrary, level 3 cash instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. 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Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate), are more complex and are therefore less transparent, but the prices and other inputs are generally observable. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Credit. </b></font><font style="font-family:times new roman" size="2">Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to be less transparent than those that reference corporate bonds. 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The primary difference between the transparency of developed and emerging market currency derivatives is that emerging markets tend to be observable for contracts with shorter tenors. </font></p> <p style="margin-top:6px;margin-bottom:0px" align="justify"><font style="font-family:times new roman" size="2"></font><font style="font-family:arial" size="2"><b>Commodity. </b></font><font style="font-family:times new roman" size="2"> Commodity derivatives include transactions referenced to energy (e.g., oil and natural gas), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). 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These contracts are valued using market transactions and other market evidence where possible, including market-based inputs to models, calibration to market-clearing transactions or other alternative pricing sources with reasonable levels of price transparency. Significant level 2 inputs typically include interest rates and inflation risk. Significant level 3 inputs typically include mortality or funding benefit assumptions. 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Financial Instruments Owned, at Fair Value and Financial Instruments Sold but not yet Purchased, at Fair Value (Tables)
12 Months Ended
Dec. 31, 2011
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value [Abstract]  
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
                                     
    As of December 2011         As of December 2010  
in millions   Financial
Instruments
Owned
   

Financial
Instruments
Sold, But

Not Yet
Purchased

         Financial
Instruments
Owned
   

Financial
Instruments
Sold, But

Not Yet
Purchased

 

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 13,440     $         $ 11,262  3    $  

U.S. government and federal agency obligations

    87,040       21,006           84,928       23,264  

Non-U.S. government obligations

    49,205       34,886           40,675       29,009  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    6,699       27           7,510       5  

Loans and securities backed by residential real estate

    7,592       3           9,532       6  

Bank loans and bridge loans

    19,745       2,756  2          18,039       1,487  2 

Corporate debt securities

    22,131       6,553           24,719       7,219  

State and municipal obligations

    3,089       3           2,792        

Other debt obligations

    4,362                 3,232        

Equities and convertible debentures

    65,113       21,326           67,833       24,988  

Commodities

    5,762                 13,138       9  

Derivatives 1

    80,028       58,453           73,293       54,730  

Total

  $ 364,206     $ 145,013         $ 356,953     $ 140,717  

 

1.

Net of cash collateral received or posted under credit support agreements and reported on a net-by-counterparty basis when a legal right of setoff exists under an enforceable netting agreement.

 

2.

Includes the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is primarily included in “Financial instruments owned, at fair value.”

 

3.

Includes $4.06 billion as of December 2010 of money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program. See Note 18 for further information about the William Street credit extension program.

Gains and Losses from Market Making and Other Principal Transactions
                         
    Year Ended December  
in millions   2011     2010     2009  

Interest rates

  $ 1,557     $ (2,042   $ 6,540  

Credit

    2,715       8,679       6,691  

Currencies

    901       3,219       (817

Equities

    2,788       6,862       6,128  

Commodities

    1,588       1,567       4,591  

Other

    1,245       2,325       1,576  

Total

  $ 10,794     $ 20,610     $ 24,709  

XML 36 R112.htm IDEA: XBRL DOCUMENT v2.4.0.6
Legal Proceedings (Details)
Dec. 31, 2011
USD ($)
Dec. 31, 2011
EUR (€)
Dec. 31, 2010
USD ($)
Legal Proceedings (Textual) [Abstract]      
World Online Litigation. Amount of the initial public offering of World Online   € 2,900,000,000  
World Online Litigation. Amount of shares underwritten by GSI in connection with the initial public offering of World Online 20,268,846 20,268,846  
World Online Litigation. Amount of shares underwritten by GS&Co. in connection with the initial public offering of World Online 6,756,282 6,756,282  
World Online Litigation. Total offering price of shares underwritten by GS in connection with the initial public offering of World Online   1,160,000,000  
Specialist Matters. Disgorgement and penalty amount related to SLKS settlement 45,300,000    
Disgorgement and civil penalty amount related to settlement of SEC action 550,000,000   550,000,000
Mortgage-Related Matters. Amount of compensatory damages related to ACA Financial Guaranty Corp. at least $30 million at least $30 million  
Mortgage-Related Matters. Amount of punitive damages related to ACA Financial Guaranty Corp. at least $90 million at least $90 million  
Auction Product Matters. Amount of fine related to auction products matters settlement 22,500,000    
IndyMac Pass-Through Certificates Litigation. Approximate principal amount of securities of Indy Mac-related entities underwritten by GS&Co. 751,000,000    
Estimated aggregate amount of reasonably possible losses for legal proceedings 2,400,000,000    
Research Matters. Approximate amount of settlement paid by GS&Co. related to research matters 10,000,000    
Mortgage-Related Matters. Approximate principal amount of certificates underwritten by GS&Co. to purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts in 2007 at issue in the complaint 785,000,000    
Mortgage-Related Matters. CIFG seeks the repurchase amount of allegedly non-conforming mortgages 24,700,000    
Mortgage-Related Matters. Approximate principal amount of certificates underwritten by GS&Co. to purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts in 2006 at issue in the complaint 698,000,000    
Mortgage-Related Matters. Approximate of aggregate notional amount of mortgage-related securities sold to plaintiffs in active cases brought against the firm where plaintiffs are seeking rescission of such securities 16,500,000,000    
Mortgage-Related Matters. Amount Group Inc. agreed to forgive of unpaid principal balance on certain delinquent first lien residential mortgage loans 13,000,000    
Mortgage-Related Matters. Approximate amount of subprime residential mortgage-backed securities underwritten by GS&Co in connection with a late 2006 offering. 1,300,000,000    
World Online Auction. Amount GSI will contribute to a settlement fund. up to €48 million up to €48 million  
Adelphia Communications. Amount of alleged payments made to GS&Co. 62,900,000    
MF Global Securities Litigation. Approximate principal amount of MF Global Holdings Ltd. convertible notes offerings 575,000,000    
MF Global Securities Litigation. Approximate principal amount of notes underwritten by GS&Co. $ 214,000,000    
XML 37 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2011
Shareholders' Equity [Abstract]  
Summary of perpetual preferred stock issued and outstanding
                                             
Series   Shares
Authorized
    Shares
Issued
    Shares
Outstanding
    Dividend Rate  

Earliest

Redemption Date

   

Redemption
Value

(in millions)

 

A

    50,000       30,000       29,999    

3 month LIBOR + 0.75%,

with floor of 3.75% per annum

    April 25, 2010     $ 750  

B

    50,000       32,000       32,000     6.20% per annum     October 31, 2010       800  

C

    25,000       8,000       8,000    

3 month LIBOR + 0.75%,

with floor of 4.00% per annum

    October 31, 2010       200  

D

    60,000       54,000       53,999    

3 month LIBOR + 0.67%,

with floor of 4.00% per annum

    May 24, 2011       1,350  
      185,000       124,000       123,998                 $ 3,100  
Summary of preferred dividends declared on preferred stock issued
                                                         
    Year Ended December  
    2011        

2010

        2009  
     per share     in millions          per share     in millions          per share     in millions  

Series A

  $ 950.51     $ 28         $ 950.51     $ 28         $ 710.94     $ 21  

Series B

    1,550.00       50           1,550.00       50           1,162.50       38  

Series C

    1,013.90       8           1,013.90       8           758.34       6  

Series D

    1,013.90       55           1,013.90       55           758.34       41  

Series G 1

    2,500.00       125           10,000.00       500           7,500.00       375  

Series H 2

                                    12.50       125  

Total

          $ 266                 $ 641                 $ 606  

 

1.

Amount for the year ended December 2011 excludes preferred dividends related to the redemption of the firm’s Series G Preferred Stock.

 

2.

Amount for the year ended December 2009 excludes the preferred dividend related to the repurchase of the TARP Series H Preferred Stock, as well as accrued dividends paid on repurchase of the Series H Preferred Stock.

Accumulated Other Comprehensive Income
                 
    As of December  
in millions   2011     2010  

Currency translation adjustment, net of tax

  $ (225   $ (170

Pension and postretirement liability adjustments, net of tax

    (374     (229

Net unrealized gains on available-for-sale securities, net of tax  1

    83       113  

Total accumulated other comprehensive loss, net of tax

  $ (516   $ (286

 

1.

Substantially all consists of net unrealized gains on securities held by the firm’s insurance subsidiaries as of both December 2011 and December 2010.

XML 38 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Identifiable Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets
         
   

Goodwill

As of December

in millions   2011   2010

Investment Banking:

       

Financial Advisory 1

  $   104   $     —

Underwriting 1

  186   125

Institutional Client Services:

       

Fixed Income, Currency and Commodities Client Execution  2

  284   159

Equities Client Execution 1

  2,390   2,361

Securities Services

  117   117

Investing & Lending

  147   172

Investment Management

  574   561

Total

  $3,802   $3,495
   
   

Identifiable Intangible Assets
As of December

in millions           2011   2010

Investment Banking:

       

Financial Advisory

  $       4   $     —

Underwriting

  1  

Institutional Client Services:

       

Fixed Income, Currency and Commodities Client Execution

  488   608

Equities Client Execution

  677   718

Investing & Lending

  369   579

Investment Management

  127   122

Total

  $1,666   $2,027

 

1.

The increase from December 2010 to December 2011 is related to the acquisition of GS Australia.

 

2.

The increase from December 2010 to December 2011 is related to the acquisition of GS Australia, partially offset by the sale of Litton. See Note 12 for further information about the sale of Litton.

Intangible Assets Disclosure
                         
        As of December  
$ in millions        2011     Weighted Average
Remaining Lives
(years)
  2010  

Customer lists

  Gross carrying amount   $ 1,119         $ 1,104  
    Accumulated amortization     (593         (529
    Net carrying amount   $ 526     9   $ 575  

Commodities-related intangibles  1

  Gross carrying amount   $ 595         $ 667  
    Accumulated amortization     (237         (52
    Net carrying amount   $ 358     11   $ 615  

Broadcast royalties 2

  Gross carrying amount   $ 560         $ 560  
    Accumulated amortization     (123         (61
    Net carrying amount   $ 437     7   $ 499  

Insurance-related intangibles 3

  Gross carrying amount   $ 292         $ 292  
    Accumulated amortization     (146         (146
    Net carrying amount   $ 146     7   $ 146  

Other 4

  Gross carrying amount   $ 950         $ 953  
    Accumulated amortization     (751         (761
    Net carrying amount   $ 199     12   $ 192  

Total

  Gross carrying amount   $ 3,516         $ 3,576  
    Accumulated amortization     (1,850         (1,549
    Net carrying amount   $ 1,666     9   $ 2,027  

 

1.

Primarily includes commodity-related customer contracts and relationships, permits and access rights.

 

2.

Represents television broadcast royalties held by a consolidated VIE.

 

3.

Represents value of business acquired related to the firm’s insurance businesses.

 

4.

Primarily includes the firm’s New York Stock Exchange (NYSE) Designated Market Maker (DMM) rights and exchange-traded fund lead market maker rights.

Amortization expense for identifiable intangible assets
                         
    Year Ended December  
in millions   2011     2010     2009  

Amortization expense

    $389     $ 520     $ 96  
Estimated future amortization for existing identifiable intangible assets through 2016
         
in millions  

As of

December 2011

 

Estimated future amortization expense:

       

2012

  $ 258  

2013

    234  

2014

    203  

2015

    170  

2016

    167  
XML 39 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value $ 651,312 $ 637,514
Total financial liabilities at fair value 388,669 381,604
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue (202) 836
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue 623 1,030
Fair Value, Assets Measured on Recurring Basis, Gain (Loss) Included in Interest Income 1,290 1,260
Cash Instruments [Member]
   
Cash Instruments (Textuals) [Abstract]    
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at the Reporting Date (310) 1,670
Level 2 [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 587,416 566,535
Level 2 [Member] | CDOs backed by real estate assets [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 213 212
Level 2 [Member] | CDOs and CLOs backed by corporate and other debt obligations assets [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 403 368
Level 2 [Member] | Cash Instruments [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 134,033 133,653
Total financial liabilities at fair value 10,307 9,873
Level 3 [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 47,937 45,377
Total financial liabilities at fair value 25,498 24,054
Level 3 [Member] | CDOs backed by real estate assets [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 595 565
Level 3 [Member] | CDOs and CLOs backed by corporate and other debt obligations assets [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 1,190 1,070
Level 3 [Member] | Private equity investments [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 12,070 10,030
Level 3 [Member] | Real Estate Investments [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 1,100 874
Level 3 [Member] | Convertible Debt Securities [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 497 156
Level 3 [Member] | CDOs and CLOs backed by corporate obligations liabilities [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial liabilities at fair value 27 35
Level 3 [Member] | Cash Instruments [Member]
   
Cash Instruments (Textuals) [Abstract]    
Total financial assets at fair value 34,685 32,207
Total financial liabilities at fair value $ 905 $ 446
XML 40 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Regulation and Capital Adequacy (Tables)
12 Months Ended
Dec. 31, 2011
Regulation and Capital Adequacy [Abstract]  
Capital Ratios
                 
    As of December  
$ in millions   2011     2010  

Tier 1 capital

  $ 63,262     $ 71,233  

Tier 2 capital

  $ 13,881     $ 13,660  

Total capital

  $ 77,143     $ 84,893  

Risk-weighted assets

  $ 457,027     $ 444,290  

Tier 1 capital ratio

    13.8     16.0

Total capital ratio

    16.9     19.1

Tier 1 leverage ratio

    7.0     8.0
Capital Ratios - Bank
                 
    As of December  
$ in millions   2011     2010  

Tier 1 capital

  $ 19,251     $ 18,604  

Tier 2 capital

    6  1      5,004  

Total capital

    19,257       23,608  

Risk-weighted assets

    112,824       98,719  

Tier 1 capital ratio

    17.1     18.8

Total capital ratio

    17.1 % 1      23.9

Tier 1 leverage ratio

    18.5     19.5

 

1.

The decrease from December 2010 to December 2011 is primarily related to GS Bank USA’s repayment of $5.00 billion of subordinated debt to Group Inc. and $1.00 billion dividend to Group Inc. during 2011.

XML 41 R78.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 7) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives $ 1,959,892,000,000 $ 2,046,763,000,000
Maximum Payout/Notional Amount of Purchased Credit Derivatives 2,080,000,000,000 2,190,000,000,000
Fair Value Asset of Written Credit Derivatives 22,739,000,000 42,493,000,000
Fair Value Liability of Written Credit Derivatives 110,316,000,000 67,445,000,000
Fair Value Net Asset/(Liability) of Written Credit Derivatives (87,577,000,000) (24,952,000,000)
Net purchased protection notional value of credit derivatives 116,930,000,000 140,630,000,000
0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 1,218,732,000,000 1,618,957,000,000
Fair Value Asset of Written Credit Derivatives 17,572,000,000 32,071,000,000
Fair Value Liability of Written Credit Derivatives 16,907,000,000 14,780,000,000
Fair Value Net Asset/(Liability) of Written Credit Derivatives 665,000,000 17,291,000,000
251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 382,233,000,000 210,932,000,000
Fair Value Asset of Written Credit Derivatives 4,517,000,000 7,368,000,000
Fair Value Liability of Written Credit Derivatives 20,810,000,000 7,739,000,000
Fair Value Net Asset/(Liability) of Written Credit Derivatives (16,293,000,000) (371,000,000)
501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 191,585,000,000 129,149,000,000
Fair Value Asset of Written Credit Derivatives 138,000,000 2,571,000,000
Fair Value Liability of Written Credit Derivatives 15,398,000,000 11,256,000,000
Fair Value Net Asset/(Liability) of Written Credit Derivatives (15,260,000,000) (8,685,000,000)
Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 167,342,000,000 87,725,000,000
Fair Value Asset of Written Credit Derivatives 512,000,000 483,000,000
Fair Value Liability of Written Credit Derivatives 57,201,000,000 33,670,000,000
Fair Value Net Asset/(Liability) of Written Credit Derivatives (56,689,000,000) (33,187,000,000)
0-12 Months [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 385,154,000,000 268,315,000,000
0-12 Months [Member] | 0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 282,851,000,000 235,798,000,000
0-12 Months [Member] | 251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 42,682,000,000 14,412,000,000
0-12 Months [Member] | 501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 29,377,000,000 6,384,000,000
0-12 Months [Member] | Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 30,244,000,000 11,721,000,000
1-5 Years [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 1,318,372,000,000 1,391,950,000,000
1-5 Years [Member] | 0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 794,193,000,000 1,094,308,000,000
1-5 Years [Member] | 251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 269,687,000,000 144,448,000,000
1-5 Years [Member] | 501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 140,389,000,000 89,212,000,000
1-5 Years [Member] | Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 114,103,000,000 63,982,000,000
5 Years or Greater [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 256,366,000,000 386,498,000,000
5 Years or Greater [Member] | 0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 141,688,000,000 288,851,000,000
5 Years or Greater [Member] | 251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 69,864,000,000 52,072,000,000
5 Years or Greater [Member] | 501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 21,819,000,000 33,553,000,000
5 Years or Greater [Member] | Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Written Credit Derivatives 22,995,000,000 12,022,000,000
Offsetting Purchased Credit Derivatives [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 1,796,855,000,000 1,875,690,000,000
Offsetting Purchased Credit Derivatives [Member] | 0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 1,122,296,000,000 1,511,113,000,000
Offsetting Purchased Credit Derivatives [Member] | 251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 345,942,000,000 183,613,000,000
Offsetting Purchased Credit Derivatives [Member] | 501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 181,003,000,000 110,019,000,000
Offsetting Purchased Credit Derivatives [Member] | Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 147,614,000,000 70,945,000,000
Other Purchased Credit Derivatives [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 279,965,000,000 311,700,000,000
Other Purchased Credit Derivatives [Member] | 0-250 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 180,316,000,000 232,506,000,000
Other Purchased Credit Derivatives [Member] | 251-500 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 47,739,000,000 36,713,000,000
Other Purchased Credit Derivatives [Member] | 501-1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives 23,176,000,000 18,686,000,000
Other Purchased Credit Derivatives [Member] | Greater than 1000 [Member]
   
Summary of Credit Derivatives [Abstract]    
Maximum Payout/Notional Amount of Purchased Credit Derivatives $ 28,734,000,000 $ 23,795,000,000
XML 42 R104.htm IDEA: XBRL DOCUMENT v2.4.0.6
Regulation and Capital Adequacy (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Regulation and Capital Adequacy (Textuals) [Abstract]    
Minimum Tier 1 capital ratio 4.00%  
Minimum total capital ratio 8.00%  
Well-capitalized minimum Tier 1 capital ratio 6.00%  
Well-capitalized minimum total capital ratio 10.00%  
Minimum Tier 1 leverage ratio for bank holding companies with highest supervisory rating 3.00%  
Minimum Tier 1 leverage ratio for other bank holding companies without highest supervisory ratings 4.00%  
Tier 1 Capital $ 63,262,000,000 $ 71,233,000,000
Tier 2 Capital 13,881,000,000 13,660,000,000
Total Capital 77,143,000,000 84,893,000,000
Risk-Weighted Assets 457,027,000,000 444,290,000,000
Tier 1 Capital Ratio 13.80% 16.00%
Total Capital Ratio 16.90% 19.10%
Tier 1 Leverage Ratio 7.00% 8.00%
Amount of net assets of regulated subsidiaries that were restricted as to the payment of dividends to Group Inc. 25,530,000,000 24,700,000,000
Additional Tier 1 common equity that may be required to be maintained by banks that increases its systemetic foot print 3.50%  
Minimum [Member]
   
Regulation and Capital Adequacy (Textuals) [Abstract]    
Initial Range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemetically important 1.00%  
Maximum [Member]
   
Regulation and Capital Adequacy (Textuals) [Abstract]    
Initial Range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemetically important 2.50%  
GS&Co [Member]
   
Regulation and Capital Adequacy (Textuals) [Abstract]    
Regulatory net capital as defined by Rule 15c3-1 11,240,000,000  
Excess amount of regulatory net capital as defined by Rule 15c3-1 9,340,000,000  
Amount of broker-dealer tentative net capital required to be held in accordance with Appendix E of Rule 15c3-1 1,000,000,000  
Amount of broker-dealer net capital required to be held in accordance with Appendix E of Rule 15c3-1 500,000,000  
Minimum tentative net capital required to be maintained by GS&Co or must notify the SEC 5,000,000,000  
GSEC [Member]
   
Regulation and Capital Adequacy (Textuals) [Abstract]    
Regulatory net capital as defined by Rule 15c3-1 2,100,000,000  
Excess amount of regulatory net capital as defined by Rule 15c3-1 2,000,000,000  
GS Bank USA [Member]
   
Regulation and Capital Adequacy (Textuals) [Abstract]    
Well-capitalized minimum Tier 1 capital ratio 6.00%  
Well-capitalized minimum total capital ratio 10.00%  
Well-capitalized minimum Tier 1 leverage ratio 5.00%  
Tier 1 capital ratio expected to be maintained by GS Bank USA for a period of time 8.00%  
Total capital ratio expected to be maintained by GS Bank USA for a period of time 11.00%  
Tier 1 leverage ratio expected to be maintained by GS Bank USA for a period of time 6.00%  
Amount deposited by the firm's depository institution subsidiaries held at the Federal Reserve Bank 40,060,000,000 28,120,000,000
Excess amount deposited by the firm's depository institution subsidiaries held at the Federal Reserve Bank 39,510,000,000 27,450,000,000
Tier 1 Capital 19,251,000,000 18,604,000,000
Tier 2 Capital 6,000,000 5,004,000,000
Total Capital 19,257,000,000 23,608,000,000
Risk-Weighted Assets 112,824,000,000 98,719,000,000
Tier 1 Capital Ratio 17.10% 18.80%
Total Capital Ratio 17.10% 23.90%
Tier 1 Leverage Ratio 18.50% 19.50%
GS Bank USA's repayment of subordinated debt 5,000,000,000  
GS Bank USA's dividend to Group Inc. $ 1,000,000,000  
XML 43 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2011
Variable Interest Entities [Abstract]  
Non-consolidated Variable Interest Entities
                                                         
    Nonconsolidated VIEs  
    As of December 2011  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
   

Real estate,
credit-

related and
other
investing

   

Other
asset-

backed

   

Power-

related

    Investment
funds
    Total  

Assets in VIE

  $ 94,047  2    $ 20,340     $ 8,974     $ 4,593     $ 519     $ 2,208     $ 130,681  

Carrying Value of the Firm’s Variable Interests

                                                       

Assets

    7,004       911       1,495       352       289       5       10,056  

Liabilities

          63       3       24       2             92  

Maximum Exposure to Loss in Nonconsolidated VIEs

                                                       

Retained interests

    5,745       32                               5,777  

Purchased interests

    962       368             333                   1,663  

Commitments and guarantees 1

          1       373             46             420  

Derivatives 1

    2,469       7,529             1,221                   11,219  

Loans and investments

    82             1,495             288       5       1,870  

Total

  $ 9,258  2    $ 7,930     $ 1,868     $ 1,554     $ 334     $ 5     $ 20,949  
   
    Nonconsolidated VIEs  
    As of December 2010  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
   

Real estate,
credit-

related and
other
investing

   

Other
asset-

backed

   

Power-

related

    Investment
funds
    Total  

Assets in VIE

  $ 88,755  2    $ 21,644     $ 12,568     $ 5,513     $ 552     $ 2,330     $ 131,362  

Carrying Value of the Firm’s Variable Interests

                                                       

Assets

    8,076       909       1,063       266       239       5       10,558  

Liabilities

          114       1       19       14             148  

Maximum Exposure to Loss in Nonconsolidated VIEs

                                                       

Retained interests

    6,887       50             12                   6,949  

Purchased interests

    839       353             247                   1,439  

Commitments and guarantees 1

          1       125             69             195  

Derivatives 1

    3,128       7,593             1,105                   11,826  

Loans and investments

    104             1,063             239       5       1,411  

Total

  $ 10,958  2    $ 7,997     $ 1,188     $ 1,364     $ 308     $ 5     $ 21,820  

 

1.

The aggregate amounts include $4.17 billion and $4.52 billion as of December 2011 and December 2010, respectively, related to guarantees and derivative transactions with VIEs to which the firm transferred assets.

 

2.

Assets in VIE and maximum exposure to loss include $6.15 billion and $2.62 billion, respectively, as of December 2011, and $6.14 billion and $3.25 billion, respectively, as of December 2010, related to CDOs backed by mortgage obligations.

Consolidated variable interest entities
                                 
    Consolidated VIEs  
    As of December 2011  
in millions   Real estate,
credit-related
and other
investing
   

CDOs,

mortgage-backed

and other

asset-backed

   

Principal-

protected

notes

    Total  

Assets

                               

Cash and cash equivalents

  $ 660     $ 51     $ 1     $ 712  

Cash and securities segregated for regulatory and other purposes

    139                   139  

Receivables from brokers, dealers and clearing organizations

    4                   4  

Receivables from customers and counterparties

          16             16  

Financial instruments owned, at fair value

    2,369       352       112       2,833  

Other assets

    1,552       437             1,989  

Total

  $ 4,724     $ 856     $ 113     $ 5,693  

Liabilities

                               

Other secured financings

  $ 1,418     $ 298     $ 3,208     $ 4,924  

Payables to customers and counterparties

          9             9  

Financial instruments sold, but not yet purchased, at fair value

                2       2  

Unsecured short-term borrowings, including the current portion of
unsecured long-term borrowings

    185             1,941       2,126  

Unsecured long-term borrowings

    4             269       273  

Other liabilities and accrued expenses

    2,046       40             2,086  

Total

  $ 3,653     $ 347     $ 5,420     $ 9,420  
                                         
    Consolidated VIEs  
    As of December 2010  
in millions   Real estate,
credit-related
and other
investing
    Municipal
bond
securitizations
   

CDOs,

mortgage-backed
and other

asset-backed

   

Principal-

protected

notes

    Total  

Assets

                                       

Cash and cash equivalents

  $ 248     $     $ 39     $ 52     $ 339  

Cash and securities segregated for regulatory and other purposes

    205                         205  

Receivables from brokers, dealers and clearing organizations

    4                         4  

Receivables from customers and counterparties

    1             27             28  

Financial instruments owned, at fair value

    2,531       547       550       648       4,276  

Other assets

    3,369             499             3,868  

Total

  $ 6,358     $ 547     $ 1,115     $ 700     $ 8,720  

Liabilities

                                       

Other secured financings

  $ 2,434     $ 630     $ 417     $ 3,224     $ 6,705  

Payables to customers and counterparties

                12             12  

Financial instruments sold, but not yet purchased, at fair value

                55             55  

Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings

    302                   2,359       2,661  

Unsecured long-term borrowings

    6                         6  

Other liabilities and accrued expenses

    2,004             32             2,036  

Total

  $ 4,746     $ 630     $ 516     $ 5,583     $ 11,475  
XML 44 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Credit Concentrations
12 Months Ended
Dec. 31, 2011
Credit Concentrations [Abstract]  
Credit Concentrations Credit Concentrations

Note 26.

Credit Concentrations

 

Credit concentrations may arise from market making, client facilitation, investing, underwriting, lending and collateralized transactions and may be impacted by changes in economic, industry or political factors. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate.

While the firm’s activities expose it to many different industries and counterparties, the firm routinely executes a high volume of transactions with asset managers, investment funds, commercial banks, brokers and dealers, clearing houses and exchanges, which results in significant credit concentrations.

In the ordinary course of business, the firm may also be subject to a concentration of credit risk to a particular counterparty, borrower or issuer, including sovereign issuers, or to a particular clearing house or exchange.

The table below presents the credit concentrations in assets held by the firm. As of December 2011 and December 2010, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets.

 

 

                 
    As of December  
$ in millions   2011     2010  

U.S. government and federal agency obligations  1

  $ 103,468     $ 96,350  

% of total assets

    11.2     10.6

Other sovereign obligations  1, 2

  $ 49,025     $ 40,379  

% of total assets

    5.3     4.4

 

1.

Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.”

 

2.

Principally consisting of securities issued by the governments of the United Kingdom, Japan, and Germany as of December 2011, and the United Kingdom, Japan and France as of December 2010.

 

To reduce credit exposures, the firm may enter into agreements with counterparties that permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis. Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and federal agency obligations and other sovereign obligations. See Note 9 for further information about collateralized agreements and financings.

The table below presents U.S. government and federal agency obligations, and other sovereign obligations that collateralize resale agreements and securities borrowed transactions (including those in “Cash and securities segregated for regulatory and other purposes”). Because the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.

 

 

                 
    As of December  
in millions   2011     2010  

U.S. government and federal agency obligations

  $ 94,603     $ 121,366  

Other sovereign obligations 1

    110,178       73,357  

 

1.

Principally consisting of securities issued by the governments of Germany and France.

XML 45 R79.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 8) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivative Instruments, Gain (Loss) By Hedging Relationship [Abstract]      
Gain (Loss) Recognized On Foreign Currency Denominated Debt Designated As Foreign Currency Hedge $ (147) $ (498) $ 106
Net Investment Hedging [Member] | Foreign Exchange Contract [Member]
     
Derivative Instruments, Gain (Loss) By Hedging Relationship [Abstract]      
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net $ 160 $ (261) $ (495)
XML 46 R118.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company (Details Textuals) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Parent Company (Textuals) [Abstract]    
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value $ 17,854 $ 22,116
Unsecured long-term borrowings at fair value 17,162 18,171
2013 25,209  
2014 20,339  
2015 16,850  
2016 25,670  
2017-thereafter 85,477  
Parent Company [Member]
   
Parent Company (Textuals) [Abstract]    
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value 6,250 7,820
Unsecured long-term borrowings at fair value 12,910 13,440
2013 263  
2014 656  
2015 243  
2016 97  
2017-thereafter $ 277  
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Derivatives and Hedging Activities (Details 2) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value $ 651,312 $ 637,514
Total financial liabilities at fair value 388,669 381,604
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 364,206 356,953
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717
Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 136,780 137,687
Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 587,416 566,535
Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 47,937 45,377
Total financial liabilities at fair value 25,498 24,054
Interest Rate Contract [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 646,170 486,541
Total financial liabilities at fair value 582,621 422,547
Interest Rate Contract [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 33 49
Total financial liabilities at fair value 24 18
Interest Rate Contract [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 645,923 486,037
Total financial liabilities at fair value 582,012 422,267
Interest Rate Contract [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 214 455
Total financial liabilities at fair value 585 262
Credit Risk Contract [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 150,816 127,153
Total financial liabilities at fair value 130,659 104,407
Credit Risk Contract [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Credit Risk Contract [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 137,110 115,519
Total financial liabilities at fair value 123,253 99,813
Credit Risk Contract [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 13,706 11,634
Total financial liabilities at fair value 7,406 4,594
Foreign Exchange Contract [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 88,778 87,965
Total financial liabilities at fair value 71,757 70,435
Foreign Exchange Contract [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Foreign Exchange Contract [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 86,752 86,158
Total financial liabilities at fair value 70,573 69,726
Foreign Exchange Contract [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 2,026 1,807
Total financial liabilities at fair value 1,184 709
Commodity Contract [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 35,966 36,689
Total financial liabilities at fair value 38,050 41,666
Commodity Contract [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Commodity Contract [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 35,062 34,511
Total financial liabilities at fair value 36,541 39,709
Commodity Contract [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 904 2,178
Total financial liabilities at fair value 1,509 1,957
Equity Contract [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 64,135 65,815
Total financial liabilities at fair value 51,928 51,948
Equity Contract [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 24 44
Total financial liabilities at fair value 185 27
Equity Contract [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 62,684 64,267
Total financial liabilities at fair value 49,884 49,427
Equity Contract [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 1,427 1,504
Total financial liabilities at fair value 1,859 2,494
Gross Fair Value of Derivative [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 985,865 804,163
Total financial liabilities at fair value 875,015 691,003
Gross Fair Value of Derivative [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 57 93
Total financial liabilities at fair value 209 45
Gross Fair Value of Derivative [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 967,531 786,492
Total financial liabilities at fair value 862,263 680,942
Gross Fair Value of Derivative [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 18,277 17,578
Total financial liabilities at fair value 12,543 10,016
Derivative Net Of Counterparty Netting [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 198,132 183,610
Total financial liabilities at fair value 87,282 70,450
Derivative [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 80,028 73,293
Financial instruments sold, but not yet purchased, at fair value 58,453 54,730
Derivative [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 57 93
Total financial liabilities at fair value 209 45
Derivative [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 188,892 172,513
Total financial liabilities at fair value 83,624 66,963
Derivative [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 11,900 12,772
Total financial liabilities at fair value 6,166 5,210
Cross-Level Netting [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value (2,717) (1,768)
Total financial liabilities at fair value (2,717) (1,768)
Cash collateral netting [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value (118,104) (110,317)
Total financial liabilities at fair value (28,829) (15,720)
Counterparty Netting [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value (787,733) (620,553)
Total financial liabilities at fair value (787,733) (620,553)
Counterparty Netting [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Counterparty Netting [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value (778,639) (613,979)
Total financial liabilities at fair value (778,639) (613,979)
Counterparty Netting [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value (6,377) (4,806)
Total financial liabilities at fair value $ (6,377) $ (4,806)
XML 49 R89.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Identifiable Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Goodwill and intangible assets    
Goodwill $ 3,802 $ 3,495
Identifiable Intangible Assets 1,666 2,027
Investment Banking - Financial Advisory [Member]
   
Goodwill and intangible assets    
Goodwill 104 0
Identifiable Intangible Assets 4 0
Investment Banking - Underwriting [Member]
   
Goodwill and intangible assets    
Goodwill 186 125
Identifiable Intangible Assets 1 0
Institutional Client Services - Fixed Income, Currency and Commodities Client Execution [Member]
   
Goodwill and intangible assets    
Goodwill 284 159
Identifiable Intangible Assets 488 608
Institutional Client Services - Equities Client Execution [Member]
   
Goodwill and intangible assets    
Goodwill 2,390 2,361
Identifiable Intangible Assets 677 718
Institutional Client Services - Securities Services [Member]
   
Goodwill and intangible assets    
Goodwill 117 117
Investing and Lending [Member]
   
Goodwill and intangible assets    
Goodwill 147 172
Identifiable Intangible Assets 369 579
Investment Management [Member]
   
Goodwill and intangible assets    
Goodwill 574 561
Identifiable Intangible Assets $ 127 $ 122
XML 50 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
Transactions with Affiliated Funds (Tables)
12 Months Ended
Dec. 31, 2011
Transactions with Affiliated Funds [Abstract]  
Fees earned from affiliated funds
                         
    Year Ended December  
in millions   2011     2010     2009  

Fees earned from affiliated funds

  $ 2,789     $ 2,882     $ 2,484  
Fees receivable from affiliated funds and the aggregate carrying value of the firm's interests in these funds
                 
    As of December  
in millions   2011     2010  

Fees receivable from funds

  $ 721     $ 886  

Aggregate carrying value of interests in funds

    14,960       14,773  
XML 51 R109.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details Textuals) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income Taxes (Textuals) [Abstract]      
Disgorgement and civil penalty amount related to settlement of SEC action $ 550,000,000 $ 550,000,000  
Deferred Tax Assets, Operating Loss Carryforwards 213,000,000 250,000,000  
Operating Loss Carryforwards, Valuation Allowance 59,000,000 42,000,000  
Operating Loss Carryforwards, U. S. Federal 96,000,000    
Operating Loss Carryforwards, State and Local 1,650,000,000    
Operating Loss Carryforwards, Foreign 378,000,000    
Operating Loss Carryforwards, Expiration Dates, U. S. Federal 2017    
Operating Loss Carryforwards, Expiration Dates, State and Local 2012    
Tax Credit Carryforward, Amount, Foreign 12,000,000 11,000,000  
Tax Credit Carryforward Expiration Dates Foreign 2013    
Deferred Tax Assets, Tax Credit Carryforwards, Foreign 6,000,000 5,000,000  
Capital Loss Carryforward Amount 6,000,000 12,000,000  
Deferred Tax Assets, Capital Loss Carryforwards 2,000,000 2,000,000  
Deferred Tax Assets Capital Loss Carryforwards, Expiration Dates 2013    
Deferred Tax Liability not recognized, Foreign Earnings 3,320,000,000 2,670,000,000  
Reinvested Earnings 20,630,000,000 17,700,000,000  
Valuation Allowance, Deferred Tax Asset, Change in Amount 15,000,000 24,000,000  
Income Tax Examination, Penalties and Interest Accrued 233,000,000 213,000,000  
Income Tax Examination, Penalties and Interest Expense $ 21,000,000 $ 28,000,000 $ 62,000,000
XML 52 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 5) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
OTC Derivatives [Abstract]    
OTC Derivative Assets $ 74,148 $ 65,692
Gross Fair Value of Derivative Asset Contracts 985,865 804,163
OTC Derivative Liabilities 55,281 51,936
Gross Fair Value of Derivative Liability Contracts 875,015 691,003
Netting Across Product Types [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets (15,131) (13,527)
OTC Derivative Liabilities (15,131) (13,527)
Cross Maturity Netting [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets (22,562) (15,396)
OTC Derivative Liabilities (22,562) (15,396)
Cash collateral netting [Member]
   
OTC Derivatives [Abstract]    
Gross Fair Value of Derivative Asset Contracts (118,104) (110,317)
Gross Fair Value of Derivative Liability Contracts (28,829) (15,720)
0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 34,116 27,404
OTC Derivative Liabilities 23,354 21,834
0-12 Months [Member] | Netting Across Product Types [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets (3,071) (2,937)
OTC Derivative Liabilities (3,071) (2,937)
1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 66,920 72,650
OTC Derivative Liabilities 34,237 31,455
1-5 Years [Member] | Netting Across Product Types [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets (6,033) (5,513)
OTC Derivative Liabilities (6,033) (5,513)
5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 113,778 91,351
OTC Derivative Liabilities 49,081 29,763
5 Years or Greater [Member] | Netting Across Product Types [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets (6,027) (5,077)
OTC Derivative Liabilities (6,027) (5,077)
Interest Rate Contract [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 125,605 102,271
OTC Derivative Liabilities 62,133 38,302
Interest Rate Contract [Member] | 0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 10,931 7,137
OTC Derivative Liabilities 5,787 4,470
Interest Rate Contract [Member] | 1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 32,194 34,384
OTC Derivative Liabilities 18,607 14,072
Interest Rate Contract [Member] | 5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 82,480 60,750
OTC Derivative Liabilities 37,739 19,760
Credit Risk Contract [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 32,209 32,447
OTC Derivative Liabilities 12,051 9,702
Credit Risk Contract [Member] | 0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 3,054 2,777
OTC Derivative Liabilities 1,200 1,024
Credit Risk Contract [Member] | 1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 15,468 16,145
OTC Derivative Liabilities 6,957 4,862
Credit Risk Contract [Member] | 5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 13,687 13,525
OTC Derivative Liabilities 3,894 3,816
Foreign Exchange Contract [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 38,868 35,532
OTC Derivative Liabilities 21,842 18,241
Foreign Exchange Contract [Member] | 0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 11,253 9,968
OTC Derivative Liabilities 9,826 8,036
Foreign Exchange Contract [Member] | 1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 11,592 10,696
OTC Derivative Liabilities 5,514 5,219
Foreign Exchange Contract [Member] | 5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 16,023 14,868
OTC Derivative Liabilities 6,502 4,986
Commodity Contract [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 11,364 11,908
OTC Derivative Liabilities 14,223 17,645
Commodity Contract [Member] | 0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 5,286 5,664
OTC Derivative Liabilities 6,322 7,279
Commodity Contract [Member] | 1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 5,931 5,996
OTC Derivative Liabilities 5,174 7,838
Commodity Contract [Member] | 5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 147 248
OTC Derivative Liabilities 2,727 2,528
Equity Contract [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 21,899 22,774
OTC Derivative Liabilities 11,554 12,689
Equity Contract [Member] | 0-12 Months [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 6,663 4,795
OTC Derivative Liabilities 3,290 3,962
Equity Contract [Member] | 1-5 Years [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 7,768 10,942
OTC Derivative Liabilities 4,018 4,977
Equity Contract [Member] | 5 Years or Greater [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 7,468 7,037
OTC Derivative Liabilities 4,246 3,750
Derivatives Net of Counterparty Netting within Tenor Categories [Member]
   
OTC Derivatives [Abstract]    
OTC Derivative Assets 214,814 191,405
OTC Derivative Liabilities $ 106,672 $ 83,052
XML 53 R86.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securitization Activities (Details 1) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Weighted average key economic assumptions used in measuring the fair value of the firms retained interests [Abstract]    
Fair value of retained interests $ 5,777 $ 6,965
Securitization Activities (Textuals) [Abstract]    
Net Liability related to Other Continuing Involvement 52 98
Outstanding principal amount related to securitization entities in which the firm's only continuing involvement is retained servicing 774 7,640
Fair value of retained interests related to securitization entities in which the firm's only continuing involvement is retained servicing 0 16
Maximum Exposure To Adverse Changes in the value of retained interests relating to Other Asset Backed Securities 32 62
CDOs, CLOs and others [Member]
   
Weighted average key economic assumptions used in measuring the fair value of the firms retained interests [Abstract]    
Fair value of retained interests 32 62
Weighted average life years 4.7 4.2
Mortgage Backed Securities [Member]
   
Weighted average key economic assumptions used in measuring the fair value of the firms retained interests [Abstract]    
Fair value of retained interests 5,745 6,903
Weighted average life years 7.1 7.4
Constant prepayment rate 14.10% 11.60%
Impact of 10% adverse change (55) (62)
Impact of 20% adverse change (108) (128)
Discount rate 5.40% 5.30%
Impact of 10% adverse change (125) (175)
Impact of 20% adverse change $ (240) $ (341)
XML 54 R81.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Option (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value $ 651,312 $ 637,514
Total financial liabilities at fair value 388,669 381,604
Securities segregated for regulatory and other purposes 42,014 36,182
Securities purchased under agreements to resell and federal funds sold at fair value 187,789 188,355
Securities Borrowed at Fair Value 47,621 48,822
Receivables from customers and counterparties at fair value 9,682 7,202
Deposits at fair value 4,526 1,975
Securities sold under agreements to repurchase, at fair value 164,502 162,345
Securities loaned at fair value 107 1,514
Other secured financings at fair value 30,019 31,794
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value 17,854 22,116
Unsecured long-term borrowings at fair value 17,162 18,171
Other liabilities and accrued expenses at fair value 9,486 2,972
Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 136,780 137,687
Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 587,416 566,535
Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 47,937 45,377
Total financial liabilities at fair value 25,498 24,054
Securities segregated for regulatory and other purposes at fair value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 21,263 19,794
Securities segregated for regulatory and other purposes at fair value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 20,751 16,388
Securities segregated for regulatory and other purposes at fair value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Securities purchased under agreements to resell at fair value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Securities purchased under agreements to resell at fair value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 187,232 188,255
Securities purchased under agreements to resell at fair value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 557 100
Securities borrowed at fair value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Securities borrowed at fair value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 47,621 48,822
Securities borrowed at fair value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Receivables from customers and counterparties at fair value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Receivables from customers and counterparties at fair value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 8,887 6,904
Receivables from customers and counterparties at fair value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 795 298
Deposits At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Deposits At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 4,513 1,975
Deposits At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 13 0
Securities Sold Under Agreements To Repurchase At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Securities Sold Under Agreements To Repurchase At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 162,321 160,285
Securities Sold Under Agreements To Repurchase At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 2,181 2,060
Securities Loaned At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Securities Loaned At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 107 1,514
Securities Loaned At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Other Secured Financings At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Other Secured Financings At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 28,267 23,445
Other Secured Financings At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 1,752 8,349
Unsecured Short-Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Unsecured Short-Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 14,560 18,640
Unsecured Short-Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 3,294 3,476
Unsecured Long-term Borrowings At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Unsecured Long-term Borrowings At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 14,971 16,067
Unsecured Long-term Borrowings At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 2,191 2,104
Other Liabilities And Accrued Expenses At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 0 0
Other Liabilities And Accrued Expenses At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 490 563
Other Liabilities And Accrued Expenses At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial liabilities at fair value 8,996 2,409
Other Financial Assets and Liabilities At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 287,106 280,561
Total financial liabilities at fair value 243,656 240,887
Other Financial Assets and Liabilities At Fair Value [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 21,263 19,794
Total financial liabilities at fair value 0 0
Other Financial Assets and Liabilities At Fair Value [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 264,491 260,369
Total financial liabilities at fair value 225,229 222,489
Other Financial Assets and Liabilities At Fair Value [Member] | Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 1,352 398
Total financial liabilities at fair value 18,427 18,398
Securities segregated for regulatory and other purposes at fair value not under fair value option [Member] | Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 21,260 19,790
Securities segregated for regulatory and other purposes at fair value not under fair value option [Member] | Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value $ 528 $ 3,530
XML 55 R87.htm IDEA: XBRL DOCUMENT v2.4.0.6
Variable Interest Entities (Details) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE $ 130,681,000,000 $ 131,362,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 10,056,000,000 10,558,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 92,000,000 148,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 20,949,000,000 21,820,000,000
Assets of Consolidated VIEs    
Cash and cash equivalents 56,008,000,000 39,788,000,000
Cash and securities segregated for regulatory and other purposes 64,264,000,000 53,731,000,000
Receivables from brokers, dealers and clearing organizations 14,204,000,000 10,437,000,000
Receivables from customers and counterparties 60,261,000,000 67,703,000,000
Financial Instruments owned, at fair value 364,206,000,000 356,953,000,000
Other assets 23,152,000,000 28,059,000,000
Liabilities of Consolidated VIEs    
Other secured financings 37,364,000,000 38,377,000,000
Payables to customers and counterparties 194,625,000,000 187,270,000,000
Financial instruments sold, but not yet purchased, at fair value 145,013,000,000 140,717,000,000
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 49,038,000,000 47,842,000,000
Unsecured long-term borrowings 173,545,000,000 174,399,000,000
Other liabilities and accrued expenses 31,801,000,000 30,011,000,000
Non-Consolidated Variable Interest Entities (Textual) [Abstract]    
Guarantees and derivative transactions with VIEs to which the firm transferred assets 4,170,000,000 4,520,000,000
Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 5,777,000,000 6,949,000,000
Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,663,000,000 1,439,000,000
Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 420,000,000 195,000,000
Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 11,219,000,000 11,826,000,000
Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,870,000,000 1,411,000,000
Consolidated Variable Interest Entity, Total Carrying Amount [Member]
   
Assets of Consolidated VIEs    
Cash and cash equivalents 712,000,000 339,000,000
Cash and securities segregated for regulatory and other purposes 139,000,000 205,000,000
Receivables from brokers, dealers and clearing organizations 4,000,000 4,000,000
Receivables from customers and counterparties 16,000,000 28,000,000
Financial Instruments owned, at fair value 2,833,000,000 4,276,000,000
Other assets 1,989,000,000 3,868,000,000
Total 5,693,000,000 8,720,000,000
Liabilities of Consolidated VIEs    
Other secured financings 4,924,000,000 6,705,000,000
Payables to customers and counterparties 9,000,000 12,000,000
Financial instruments sold, but not yet purchased, at fair value 2,000,000 55,000,000
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 2,126,000,000 2,661,000,000
Unsecured long-term borrowings 273,000,000 6,000,000
Other liabilities and accrued expenses 2,086,000,000 2,036,000,000
Total 9,420,000,000 11,475,000,000
Collateralized Mortgage Backed Securities [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 94,047,000,000 88,755,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 7,004,000,000 8,076,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 0 0
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 9,258,000,000 10,958,000,000
Collateralized Mortgage Backed Securities [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 5,745,000,000 6,887,000,000
Collateralized Mortgage Backed Securities [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 962,000,000 839,000,000
Collateralized Mortgage Backed Securities [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Collateralized Mortgage Backed Securities [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 2,469,000,000 3,128,000,000
Collateralized Mortgage Backed Securities [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 82,000,000 104,000,000
Corporate CDOs and CLOs [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 20,340,000,000 21,644,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 911,000,000 909,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 63,000,000 114,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 7,930,000,000 7,997,000,000
Corporate CDOs and CLOs [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 32,000,000 50,000,000
Corporate CDOs and CLOs [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 368,000,000 353,000,000
Corporate CDOs and CLOs [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,000,000 1,000,000
Corporate CDOs and CLOs [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 7,529,000,000 7,593,000,000
Corporate CDOs and CLOs [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Real estate, credit-related and other investing [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 8,974,000,000 12,568,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 1,495,000,000 1,063,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 3,000,000 1,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,868,000,000 1,188,000,000
Assets of Consolidated VIEs    
Cash and cash equivalents 660,000,000 248,000,000
Cash and securities segregated for regulatory and other purposes 139,000,000 205,000,000
Receivables from brokers, dealers and clearing organizations 4,000,000 4,000,000
Receivables from customers and counterparties 0 1,000,000
Financial Instruments owned, at fair value 2,369,000,000 2,531,000,000
Other assets 1,552,000,000 3,369,000,000
Total 4,724,000,000 6,358,000,000
Liabilities of Consolidated VIEs    
Other secured financings 1,418,000,000 2,434,000,000
Payables to customers and counterparties 0 0
Financial instruments sold, but not yet purchased, at fair value 0 0
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 185,000,000 302,000,000
Unsecured long-term borrowings 4,000,000 6,000,000
Other liabilities and accrued expenses 2,046,000,000 2,004,000,000
Total 3,653,000,000 4,746,000,000
Real estate, credit-related and other investing [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Real estate, credit-related and other investing [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Real estate, credit-related and other investing [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 373,000,000 125,000,000
Real estate, credit-related and other investing [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Real estate, credit-related and other investing [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,495,000,000 1,063,000,000
Other asset-backed [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 4,593,000,000 5,513,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 352,000,000 266,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 24,000,000 19,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,554,000,000 1,364,000,000
Other asset-backed [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 12,000,000
Other asset-backed [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 333,000,000 247,000,000
Other asset-backed [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Other asset-backed [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 1,221,000,000 1,105,000,000
Other asset-backed [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Power-related [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 519,000,000 552,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 289,000,000 239,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 2,000,000 14,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 334,000,000 308,000,000
Power-related [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Power-related [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Power-related [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 46,000,000 69,000,000
Power-related [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Power-related [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 288,000,000 239,000,000
Investment funds [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 2,208,000,000 2,330,000,000
Carrying Value of the Firm's Variable Interests    
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Assets 5,000,000 5,000,000
Carrying Value of the Firm's Variable Interests in Nonconsolidated VIEs - Liabilities 0 0
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 5,000,000 5,000,000
Investment funds [Member] | Retained Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Investment funds [Member] | Purchased Interests, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Investment funds [Member] | Commitments and Guarantees, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Investment funds [Member] | Derivatives, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 0 0
Investment funds [Member] | Loans and Investments, Maximum Exposure to Loss [Member]
   
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs 5,000,000 5,000,000
Principal-protected notes [Member]
   
Assets of Consolidated VIEs    
Cash and cash equivalents 1,000,000 52,000,000
Cash and securities segregated for regulatory and other purposes 0 0
Receivables from brokers, dealers and clearing organizations 0 0
Receivables from customers and counterparties 0 0
Financial Instruments owned, at fair value 112,000,000 648,000,000
Other assets 0 0
Total 113,000,000 700,000,000
Liabilities of Consolidated VIEs    
Other secured financings 3,208,000,000 3,224,000,000
Payables to customers and counterparties 0 0
Financial instruments sold, but not yet purchased, at fair value 2,000,000 0
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 1,941,000,000 2,359,000,000
Unsecured long-term borrowings 269,000,000 0
Other liabilities and accrued expenses 0 0
Total 5,420,000,000 5,583,000,000
Municipal bond securitizations [Member]
   
Assets of Consolidated VIEs    
Cash and cash equivalents   0
Cash and securities segregated for regulatory and other purposes   0
Receivables from brokers, dealers and clearing organizations   0
Receivables from customers and counterparties   0
Financial Instruments owned, at fair value   547,000,000
Other assets   0
Total   547,000,000
Liabilities of Consolidated VIEs    
Other secured financings   630,000,000
Payables to customers and counterparties   0
Financial instruments sold, but not yet purchased, at fair value   0
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings   0
Unsecured long-term borrowings   0
Other liabilities and accrued expenses   0
Total   630,000,000
CDOs, mortgage-backed and other asset-backed [Member]
   
Assets of Consolidated VIEs    
Cash and cash equivalents 51,000,000 39,000,000
Cash and securities segregated for regulatory and other purposes 0 0
Receivables from brokers, dealers and clearing organizations 0 0
Receivables from customers and counterparties 16,000,000 27,000,000
Financial Instruments owned, at fair value 352,000,000 550,000,000
Other assets 437,000,000 499,000,000
Total 856,000,000 1,115,000,000
Liabilities of Consolidated VIEs    
Other secured financings 298,000,000 417,000,000
Payables to customers and counterparties 9,000,000 12,000,000
Financial instruments sold, but not yet purchased, at fair value 0 55,000,000
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings 0 0
Unsecured long-term borrowings 0 0
Other liabilities and accrued expenses 40,000,000 32,000,000
Total 347,000,000 516,000,000
CDOs backed by mortgage obligations [Member]
   
Non-consolidated Variable Interest Entities [Abstract]    
Assets in VIE 6,150,000,000 6,140,000,000
Maximum Exposure to Loss, Non Consolidated VIE    
Maximum Exposure to Loss in Nonconsolidated VIEs $ 2,620,000,000 $ 3,250,000,000
XML 56 R77.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 6) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Derivative, Credit Risk Related Contingent Features    
Aggregate fair value of derivative contracts which are in net liability position $ 35,066 $ 23,843
Aggregate fair value of assets as a collateral for derivative contracts 29,002 16,640
One-notch reduction [Member]
   
Derivative, Credit Risk Related Contingent Features    
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings 1,303 1,353
Two-notch reduction [Member]
   
Derivative, Credit Risk Related Contingent Features    
Additional collateral or termination payments pursuant to bilateral agreements with certain counterparties which could have been called by counterparties in the event of a reduction in the firm's long-term credit ratings $ 2,183 $ 2,781
XML 57 R71.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Net Derivatives    
Exchange-traded Derivative Assets $ 5,880 $ 7,601
Exchange-traded Derivative Liabilities 3,172 2,794
OTC Derivative Assets 74,148 65,692
OTC Derivative Liabilities 55,281 51,936
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 364,206 356,953
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717
Derivative [Member]
   
Net Derivatives    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 80,028 73,293
Financial instruments sold, but not yet purchased, at fair value $ 58,453 $ 54,730
XML 58 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies and Guarantees
12 Months Ended
Dec. 31, 2011
Commitments, Contingencies and Guarantees [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees

Note 18.

Commitments, Contingencies and Guarantees

Commitments

The table below presents the firm’s commitments.

 

 

                                                     
   

Commitment Amount by Period

of Expiration as of December 2011

       

Total Commitments

as of December

 
in millions   2012    

2013-

2014

   

2015-

2016

   

2017-

Thereafter

         2011     2010  

Commitments to extend credit  1

Commercial lending:

Investment-grade

  $ 5,014     $ 4,266     $ 10,344     $ 45         $ 19,669     $ 12,330  

Non-investment-grade

    1,585       3,939       7,608       761           13,893       11,919  

William Street credit extension program

    5,515       6,291       19,740       390           31,936       27,383  

Warehouse financing

    58       189                       247       265  

Total commitments to extend credit

    12,172       14,685       37,692       1,196           65,745       51,897  

Contingent and forward starting resale and securities borrowing agreements  2

    54,522                             54,522       46,886  

Forward starting repurchase and secured lending agreements  2

    17,964                             17,964       12,509  

Underwriting commitments

                                      835  

Letters of credit 3

    1,145       58       145       5           1,353       2,210  

Investment commitments

    2,455       4,764       439       1,460           9,118       11,093  

Other

    5,200       101       34       7           5,342       4,396  

Total commitments

  $ 93,458     $ 19,608     $ 38,310     $ 2,668         $ 154,044     $ 129,826  

 

1.

Commitments to extend credit are presented net of amounts syndicated to third parties.

 

2.

These agreements generally settle within three business days.

 

3.

Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements.

Commitments to Extend Credit

 

The firm’s commitments to extend credit are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial portions of these commitments and commitments can expire unused or be reduced or cancelled at the counterparty’s request.

The firm generally accounts for commitments to extend credit at fair value. Losses, if any, are generally recorded, net of any fees in “Other principal transactions.”

Commercial Lending. The firm’s commercial lending commitments are generally extended in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing. Commitments that are extended for contingent acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources.

William Street Credit Extension Program. Substantially all of the commitments provided under the William Street credit extension program are to investment-grade corporate borrowers. Commitments under the program are principally extended by GS Bank USA and its subsidiaries, including William Street Commitment Corporation (Commitment Corp.). Historically, commitments extended by Commitment Corp. were supported, in part, by funding raised by Funding Corp., another consolidated wholly-owned subsidiary of GS Bank USA. As of April 26, 2011, the funding raised by Funding Corp. had been repaid in its entirety. The commitments extended by Commitment Corp. that had been supported by this funding are now supported by funding from GS Bank USA.

 

The assets and liabilities of Commitment Corp. are legally separated from other assets and liabilities of the firm. The assets of Commitment Corp. will not be available to its shareholders until the claims of its creditors have been paid. In addition, no affiliate of Commitment Corp., except in limited cases as expressly agreed in writing, is responsible for any obligation of Commitment Corp.

Sumitomo Mitsui Financial Group, Inc. (SMFG) provides the firm with credit loss protection that is generally limited to 95% of the first loss the firm realizes on approved loan commitments, up to a maximum of approximately $950 million, with respect to most of the William Street commitments. In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $1.13 billion, of which $300 million and $375 million of protection had been provided as of December 2011 and December 2010, respectively. The firm also uses other financial instruments to mitigate credit risks related to certain William Street commitments not covered by SMFG.

Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are secured by the warehoused assets, primarily consisting of residential and commercial mortgages.

Contingent and Forward Starting Resale and Securities Borrowing Agreements/Forward Starting Repurchase and Secured Lending Agreements

The firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date. The firm also enters into commitments to provide contingent financing to its clients through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused.

 

Investment Commitments

The firm’s investment commitments consist of commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. These commitments include $1.62 billion and $1.97 billion as of December 2011 and December 2010, respectively, related to real estate private investments and $7.50 billion and $9.12 billion as of December 2011 and December 2010, respectively, related to corporate and other private investments. Of these amounts, $8.38 billion and $10.10 billion as of December 2011 and December 2010, respectively, relate to commitments to invest in funds managed by the firm, which will be funded at market value on the date of investment.

Leases

The firm has contractual obligations under long-term noncancelable lease agreements, principally for office space, expiring on various dates through 2069. Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges. The table below presents future minimum rental payments, net of minimum sublease rentals.

 

 

         
in millions   As of
December 2011
 

2012

  $ 440  

2013

    420  

2014

    385  

2015

    337  

2016

    301  

2017 - thereafter

    1,380  

Total

  $ 3,263  

Rent charged to operating expense for the years ended December 2011, December 2010 and December 2009 was $475 million, $508 million and $434 million, respectively.

Operating leases include office space held in excess of current requirements. Rent expense relating to space held for growth is included in “Occupancy.” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits. Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination.

 

Contingencies

 

Legal Proceedings. See Note 27 for information about legal proceedings, including certain mortgage-related matters.

Certain Mortgage-Related Contingencies. There are multiple areas of focus by regulators, governmental agencies and others within the mortgage market that may impact originators, issuers, servicers and investors. There remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market.

 

Ÿ  

Representations and Warranties. The firm has not been a significant originator of residential mortgage loans. The firm did purchase loans originated by others and generally received loan-level representations of the type described below from the originators. During the period 2005 through 2008, the firm sold approximately $10 billion of loans to government-sponsored enterprises and approximately $11 billion of loans to other third parties. In addition, the firm transferred loans to trusts and other mortgage securitization vehicles. As of December 2011 and December 2010, the outstanding balance of the loans transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 was approximately $42 billion and $49 billion, respectively. This amount reflects paydowns and cumulative losses of approximately $83 billion ($17 billion of which are cumulative losses) as of December 2011 and approximately $76 billion ($14 billion of which are cumulative losses) as of December 2010. A small number of these Goldman Sachs-issued securitizations with an outstanding principal balance of $635 million and total paydowns and cumulative losses of $1.42 billion ($465 million of which are cumulative losses) as of December 2011, and an outstanding principal balance of $739 million and total paydowns and cumulative losses of $1.32 billion ($410 million of which are cumulative losses) as of December 2010, were structured with credit protection obtained from monoline insurers. In connection with both sales of loans and securitizations, the firm provided loan level representations of the type described below and/or assigned the loan level representations from the party from whom the firm purchased the loans.

 

The loan level representations made in connection with the sale or securitization of mortgage loans varied among transactions but were generally detailed representations applicable to each loan in the portfolio and addressed matters relating to the property, the borrower and the note. These representations generally included, but were not limited to, the following: (i) certain attributes of the borrower’s financial status; (ii) loan-to-value ratios, owner occupancy status and certain other characteristics of the property; (iii) the lien position; (iv) the fact that the loan was originated in compliance with law; and (v) completeness of the loan documentation.

To date, repurchase claims and actual repurchases of residential mortgage loans based upon alleged breaches of representations have not been significant and have mainly involved government-sponsored enterprises. During the year ended December 2011, the firm repurchased loans with an unpaid principal balance of less than $10 million. During the year ended December 2010, the firm repurchased loans with an unpaid principal balance of less than $50 million. The loss related to the repurchase of these loans was not material for the years ended December 2011 and December 2010.

Ultimately, the firm’s exposure to claims for repurchase of residential mortgage loans based on alleged breaches of representations will depend on a number of factors including the following: (i) the extent to which these claims are actually made; (ii) the extent to which there are underlying breaches of representations that give rise to valid claims for repurchase; (iii) in the case of loans originated by others, the extent to which the firm could be held liable and, if it is, the firm’s ability to pursue and collect on any claims against the parties who made representations to the firm; (iv) macro-economic factors, including developments in the residential real estate market; and (v) legal and regulatory developments.

Based upon the large number of defaults in residential mortgages, including those sold or securitized by the firm, there is a potential for increasing claims for repurchases. However, the firm is not in a position to make a meaningful estimate of that exposure at this time.

 

Ÿ  

Foreclosure and Other Mortgage Loan Servicing Practices and Procedures. The firm had received a number of requests for information from regulators and other agencies, including state attorneys general and banking regulators, as part of an industry-wide focus on the practices of lenders and servicers in connection with foreclosure proceedings and other aspects of mortgage loan servicing practices and procedures. The requests sought information about the foreclosure and servicing protocols and activities of Litton, a residential mortgage servicing subsidiary sold by the firm to a third-party purchaser in the third quarter of 2011. The firm is cooperating with the requests and these inquiries may result in the imposition of fines or other regulatory action. In the third quarter of 2010, prior to the firm’s sale of Litton, Litton had temporarily suspended evictions and foreclosure and real estate owned sales in a number of states, including those with judicial foreclosure procedures. Litton resumed these activities beginning in the fourth quarter of 2010. In connection with the sale of Litton, the firm agreed to provide certain representations and warranties, and specific indemnities related to Litton’s servicing and foreclosure practices prior to the close of the sale. The liability associated with certain of these indemnities has been capped. For indemnities not subject to a cap, management is unable to develop an estimate of the maximum potential amount of future payments because no amounts have yet been specified or claimed. However, management does not believe, based on currently available information, that any payments under these indemnities will have a material adverse effect on the firm’s financial condition.

On September 1, 2011, Group Inc. and GS Bank USA entered into a Consent Order (the Order) with the Board of Governors of the Federal Reserve System (Federal Reserve Board) relating to the servicing of residential mortgage loans. The terms of the Order are substantially similar and, in many respects, identical to the orders entered into with the Federal Reserve Board by other large U.S. financial institutions. The Order sets forth various allegations of improper conduct in servicing by Litton, requires that Group Inc. and GS Bank USA cease and desist such conduct, and requires that Group Inc. and GS Bank USA, and their boards of directors, take various affirmative steps. The Order requires (i) Group Inc. and GS Bank USA to engage a third-party consultant to conduct a review of certain foreclosure actions or proceedings that occurred or were pending between January 1, 2009 and December 31, 2010; (ii) the adoption of policies and procedures related to management of third parties used to outsource residential mortgage servicing, loss mitigation or foreclosure; (iii) a “validation report” from an independent third-party consultant regarding compliance with the Order for the first year; and (iv) submission of quarterly progress reports as to compliance with the Order by the boards of directors (or committees thereof) of Group Inc. and GS Bank USA.

In addition, on September 1, 2011, GS Bank USA entered into an Agreement on Mortgage Servicing Practices with the New York State Banking Department, Litton and the acquirer of Litton relating to the servicing of residential mortgage loans, and, in a related agreement with the New York State Banking Department, Group Inc. agreed to forgive 25% of the unpaid principal balance on certain delinquent first lien residential mortgage loans owned by Group Inc. or a subsidiary, totaling approximately $13 million in principal forgiveness.

Guaranteed Minimum Death and Income Benefits. In connection with its insurance business, the firm is contingently liable to provide guaranteed minimum death and income benefits to certain contract holders and has established a reserve related to $5.52 billion and $6.11 billion of contract holder account balances as of December 2011 and December 2010, respectively, for such benefits. The weighted average attained age of these contract holders was 69 years for both December 2011 and December 2010.

The net amount at risk, representing guaranteed minimum death and income benefits in excess of contract holder account balances, was $1.51 billion and $1.60 billion as of December 2011 and December 2010, respectively. See Note 17 for further information about insurance liabilities.

 

Guarantees

 

The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties and certain other counterparties. Accordingly, the firm has not included such contracts in the table below.

The firm, in its capacity as an agency lender, indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed.

In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary.

The table below presents certain information about derivatives that meet the definition of a guarantee and certain other guarantees. The maximum payout in the table below is based on the notional amount of the contract and therefore does not represent anticipated losses. See Note 7 for further information about credit derivatives that meet the definition of a guarantee which are not included below.

Because derivatives are accounted for at fair value, the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values below exclude the effect of a legal right of setoff that may exist under an enforceable netting agreement and the effect of netting of cash collateral posted under credit support agreements.

 

 

                                                 
    As of December 2011  
          Maximum Payout/Notional Amount by Period of Expiration  
in millions  

Carrying
Value of

Net Liability

    2012     2013-
2014
   

2015-

2016

    2017-
Thereafter
    Total  

Derivatives 1

  $ 11,881     $ 486,244     $ 206,853     $ 53,743     $ 49,576     $ 796,416  

Securities lending indemnifications  2

          27,798                         27,798  

Other financial guarantees 3

    205       625       795       1,209       939       3,568  

 

1.

These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore these amounts do not reflect the firm’s overall risk related to its derivative activities. As of December 2010, the carrying value of the net liability related to derivative guarantees was $8.26 billion.

 

2.

Collateral held by the lenders in connection with securities lending indemnifications was $28.58 billion as of December 2011. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these guarantees.

 

3.

Other financial guarantees excludes certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See table in “Commitments” above for a summary of the firm’s commitments. As of December 2010, the carrying value of the net liability related to other financial guarantees was $28 million.

 

Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, II and III, and other entities for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Note 16 for further information about the transactions involving Goldman Sachs Capital I, II and III.

The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities.

Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities.

Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates.

The firm also indemnifies some clients against potential losses incurred in the event specified third-party service providers, including sub-custodians and third-party brokers, improperly execute transactions. In addition, the firm is a member of payment, clearing and settlement networks as well as securities exchanges around the world that may require the firm to meet the obligations of such networks and exchanges in the event of member defaults.

In connection with its prime brokerage and clearing businesses, the firm agrees to clear and settle on behalf of its clients the transactions entered into by them with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account as well as any proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and certain other matters involving the borrower.

The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated statements of financial condition as of December 2011 and December 2010.

Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions such as securities issuances, borrowings or derivatives.

In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws.

These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of December 2011 and December 2010.

 

Guarantees of Subsidiaries. Group Inc. fully and unconditionally guarantees the securities issued by GS Finance Corp., a wholly-owned finance subsidiary of the firm.

Group Inc. has guaranteed the payment obligations of Goldman, Sachs & Co. (GS&Co.), GS Bank USA, GS Bank Europe and Goldman Sachs Execution & Clearing, L.P. (GSEC), subject to certain exceptions.

In November 2008, the firm contributed subsidiaries into GS Bank USA, and Group Inc. agreed to guarantee the reimbursement of certain losses, including credit-related losses, relating to assets held by the contributed entities. In connection with this guarantee, Group Inc. also agreed to pledge to GS Bank USA certain collateral, including interests in subsidiaries and other illiquid assets.

In addition, Group Inc. guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties. Group Inc. is unable to develop an estimate of the maximum payout under its subsidiary guarantees; however, because these guaranteed obligations are also obligations of consolidated subsidiaries included in the table above, Group Inc.’s liabilities as guarantor are not separately disclosed.

Group Inc. has established a program for the issuance of securities by Goldman Sachs Secured Finance Limited insured by GS Secured Guaranty Company Limited (SGCL), a wholly-owned subsidiary of Group Inc. that is a financial guaranty insurer organized under the laws of Bermuda. The funds raised by SGCL are used to enter into repurchase transactions with GS&Co. and Goldman Sachs International (GSI). Group Inc. has fully and unconditionally guaranteed the securities issued by Goldman Sachs Secured Finance Limited, as well as the obligations of GS&Co. and GSI under their respective repurchase transactions. Group Inc. has not guaranteed the obligations of SGCL. The assets and liabilities of SGCL are legally separated from other assets and liabilities of the firm. The assets of SGCL will not be available to any holder of its capital stock until the claims of creditors have been paid.

XML 59 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Short-Term Borrowings (Tables)
12 Months Ended
Dec. 31, 2011
Short-Term Borrowings [Abstract]  
Short-term borrowings
         
   

As of December

in millions   2011   2010

Other secured financings (short-term)

  $29,185   $24,529

Unsecured short-term borrowings

  49,038   47,842

Total

  $78,223   $72,371
Unsecured Short -Term Borrowings
                 
    As of December  
in millions   2011     2010  

Current portion of unsecured long-term borrowings  1, 2

    $28,836       $25,396  

Hybrid financial instruments

    11,526       13,223  

Promissory notes

    1,328       3,265  

Commercial paper

    1,491       1,306  

Other short-term borrowings

    5,857       4,652  

Total

    $49,038       $47,842  
     

Weighted average interest rate  3

    1.89     1.77

 

1.

Includes $8.53 billion and $10.43 billion as of December 2011 and December 2010, respectively, issued by Group Inc. and guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP).

 

2.

Includes $27.95 billion and $24.46 billion as of December 2011 and December 2010, respectively, issued by Group Inc.

 

3.

The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

XML 60 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2011
Derivatives and Hedging Activities [Abstract]  
Exchange Traded and OTC Derivatives
                                     
    As of December 2011         As of December 2010  
in millions   Derivative
Assets
    Derivative
Liabilities
         Derivative
Assets
   

Derivative

Liabilities

 

Exchange-traded

    $  5,880       $  3,172           $  7,601       $  2,794  

Over-the-counter

    74,148       55,281           65,692       51,936  

Total

    $80,028       $58,453           $73,293       $54,730  
Fair Value of Derivatives on a Gross Basis
                                                     
    As of December 2011    

 

  As of December 2010  
in millions, except number of contracts  

Derivative

Assets

   

Derivative

Liabilities

    Number of
Contracts
        

Derivative

Assets

   

Derivative

Liabilities

    Number of
Contracts
 

Derivatives not accounted for as hedges

Interest rates

  $ 624,189     $ 582,608       287,351         $ 463,145     $ 422,514       272,279  

Credit

    150,816       130,659       362,407           127,153       104,407       367,779  

Currencies

    88,654       71,736       203,205           87,959       70,273       222,706  

Commodities

    35,966       38,050       93,755           36,689       41,666       70,890  

Equities

    64,135       51,928       332,273           65,815       51,948       289,059  

Subtotal

    963,760       874,981       1,278,991           780,761       690,808       1,222,713  

Derivatives accounted for as hedges

Interest rates

    21,981       13       1,125           23,396       33       997  

Currencies

    124       21       71           6       162       72  

Subtotal

    22,105       34       1,196           23,402       195       1,069  

Gross fair value of derivatives

  $ 985,865     $ 875,015       1,280,187         $ 804,163     $ 691,003       1,223,782  

Counterparty netting 1

    (787,733     (787,733                 (620,553     (620,553        

Cash collateral netting 2

    (118,104     (28,829                 (110,317     (15,720        

Fair value included in financial instruments owned

  $ 80,028                         $ 73,293                  

Fair value included in financial instruments sold, but not yet purchased

          $ 58,453                         $ 54,730          

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

Fair Value of Derivatives by Level
                                         
    Derivative Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

    $33     $ 645,923     $ 214       $      —     $ 646,170  

Credit

          137,110       13,706             150,816  

Currencies

          86,752       2,026             88,778  

Commodities

          35,062       904             35,966  

Equities

    24       62,684       1,427             64,135  

Gross fair value of derivative assets

    57       967,531       18,277             985,865  

Counterparty netting 1

          (778,639     (6,377     (2,717 ) 3      (787,733

Subtotal

    $57     $ 188,892     $ 11,900       $(2,717   $ 198,132  

Cash collateral netting 2

                                    (118,104

Fair value included in financial instruments owned

                                  $ 80,028  
   
    Derivative Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

    $  24     $ 582,012     $ 585       $      —     $ 582,621  

Credit

          123,253       7,406             130,659  

Currencies

          70,573       1,184             71,757  

Commodities

          36,541       1,509             38,050  

Equities

    185       49,884       1,859             51,928  

Gross fair value of derivative liabilities

    209       862,263       12,543             875,015  

Counterparty netting 1

          (778,639     (6,377     (2,717 ) 3      (787,733

Subtotal

    $209     $ 83,624     $ 6,166       $(2,717   $ 87,282  

Cash collateral netting 2

                                    (28,829

Fair value included in financial instruments sold,
but not yet purchased

                                  $ 58,453  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

                                         
    Derivative Assets at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

  $ 49     $ 486,037     $ 455     $     $ 486,541  

Credit

          115,519       11,634             127,153  

Currencies

          86,158       1,807             87,965  

Commodities

          34,511       2,178             36,689  

Equities

    44       64,267       1,504             65,815  

Gross fair value of derivative assets

    93       786,492       17,578             804,163  

Counterparty netting 1

          (613,979     (4,806     (1,768 ) 3      (620,553

Subtotal

  $ 93     $ 172,513     $ 12,772     $ (1,768   $ 183,610  

Cash collateral netting 2

                                    (110,317

Fair value included in financial instruments owned

                                  $ 73,293  
   
    Derivative Liabilities at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

  $ 18     $ 422,267     $ 262     $     $ 422,547  

Credit

          99,813       4,594             104,407  

Currencies

          69,726       709             70,435  

Commodities

          39,709       1,957             41,666  

Equities

    27       49,427       2,494             51,948  

Gross fair value of derivative liabilities

    45       680,942       10,016             691,003  

Counterparty netting 1

          (613,979     (4,806     (1,768 ) 3      (620,553

Subtotal

  $ 45     $ 66,963     $ 5,210     $ (1,768   $ 70,450  

Cash collateral netting 2

                                    (15,720

Fair value included in financial instruments sold, but not yet purchased

                                  $ 54,730  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

Fair Value of Derivatives, Level 3 Rollforward
                                                                 
    Level 3 Derivative Assets and Liabilities at Fair Value for the Year Ended December 2011  
in millions  

Asset/

(liability)
balance,
beginning
of year

   

Net

realized
gains/
(losses)

    Net unrealized
gains/(losses)
relating to
instruments
still held at
year-end
    Purchases     Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
   

Asset/

(liability)

balance,
end of

year

 

Interest rates — net

  $ 194     $ (38   $ (305   $ 23     $ (29   $ 84     $ (300   $ (371

Credit — net

    7,040       46       2,525       348       (1,310     (1,713     (636     6,300  

Currencies — net

    1,098       (26     (351     29       (25     (54     171       842  

Commodities — net

    220       (35     259       125       (835     150       (489     (605

Equities — net

    (990     184       151       382       (683     159       365       (432

Total derivatives — net

  $ 7,562     $ 131  1    $ 2,279  1, 2    $ 907     $ (2,882   $ (1,374   $ (889   $ 5,734  

 

1.

The aggregate amounts include approximately $2.35 billion and $62 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

                                                 
    Level 3 Derivative Assets and Liabilities at Fair Value for the  Year Ended December 2010  
in millions  

Asset/

(liability)
balance,
beginning
of year

   

Net

realized
gains/
(losses)

   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
   

Net
transfers in

and/or (out)
of level 3

    Asset/
(liability)
balance,
end of
year
 

Interest rates — net

  $ (71   $ (79   $ 156     $ (118   $ 306     $ 194  

Credit — net

    6,366       8       4,393       (2,663     (1,064     7,040  

Currencies — net

    215       (83     317       110       539       1,098  

Commodities — net

    (90     48       312       33       (83     220  

Equities — net

    (1,224     (38     6       43       223       (990

Total derivatives — net

  $ 5,196     $ (144 ) 1    $ 5,184  1, 2    $ (2,595   $ (79   $ 7,562  

 

1.

The aggregate amounts include approximately $4.99 billion and $55 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

Bifurcated Embedded Derivatives
                 
    As of December  
in millions, except number of contracts   2011     2010  

Fair value of assets

  $ 422     $ 383  

Fair value of liabilities

    304       267  

Net

  $ 118     $ 116  

Number of contracts

    333       338  
OTC Derivatives by Product Type and Tenor
                                 
in millions   OTC Derivatives as of December 2011  

Assets

Product Type

  0 - 12
Months
   

1 - 5

Years

    5 Years or
Greater
    Total  

Interest rates

  $ 10,931     $ 32,194     $ 82,480     $ 125,605  

Credit

    3,054       15,468       13,687       32,209  

Currencies

    11,253       11,592       16,023       38,868  

Commodities

    5,286       5,931       147       11,364  

Equities

    6,663       7,768       7,468       21,899  

Netting across product types  1

    (3,071     (6,033     (6,027     (15,131

Subtotal

  $ 34,116     $ 66,920     $ 113,778       214,814  

Cross maturity netting 2

                            (22,562

Cash collateral netting 3

                            (118,104

Total

                          $ 74,148  
         

Liabilities

Product Type

  0 - 12
Months
   

1 - 5

Years

    5 Years or
Greater
    Total  

Interest rates

  $ 5,787     $ 18,607     $ 37,739     $ 62,133  

Credit

    1,200       6,957       3,894       12,051  

Currencies

    9,826       5,514       6,502       21,842  

Commodities

    6,322       5,174       2,727       14,223  

Equities

    3,290       4,018       4,246       11,554  

Netting across product types  1

    (3,071     (6,033     (6,027     (15,131

Subtotal

  $ 23,354     $ 34,237     $ 49,081       106,672  

Cross maturity netting 2

                            (22,562

Cash collateral netting 3

                            (28,829

Total

                          $ 55,281  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

                                 
in millions   OTC Derivatives as of December 2010  

Assets

 

Product Type

  0 - 12
Months
    1 - 5
Years
    5 Years or
Greater
    Total  

Interest rates

  $ 7,137     $ 34,384     $ 60,750     $ 102,271  

Credit

    2,777       16,145       13,525       32,447  

Currencies

    9,968       10,696       14,868       35,532  

Commodities

    5,664       5,996       248       11,908  

Equities

    4,795       10,942       7,037       22,774  

Netting across product types 1

    (2,937     (5,513     (5,077     (13,527

Subtotal

  $ 27,404     $ 72,650     $ 91,351     $ 191,405  

Cross maturity netting 2

                            (15,396

Cash collateral netting 3

                            (110,317

Total

                          $ 65,692  
         

Liabilities

 

Product Type

  0 - 12
Months
    1 - 5
Years
    5 Years or
Greater
    Total  

Interest rates

  $ 4,470     $ 14,072     $ 19,760     $ 38,302  

Credit

    1,024       4,862       3,816       9,702  

Currencies

    8,036       5,219       4,986       18,241  

Commodities

    7,279       7,838       2,528       17,645  

Equities

    3,962       4,977       3,750       12,689  

Netting across product types 1

    (2,937     (5,513     (5,077     (13,527

Subtotal

  $ 21,834     $ 31,455     $ 29,763     $ 83,052  

Cross maturity netting 2

                            (15,396

Cash collateral netting 3

                            (15,720

Total

                          $ 51,936  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

Derivatives with Credit-related Contingent Features
                 
    As of December  
in millions   2011     2010  

Net derivative liabilities under bilateral agreements

  $ 35,066     $ 23,843  

Collateral posted

    29,002       16,640  

Additional collateral or termination payments for a one-notch downgrade

    1,303       1,353  

Additional collateral or termination payments for a two-notch downgrade

    2,183       2,781  
Credit Derivatives
                                                                                 
   

Maximum Payout/Notional Amount

of Written Credit Derivatives by Tenor

        Maximum Payout/Notional
Amount of Purchased
Credit Derivatives
       

Fair Value of

Written Credit Derivatives

 
$ in millions   0 - 12
Months
   

1 - 5

Years

   

5 Years

or

Greater

    Total          Offsetting
Purchased
Credit
Derivatives 1
    Other
Purchased
Credit
Derivatives  2
         Asset     Liability    

Net

Asset/

(Liability)

 

As of December 2011

                                                                               

Credit spread on underlying

(basis points)

                                                                               

0-250

  $ 282,851     $ 794,193     $ 141,688     $ 1,218,732         $ 1,122,296     $ 180,316         $ 17,572     $ 16,907     $ 665  

251-500

    42,682       269,687       69,864       382,233           345,942       47,739           4,517       20,810       (16,293

501-1,000

    29,377       140,389       21,819       191,585           181,003       23,176           138       15,398       (15,260

Greater than 1,000

    30,244       114,103       22,995       167,342           147,614       28,734           512       57,201       (56,689

Total

  $ 385,154     $ 1,318,372     $ 256,366     $ 1,959,892         $ 1,796,855     $ 279,965         $ 22,739     $ 110,316     $ (87,577
                       

As of December 2010

                                                                               

Credit spread on underlying

(basis points)

                                                                               

0-250

  $ 235,798     $ 1,094,308     $ 288,851     $ 1,618,957         $ 1,511,113     $ 232,506         $ 32,071     $ 14,780     $ 17,291  

251-500

    14,412       144,448       52,072       210,932           183,613       36,713           7,368       7,739       (371

501-1,000

    6,384       89,212       33,553       129,149           110,019       18,686           2,571       11,256       (8,685

Greater than 1,000

    11,721       63,982       12,022       87,725           70,945       23,795           483       33,670       (33,187

Total

  $ 268,315     $ 1,391,950     $ 386,498     $ 2,046,763         $ 1,875,690     $ 311,700         $ 42,493     $ 67,445     $ (24,952

 

1.

Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives to the extent they economically hedge written credit derivatives with identical underlyings.

 

2.

This purchased protection represents the notional amount of purchased credit derivatives in excess of the notional amount included in “Offsetting Purchased Credit Derivatives.”

Gains and Losses on Net Investment Hedges
                         
    Year Ended December  
in millions   2011     2010     2009  

Currency hedges

  $ 160     $ (261   $ (495

Foreign currency-denominated debt

    (147     (498     106  
XML 61 R75.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 4) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Contract
Dec. 31, 2010
Contract
Bifurcated Embedded Derivatives [Abstract]    
Embedded Derivative, Fair Value of Embedded Derivative Asset $ 422 $ 383
Embedded Derivative, Fair Value of Embedded Derivative Liability 304 267
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total $ 118 $ 116
Number of Contracts 1,280,187 1,223,782
Embedded Derivatives Classified In Debt [Member]
   
Bifurcated Embedded Derivatives [Abstract]    
Number of Contracts 333 338
XML 62 R97.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings (Details 3) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Unsecured long term borrowings after hedging    
Fixed rate obligations at fair value $ 76,000,000 $ 22,000,000
Fixed rate obligations at amortized cost 28,773,000,000 5,877,000,000
Floating rate obligations at fair value 17,086,000,000 18,148,000,000
Floating rate obligations at amortized cost 127,610,000,000 150,352,000,000
Unsecured long-term borrowings 173,545,000,000 174,399,000,000
Subordinated Borrowings    
Long-term subordinated debt outstanding, par amount 14,310,000,000 14,345,000,000
Long-term junior subordinated debt, par amount 5,085,000,000 5,082,000,000
Total subordinated Long-term Debt, par amount 19,395,000,000 19,427,000,000
Long-term subordinated debt outstanding 17,362,000,000 16,977,000,000
Long-term junior subordinated debt 6,533,000,000 5,716,000,000
Total subordinated Long-term Debt 23,895,000,000 22,693,000,000
Effective weighted average interest rate of long-term subordinated debt, after hedging 4.39% 1.19%
Effective weighted average interest rate of long-term junior subordinated debt, after hedging 2.43% 2.50%
Effective weighted average interest rate on long-term subordinated borrowings, after hedging 3.87% 1.54%
Long-term Borrowings (Textuals) [Abstract]    
The latest year through which the firm's unsecured long-term borrowings extend 2061  
Long-term subordinated debt outstanding, par amount 14,310,000,000 14,345,000,000
Long-term subordinated debt outstanding 17,362,000,000 16,977,000,000
Amount of unsecured long-term borrowings guaranteed by the FDIC under the Temporary Liquidity Guarantee Program (TLGP) 0 8,580,000,000
Difference between aggregate contractual principal amount of unsecured long-term borrowings and the related fair value 693,000,000 349,000,000
Unsecured long-term borrowings related to fair value hedges 10,840,000,000  
2013 542,000,000  
2014 882,000,000  
2015 653,000,000  
2016 1,190,000,000  
2017 and thereafter 7,570,000,000  
Percentage reduction in the carrying value of total unsecured long-term borrowings for which the firm did not elect the fair value option due to the change in the firm's own credit spreads   less than 4%
Percentage reduction in the carrying value of total unsecured long-term borrowings for which the firm did not elect the fair value option due to the change in the firm's credit spreads less than 4%  
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - total 2.59% 1.90%
Effective weighted average interest rates for unsecured long-term borrowings, after hedging fixed rate obligations 5.18% 5.69%
Effective weighted average interest rates for unsecured long-term borrowings, after hedging - floating rate obligations 2.03% 1.74%
Maturity date range start for long-term other subordinated debt 2017 2012
Maturity date range end for long-term other subordinated debt 2038 2038
Junior subordinated debentures issued to Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) 2,250,000,000  
Guaranteed perpetual Normal Automatic Preferred Enhanced Capital Securities (APEX) issued to third parties 2,250,000,000  
Common beneficial interests issued to Group Inc. 85,000,000  
Guaranteed preferred beneficial interests to third parties 2,750,000,000  
Rate of contract payments on stock purchase contracts held by the Apex Trusts 0.20%  
Goldman Sachs Capital I [Member]
   
Long-term Borrowings (Textuals) [Abstract]    
Junior subordinated debentures issued to Goldman Sachs Capital I (Trust) 2,840,000,000  
Interest Rate of Junior Subordinated Debentures issued to Trust, Fixed 6.345%  
Maturity date of Junior Subordinated Debentures issued to Trust Feb. 15, 2034  
Goldman Sachs Capital II [Member]
   
Long-term Borrowings (Textuals) [Abstract]    
Junior subordinated debentures issued to Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) 1,750,000,000  
Interest Rate of Junior Subordinated Debt issued to APEX Trusts, Fixed 5.59%  
Maturity date of Junior Subordinated Debentures issued to APEX Trusts Jun. 01, 2043  
Goldman Sachs Capital III [Member]
   
Long-term Borrowings (Textuals) [Abstract]    
Junior subordinated debentures issued to Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts) 500,000,000  
Maturity date of Junior Subordinated Debentures issued to APEX Trusts Sep. 01, 2043  
Interest Rate of Junior Subordinated Debt issued to APEX Trusts, Floating LIBOR + .0057  
U.S. Dollar [Member]
   
Unsecured long term borrowings after hedging    
Unsecured long-term borrowings 107,494,000,000 110,130,000,000
Long-term Borrowings (Textuals) [Abstract]    
Fixed interest rate debt obligations interest rates range, minimum 0.10% 0.20%
Fixed interest rate debt obligations interest rates range, maximum 10.04% 10.04%
Weighted average interest rates for fixed rate unsecured long-term borrowings 5.62% 5.52%
Non-U.S. Dollar [Member]
   
Unsecured long term borrowings after hedging    
Unsecured long-term borrowings 66,051,000,000 64,269,000,000
Long-term Borrowings (Textuals) [Abstract]    
Fixed interest rate debt obligations interest rates range, minimum 0.85% 0.85%
Fixed interest rate debt obligations interest rates range, maximum 14.85% 14.85%
Weighted average interest rates for fixed rate unsecured long-term borrowings 4.75% 4.65%
Group Inc. [Member]
   
Unsecured long term borrowings after hedging    
Fixed rate obligations at fair value 10,000,000 16,000,000
Fixed rate obligations at amortized cost 26,839,000,000 3,956,000,000
Floating rate obligations at fair value 12,903,000,000 13,428,000,000
Floating rate obligations at amortized cost 126,470,000,000 150,219,000,000
Unsecured long-term borrowings 166,222,000,000 167,619,000,000
Subordinated Borrowings    
Long-term subordinated debt outstanding, par amount 13,750,000,000 13,810,000,000
Long-term subordinated debt outstanding 16,800,000,000 16,440,000,000
Long-term Borrowings (Textuals) [Abstract]    
Long-term subordinated debt outstanding, par amount 13,750,000,000 13,810,000,000
Long-term subordinated debt outstanding 16,800,000,000 16,440,000,000
Group Inc. [Member] | Goldman Sachs Capital II [Member]
   
Long-term Borrowings (Textuals) [Abstract]    
Perpetual non-cumulative preferred stock to be issued by Group Inc 2,250,000,000  
Subsidiaries [Member]
   
Unsecured long term borrowings after hedging    
Fixed rate obligations at fair value 66,000,000 6,000,000
Fixed rate obligations at amortized cost 1,934,000,000 1,921,000,000
Floating rate obligations at fair value 4,183,000,000 4,720,000,000
Floating rate obligations at amortized cost 1,140,000,000 133,000,000
Unsecured long-term borrowings $ 7,323,000,000 $ 6,780,000,000
XML 63 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company
12 Months Ended
Dec. 31, 2011
Parent Company [Abstract]  
Parent Company Parent Company

Note 30.

Parent Company

 

                               
Group Inc. — Condensed Statements of Earnings
    Year Ended December
in millions   2011   2010   2009

Revenues

                             

Dividends from bank subsidiary

    $ 1,000       $       $  

Dividends from nonbank subsidiaries

      4,967         6,032         8,793  

Undistributed earnings of subsidiaries

      481         2,884         5,884  

Other revenues

      (3,381 )       964         (1,018 )

Total non-interest revenues

      3,067         9,880         13,659  

Interest income

      4,547         4,153         4,565  

Interest expense

      3,917         3,429         3,112  

Net interest income

      630         724         1,453  

Net revenues, including net interest income

      3,697         10,604         15,112  
       

Operating expenses

                             

Compensation and benefits

      300         423         637  

Other expenses

      252         238         1,034  

Total operating expenses

      552         661         1,671  

Pre-tax earnings

      3,145         9,943         13,441  

Provision/(benefit) for taxes

      (1,297 )       1,589         56  

Net earnings

      4,442         8,354         13,385  

Preferred stock dividends

      1,932         641         1,193  

Net earnings applicable to common shareholders

    $ 2,510       $ 7,713       $ 12,192  

 

                     
Group Inc. — Condensed Statements of Financial Condition
    As of December
in millions   2011   2010

Assets

                   

Cash and cash equivalents

    $ 14       $ 7  

Loans to and receivables from subsidiaries

                   

Bank subsidiary

      7,196         5,050  

Nonbank subsidiaries

      180,397         182,316  

Investments in subsidiaries and other affiliates

                   

Bank subsidiary

      19,226         18,807  

Nonbank subsidiaries and other affiliates

      48,473         52,498  

Financial instruments owned, at fair value

      20,698         24,153  

Other assets

      7,912         8,612  

Total assets

    $ 283,916       $ 291,443  
     

Liabilities and shareholders’ equity

                   

Payables to subsidiaries

    $ 693       $ 358  

Financial instruments sold, but not yet purchased, at fair value

      241         935  

Unsecured short-term borrowings 1

                   

With third parties

      35,368         32,299  

With subsidiaries

      4,701         5,483  

Unsecured long-term borrowings 2

                   

With third parties

      166,342         167,782  

With subsidiaries 3

      1,536         1,000  

Other liabilities and accrued expenses

      4,656         6,230  

Total liabilities

      213,537         214,087  
     

Commitments, contingencies and guarantees

                   

Shareholders’ equity

                   

Preferred stock

      3,100         6,957  

Common stock

      8         8  

Restricted stock units and employee stock options

      5,681         7,706  

Additional paid-in capital

      45,553         42,103  

Retained earnings

      58,834         57,163  

Accumulated other comprehensive loss

      (516 )       (286 )

Stock held in treasury, at cost

      (42,281 )       (36,295 )

Total shareholders’ equity

      70,379         77,356  

Total liabilities and shareholders’ equity

    $ 283,916       $ 291,443  
                               
Group Inc.—Condensed Statements of Cash Flows
    Year Ended December
in millions   2011   2010   2009

Cash flows from operating activities

                             

Net earnings

    $ 4,442       $ 8,354       $ 13,385  

Non-cash items included in net earnings

                             

Undistributed earnings of subsidiaries

      (481 )       (2,884 )       (5,884 )

Depreciation and amortization

      14         18         39  

Deferred income taxes

      809         214         (3,347 )

Share-based compensation

      244         393         100  

Changes in operating assets and liabilities

                             

Financial instruments owned, at fair value

      3,557         (176 )       24,382  

Financial instruments sold, but not yet purchased, at fair value

      (536 )       (1,091 )       (1,032 )

Other, net

      1,422         10,852         10,081  

Net cash provided by operating activities

      9,471         15,680         37,724  
       

Cash flows from investing activities

                             

Purchase of property, leasehold improvements and equipment

      (42 )       (15 )       (5 )

Issuance of short-term loans to subsidiaries, net of repayments

      20,319         (9,923 )       (6,335 )

Issuance of term loans to subsidiaries

      (42,902 )       (5,532 )       (13,823 )

Repayments of term loans by subsidiaries

      21,850         1,992         9,601  

Capital distributions from/(contributions to) subsidiaries, net

      4,642         (1,038 )       (2,781 )

Net cash provided by/(used for) investing activities

      3,867         (14,516 )       (13,343 )
       

Cash flows from financing activities

                             

Unsecured short-term borrowings, net

      (727 )       3,137         (13,266 )

Proceeds from issuance of long-term borrowings

      27,251         21,098         22,814  

Repayment of long-term borrowings, including the current portion

      (27,865 )       (21,838 )       (27,374 )

Preferred stock repurchased

      (3,857 )               (9,574 )

Common stock repurchased

      (6,048 )       (4,183 )       (2 )

Repurchase of common stock warrants

                      (1,100 )

Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units

      (2,771 )       (1,443 )       (2,205 )

Proceeds from issuance of common stock, including stock option exercises

      368         581         6,260  

Excess tax benefit related to share-based compensation

      358         352         135  

Cash settlement of share-based compensation

      (40 )       (1 )       (2 )

Net cash used for financing activities

      (13,331 )       (2,297 )       (24,314 )

Net increase/(decrease) in cash and cash equivalents

      7         (1,133 )       67  

Cash and cash equivalents, beginning of year

      7         1,140         1,073  

Cash and cash equivalents, end of year

    $ 14       $ 7       $ 1,140  

SUPPLEMENTAL DISCLOSURES:

Cash payments for third-party interest, net of capitalized interest, were $3.83 billion, $3.07 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

Cash payments for income taxes, net of refunds, were $1.39 billion, $2.05 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

 

1.

Includes $6.25 billion and $7.82 billion at fair value as of December 2011 and December 2010, respectively.

 

2.

Includes $12.91 billion and $13.44 billion at fair value as of December 2011 and December 2010, respectively.

 

3.

Unsecured long-term borrowings with subsidiaries by maturity date are $263 million in 2013, $656 million in 2014, $243 million in 2015, $97 million in 2016 and $277 million in 2017-thereafter.

Non-cash activity:

During the year ended December 2011, $103 million of common stock was issued in connection with the acquisition of Goldman Sachs Australia Pty Ltd (GS Australia), formerly Goldman Sachs & Partners Australia Group Holdings Pty Ltd.

XML 64 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Liabilities and Accrued Expenses (Tables)
12 Months Ended
Dec. 31, 2011
Other Liabilities and Accrued Expenses [Abstract]  
Other Liabilities
                 
    As of December  
in millions   2011     2010  

Compensation and benefits

  $ 5,701     $ 9,089  

Insurance-related liabilities

    18,614       11,381  

Noncontrolling interests 1

    1,450       872  

Income tax-related liabilities  2

    533       2,042  

Employee interests in consolidated funds

    305       451  

Subordinated liabilities issued
by consolidated VIEs

    1,090       1,526  

Accrued expenses and other

    4,108       4,650  

Total

  $ 31,801     $ 30,011  

 

1.

Includes $1.17 billion and $593 million related to consolidated investment funds as of December 2011 and December 2010, respectively.

 

2.

See Note 24 for further information about income taxes.

Insurance-related liabilities
                 
    As of December  
in millions   2011     2010  

Separate account liabilities

  $ 3,296     $ 4,024  

Liabilities for future benefits
and unpaid claims  1

    14,213       6,308  

Contract holder account balances

    835       801  

Reserves for guaranteed minimum death
and income benefits

    270       248  

Total

  $ 18,614     $ 11,381  

 

1.

Substantially all of the increase from December 2010 to December 2011 is related to acquisitions. In connection with these acquisitions, the firm acquired $7.50 billion of assets (primarily financial instruments owned, at fair value, principally consisting of corporate debt securities) and assumed $7.10 billion of liabilities.

XML 65 R67.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value $ 651,312 $ 637,514
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 364,206 356,953
Total financial liabilities at fair value 388,669 381,604
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717
Commercial paper, certificates of deposit, time deposits and other money market instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 13,440 11,262
Financial instruments sold, but not yet purchased, at fair value 0 0
U.S. government and federal agency obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 87,040 84,928
Financial instruments sold, but not yet purchased, at fair value 21,006 23,264
Non-U.S. government obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 49,205 40,675
Financial instruments sold, but not yet purchased, at fair value 34,886 29,009
Loans and securities backed by commercial real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 6,699 7,510
Financial instruments sold, but not yet purchased, at fair value 27 5
Loans and securities backed by residential real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 7,592 9,532
Financial instruments sold, but not yet purchased, at fair value 3 6
Bank loans and bridge loans [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 19,745 18,039
Financial instruments sold, but not yet purchased, at fair value 2,756 1,487
Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 22,131 24,719
Financial instruments sold, but not yet purchased, at fair value 6,553 7,219
State and municipal obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 3,089 2,792
Financial instruments sold, but not yet purchased, at fair value 3 0
Other debt obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 4,362 3,232
Financial instruments sold, but not yet purchased, at fair value 0 0
Equities and convertible debentures [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 65,113 67,833
Financial instruments sold, but not yet purchased, at fair value 21,326 24,988
Commodities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 5,762 13,138
Financial instruments sold, but not yet purchased, at fair value 0 9
Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 284,178 283,660
Financial instruments sold, but not yet purchased, at fair value 86,560 85,987
Level 1 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 136,780 137,687
Level 1 [Member] | Commercial paper, certificates of deposit, time deposits and other money market instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 3,255 4,344
Level 1 [Member] | U.S. government and federal agency obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 29,263 36,184
Total financial liabilities at fair value 20,940 23,191
Level 1 [Member] | Non-U.S. government obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 42,854 35,504
Total financial liabilities at fair value 34,339 28,168
Level 1 [Member] | Loans and securities backed by commercial real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Level 1 [Member] | Loans and securities backed by residential real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Level 1 [Member] | Bank loans and bridge loans [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Level 1 [Member] | Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 133 108
Total financial liabilities at fair value 0 26
Level 1 [Member] | State and municipal obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0  
Level 1 [Member] | Other debt obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Level 1 [Member] | Equities and convertible debentures [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 39,955 41,660
Total financial liabilities at fair value 20,069 24,283
Level 1 [Member] | Commodities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value   0
Level 1 [Member] | Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 115,460 117,800
Total financial liabilities at fair value 75,348 75,668
Level 2 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 587,416 566,535
Level 2 [Member] | Commercial paper, certificates of deposit, time deposits and other money market instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 10,185 6,918
Level 2 [Member] | U.S. government and federal agency obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 57,777 48,744
Total financial liabilities at fair value 66 73
Level 2 [Member] | Non-U.S. government obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 6,203 5,171
Total financial liabilities at fair value 547 841
Level 2 [Member] | Loans and securities backed by commercial real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 3,353 3,534
Total financial liabilities at fair value 27 5
Level 2 [Member] | Loans and securities backed by residential real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 5,883 7,031
Total financial liabilities at fair value 3 6
Level 2 [Member] | Bank loans and bridge loans [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 8,460 8,134
Total financial liabilities at fair value 1,891 1,107
Level 2 [Member] | Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 19,518 21,874
Total financial liabilities at fair value 6,522 7,133
Level 2 [Member] | State and municipal obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 2,490 2,038
Total financial liabilities at fair value 3  
Level 2 [Member] | Other debt obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 2,911 1,958
Level 2 [Member] | Equities and convertible debentures [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 11,491 15,113
Total financial liabilities at fair value 1,248 699
Level 2 [Member] | Commodities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 5,762 13,138
Total financial liabilities at fair value   9
Level 2 [Member] | Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 134,033 133,653
Total financial liabilities at fair value 10,307 9,873
Level 3 [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 47,937 45,377
Total financial liabilities at fair value 25,498 24,054
Level 3 [Member] | Commercial paper, certificates of deposit, time deposits and other money market instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Level 3 [Member] | U.S. government and federal agency obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value 0 0
Level 3 [Member] | Non-U.S. government obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 148 0
Total financial liabilities at fair value 0 0
Level 3 [Member] | Loans and securities backed by commercial real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 3,346 3,976
Total financial liabilities at fair value 0 0
Level 3 [Member] | Loans and securities backed by residential real estate [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 1,709 2,501
Total financial liabilities at fair value 0 0
Level 3 [Member] | Bank loans and bridge loans [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 11,285 9,905
Total financial liabilities at fair value 865 380
Level 3 [Member] | Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 2,480 2,737
Total financial liabilities at fair value 31 60
Level 3 [Member] | State and municipal obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 599 754
Total financial liabilities at fair value 0  
Level 3 [Member] | Other debt obligations [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 1,451 1,274
Level 3 [Member] | Equities and convertible debentures [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 13,667 11,060
Total financial liabilities at fair value 9 6
Level 3 [Member] | Commodities [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 0 0
Total financial liabilities at fair value   0
Level 3 [Member] | Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured On A Recurring Basis    
Total financial assets at fair value 34,685 32,207
Total financial liabilities at fair value $ 905 $ 446
XML 66 R111.htm IDEA: XBRL DOCUMENT v2.4.0.6
Credit Concentrations (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
U.S. Government And Federal Agency Obligations Included In Financial Instruments Owned, At Fair Value And Cash And Securities Segregated For Regulatory And Other Purposes [Member]
   
Credit concentrations [Abstract]    
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure $ 103,468 $ 96,350
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure, As A Percentage of Total Assets 11.20% 10.60%
Other Sovereign Obligations Included In Financial Instruments Owned, At Fair Value And Cash And Securities Segregated For Regulatory And Other Purposes [Member]
   
Credit concentrations [Abstract]    
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure 49,025 40,379
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure, As A Percentage of Total Assets 5.30% 4.40%
Securities Purchased Under Agreements To Resell And Securities Borrowed Collateralized By U.S. Government And Federal Agency Obligations Including Those In Cash And Securities Segregated For Regulatory And Other Purposes [Member]
   
Credit concentrations [Abstract]    
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure 94,603 121,366
Securities Purchased Under Agreements To Resell And Securities Borrowed Collateralized By Other Sovereign Obligations Including Those In Cash And Securities Segregated For Regulatory And Other Purposes [Member]
   
Credit concentrations [Abstract]    
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure $ 110,178 $ 73,357
XML 67 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Credit Concentrations (Tables)
12 Months Ended
Dec. 31, 2011
Credit Concentrations [Abstract]  
Credit concentration, Government and Federal Agency Obligations
                 
    As of December  
$ in millions   2011     2010  

U.S. government and federal agency obligations  1

  $ 103,468     $ 96,350  

% of total assets

    11.2     10.6

Other sovereign obligations  1, 2

  $ 49,025     $ 40,379  

% of total assets

    5.3     4.4

 

1.

Included in “Financial instruments owned, at fair value” and “Cash and securities segregated for regulatory and other purposes.”

 

2.

Principally consisting of securities issued by the governments of the United Kingdom, Japan, and Germany as of December 2011, and the United Kingdom, Japan and France as of December 2010.

Credit concentration, Resale Agreements and Securities Borrowed
                 
    As of December  
in millions   2011     2010  

U.S. government and federal agency obligations

  $ 94,603     $ 121,366  

Other sovereign obligations 1

    110,178       73,357  

 

1.

Principally consisting of securities issued by the governments of Germany and France.

XML 68 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Assets (Tables)
12 Months Ended
Dec. 31, 2011
Other Assets [ Abstract]  
Other Assets
                 
    As of December  
in millions   2011     2010  

Property, leasehold improvements and equipment  1

  $ 8,697     $ 11,106  

Goodwill and identifiable intangible assets  2

    5,468       5,522  

Income tax-related assets 3

    5,017       6,239  

Equity-method investments 4

    664       1,445  

Miscellaneous receivables and other

    3,306       3,747  

Total

  $ 23,152     $ 28,059  

 

1.

Net of accumulated depreciation and amortization of $8.46 billion and $7.87 billion as of December 2011 and December 2010, respectively.

 

2.

See Note 13 for further information about goodwill and identifiable intangible assets.

 

3.

See Note 24 for further information about income taxes.

 

4.

Excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.17 billion and $3.77 billion as of December 2011 and December 2010, respectively, which are included in “Financial instruments owned, at fair value.” The firm has generally elected the fair value option for such investments acquired after the fair value option became available.

XML 69 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
12 Months Ended
Dec. 31, 2011
Description of Business and Basis of Presentation [Abstract]  
Basis of Presentation Basis of Presentation

Note 2.

Basis of Presentation

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated.

All references to 2011, 2010 and 2009 refer to the firm’s years ended, or the dates, as the context requires, December 31, 2011, December 31, 2010 and December 31, 2009, respectively. In connection with becoming a bank holding company in 2008, the firm was required to change its fiscal year-end from November to December. The beginning of the year ended December 2009 is December 27, 2008. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

XML 70 R116.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company (Details 1) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Assets      
Cash and cash equivalents $ 56,008 $ 39,788  
Investments in subsidiaries and other affiliates      
Financial Instruments owned, at fair value 364,206 356,953  
Other assets 23,152 28,059  
Total assets 923,225 911,332 848,942
Unsecured short-term borrowings      
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717  
Other liabilities and accrued expenses 31,801 30,011  
Unsecured Long-Term Borrowings      
Total liabilities 852,846 833,976  
Commitments, contingencies and guarantees        
Shareholders' equity      
Preferred stock 3,100 6,957  
Common Stock 8 8  
Restricted stock units and employee stock options 5,681 7,706  
Additional paid-in capital 45,553 42,103  
Retained earnings 58,834 57,163  
Accumulated other comprehensive loss (516) (286)  
Stock held in treasury, at cost, par value $0.01 per share; 310,087,747 and 263,418,498 shares as of December 2011 and December 2010, respectively (42,281) (36,295)  
Total shareholders' equity 70,379 77,356 70,714
Total liabilities and shareholders' equity 923,225 911,332  
Parent Company [Member]
     
Assets      
Cash and cash equivalents 14 7  
Loans to and receivables from subsidiaries      
Loans to and receivables from bank subsidiary 7,196 5,050  
Loans to and receivables from nonbank subsidiaries 180,397 182,316  
Investments in subsidiaries and other affiliates      
Investment in bank subsidiary 19,226 18,807  
Investment in nonbank subsidiaries and other affiliates 48,473 52,498  
Financial Instruments owned, at fair value 20,698 24,153  
Other assets 7,912 8,612  
Total assets 283,916 291,443  
Unsecured short-term borrowings      
Unsecured short-term borrowings with third parties 35,368 32,299  
Unsecured short-term borrowings with subsidiaries 4,701 5,483  
Payables to subsidiaries 693 358  
Financial instruments sold, but not yet purchased, at fair value 241 935  
Other liabilities and accrued expenses 4,656 6,230  
Unsecured Long-Term Borrowings      
Unsecured long-term borrowings with third parties 166,342 167,782  
Unsecured long-term borrowings with subsidiaries 1,536 1,000  
Total liabilities 213,537 214,087  
Shareholders' equity      
Preferred stock 3,100 6,957  
Common Stock 8 8  
Restricted stock units and employee stock options 5,681 7,706  
Additional paid-in capital 45,553 42,103  
Retained earnings 58,834 57,163  
Accumulated other comprehensive loss (516) (286)  
Stock held in treasury, at cost, par value $0.01 per share; 310,087,747 and 263,418,498 shares as of December 2011 and December 2010, respectively (42,281) (36,295)  
Total shareholders' equity 70,379 77,356  
Total liabilities and shareholders' equity $ 284,012 $ 291,443  
XML 71 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2011
Employee Incentive Plans [Abstract]  
Schedule of Restricted Stock Units, Vested and Expected to Vest
                                     
   

Restricted Stock

Units Outstanding

       

Weighted Average Grant-Date Fair

Value of Restricted Stock Units

Outstanding

 
    

Future

Service
Required

    No Future
Service
Required
        

Future

Service
Required

    No Future
Service
Required
 

Outstanding, December 2010

    21,455,793       39,537,417         $ 124.17     $ 145.13  

Granted 1, 2

    10,250,856       7,156,834           139.47       143.70  

Forfeited

    (1,258,410     (183,858         128.29       133.15  

Delivered 3

          (31,815,863               152.28  

Vested 2

    (16,146,050     16,146,050           119.99       119.99  

Outstanding, December 2011

    14,302,189  4      30,840,580           139.46       124.33  

 

1.

The weighted average grant-date fair value of RSUs granted during the years ended December 2011, December 2010 and December 2009 was $141.21, $132.64 and $151.31, respectively. The fair value of the RSUs granted during the year ended December 2011 and December 2010 includes a liquidity discount of 12.7% and 13.2%, respectively, to reflect post-vesting transfer restrictions of up to 4 years.

 

2.

The aggregate fair value of awards that vested during the years ended December 2011, December 2010 and December 2009 was $2.40 billion, $4.07 billion and $2.18 billion, respectively.

 

3.

Includes RSUs that were cash settled.

 

4.

Includes 754,482 shares of restricted stock subject to future service requirements.

Schedule of stock options activity
                                 
     Options
Outstanding
    Weighted Average
Exercise Price
    Aggregate
Intrinsic Value
(in millions)
   

Weighted

Average
Remaining Life

(years)

 

Outstanding, December 2010

    55,247,865     $ 96.71     $ 4,152       6.25  

Exercised

    (4,289,438     89.49                  

Forfeited

    (10,743     79.73                  

Expired

    (3,690,746     91.61                  

Outstanding, December 2011

    47,256,938       97.76       444       6.08  

Exercisable, December 2011

    35,699,815       103.83       310       5.79  
Schedule of stock options outstanding by exercise price range
                         
Exercise Price          Options
Outstanding
   

Weighted

Average

Exercise Price

 

Weighted Average
Remaining Life

(years)

  $  75.00 - $89.99           38,119,258     $  78.79   6.37
  90.00 - 104.99           290,056     96.08   1.92
  105.00 - 119.99                
  120.00 - 134.99           2,791,500     131.64   3.92
  135.00 - 149.99                
  150.00 - 164.99           75,000     154.16   2.17
  165.00 - 194.99                
  195.00 - 209.99           5,981,124     202.27   5.48

 

Outstanding, December 2011

    47,256,938          
Schedule of weighted-average assumptions used to estimate the fair value of stock options
                     
    Year Ended December
     2011     2010     2009

Risk-free interest rate

    N/A       1.6   N/A

Expected volatility

    N/A       32.5     N/A

Annual dividend per share

    N/A       $1.40     N/A

Expected life

    N/A       3.75 years     N/A
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
                     
    Year Ended December
in millions   2011     2010     2009 

Share-based compensation

  $ 2,843     $ 4,070     $2,030 

Excess tax benefit related to options exercised

    55       183     166 

Excess tax benefit/(provision) related to share-based awards  1

    138       239     (793)

 

1.

Represents the tax benefit/(provision) recognized in additional paid-in capital on stock options exercised and the delivery of common stock underlying share-based awards.

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Fair Value Option (Tables)
12 Months Ended
Dec. 31, 2011
Fair Value Option [Abstract]  
Financial Assets and Financial Liabilities by Level
                                 
    Other Financial Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Securities segregated for regulatory and other purposes  1

  $ 21,263     $ 20,751     $     $ 42,014  

Securities purchased under agreements to resell

          187,232       557       187,789  

Securities borrowed

          47,621             47,621  

Receivables from customers and counterparties

          8,887       795       9,682  

Total

  $ 21,263     $ 264,491     $ 1,352     $ 287,106  
   
    Other Financial Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Deposits

  $     $ 4,513     $ 13     $ 4,526  

Securities sold under agreements to repurchase

          162,321       2,181       164,502  

Securities loaned

          107             107  

Other secured financings

          28,267       1,752       30,019  

Unsecured short-term borrowings

          14,560       3,294       17,854  

Unsecured long-term borrowings

          14,971       2,191       17,162  

Other liabilities and accrued expenses

          490       8,996       9,486  

Total

  $     $ 225,229     $ 18,427     $ 243,656  

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $21.26 billion of level 1 and $528 million of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

                 
   

Other Financial Assets at Fair Value as of December 2010

in millions   Level 1   Level 2   Level 3   Total

Securities segregated for regulatory and other purposes  1

 

$19,794

  $  16,388   $   —   $  36,182

Securities purchased under agreements to resell

    188,255   100   188,355

Securities borrowed

    48,822     48,822

Receivables from customers and counterparties

    6,904   298   7,202

Total

 

$19,794

  $260,369   $398   $280,561

 

                 
   

Other Financial Liabilities at Fair Value as of December 2010

in millions   Level 1   Level 2   Level 3   Total

Deposits

  $—   $   1,975   $       —   $    1,975

Securities sold under agreements to repurchase

    160,285   2,060   162,345

Securities loaned

    1,514     1,514

Other secured financings

    23,445   8,349   31,794

Unsecured short-term borrowings

    18,640   3,476   22,116

Unsecured long-term borrowings

    16,067   2,104   18,171

Other liabilities and accrued expenses

    563   2,409   2,972

Total

  $—   $222,489   $18,398   $240,887

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $19.79 billion of level 1 and $3.53 billion of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

Level 3 Rollforward
                                 
   

Level 3 Other Financial Assets at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
  Net
realized
gains/
(losses)
 

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

  Purchases   Sales   Settlements  

Net
transfers
in and/or
(out) of

level 3

  Balance,
end of
year

Securities purchased under agreements to resell

  $100   $ 2   $—   $   620   $—   $(165)   $—   $   557

Receivables from customers and counterparties

  298     54   468     (25)     795

Total

  $398   $ 2   $54   $1,088   $—   $(190)   $—   $1,352

 

                                     
   

Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
  Net
realized
(gains)/
losses
 

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

  Purchases   Sales   Issuances   Settlements  

Net
transfers
in and/or
(out) of

level 3

 

Balance,
end of

year

Deposits

  $        —   $ —    $     —    $      —    $—   $      13   $       —    $       —    $       13

Securities sold under agreements to repurchase, at fair value

  2,060   —    —    —      299   (178)   —    2,181

Other secured financings

  8,349       —      483   (4,062)   (3,029)   1,752

Unsecured short-term borrowings

  3,476   (15)   (340)   (5)     815   (1,080)   443    3,294

Unsecured long-term borrowings

  2,104   25      —      441   (193)   (191)   2,191

Other liabilities and accrued expenses

  2,409   —    1,095    5,840        (348)   —    8,996

Total

  $18,398   $ 18    $    763   $5,835    $—   $2,051   $(5,861)   $(2,777)   $18,427
                                                 
    Level 3 Other Financial Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers in
and/or
(out) of
level 3
   

Balance,
end of

year

 

Securities purchased under agreements to resell

    $        —       $    3       $  —       $     97       $       —       $     100  

Receivables from customers and counterparties

          22       (58           334       298  

Total

    $        —       $  25       $ (58     $     97       $    334       $     398  
   
    Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
   

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

    Net
purchases,
sales,
issuances
and
settlements
    Net
transfers in
and/or
(out) of
level 3
   

Balance,
end of

year

 

Securities sold under agreements to repurchase, at fair value

    $     394       $  —       $   —       $1,666       $       —       $  2,060  

Other secured financings

    6,756       (1     25       1,605       (36     8,349  

Unsecured short-term borrowings

    2,310       91       35       (300     1,340       3,476  

Unsecured long-term borrowings

    3,077       23       41       216       (1,253     2,104  

Other liabilities and accrued expenses

    1,913       10       54       (155     587       2,409  

Total

    $14,450       $123       $155       $3,032       $    638       $18,398  
Gains and Losses on Other Financial Assets and Financial Liabilities at Fair Value
                                                         
    Gains/(Losses) on Other Financial Assets and Financial Liabilities at Fair Value  
    Year Ended December  
    2011         2010         2009  
in millions  

Fair

Value
Option

    Other         

Fair

Value

Option

    Other         

Fair

Value
Option

    Other  

Receivables from customers and counterparties  1

    $  (11     $    442           $(106     $    558           $    255       $      —  

Other secured financings

    123       (1,199         (35     (996         (822     48  

Unsecured short-term borrowings

    144       2,005           33       (1,488         (182     (3,150

Unsecured long-term borrowings

    535       1,801           152       (1,321         (884     (4,150

Other liabilities and accrued expenses  2

    (994     83           (88     138           (214      

Other 3

    90                 (10               79        

Total

    $(113     $ 3,132           $  (54     $(3,109         $(1,768     $(7,252

 

1.

Primarily consists of gains/(losses) on certain transfers accounted for as receivables rather than purchases and certain reinsurance contracts.

 

2.

Primarily consists of gains/(losses) on certain insurance contracts.

 

3.

Primarily consists of gains/(losses) on resale and repurchase agreements, securities borrowed and loaned and deposits.

Loans and Lending Commitments
                     
    As of December
in millions   2011   2010

Aggregate contractual principal amount
of performing loans and long-term
receivables in excess of the
related fair value

    $ 3,826       $ 3,090  

Aggregate contractual principal amount
of loans on nonaccrual status and/or more than 90 days past due in excess
of the related fair value

      23,034         26,653  

Total 1

    $ 26,860       $ 29,743  
     

Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due

    $ 3,174       $ 3,994  

 

1.

The aggregate contractual principal exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts.

Impact of Credit Spreads on Borrowings
                               
    Year Ended December
in millions   2011   2010   2009

Net gains/(losses) including hedges

    $ 596       $ 198       $ (1,103 )

Net gains/(losses) excluding hedges

      714         199         (1,116 )

XML 74 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Transactions with Affiliated Funds
12 Months Ended
Dec. 31, 2011
Transactions with Affiliated Funds [Abstract]  
Transactions with Affiliated Funds Transactions with Affiliated Funds

Note 22.

Transactions with Affiliated Funds

 

 

The firm has formed numerous nonconsolidated investment funds with third-party investors. The firm generally acts as the investment manager for these funds and, as such, is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds.

The tables below present fees earned from affiliated funds, fees receivable from affiliated funds and the aggregate carrying value of the firm’s interests in affiliated funds.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Fees earned from affiliated funds

  $ 2,789     $ 2,882     $ 2,484  

 

 

                 
    As of December  
in millions   2011     2010  

Fees receivable from funds

  $ 721     $ 886  

Aggregate carrying value of interests in funds

    14,960       14,773  

 

The firm has provided voluntary financial support to certain of its funds that have experienced significant reductions in capital and liquidity or had limited access to the debt markets during the financial crisis. As of December 2011 and December 2010, the firm had exposure to these funds in the form of loans and guarantees of $289 million and $253 million, respectively, primarily related to certain real estate funds. In addition, as of December 2011 and 2010, the firm had outstanding commitments to extend credit to these funds of $0 and $160 million, respectively.

The firm may provide additional voluntary financial support to these funds if they were to experience significant financial distress; however, such amounts are not expected to be material to the firm. In the ordinary course of business, the firm may also engage in other activities with these funds, including, among others, securities lending, trade execution, market making, custody, and acquisition and bridge financing. See Note 18 for the firm’s investment commitments related to these funds.

XML 75 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Common Share
12 Months Ended
Dec. 31, 2011
Earnings Per Common Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share

Note 21.

Earnings Per Common Share

 

Basic earnings per common share (EPS) is calculated by dividing net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and RSUs for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition reflects the dilutive effect of the common stock deliverable for stock warrants and options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock.

The table below presents the computations of basic and diluted EPS.

 

 

                         
    Year Ended December  
in millions, except per share amounts   2011     2010     2009  

Numerator for basic and diluted EPS — net earnings applicable to common shareholders

  $ 2,510     $ 7,713     $ 12,192  

Denominator for basic EPS — weighted average number of common shares

    524.6       542.0       512.3  

Effect of dilutive securities:

RSUs

    14.6       15.0       15.7  

Stock options and warrants

    17.7       28.3       22.9  

Dilutive potential common shares

    32.3       43.3       38.6  

Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares

    556.9       585.3       550.9  

Basic EPS

  $ 4.71     $ 14.15     $ 23.74  

Diluted EPS

    4.51       13.18       22.13  

 

In the table above, unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating EPS. The impact of applying this methodology was a reduction in basic EPS of $0.07, $0.08 and $0.06 for the years ended December 2011, December 2010 and December 2009, respectively.

 

The diluted EPS computations in the table above do not include the following:

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants

    9.2       6.2       24.7  
XML 76 R100.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Summary of perpetual preferred stock issued and outstanding  
Shares Issued 124,000
Shares Authorized 185,000
Stock Outstanding 123,998
Redemption Value $ 3,100
Series A Preferred Stock [Member]
 
Summary of perpetual preferred stock issued and outstanding  
Shares Issued 30,000
Shares Authorized 50,000
Stock Outstanding 29,999
Dividend Rate 3 month LIBOR + 0.75%, with floor of 3.75% per annum
Earliest Redemption Date Apr. 25, 2010
Redemption Value 750
Series B Preferred Stock [Member]
 
Summary of perpetual preferred stock issued and outstanding  
Shares Issued 32,000
Shares Authorized 50,000
Stock Outstanding 32,000
Dividend Rate 6.20% per annum
Earliest Redemption Date Oct. 31, 2010
Redemption Value 800
Series C Preferred Stock [Member]
 
Summary of perpetual preferred stock issued and outstanding  
Shares Issued 8,000
Shares Authorized 25,000
Stock Outstanding 8,000
Dividend Rate 3 month LIBOR + 0.75%, with floor of 4.00% per annum
Earliest Redemption Date Oct. 31, 2010
Redemption Value 200
Series D Preferred Stock [Member]
 
Summary of perpetual preferred stock issued and outstanding  
Shares Issued 54,000
Shares Authorized 60,000
Stock Outstanding 53,999
Dividend Rate 3 month LIBOR + 0.67%, with floor of 4.00% per annum
Earliest Redemption Date May 24, 2011
Redemption Value $ 1,350
XML 77 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Common Share (Tables)
12 Months Ended
Dec. 31, 2011
Earnings Per Common Share [Abstract]  
Earnings Per Common Share
                         
    Year Ended December  
in millions, except per share amounts   2011     2010     2009  

Numerator for basic and diluted EPS — net earnings applicable to common shareholders

  $ 2,510     $ 7,713     $ 12,192  

Denominator for basic EPS — weighted average number of common shares

    524.6       542.0       512.3  

Effect of dilutive securities:

RSUs

    14.6       15.0       15.7  

Stock options and warrants

    17.7       28.3       22.9  

Dilutive potential common shares

    32.3       43.3       38.6  

Denominator for diluted EPS — weighted average number of common shares and dilutive potential common shares

    556.9       585.3       550.9  

Basic EPS

  $ 4.71     $ 14.15     $ 23.74  

Diluted EPS

    4.51       13.18       22.13  
Effect of dilutive securities
                         
    Year Ended December  
in millions   2011     2010     2009  

Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants

    9.2       6.2       24.7  
XML 78 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Collateralized Agreements and Financings (Tables)
12 Months Ended
Dec. 31, 2011
Collateralized Agreements and Financings [Abstract]  
Resale and repurchase agreements and securities borrowed and loaned transactions
                 
    As of December  
in millions   2011     2010  

Securities purchased under agreements
to resell  1

  $ 187,789     $ 188,355  

Securities borrowed 2

    153,341       166,306  

Securities sold under agreements
to repurchase  1

    164,502       162,345  

Securities loaned 2

    7,182       11,212  

 

1.

Resale and repurchase agreements are carried at fair value under the fair value option. See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value.

 

2.

As of December 2011 and December 2010, $47.62 billion and $48.82 billion of securities borrowed and $107 million and $1.51 billion of securities loaned were at fair value, respectively.

Other secured financings
                                                     
    As of December 2011         As of December 2010  
$ in millions   U.S.
Dollar
    Non-U.S.
Dollar
    Total          U.S.
Dollar
    Non-U.S.
Dollar
    Total  

Other secured financings (short-term):

At fair value

  $ 18,519     $ 5,140     $ 23,659         $ 16,404     $ 3,684     $ 20,088  

At amortized cost

    155       5,371       5,526           99       4,342       4,441  

Interest rates 1

    3.85     0.22                 2.96     0.71        

Other secured financings (long-term):

At fair value

    4,305       2,055       6,360           9,594       2,112       11,706  

At amortized cost

    1,024       795       1,819           1,565       577       2,142  

Interest rates 1

    1.88     3.28                 2.14     1.94        

Total 2

  $ 24,003     $ 13,361     $ 37,364         $ 27,662     $ 10,715     $ 38,377  

Amount of other secured financings collateralized by:

Financial instruments 3

  $ 23,703     $ 12,169     $ 35,872         $ 27,014     $ 8,760     $ 35,774  

Other assets 4

    300       1,192       1,492           648       1,955       2,603  

 

1.

The weighted average interest rates exclude secured financings at fair value and include the effect of hedging activities. See Note 7 for further information about hedging activities.

 

2.

Includes $9.36 billion and $8.32 billion related to transfers of financial assets accounted for as financings rather than sales as of December 2011 and December 2010, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $9.51 billion and $8.53 billion as of December 2011 and December 2010, respectively.

 

3.

Includes $14.82 billion and $25.63 billion of other secured financings collateralized by financial instruments owned, at fair value and $21.06 billion and $10.14 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of December 2011 and December 2010, respectively.

 

4.

Primarily real estate and cash.

Other Secured Financings by maturity date
         
in millions  

As of

December 2011

 

Other secured financings (short-term)

    $29,185  

Other secured financings (long-term):

2013

    1,852  

2014

    3,627  

2015

    583  

2016

    437  

2017-thereafter

    1,680  

Total other secured financings (long-term)

    8,179  

Total other secured financings

    $37,364  
Financial Instruments Received As Collateral And Repledged
                 
    As of December  
in millions   2011     2010  

Collateral available to be delivered
or repledged

  $ 622,926     $ 618,423  

Collateral that was delivered or repledged

    454,604       447,882  
Financial Instruments Owned, at fair value and Other Assets Pledged as Collateral
                 
    As of December  
in millions   2011     2010  

Financial instruments owned, at fair value pledged to counterparties that:

Had the right to deliver or repledge

  $ 53,989     $ 51,010  

Did not have the right to deliver or repledge

    110,949       112,750  

Other assets pledged to counterparties that:

Did not have the right to deliver or repledge

    3,444       4,482  
XML 79 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interest Income and Interest Expense
12 Months Ended
Dec. 31, 2011
Interest Income and Interest Expense [Abstract]  
Interest Income and Interest Expense Interest Income and Interest Expense

Note 23.

Interest Income and Interest Expense

 

Interest income is recorded on an accrual basis based on contractual interest rates. The table below presents the sources of interest income and interest expense.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Interest income

               

Deposits with banks

  $ 125     $ 86     $ 65  

Securities borrowed, securities purchased under agreements to resell and federal funds sold

    666       540       951  

Financial instruments owned, at fair value

    10,718       10,346       11,106  

Other interest 1

    1,665       1,337       1,785  

Total interest income

    13,174       12,309       13,907  

Interest expense

                       

Deposits

    280       304       415  

Securities loaned and securities sold under agreements to repurchase

    905       708       1,317  

Financial instruments sold, but not yet purchased, at fair value

    2,464       1,859       1,854  

Short-term borrowings 2

    526       453       623  

Long-term borrowings 2

    3,439       3,155       2,585  

Other interest 3

    368       327       (294

Total interest expense

    7,982       6,806       6,500  

Net interest income

  $ 5,192     $ 5,503     $ 7,407  

 

1.

Primarily includes interest income on customer debit balances and other interest-earning assets.

 

2.

Includes interest on unsecured borrowings and other secured financings.

 

3.

Primarily includes interest expense on customer credit balances and other interest-bearing liabilities.

XML 80 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes Income Taxes

Note 24.

Income Taxes

Provision for Income Taxes

 

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in “Provision for taxes” and income tax penalties in “Other expenses.”

 

The tables below present the components of the provision/(benefit) for taxes and a reconciliation of the U.S. federal statutory income tax rate to the firm’s effective income tax rate.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Current taxes

                       

U.S. federal

  $ 405     $ 1,791     $ 4,039  

State and local

    392       325       594  

Non-U.S.

    204       1,083       2,242  

Total current tax expense

    1,001       3,199       6,875  

Deferred taxes

                       

U.S. federal

    683       1,516       (763

State and local

    24       162       (130

Non-U.S.

    19       (339     462  

Total deferred tax (benefit)/expense

    726       1,339       (431

Provision for taxes

  $ 1,727     $ 4,538     $ 6,444  
   
    Year Ended December  
     2011     2010     2009  

U.S. federal statutory income tax rate

    35.0     35.0     35.0

State and local taxes, net of U.S. federal income tax effects

    4.4       2.5       1.5  

Tax credits

    (1.6     (0.7     (0.3

Non-U.S. operations

    (6.7     (2.3     (3.5

Tax-exempt income, including dividends

    (2.4     (1.0     (0.4

Other

    (0.7     1.7  1      0.2  

Effective income tax rate

    28.0     35.2     32.5

 

1.

Primarily includes the effect of the SEC settlement of $550 million, substantially all of which is non-deductible.

Deferred Income Taxes

 

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized. Tax assets and liabilities are presented as a component of “Other assets” and “Other liabilities and accrued expenses,” respectively.

The table below presents the significant components of deferred tax assets and liabilities.

 

 

                 
    As of December  
in millions   2011     2010  

Deferred tax assets

               

Compensation and benefits

  $ 3,126     $ 3,397  

Unrealized losses

    849       731  

ASC 740 asset related to unrecognized tax benefits

    569       972  

Non-U.S. operations

    662       652  

Foreign tax credits

    12       11  

Net operating losses

    213       250  

Occupancy-related

    110       129  

Other comprehensive income-related

    168       68  

Other, net

    581       473  
      6,290       6,683  

Valuation allowance 1

    (65     (50

Total deferred tax assets  2

  $ 6,225     $ 6,633  

Depreciation and amortization

    1,959       1,647  

Other comprehensive income-related

    36       130  

Total deferred tax liabilities  2

  $ 1,995     $ 1,777  

 

1.

Relates primarily to the ability to utilize losses in various tax jurisdictions.

 

2.

Before netting within tax jurisdictions.

The firm has recorded deferred tax assets of $213 million and $250 million as of December 2011 and December 2010, respectively, in connection with U.S. federal, state and local and foreign net operating loss carryforwards. The firm also recorded a valuation allowance of $59 million and $42 million as of December 2011 and December 2010, respectively, related to these net operating loss carryforwards. As of December 2011, the U.S. federal, state and local, and foreign net operating loss carryforwards were $96 million, $1.65 billion and $378 million, respectively. If not utilized, the U.S. federal net operating loss carryforward will begin to expire in 2017 and the state and local net operating loss carryforwards will begin to expire in 2012. The foreign net operating loss carryforwards can be carried forward indefinitely. The firm had foreign tax credit carryforwards of $12 million and $11 million as of December 2011 and December 2010, respectively. The firm recorded a related net deferred income tax asset of $6 million and $5 million as of December 2011 and December 2010, respectively. These carryforwards will begin to expire in 2013.

The firm had capital loss carryforwards of $6 million and $12 million as of December 2011 and December 2010, respectively. The firm recorded a related net deferred income tax asset of $2 million as of both December 2011 and December 2010. These carryforwards expire in 2013.

The valuation allowance increased by $15 million and decreased by $24 million during 2011 and 2010, respectively. The increase was due to losses considered more likely than not to expire unused. The decrease was primarily due to the utilization of losses previously considered more likely than not to expire unused.

 

The firm permanently reinvests eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated. As of December 2011 and December 2010, this policy resulted in an unrecognized net deferred tax liability of $3.32 billion and $2.67 billion, respectively, attributable to reinvested earnings of $20.63 billion and $17.70 billion, respectively.

Unrecognized Tax Benefits

The firm recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

As of December 2011 and December 2010, the accrued liability for interest expense related to income tax matters and income tax penalties was $233 million and $213 million, respectively. The firm recognized $21 million, $28 million and $62 million of interest and income tax penalties for the years ended December 2011, December 2010 and December 2009, respectively. It is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to December 2011 due to potential audit settlements. At this time, it is not possible to estimate the change or its impact on the firm’s effective tax rate over the next twelve months.

The table below presents the changes in the liability for unrecognized tax benefits, which is recorded in “Other liabilities and accrued expenses.” See Note 17 for further information.

 

 

                         
    As of December  
in millions   2011     2010     2009  

Balance, beginning of year

  $ 2,081     $ 1,925     $ 1,548  

Increases based on tax positions related to the current year

    171       171       143  

Increases based on tax positions related to prior years

    278       162       379  

Decreases related to tax positions of prior years

    (41     (104     (19

Decreases related to settlements

    (638     (128     (91

Acquisitions/(dispositions)

    47       56        

Exchange rate fluctuations

    (11     (1     (35

Balance, end of year

  $ 1,887     $ 2,081     $ 1,925  

Related deferred income tax asset  1

  $ 569     $ 972     $ 1,004  

Net unrecognized tax benefit  2

    1,318       1,109       921  

 

1.

Included in “Other assets.” See Note 12.

 

2.

If recognized, the net tax benefit would reduce the firm’s effective income tax rate.

Regulatory Tax Examinations

The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong, Korea and various states, such as New York. The tax years under examination vary by jurisdiction. The firm believes that during 2012, certain audits have a reasonable possibility of being completed. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

 

 

         
Jurisdiction  

As of

December 2011

 

U.S. Federal 1

    2005  

New York State and City 2

    2004  

United Kingdom

    2007  

Japan 3

    2008  

Hong Kong

    2005  

Korea

    2008  

 

1.

IRS examination of fiscal 2008 through calendar 2010 began during 2011. IRS examination of fiscal 2005, 2006 and 2007 began during 2008. IRS examination of fiscal 2003 and 2004 has been completed, but the liabilities for those years are not yet final.

 

2.

New York State and City examination of fiscal 2004, 2005 and 2006 began in 2008.

 

3.

Japan National Tax Agency examination of fiscal 2005 through 2009 began during the first quarter of 2010. The examinations have been completed, but the liabilities for 2008 and 2009 are not yet final.

All years subsequent to the above remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments.

XML 81 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Description of Business
12 Months Ended
Dec. 31, 2011
Description of Business and Basis of Presentation [Abstract]  
Description of Business Description of Business

Note 1.

Description of Business

The Goldman Sachs Group, Inc. (Group Inc.), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

The firm reports its activities in the following four business segments:

Investment Banking

The firm provides a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds and governments. Services include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs, and debt and equity underwriting of public offerings and private placements, as well as derivative transactions directly related to these activities.

Institutional Client Services

The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products, primarily with institutional clients such as corporates, financial institutions, investment funds and governments. The firm also makes markets and clears client transactions on major stock, options and futures exchanges worldwide and provides financing, securities lending and prime brokerage services to institutional clients.

 

Investing & Lending

The firm invests in and originates loans to provide financing to clients. These investments and loans are typically longer-term in nature. The firm makes investments, directly and indirectly through funds that the firm manages, in debt securities, loans, public and private equity securities, real estate, consolidated investment entities and power generation facilities.

Investment Management

The firm provides investment management services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional and individual clients. The firm also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families.

 

XML 82 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segments
12 Months Ended
Dec. 31, 2011
Business Segments [Abstract]  
Business Segments Business Segments

Note 25.

Business Segments

In the fourth quarter of 2010, the firm reorganized its three previous reportable business segments into four new reportable business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. Prior periods are presented on a comparable basis.

Basis of Presentation

In reporting segments, certain of the firm’s business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i) the nature of the services they provide, (ii) their methods of distribution, (iii) the types of clients they serve and (iv) the regulatory environments in which they operate.

The cost drivers of the firm taken as a whole — compensation, headcount and levels of business activity — are broadly similar in each of the firm’s business segments. Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.

The firm allocates revenues and expenses among the four reportable business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. Total operating expenses include corporate items that have not been allocated to individual business segments. The allocation process is based on the manner in which management views the business of the firm.

 

The segment information presented in the table below is prepared according to the following methodologies:

 

Ÿ  

Revenues and expenses directly associated with each segment are included in determining pre-tax earnings.

 

Ÿ  

Net revenues in the firm’s segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions. Net interest is included in segment net revenues as it is consistent with the way in which management assesses segment performance.

 

Ÿ  

Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses.

Management believes that the following information provides a reasonable representation of each segment’s contribution to consolidated pre-tax earnings and total assets.

 

 

                             
        For the Years Ended or as of December  
in millions        2011     2010     2009  

Investment Banking

  Net revenues   $ 4,355     $ 4,810     $ 4,984  
   

Operating expenses

    2,962       3,511       3,482  
   

Pre-tax earnings

  $ 1,393     $ 1,299     $ 1,502  
   

Segment assets

  $ 1,690     $ 1,870     $ 1,759  
         

Institutional Client Services

  Net revenues 1   $ 17,280     $ 21,796     $ 32,719  
   

Operating expenses

    12,697       14,291       13,691  
   

Pre-tax earnings

  $ 4,583     $ 7,505     $ 19,028  
   

Segment assets

  $ 834,780     $ 819,765     $ 751,851  
         

Investing & Lending

  Net revenues   $ 2,142     $ 7,541     $ 2,863  
   

Operating expenses

    2,673       3,361       3,523  
   

Pre-tax earnings/(loss)

  $ (531   $ 4,180     $ (660
   

Segment assets

  $ 76,753     $ 78,771     $ 83,851  
         

Investment Management

  Net revenues   $ 5,034     $ 5,014     $ 4,607  
   

Operating expenses

    4,018       4,051       3,673  
   

Pre-tax earnings

  $ 1,016     $ 963     $ 934  
   

Segment assets

  $ 10,002     $ 10,926     $ 11,481  
         

Total

  Net revenues   $ 28,811     $ 39,161     $ 45,173  
   

Operating expenses

    22,642       26,269       25,344  
   

Pre-tax earnings

  $ 6,169     $ 12,892     $ 19,829  
   

Total assets

  $ 923,225     $ 911,332     $ 848,942  

 

1.

Includes $115 million, $111 million and $36 million for the years ended December 2011, December 2010 and December 2009, respectively, of realized gains on available-for-sale securities held in the firm’s insurance subsidiaries.

 

Operating expenses in the table above include the following expenses that have not been allocated to the firm’s segments:

 

Ÿ  

net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively;

 

Ÿ  

charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and

 

Ÿ  

real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

The tables below present the amounts of net interest income included in net revenues, and the amounts of depreciation and amortization expense included in pre-tax earnings.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Investment Banking

  $ (6   $     $  

Institutional Client Services

    4,360       4,692       6,951  

Investing & Lending

    635       609       242  

Investment Management

    203       202       214  

Total net interest

  $ 5,192     $ 5,503     $ 7,407  

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Investment Banking

  $ 174     $ 172     $ 156  

Institutional Client Services

    944       1,109       775  

Investing & Lending

    563       422       793  

Investment Management

    188       200       214  

Total depreciation and amortization  1

  $ 1,869     $ 1,904     $ 1,943  

 

1.

Includes real estate-related exit costs of $1 million and $5 million for the years ended December 2010 and December 2009, respectively, that have not been allocated to the firm’s segments.

 

Geographic Information

Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients.

Geographic results are generally allocated as follows:

 

Ÿ  

Investment Banking: location of the client and investment banking team.

 

Ÿ  

Institutional Client Services: Fixed Income, Currency and Commodities Client Execution, and Equities (excluding Securities Services): location of the market-making desk; Securities Services: location of the primary market for the underlying security.

 

Ÿ  

Investing & Lending: Investing: location of the investment; Lending: location of the client.

 

Ÿ  

Investment Management: location of the sales team.

The table below presents the total net revenues, pre-tax earnings and net earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues, pre-tax earnings and net earnings (excluding Corporate) for each geographic region.

 

 

                                                 
    Year Ended December  
$ in millions   2011     2010     2009  

Net revenues

Americas 1

  $ 17,873       62   $ 21,564       55   $ 25,313       56

EMEA 2

    7,074       25       10,449       27       11,595       26  

Asia 3 , 4

    3,864       13       7,148       18       8,265       18  

Total net revenues

  $ 28,811       100   $ 39,161       100   $ 45,173       100

Pre-tax earnings

Americas 1

  $ 5,466       85   $ 7,934       57   $ 11,461       56

EMEA 2

    1,226       19       3,080       22       5,508       26  

Asia 3

    (231     (4     2,933       21       3,835       18  

Subtotal

    6,461       100     13,947       100     20,804       100

Corporate 5

    (292             (1,055             (975        

Total pre-tax earnings

  $ 6,169             $ 12,892             $ 19,829          

Net earnings

Americas 1

  $ 3,624       78   $ 4,917       53   $ 7,120       51

EMEA 2

    1,117       24       2,236       24       4,201       30  

Asia 3

    (103     (2     2,083       23       2,689       19  

Subtotal

    4,638       100     9,236       100     14,010       100

Corporate

    (196             (882             (625        

Total net earnings

  $ 4,442             $ 8,354             $ 13,385          

 

1.

Substantially all relates to the U.S.

 

2.

EMEA (Europe, Middle East and Africa). Pre-tax earnings and net earnings include the impact of the U.K. bank payroll tax for the year ended December 2010.

 

3.

Asia also includes Australia and New Zealand.

 

4.

The decline in net revenues in Asia compared with 2010 primarily reflects lower results in Investing & Lending, principally due to losses from public equities, reflecting a significant decline in equity markets in Asia during 2011.

 

5.

Consists of net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively; charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

XML 83 R83.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Option (Details 2) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Fair Value Option      
Fair Value Option Gains/(Losses) $ (113,000,000) $ (54,000,000) $ (1,768,000,000)
Total gains/(losses) excluded from fair value option 3,132,000,000 (3,109,000,000) (7,252,000,000)
Fair Value Option Loans and Lending Commitments      
Difference between aggregate contractual principal amount of performing loans and long-term receivable for which the fair value option was elected and related fair value 3,826,000,000 3,090,000,000  
Fair value of loans on nonaccrual status for which the fair value option was elected 3,174,000,000 3,994,000,000  
Difference between aggregate contractual principal amount of loans and long-term receivable for which the fair value option was elected and related fair value 26,860,000,000 29,743,000,000  
Difference between aggregate contractual principal amount of loans on nonaccrual status for which the fair value option was elected and related fair value 23,034,000,000 26,653,000,000  
Total contractual amount of unfunded commitments for which the fair value option was elected 66,120,000,000 51,200,000,000  
Fair value of unfunded commitments for which the fair value option was elected 2,820,000,000 1,260,000,000  
Fair Value, Option, Credit Risk, Gain (Loss) Quantitative Disclosures [Abstract]      
Net Gains (Losses), Including Hedges, Attributable to the Impact of Changes in Own Credit Spreads on Borrowings For Which the Fair Value Option Was Elected 596,000,000 198,000,000 (1,103,000,000)
Net Gains (Losses), Excluding Hedges, Attributable to the Impact of Changes in Own Credit Spreads on Borrowings For Which the Fair Value Option Was Elected 714,000,000 199,000,000 (1,116,000,000)
Net Gains (Losses) Attributable to the Impact of Changes in Instrument-Specific Credit Spreads on Loans and Loan Commitments For Which the Fair Value Option Was Elected (805,000,000) 1,850,000,000 1,650,000,000
Fair Value Option Long Term Debt Instruments      
Difference between aggregate contractual principal amount of long-term debt instruments for which the fair value option was elected and related fair value 932,000,000 701,000,000  
Difference between aggregate contractual principal amount of unsecured long-term borrowings and the related fair value 693,000,000 349,000,000  
Receivables from customers and counterparties at fair value [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) (11,000,000) (106,000,000) 255,000,000
Gains (losses) excluded from fair value option gains (losses) on receivables from customers and counterparties related to certain transfers accounted for as receivables rather than purchases 442,000,000 558,000,000  
Other Secured Financings At Fair Value [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) 123,000,000 (35,000,000) (822,000,000)
Gains (losses) excluded from fair value option gains (losses) on other secured financings related to financings recorded as a result of transactions that were accounted for as secured financings rather than sales (1,199,000,000) (996,000,000) 48,000,000
Unsecured Short-Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings At Fair Value [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) 144,000,000 33,000,000 (182,000,000)
Gains/(losses) excluded from fair value option gains/(losses) on unsecured short-term borrowings related to the embedded derivative component of hybrid financial instruments 2,005,000,000 (1,488,000,000) (3,150,000,000)
Unsecured Long-term Borrowings At Fair Value [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) 535,000,000 152,000,000 (884,000,000)
Gains/(losses) excluded from fair value option gains/(losses) on unsecured long-term borrowings related to the embedded derivative component of hybrid financial instruments 1,801,000,000 (1,321,000,000) (4,150,000,000)
Other Liabilities And Accrued Expenses At Fair Value [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) (994,000,000) (88,000,000) (214,000,000)
Gains/(losses) excluded from fair value option gains/(losses) on other liabilities and accrued expenses related to subordinated liabilities issued by consolidated VIEs 83,000,000 138,000,000  
Fair Value Option Other [Member]
     
Fair Value Option      
Fair Value Option Gains/(Losses) $ 90,000,000 $ (10,000,000) $ 79,000,000
XML 84 R114.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Incentive Plan (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Y
Dec. 31, 2010
Y
Dec. 31, 2009
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding And Exercisable [Abstract]      
Beginning Balance of Options Outstanding 55,247,865    
Stock options exercised (4,289,438)    
Stock options forfeited (10,743)    
Stock options expired (3,690,746)    
Ending Balance of Options Outstanding 47,256,938 55,247,865  
Stock options exercisable 35,699,815    
Beginning balance of stock options outstanding, weighted average exercise price $ 96.71    
Stock options exercised, weighted average exercise price $ 89.49    
Stock options forfeited, weighted average exercise price $ 79.73    
Stock options expired, weighted average exercise price $ 91.61    
Ending balance of stock options outstanding, weighted average exercise price $ 97.76 $ 96.71  
Stock options exercisable, weighted average exercise price $ 103.83    
Ending balance of stock options outstanding, aggregate intrinsic value $ 444,000,000 $ 4,152,000,000  
Stock options exercisable, aggregate intrinsic value 310,000,000    
Ending balance of stock options outstanding, weighted average remaining life 6.08 6.25  
Stock options exercisable, weighted average remaining life 5.79    
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Ending Balance of Options Outstanding 47,256,938 55,247,865  
Ending balance of stock options outstanding, weighted average exercise price $ 97.76 $ 96.71  
Schedule of weighted-average assumptions used to estimate the fair value of stock options      
Risk-free interest rate   1.60%  
Expected volatility   32.50%  
Annual dividend per share   1.4  
Expected life   3.75  
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense      
Share-based compensation 2,843,000,000 4,070,000,000 2,030,000,000
Excess tax benefit related to options exercised 55,000,000 183,000,000 166,000,000
Excess tax benefit/(provision) related to share-based awards 138,000,000 239,000,000 (793,000,000)
Employee Incentive Plan (Textuals) [Abstract]      
Shares available for grant under the SIP 161,000,000 139,200,000  
Restricted stock units granted, weighted average grant-date fair value $ 141.21 $ 132.64 $ 151.31
Share-based Compensation, Liquidity Discount RSUs 12.70% 13.20%  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value 2,400,000,000 4,070,000,000 2,180,000,000
Restricted Stock Subject To Future Service 754,482    
Restricted stock units granted subsequent to year end 10,400,000    
Unvested restricted stock units granted subsequent to year end 6,200,000    
Total intrinsic value of options exercised 143,000,000 510,000,000 484,000,000
Weighted average fair value of options granted   $ 37.58  
Unrecognized compensation costs related to nonvested share-based compensation arrangements $ 926,000,000    
Period over which unrecognized compensation costs related to nonvested share-based compensation arrangements will be recognized 1.62    
$75.00 - $89.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 38,119,258    
Stock options exercise price range, weighted average exercise price $ 78.79    
Stock options exercise price range, weighted average remaining life 6.37    
$90.00 - $104.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 290,056    
Stock options exercise price range, weighted average exercise price $ 96.08    
Stock options exercise price range, weighted average remaining life 1.92    
$105.00 - $119.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 0    
Stock options exercise price range, weighted average exercise price $ 0    
Stock options exercise price range, weighted average remaining life 0    
$120.00 - $134.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 2,791,500    
Stock options exercise price range, weighted average exercise price $ 131.64    
Stock options exercise price range, weighted average remaining life 3.92    
$135.00 - $149.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 0    
Stock options exercise price range, weighted average exercise price $ 0    
Stock options exercise price range, weighted average remaining life 0    
$150.00 - $164.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 75,000    
Stock options exercise price range, weighted average exercise price $ 154.16    
Stock options exercise price range, weighted average remaining life 2.17    
$165.00 - $194.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 0    
Stock options exercise price range, weighted average exercise price $ 0    
Stock options exercise price range, weighted average remaining life 0    
$195.00 - $209.99 [Member]
     
Schedule of Share Based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Abstract]      
Stock options exercise price range, outstanding 5,981,124    
Stock options exercise price range, weighted average exercise price $ 202.27    
Stock options exercise price range, weighted average remaining life 5.48    
Future Service Required [Member]
     
Schedule of Restricted Stock Units Vested and Expected to Vest      
Beginning balance of restricted stock units outstanding 21,455,793    
Restricted stock units granted 10,250,856    
Restricted stock units forfeited (1,258,410)    
Restricted stock units vested (16,146,050)    
Ending balance of restricted stock units outstanding 14,302,189    
Beginning balance of restricted stock units outstanding, weighted average grant-date fair value $ 124.17    
Restricted stock units granted, weighted average grant-date fair value $ 139.47    
Restricted stock units forfeited, weighted average grant-date fair value $ 128.29    
Restricted stock units vested, weighted average grant-date fair value $ 119.99    
Ending balance of restricted stock units outstanding, weighted average grant-date fair value $ 139.46    
No Future Service Required [Member]
     
Schedule of Restricted Stock Units Vested and Expected to Vest      
Beginning balance of restricted stock units outstanding 39,537,417    
Restricted stock units granted 7,156,834    
Restricted stock units forfeited (183,858)    
Restricted stock units delivered (31,815,863)    
Restricted stock units vested 16,146,050    
Ending balance of restricted stock units outstanding 30,840,580    
Beginning balance of restricted stock units outstanding, weighted average grant-date fair value $ 145.13    
Restricted stock units granted, weighted average grant-date fair value $ 143.7    
Restricted stock units forfeited, weighted average grant-date fair value $ 133.15    
Restricted stock units delivered, weighted average grant-date fair value $ 152.28    
Restricted stock units vested, weighted average grant-date fair value $ 119.99    
Ending balance of restricted stock units outstanding, weighted average grant-date fair value $ 124.33    
XML 85 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Financial Assets Liabilities Summary
                 
    As of December  
$ in millions   2011     2010  

Total level 1 financial assets

  $ 136,780     $ 137,687  

Total level 2 financial assets

    587,416       566,535  

Total level 3 financial assets

    47,937       45,377  

Netting and collateral 1

    (120,821     (112,085

Total financial assets at fair value

  $ 651,312     $ 637,514  

Total assets

  $ 923,225     $ 911,332  

Total level 3 financial assets as a percentage of Total assets

    5.2     5.0

Total level 3 financial assets as a percentage of Total financial assets at fair value

    7.4     7.1

Total level 3 financial liabilities at fair value

  $ 25,498     $ 24,054  

Total financial liabilities at fair value

  $ 388,669     $ 381,604  

Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value

    6.6     6.3

 

1.

Represents the impact on derivatives of cash collateral and counterparty netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level.

XML 86 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies and Guarantees (Tables)
12 Months Ended
Dec. 31, 2011
Commitments, Contingencies and Guarantees [Abstract]  
Commitments
                                                     
   

Commitment Amount by Period

of Expiration as of December 2011

       

Total Commitments

as of December

 
in millions   2012    

2013-

2014

   

2015-

2016

   

2017-

Thereafter

         2011     2010  

Commitments to extend credit  1

Commercial lending:

Investment-grade

  $ 5,014     $ 4,266     $ 10,344     $ 45         $ 19,669     $ 12,330  

Non-investment-grade

    1,585       3,939       7,608       761           13,893       11,919  

William Street credit extension program

    5,515       6,291       19,740       390           31,936       27,383  

Warehouse financing

    58       189                       247       265  

Total commitments to extend credit

    12,172       14,685       37,692       1,196           65,745       51,897  

Contingent and forward starting resale and securities borrowing agreements  2

    54,522                             54,522       46,886  

Forward starting repurchase and secured lending agreements  2

    17,964                             17,964       12,509  

Underwriting commitments

                                      835  

Letters of credit 3

    1,145       58       145       5           1,353       2,210  

Investment commitments

    2,455       4,764       439       1,460           9,118       11,093  

Other

    5,200       101       34       7           5,342       4,396  

Total commitments

  $ 93,458     $ 19,608     $ 38,310     $ 2,668         $ 154,044     $ 129,826  

 

1.

Commitments to extend credit are presented net of amounts syndicated to third parties.

 

2.

These agreements generally settle within three business days.

 

3.

Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements.

Leases
         
in millions   As of
December 2011
 

2012

  $ 440  

2013

    420  

2014

    385  

2015

    337  

2016

    301  

2017 - thereafter

    1,380  

Total

  $ 3,263  
Guarantees
                                                 
    As of December 2011  
          Maximum Payout/Notional Amount by Period of Expiration  
in millions  

Carrying
Value of

Net Liability

    2012     2013-
2014
   

2015-

2016

    2017-
Thereafter
    Total  

Derivatives 1

  $ 11,881     $ 486,244     $ 206,853     $ 53,743     $ 49,576     $ 796,416  

Securities lending indemnifications  2

          27,798                         27,798  

Other financial guarantees 3

    205       625       795       1,209       939       3,568  

 

1.

These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore these amounts do not reflect the firm’s overall risk related to its derivative activities. As of December 2010, the carrying value of the net liability related to derivative guarantees was $8.26 billion.

 

2.

Collateral held by the lenders in connection with securities lending indemnifications was $28.58 billion as of December 2011. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these guarantees.

 

3.

Other financial guarantees excludes certain commitments to issue standby letters of credit that are included in “Commitments to extend credit.” See table in “Commitments” above for a summary of the firm’s commitments. As of December 2010, the carrying value of the net liability related to other financial guarantees was $28 million.

XML 87 R72.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 1) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Contract
Dec. 31, 2010
Contract
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts $ 985,865 $ 804,163
Gross Fair Value of Derivative Liability Contracts 875,015 691,003
Number of Contracts 1,280,187 1,223,782
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 364,206 356,953
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717
Counterparty Netting [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts (787,733) (620,553)
Gross Fair Value of Derivative Liability Contracts (787,733) (620,553)
Cash collateral netting [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts (118,104) (110,317)
Gross Fair Value of Derivative Liability Contracts (28,829) (15,720)
Derivative [Member]
   
Fair Value of Derivatives on a Gross Basis    
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 80,028 73,293
Financial instruments sold, but not yet purchased, at fair value 58,453 54,730
Derivative Contracts Accounted for as Hedges [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 22,105 23,402
Gross Fair Value of Derivative Liability Contracts 34 195
Number of Contracts 1,196 1,069
Derivative Contracts Accounted for as Hedges [Member] | Interest Rate Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 21,981 23,396
Gross Fair Value of Derivative Liability Contracts 13 33
Number of Contracts 1,125 997
Derivative Contracts Accounted for as Hedges [Member] | Foreign Exchange Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 124 6
Gross Fair Value of Derivative Liability Contracts 21 162
Number of Contracts 71 72
Derivative Contract not designated as hedges [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 963,760 780,761
Gross Fair Value of Derivative Liability Contracts 874,981 690,808
Number of Contracts 1,278,991 1,222,713
Derivative Contract not designated as hedges [Member] | Interest Rate Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 624,189 463,145
Gross Fair Value of Derivative Liability Contracts 582,608 422,514
Number of Contracts 287,351 272,279
Derivative Contract not designated as hedges [Member] | Credit Risk Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 150,816 127,153
Gross Fair Value of Derivative Liability Contracts 130,659 104,407
Number of Contracts 362,407 367,779
Derivative Contract not designated as hedges [Member] | Foreign Exchange Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 88,654 87,959
Gross Fair Value of Derivative Liability Contracts 71,736 70,273
Number of Contracts 203,205 222,706
Derivative Contract not designated as hedges [Member] | Commodity Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 35,966 36,689
Gross Fair Value of Derivative Liability Contracts 38,050 41,666
Number of Contracts 93,755 70,890
Derivative Contract not designated as hedges [Member] | Equity Contract [Member]
   
Fair Value of Derivatives on a Gross Basis    
Gross Fair Value of Derivative Asset Contracts 64,135 65,815
Gross Fair Value of Derivative Liability Contracts $ 51,928 $ 51,948
Number of Contracts 332,273 289,059
XML 88 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Earnings (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Investment banking $ 4,361 $ 4,810 $ 4,984
Investment management 4,691 4,669 4,233
Commissions and fees 3,773 3,569 3,840
Market making 9,287 13,678 22,088
Other principal transactions 1,507 6,932 2,621
Total non-interest revenues 23,619 33,658 37,766
Interest income 13,174 12,309 13,907
Interest expense 7,982 6,806 6,500
Net interest income 5,192 5,503 7,407
Net revenues, including net interest income 28,811 39,161 45,173
Operating expenses      
Compensation and benefits 12,223 15,376 16,193
U.K. bank payroll tax   465  
Brokerage, clearing, exchange and distribution fees 2,463 2,281 2,298
Market development 640 530 342
Communications and technology 828 758 709
Depreciation and amortization 1,865 1,889 1,734
Occupancy 1,030 1,086 950
Professional fees 992 927 678
Insurance reserves 529 398 334
Other expenses 2,072 2,559 2,106
Total non-compensation expenses 10,419 10,428 9,151
Total operating expenses 22,642 26,269 25,344
Pre-tax earnings 6,169 12,892 19,829
Provision for taxes 1,727 4,538 6,444
Net earnings 4,442 8,354 13,385
Preferred stock dividends 1,932 641 1,193
Net earnings applicable to common shareholders $ 2,510 $ 7,713 $ 12,192
Earnings per common share      
Basic $ 4.71 $ 14.15 $ 23.74
Diluted $ 4.51 $ 13.18 $ 22.13
Average common shares outstanding      
Basic 524.6 542.0 512.3
Diluted 556.9 585.3 550.9
XML 89 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securitization Activities (Tables)
12 Months Ended
Dec. 31, 2011
Securitization Activities [Abstract]  
Amount of financial assets securitized and the cash flows received on retained interests
                         
    Year Ended December  
in millions   2011     2010     2009  

Residential mortgages

  $ 40,131     $ 47,803     $ 45,846  

Commercial mortgages

          1,451        

Other financial assets

    269       12       691  

Total

  $ 40,400     $ 49,266     $ 46,537  

Cash flows on retained interests

  $ 569     $ 517     $ 507  
Firms continuing involvement in securitization entities to which the firm sold assets
                                                     
    As of December 2011         As of December 2010  
in millions   Outstanding
Principal
Amount
    Fair Value of
Retained
Interests
   

Fair Value of

Purchased
Interests

         Outstanding
Principal
Amount
    Fair Value of
Retained
Interests
   

Fair Value of

Purchased
Interests

 

U.S. government agency-issued collateralized mortgage obligations  1

  $ 70,448     $ 5,038     $         $ 60,352     $ 5,929     $  

Other residential mortgage-backed  2

    4,459       101       3           13,318       125       5  

Commercial mortgage-backed 3

    3,398       606       331           5,040       849       82  

CDOs, CLOs and other 4

    9,972       32       211           12,872       62       229  

Total  5

  $ 88,277     $ 5,777     $ 545         $ 91,582     $ 6,965     $ 316  

 

1.

Outstanding principal amount and fair value of retained interests primarily relate to securitizations during 2011 and 2010 as of December 2011, and securitizations during 2010 and 2009 as of December 2010.

 

2.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to prime and Alt-A securitizations during 2007 and 2006.

 

3.

Outstanding principal amount as of both December 2011 and December 2010 primarily relate to securitizations during 2010, 2007 and 2006. Fair value of retained interests as of both December 2011 and December 2010 primarily relate to securitizations during 2010.

 

4.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to CDO and CLO securitizations during 2007 and 2006.

 

5.

Outstanding principal amount and fair value of retained interests include $774 million and $0, respectively, as of December 2011, and $7.64 billion and $16 million, respectively, as of December 2010, related to securitization entities in which the firm’s only continuing involvement is retained servicing which is not a variable interest.

Weighted average key economic assumptions used in measuring the fair value of the firm's retained interests and the sensitivity of this fair value to immediate adverse changes
                                     
    As of December 2011         As of December 2010  
    Type of Retained Interests         Type of Retained Interests  
$ in millions   Mortgage-Backed     Other 1          Mortgage-Backed     Other 1  

Fair value of retained interests

  $ 5,745     $ 32         $ 6,903     $ 62  

Weighted average life (years)

    7.1       4.7           7.4       4.2  
           

Constant prepayment rate 2

    14.1     N.M.           11.6     N.M.  

Impact of 10% adverse change  2

  $ (55     N.M.         $ (62     N.M.  

Impact of 20% adverse change  2

    (108     N.M.           (128     N.M.  
           

Discount rate 3

    5.4     N.M.           5.3     N.M.  

Impact of 10% adverse change

  $ (125     N.M.         $ (175     N.M.  

Impact of 20% adverse change

    (240     N.M.           (341     N.M.  

 

1.

Due to the nature and current fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of December 2011 and December 2010. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $32 million and $62 million as of December 2011 and December 2010, respectively.

 

2.

Constant prepayment rate is included only for positions for which constant prepayment rate is a key assumption in the determination of fair value.

 

3.

The majority of mortgage-backed retained interests are U.S. government agency-issued collateralized mortgage obligations, for which there is no anticipated credit loss. For the remainder of retained interests, the expected credit loss assumptions are reflected in the discount rate.

XML 90 R96.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings (Details 2) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Unsecured long-term borrowings by maturity date    
2013 $ 25,209  
2014 20,339  
2015 16,850  
2016 25,670  
2017-thereafter 85,477  
Unsecured long-term borrowings 173,545 174,399
Group Inc. [Member]
   
Unsecured long-term borrowings by maturity date    
2013 25,024  
2014 19,981  
2015 16,578  
2016 25,507  
2017-thereafter 79,132  
Unsecured long-term borrowings 166,222 167,619
Subsidiaries [Member]
   
Unsecured long-term borrowings by maturity date    
2013 185  
2014 358  
2015 272  
2016 163  
2017-thereafter 6,345  
Unsecured long-term borrowings $ 7,323 $ 6,780
XML 91 R113.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Employee Benefit Plans (Textuals)      
Defined Benefit Plan Amounts Recognized In Other Assets $ 135 $ 164  
Defined Benefit Plan Amounts Recognized In Other Liabilities And Accrued Expenses 858 641  
Contribution to Employer-Sponsored U.S and non-U.S. Defined Contribution Plans $ 225 $ 193 $ 178
XML 92 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net earnings $ 4,442 $ 8,354 $ 13,385
Non-cash items included in net earnings      
Depreciation and amortization 1,869 1,904 1,943
Deferred income taxes 726 1,339 (431)
Share-based compensation 2,849 4,035 2,009
Changes in operating assets and liabilities      
Cash and securities segregated for regulatory and other purposes (10,532) (17,094) 76,531
Net receivables from brokers, dealers and clearing organizations (3,780) 201 6,265
Net payables to customers and counterparties 13,027 (5,437) (47,414)
Securities borrowed, net of securities loaned 8,940 19,638 7,033
Securities sold under agreements to repurchase, net of securities purchased under agreements to resell and federal funds sold 122 (10,092) (146,807)
Financial instruments owned, at fair value 5,085 (9,231) 186,295
Financial instruments sold, but not yet purchased, at fair value 4,243 11,602 (57,010)
Other, net (5,346) (11,376) 7,076
Net cash provided by/(used for) operating activities 21,645 (6,157) 48,875
Cash flows from investing activities      
Purchase of property, leasehold improvements and equipment (1,184) (1,227) (1,556)
Proceeds from sales of property, leasehold improvements and equipment 78 72 82
Business acquisitions, net of cash acquired (431) (804) (221)
Proceeds from sales of investments 2,645 1,371 303
Purchase of available-for-sale securities (2,752) (1,885) (2,722)
Proceeds from sales of available-for-sale securities 3,129 2,288 2,553
Net cash provided by/(used for) investing activities 1,485 (185) (1,561)
Cash flows from financing activities      
Unsecured short-term borrowings, net (3,780) 1,196 (9,790)
Other secured financings (short-term), net (1,195) 12,689 (10,451)
Proceeds from issuance of other secured financings (long-term) 9,809 5,500 4,767
Repayment of other secured financings (long-term), including the current portion (8,878) (4,849) (6,667)
Proceeds from issuance of unsecured long-term borrowings 29,169 20,231 25,363
Repayment of unsecured long-term borrowings, including the current portion (29,187) (22,607) (29,018)
Repurchase of common stock warrants     (1,100)
Derivative contracts with a financing element, net 1,602 1,222 2,168
Deposits, net 7,540 (849) 7,288
Preferred stock repurchased (3,857)   (9,574)
Common stock repurchased (6,048) (4,183) (2)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units (2,771) (1,443) (2,205)
Proceeds from issuance of common stock, including stock option exercises 368 581 6,260
Excess tax benefit related to share-based compensation 358 352 135
Cash settlement of share-based compensation (40) (1) (2)
Net cash provided by/(used for) financing activities (6,910) 7,839 (22,828)
Net increase/(decrease) in cash and cash equivalents 16,220 1,497 24,486
Cash and cash equivalents, beginning of year 39,788 38,291 13,805
Cash and cash equivalents, end of year 56,008 39,788 38,291
SUPPLEMENTAL DISCLOSURES:      
Cash payments for interest, net of capitalized interest 8,050 6,740 7,320
Cash payments for income taxes, net of refunds 1,780 4,480 4,780
Non-cash activities:      
Common stock issued in connection with business acquisitions 103    
Debt assumed in connection with business acquisitions 2,090 90 16
Approximate increase in assets upon adoption of ASU No. 2009-17   3,000  
Approximate increase in liabilities upon adoption of ASU No. 2009-17   $ 3,000  
XML 93 R94.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Long-term borrowings    
Other secured financings (long-term) $ 8,179 $ 13,848
Unsecured long-term borrowings 173,545 174,399
Long-term borrowings $ 181,724 $ 188,247
XML 94 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Provision/(benefit) for taxes
                         
    Year Ended December  
in millions   2011     2010     2009  

Current taxes

                       

U.S. federal

  $ 405     $ 1,791     $ 4,039  

State and local

    392       325       594  

Non-U.S.

    204       1,083       2,242  

Total current tax expense

    1,001       3,199       6,875  

Deferred taxes

                       

U.S. federal

    683       1,516       (763

State and local

    24       162       (130

Non-U.S.

    19       (339     462  

Total deferred tax (benefit)/expense

    726       1,339       (431

Provision for taxes

  $ 1,727     $ 4,538     $ 6,444  
   
Effective income tax rate reconciliation
    Year Ended December  
     2011     2010     2009  

U.S. federal statutory income tax rate

    35.0     35.0     35.0

State and local taxes, net of U.S. federal income tax effects

    4.4       2.5       1.5  

Tax credits

    (1.6     (0.7     (0.3

Non-U.S. operations

    (6.7     (2.3     (3.5

Tax-exempt income, including dividends

    (2.4     (1.0     (0.4

Other

    (0.7     1.7  1      0.2  

Effective income tax rate

    28.0     35.2     32.5

 

1.

Primarily includes the effect of the SEC settlement of $550 million, substantially all of which is non-deductible.

Components of deferred tax assets and liabilities
                 
    As of December  
in millions   2011     2010  

Deferred tax assets

               

Compensation and benefits

  $ 3,126     $ 3,397  

Unrealized losses

    849       731  

ASC 740 asset related to unrecognized tax benefits

    569       972  

Non-U.S. operations

    662       652  

Foreign tax credits

    12       11  

Net operating losses

    213       250  

Occupancy-related

    110       129  

Other comprehensive income-related

    168       68  

Other, net

    581       473  
      6,290       6,683  

Valuation allowance 1

    (65     (50

Total deferred tax assets  2

  $ 6,225     $ 6,633  

Depreciation and amortization

    1,959       1,647  

Other comprehensive income-related

    36       130  

Total deferred tax liabilities  2

  $ 1,995     $ 1,777  

 

1.

Relates primarily to the ability to utilize losses in various tax jurisdictions.

 

2.

Before netting within tax jurisdictions.

Rollforward of unrecognized tax benefits
                         
    As of December  
in millions   2011     2010     2009  

Balance, beginning of year

  $ 2,081     $ 1,925     $ 1,548  

Increases based on tax positions related to the current year

    171       171       143  

Increases based on tax positions related to prior years

    278       162       379  

Decreases related to tax positions of prior years

    (41     (104     (19

Decreases related to settlements

    (638     (128     (91

Acquisitions/(dispositions)

    47       56        

Exchange rate fluctuations

    (11     (1     (35

Balance, end of year

  $ 1,887     $ 2,081     $ 1,925  

Related deferred income tax asset  1

  $ 569     $ 972     $ 1,004  

Net unrecognized tax benefit  2

    1,318       1,109       921  

 

1.

Included in “Other assets.” See Note 12.

 

2.

If recognized, the net tax benefit would reduce the firm’s effective income tax rate.

Earliest tax years subject to examination by major jurisdiction
         
Jurisdiction  

As of

December 2011

 

U.S. Federal 1

    2005  

New York State and City 2

    2004  

United Kingdom

    2007  

Japan 3

    2008  

Hong Kong

    2005  

Korea

    2008  

 

1.

IRS examination of fiscal 2008 through calendar 2010 began during 2011. IRS examination of fiscal 2005, 2006 and 2007 began during 2008. IRS examination of fiscal 2003 and 2004 has been completed, but the liabilities for those years are not yet final.

 

2.

New York State and City examination of fiscal 2004, 2005 and 2006 began in 2008.

 

3.

Japan National Tax Agency examination of fiscal 2005 through 2009 began during the first quarter of 2010. The examinations have been completed, but the liabilities for 2008 and 2009 are not yet final.

XML 95 R99.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments, Contingencies and Guarantees (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Y
Dec. 31, 2010
Y
Dec. 31, 2009
Commercial Lending [Abstract]      
Commercial Lending - Investment Grade $ 19,669,000,000 $ 12,330,000,000  
Commercial Lending - Non-Investment Grade 13,893,000,000 11,919,000,000  
William Street credit extension program 31,936,000,000 27,383,000,000  
Warehouse financing 247,000,000 265,000,000  
Total Commitments to Extend Credit 65,745,000,000 51,897,000,000  
Contingent and forward starting resale and securities borrowing agreements 54,522,000,000 46,886,000,000  
Forward starting repurchase and secured lending agreements 17,964,000,000 12,509,000,000  
Underwriting Commitments 0 835,000,000  
Letters of credit 1,353,000,000 2,210,000,000  
Investment commitments 9,118,000,000 11,093,000,000  
Other 5,342,000,000 4,396,000,000  
Total commitments 154,044,000,000 129,826,000,000  
Leases [Abstract]      
2012 440,000,000    
2013 420,000,000    
2014 385,000,000    
2015 337,000,000    
2016 301,000,000    
2017-thereafter 1,380,000,000    
Total 3,263,000,000    
Guarantees [Abstract]      
Collateral held by lenders in connection with securities lending indemnifications 28,580,000,000    
Leases (Textual) [Abstract]      
The latest year through which the firm's noncancelable lease agreements extend 2069    
Operating Leases, Rent Expense 475,000,000 508,000,000 434,000,000
Investment Commitments (Textual) [Abstract]      
Commitments to invest in real estate private investments 1,620,000,000 1,970,000,000  
Commitments to invest in corporate and other private investments 7,500,000,000 9,120,000,000  
Commitments to invest in funds managed by the firm 8,380,000,000 10,100,000,000  
Credit Extension Program (Textual) [Abstract]      
Credit loss protection percentage of first loss on loan commitments provided by SMFG 95.00%    
Approximate amount of maximum protection of first loss on loan commitments provided by SMFG 950,000,000    
SMFG credit loss protection for additional losses percentage 70.00%    
Maximum protection on additional losses on loan commitments provided by SMFG 1,130,000,000    
Protection provided by SMFG for additional losses 300,000,000 375,000,000  
Mortgage-Related Contingencies (Textual) [Abstract]      
Amount of loans sold to government sponsored enterprises during the period 2005 through 2008 10,000,000,000    
Amount of loans sold to other third parties during the period 2005 through 2008 11,000,000,000    
Outstanding balance for loans transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 42,000,000,000 49,000,000,000  
Approximate amount of paydowns and cumulative losses of loans transferred by the firm to trusts and other mortgage securitization vehicles during the period 2005 through 2008 83,000,000,000 76,000,000,000  
Cumulative losses incurred by trusts and other mortgage securitization vehicles during the period 2005 through 2008 17,000,000,000 14,000,000,000  
Outstanding principal balance of loans relating to Goldman Sachs-issued securitizations that were transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 and were structured with credit protection obtained from monoline insurers 635,000,000 739,000,000  
Paydowns and cumulative losses of loans relating to Goldman Sachs-issued securitizations that were transferred to trusts and other mortgage securitization vehicles during the period 2005 through 2008 and were structured with credit protection obtained from monoline insurers 1,420,000,000 1,320,000,000  
Cumulative losses incurred by trusts and other mortgage securitization vehicles relating to Goldman Sachs-issued securitizations during the period 2005 through 2008 that were structured with credit protection obtained from monoline insurers 465,000,000 410,000,000  
Mortgage-Related Matters. Amount Group Inc. agreed to forgive of unpaid principal balance on certain delinquent first lien residential mortgage loans 13,000,000    
Amount of loss incurred on repurchase of mortgage loans Less than $10 million Less than $50 million  
Guaranteed Minimum Death And Income Benefits (Textual) [Abstract]      
Guaranteed minimum death and income benefits reserve 5,520,000,000 6,110,000,000  
Weighted average age attained of contract holders 69 69  
Net amount at risk representing guaranteed minimum death and income benefits in excess of contract holder account balances 1,510,000,000 1,600,000,000  
Derivative Guarantee [Member]
     
Guarantees [Abstract]      
Carrying Value of Net Liability 11,881,000,000 8,260,000,000  
Maximum Payout/Notional Amount by Period of Expiration 796,416,000,000    
Securities Lending Indemnification [Member]
     
Guarantees [Abstract]      
Carrying Value of Net Liability 0    
Maximum Payout/Notional Amount by Period of Expiration 27,798,000,000    
Financial Guarantee [Member]
     
Guarantees [Abstract]      
Carrying Value of Net Liability 205,000,000 28,000,000  
Maximum Payout/Notional Amount by Period of Expiration 3,568,000,000    
Maturities, Year 1 [Member]
     
Commercial Lending [Abstract]      
Commercial Lending - Investment Grade 5,014,000,000    
Commercial Lending - Non-Investment Grade 1,585,000,000    
William Street credit extension program 5,515,000,000    
Warehouse financing 58,000,000    
Total Commitments to Extend Credit 12,172,000,000    
Contingent and forward starting resale and securities borrowing agreements 54,522,000,000    
Forward starting repurchase and secured lending agreements 17,964,000,000    
Underwriting Commitments 0    
Letters of credit 1,145,000,000    
Investment commitments 2,455,000,000    
Other 5,200,000,000    
Total commitments 93,458,000,000    
Maturities, Year 1 [Member] | Derivative Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 486,244,000,000    
Maturities, Year 1 [Member] | Securities Lending Indemnification [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 27,798,000,000    
Maturities, Year 1 [Member] | Financial Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 625,000,000    
Maturities, Year 2 and Year 3 [Member]
     
Commercial Lending [Abstract]      
Commercial Lending - Investment Grade 4,266,000,000    
Commercial Lending - Non-Investment Grade 3,939,000,000    
William Street credit extension program 6,291,000,000    
Warehouse financing 189,000,000    
Total Commitments to Extend Credit 14,685,000,000    
Contingent and forward starting resale and securities borrowing agreements 0    
Forward starting repurchase and secured lending agreements 0    
Underwriting Commitments 0    
Letters of credit 58,000,000    
Investment commitments 4,764,000,000    
Other 101,000,000    
Total commitments 19,608,000,000    
Maturities, Year 2 and Year 3 [Member] | Derivative Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 206,853,000,000    
Maturities, Year 2 and Year 3 [Member] | Securities Lending Indemnification [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 0    
Maturities, Year 2 and Year 3 [Member] | Financial Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 795,000,000    
Maturities, Year 4 and Year 5 [Member]
     
Commercial Lending [Abstract]      
Commercial Lending - Investment Grade 10,344,000,000    
Commercial Lending - Non-Investment Grade 7,608,000,000    
William Street credit extension program 19,740,000,000    
Warehouse financing 0    
Total Commitments to Extend Credit 37,692,000,000    
Contingent and forward starting resale and securities borrowing agreements 0    
Forward starting repurchase and secured lending agreements 0    
Underwriting Commitments 0    
Letters of credit 145,000,000    
Investment commitments 439,000,000    
Other 34,000,000    
Total commitments 38,310,000,000    
Maturities, Year 4 and Year 5 [Member] | Derivative Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 53,743,000,000    
Maturities, Year 4 and Year 5 [Member] | Securities Lending Indemnification [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 0    
Maturities, Year 4 and Year 5 [Member] | Financial Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 1,209,000,000    
Maturities, Year 6 and Thereafter [Member]
     
Commercial Lending [Abstract]      
Commercial Lending - Investment Grade 45,000,000    
Commercial Lending - Non-Investment Grade 761,000,000    
William Street credit extension program 390,000,000    
Warehouse financing 0    
Total Commitments to Extend Credit 1,196,000,000    
Contingent and forward starting resale and securities borrowing agreements 0    
Forward starting repurchase and secured lending agreements 0    
Underwriting Commitments 0    
Letters of credit 5,000,000    
Investment commitments 1,460,000,000    
Other 7,000,000    
Total commitments 2,668,000,000    
Maturities, Year 6 and Thereafter [Member] | Derivative Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 49,576,000,000    
Maturities, Year 6 and Thereafter [Member] | Securities Lending Indemnification [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration 0    
Maturities, Year 6 and Thereafter [Member] | Financial Guarantee [Member]
     
Guarantees [Abstract]      
Maximum Payout/Notional Amount by Period of Expiration $ 939,000,000    
XML 96 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans
12 Months Ended
Dec. 31, 2011
Employee Benefit Plans [Abstract]  
Employee Benefit Plans Employee Benefit Plans

Note 28.

Employee Benefit Plans

 

The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement.

Defined Benefit Pension Plans and Postretirement Plans

Employees of certain non-U.S. subsidiaries participate in various defined benefit pension plans. These plans generally provide benefits based on years of credited service and a percentage of the employee’s eligible compensation. The firm maintains a defined benefit pension plan for certain U.K. employees. As of April 2008, the U.K. defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. These plans do not have a material impact on the firm’s consolidated results of operations.

The firm also maintains a defined benefit pension plan for substantially all U.S. employees hired prior to November 1, 2003. As of November 2004, this plan was closed to new participants and frozen such that existing participants would not accrue any additional benefits. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. These plans do not have a material impact on the firm’s consolidated results of operations.

 

The firm recognizes the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the consolidated statements of financial condition. As of December 2011, “Other assets” and “Other liabilities and accrued expenses” included $135 million (related to an overfunded pension plan) and $858 million, respectively, related to these plans. As of December 2010, “Other assets” and “Other liabilities and accrued expenses” included $164 million (related to an overfunded pension plan) and $641 million, respectively, related to these plans.

Defined Contribution Plans

The firm contributes to employer-sponsored U.S. and non-U.S. defined contribution plans. The firm’s contribution to these plans was $225 million, $193 million and $178 million for the years ended December 2011, December 2010 and December 2009, respectively.

XML 97 R65.htm IDEA: XBRL DOCUMENT v2.4.0.6
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) $ 364,206,000,000 $ 356,953,000,000  
Financial instruments sold, but not yet purchased, at fair value 145,013,000,000 140,717,000,000  
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 10,794,000,000 20,610,000,000 24,709,000,000
Trading Assets and Trading Liabilities (Textuals) [Abstract]      
Available-for-sale securities substantially all of which is held within the firm's insurance subsidiaries included in Total Financial Instruments Owned, at Fair Value 4,860,000,000 3,670,000,000  
Money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program included in commercial paper, certificates of deposit, time deposits and other money market instruments assets   4,060,000,000  
Commercial paper, certificates of deposit, time deposits and other money market instruments [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 13,440,000,000 11,262,000,000  
Financial instruments sold, but not yet purchased, at fair value 0 0  
U.S. government and federal agency obligations [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 87,040,000,000 84,928,000,000  
Financial instruments sold, but not yet purchased, at fair value 21,006,000,000 23,264,000,000  
Non-U.S. government obligations [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 49,205,000,000 40,675,000,000  
Financial instruments sold, but not yet purchased, at fair value 34,886,000,000 29,009,000,000  
Loans and securities backed by commercial real estate [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 6,699,000,000 7,510,000,000  
Financial instruments sold, but not yet purchased, at fair value 27,000,000 5,000,000  
Loans and securities backed by residential real estate [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 7,592,000,000 9,532,000,000  
Financial instruments sold, but not yet purchased, at fair value 3,000,000 6,000,000  
Bank loans and bridge loans [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 19,745,000,000 18,039,000,000  
Financial instruments sold, but not yet purchased, at fair value 2,756,000,000 1,487,000,000  
Corporate Debt Securities [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 22,131,000,000 24,719,000,000  
Financial instruments sold, but not yet purchased, at fair value 6,553,000,000 7,219,000,000  
State and municipal obligations [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 3,089,000,000 2,792,000,000  
Financial instruments sold, but not yet purchased, at fair value 3,000,000 0  
Other debt obligations [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 4,362,000,000 3,232,000,000  
Financial instruments sold, but not yet purchased, at fair value 0 0  
Equities and convertible debentures [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 65,113,000,000 67,833,000,000  
Financial instruments sold, but not yet purchased, at fair value 21,326,000,000 24,988,000,000  
Commodities [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 5,762,000,000 13,138,000,000  
Financial instruments sold, but not yet purchased, at fair value 0 9,000,000  
Derivative [Member]
     
Fair Value of Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased      
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 80,028,000,000 73,293,000,000  
Financial instruments sold, but not yet purchased, at fair value 58,453,000,000 54,730,000,000  
Interest Rates [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 1,557,000,000 (2,042,000,000) 6,540,000,000
Credit [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 2,715,000,000 8,679,000,000 6,691,000,000
Foreign Exchange [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 901,000,000 3,219,000,000 (817,000,000)
Equity [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 2,788,000,000 6,862,000,000 6,128,000,000
Commodity [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net 1,588,000,000 1,567,000,000 4,591,000,000
Other Trading [Member]
     
Gains and Losses from Market Making and Other Principal Transactions      
Trading Activity, Gains and Losses, Net $ 1,245,000,000 $ 2,325,000,000 $ 1,576,000,000
XML 98 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Short-Term Borrowings
12 Months Ended
Dec. 31, 2011
Short-Term Borrowings [Abstract]  
Short-Term Borrowings Short-Term Borrowings

Note 15.

Short-Term Borrowings

Short-term borrowings were comprised of the following:

 

 

         
   

As of December

in millions   2011   2010

Other secured financings (short-term)

  $29,185   $24,529

Unsecured short-term borrowings

  49,038   47,842

Total

  $78,223   $72,371

See Note 9 for further information about other secured financings.

Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. See Note 8 for further information about unsecured short-term borrowings that are accounted for at fair value. Short-term borrowings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, and such amounts approximate fair value due to the short-term nature of the obligations.

The table below presents unsecured short-term borrowings.

 

 

                 
    As of December  
in millions   2011     2010  

Current portion of unsecured long-term borrowings  1, 2

    $28,836       $25,396  

Hybrid financial instruments

    11,526       13,223  

Promissory notes

    1,328       3,265  

Commercial paper

    1,491       1,306  

Other short-term borrowings

    5,857       4,652  

Total

    $49,038       $47,842  
     

Weighted average interest rate  3

    1.89     1.77

 

1.

Includes $8.53 billion and $10.43 billion as of December 2011 and December 2010, respectively, issued by Group Inc. and guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP).

 

2.

Includes $27.95 billion and $24.46 billion as of December 2011 and December 2010, respectively, issued by Group Inc.

 

3.

The weighted average interest rates for these borrowings include the effect of hedging activities and exclude financial instruments accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

XML 99 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Incentive Plans
12 Months Ended
Dec. 31, 2011
Employee Incentive Plans [Abstract]  
Employee Incentive Plans Employee Incentive Plans

Note 29.

Employee Incentive Plans

 

The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Expected forfeitures are included in determining share-based employee compensation expense.

The firm pays cash dividend equivalents on outstanding RSUs. Dividend equivalents paid on RSUs are generally charged to retained earnings. Dividend equivalents paid on RSUs expected to be forfeited are included in compensation expense. The firm accounts for the tax benefit related to dividend equivalents paid on RSUs as an increase to additional paid-in capital.

In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards. For awards accounted for as equity instruments, additional paid-in capital is adjusted to the extent of the difference between the current value of the award and the grant-date value of the award.

 

Stock Incentive Plan

The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (SIP), which provides for grants of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, awards with performance conditions and other share-based awards. In the second quarter of 2003, the SIP was approved by the firm’s shareholders, effective for grants after April 1, 2003. The SIP was further amended and restated, effective December 31, 2008.

The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP through the end of the 2008 fiscal year could not exceed 250 million shares. The total number of shares of common stock that may be delivered for awards granted under the SIP in the 2009 fiscal year and each fiscal year thereafter cannot exceed 5% of the issued and outstanding shares of common stock, determined as of the last day of the immediately preceding fiscal year, increased by the number of shares available for awards in previous years but not covered by awards granted in such years. As of December 2011 and December 2010, 161.0 million and 139.2 million shares, respectively, were available for grant under the SIP.

Restricted Stock Units

The firm issues RSUs to employees under the SIP, primarily in connection with year-end compensation and acquisitions. RSUs are valued based on the closing price of the underlying shares on the date of grant after taking into account a liquidity discount for any applicable post-vesting transfer restrictions. Year-end RSUs generally vest and deliver as outlined in the applicable RSU agreements. Employee RSU agreements generally provide that vesting is accelerated in certain circumstances, such as on retirement, death and extended absence. Delivery of the underlying shares of common stock is conditioned on the grantees satisfying certain vesting and other requirements outlined in the award agreements. The table below presents the activity related to RSUs.

                                     
   

Restricted Stock

Units Outstanding

       

Weighted Average Grant-Date Fair

Value of Restricted Stock Units

Outstanding

 
    

Future

Service
Required

    No Future
Service
Required
        

Future

Service
Required

    No Future
Service
Required
 

Outstanding, December 2010

    21,455,793       39,537,417         $ 124.17     $ 145.13  

Granted 1, 2

    10,250,856       7,156,834           139.47       143.70  

Forfeited

    (1,258,410     (183,858         128.29       133.15  

Delivered 3

          (31,815,863               152.28  

Vested 2

    (16,146,050     16,146,050           119.99       119.99  

Outstanding, December 2011

    14,302,189  4      30,840,580           139.46       124.33  

 

1.

The weighted average grant-date fair value of RSUs granted during the years ended December 2011, December 2010 and December 2009 was $141.21, $132.64 and $151.31, respectively. The fair value of the RSUs granted during the year ended December 2011 and December 2010 includes a liquidity discount of 12.7% and 13.2%, respectively, to reflect post-vesting transfer restrictions of up to 4 years.

 

2.

The aggregate fair value of awards that vested during the years ended December 2011, December 2010 and December 2009 was $2.40 billion, $4.07 billion and $2.18 billion, respectively.

 

3.

Includes RSUs that were cash settled.

 

4.

Includes 754,482 shares of restricted stock subject to future service requirements.

 

In the first quarter of 2012, the firm granted to its employees 10.4 million year-end RSUs, of which 6.2 million RSUs require future service as a condition of delivery. These awards are subject to additional conditions as outlined in the award agreements. Generally, shares underlying these awards, net of required withholding tax, deliver over a three-year period but are subject to post-vesting transfer restrictions through January 2017. These grants are not included in the above table.

 

Stock Options

Stock options generally vest as outlined in the applicable stock option agreement. Options granted in February 2010 will generally become exercisable in one-third installments in January 2011, January 2012 and January 2013 and will expire in February 2014. In general, options granted prior to February 2010 expire on the tenth anniversary of the grant date, although they may be subject to earlier termination or cancellation under certain circumstances in accordance with the terms of the SIP and the applicable stock option agreement.

The table below presents the activity related to stock options.

 

 

                                 
     Options
Outstanding
    Weighted Average
Exercise Price
    Aggregate
Intrinsic Value
(in millions)
   

Weighted

Average
Remaining Life

(years)

 

Outstanding, December 2010

    55,247,865     $ 96.71     $ 4,152       6.25  

Exercised

    (4,289,438     89.49                  

Forfeited

    (10,743     79.73                  

Expired

    (3,690,746     91.61                  

Outstanding, December 2011

    47,256,938       97.76       444       6.08  

Exercisable, December 2011

    35,699,815       103.83       310       5.79  

The total intrinsic value of options exercised during the years ended December 2011, December 2010 and December 2009 was $143 million, $510 million and $484 million, respectively. The table below presents options outstanding.

 

 

                         
Exercise Price          Options
Outstanding
   

Weighted

Average

Exercise Price

 

Weighted Average
Remaining Life

(years)

  $  75.00 - $89.99           38,119,258     $  78.79   6.37
  90.00 - 104.99           290,056     96.08   1.92
  105.00 - 119.99                
  120.00 - 134.99           2,791,500     131.64   3.92
  135.00 - 149.99                
  150.00 - 164.99           75,000     154.16   2.17
  165.00 - 194.99                
  195.00 - 209.99           5,981,124     202.27   5.48

 

Outstanding, December 2011

    47,256,938          

 

The weighted average fair value of options granted in the year ended December 2010 was $37.58 per option.

 

The tables below present the primary weighted average assumptions used to estimate fair value as of the grant date based on a Black-Scholes option-pricing model, and share-based compensation and the related tax benefit.

 

 

                     
    Year Ended December
     2011     2010     2009

Risk-free interest rate

    N/A       1.6   N/A

Expected volatility

    N/A       32.5     N/A

Annual dividend per share

    N/A       $1.40     N/A

Expected life

    N/A       3.75 years     N/A

 

 

                     
    Year Ended December
in millions   2011     2010     2009 

Share-based compensation

  $ 2,843     $ 4,070     $2,030 

Excess tax benefit related to options exercised

    55       183     166 

Excess tax benefit/(provision) related to share-based awards  1

    138       239     (793)

 

1.

Represents the tax benefit/(provision) recognized in additional paid-in capital on stock options exercised and the delivery of common stock underlying share-based awards.

 

As of December 2011, there was $926 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.62 years.

XML 100 R98.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Liabilities and Accrued Expenses (Details) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Other Liabilities and Accrued Expenses (Textuals) [Abstract]    
Receivables related to reinsurance provided by the firm to other insurers $ 1,300,000,000 $ 1,260,000,000
Receivables related to risks ceded to reinsurers 648,000,000 839,000,000
Liabilities for future benefits and unpaid claims at fair value 8,750,000,000 2,050,000,000
Noncontrolling interests related to consolidated investment funds 1,170,000,000 593,000,000
Acquired assets 7,500,000,000  
Acquired liabilities 7,100,000,000  
Other Liabilities    
Compensation and benefits 5,701,000,000 9,089,000,000
Insurance-related liabilities 18,614,000,000 11,381,000,000
Noncontrolling interests 1,450,000,000 872,000,000
Income tax-related liabilities 533,000,000 2,042,000,000
Employee interests in consolidated funds 305,000,000 451,000,000
Subordinated liabilities issued by consolidated VIEs 1,090,000,000 1,526,000,000
Accrued expenses and other 4,108,000,000 4,650,000,000
Total 31,801,000,000 30,011,000,000
Insurance related liabilities    
Separate account liabilities 3,296,000,000 4,024,000,000
Liabilities for future benefits and unpaid claims 14,213,000,000 6,308,000,000
Contract holder account balances 835,000,000 801,000,000
Reserves for guaranteed minimum death and income benefits 270,000,000 248,000,000
Total insurance-related liabilities $ 18,614,000,000 $ 11,381,000,000
XML 101 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Liabilities and Accrued Expenses
12 Months Ended
Dec. 31, 2011
Other Liabilities and Accrued Expenses [Abstract]  
Other Liabilities and Accrued Expenses Other Liabilities and Accrued Expenses

Note 17.

Other Liabilities and Accrued Expenses

The table below presents other liabilities and accrued expenses by type.

 

 

                 
    As of December  
in millions   2011     2010  

Compensation and benefits

  $ 5,701     $ 9,089  

Insurance-related liabilities

    18,614       11,381  

Noncontrolling interests 1

    1,450       872  

Income tax-related liabilities  2

    533       2,042  

Employee interests in consolidated funds

    305       451  

Subordinated liabilities issued
by consolidated VIEs

    1,090       1,526  

Accrued expenses and other

    4,108       4,650  

Total

  $ 31,801     $ 30,011  

 

1.

Includes $1.17 billion and $593 million related to consolidated investment funds as of December 2011 and December 2010, respectively.

 

2.

See Note 24 for further information about income taxes.

 

The table below presents insurance-related liabilities by type.

 

 

                 
    As of December  
in millions   2011     2010  

Separate account liabilities

  $ 3,296     $ 4,024  

Liabilities for future benefits
and unpaid claims  1

    14,213       6,308  

Contract holder account balances

    835       801  

Reserves for guaranteed minimum death
and income benefits

    270       248  

Total

  $ 18,614     $ 11,381  

 

1.

Substantially all of the increase from December 2010 to December 2011 is related to acquisitions. In connection with these acquisitions, the firm acquired $7.50 billion of assets (primarily financial instruments owned, at fair value, principally consisting of corporate debt securities) and assumed $7.10 billion of liabilities.

Separate account liabilities are supported by separate account assets, representing segregated contract holder funds under variable annuity and life insurance contracts. Separate account assets are included in “Cash and securities segregated for regulatory and other purposes.”

Liabilities for future benefits and unpaid claims include liabilities arising from reinsurance provided by the firm to other insurers. The firm had a receivable of $1.30 billion and $1.26 billion as of December 2011 and December 2010, respectively, related to such reinsurance contracts, which is reported in “Receivables from customers and counterparties.” In addition, the firm has ceded risks to reinsurers related to certain of its liabilities for future benefits and unpaid claims and had a receivable of $648 million and $839 million as of December 2011 and December 2010, respectively, related to such reinsurance contracts, which is reported in “Receivables from customers and counterparties.” Contracts to cede risks to reinsurers do not relieve the firm of its obligations to contract holders. Liabilities for future benefits and unpaid claims include $8.75 billion and $2.05 billion carried at fair value under the fair value option as of December 2011 and December 2010, respectively.

Reserves for guaranteed minimum death and income benefits represent a liability for the expected value of guaranteed benefits in excess of projected annuity account balances. These reserves are based on total payments expected to be made less total fees expected to be assessed over the life of the contract.

XML 102 R68.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments (Details 1) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Non-U.S. government obligations [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance $ 0  
Net Realized Gains / (Losses) 25  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (63)  
Purchases 27  
Sales (123)  
Settlements (8)  
Net transfers in and/or (out) of level 3 290  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 148  
Loans and securities backed by commercial real estate [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 3,976 5,794
Net Realized Gains / (Losses) 222 239
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End 80 108
Net purchases, sales, issuances and settlements   (1,335)
Purchases 1,099  
Sales (1,124)  
Settlements (831)  
Net transfers in and/or (out) of level 3 (76) (830)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 3,346 3,976
Loans and securities backed by residential real estate [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 2,501 2,070
Net Realized Gains / (Losses) 253 178
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (81) 37
Net purchases, sales, issuances and settlements   163
Purchases 768  
Sales (702)  
Settlements (456)  
Net transfers in and/or (out) of level 3 (574) 53
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 1,709 2,501
Bank loans and bridge loans [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 9,905 9,560
Net Realized Gains / (Losses) 540 687
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (216) 482
Net purchases, sales, issuances and settlements   (735)
Purchases 6,725  
Sales (2,329)  
Settlements (1,554)  
Net transfers in and/or (out) of level 3 (1,786) (89)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 11,285 9,905
Corporate Debt Securities [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 2,737 2,235
Net Realized Gains / (Losses) 391 239
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (132) 348
Net purchases, sales, issuances and settlements   488
Purchases 1,319  
Sales (1,137)  
Settlements (697)  
Net transfers in and/or (out) of level 3 (1) (573)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 2,480 2,737
State and municipal obligations [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 754 1,114
Net Realized Gains / (Losses) 12 1
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (1) (25)
Net purchases, sales, issuances and settlements   (393)
Purchases 448  
Sales (591)  
Settlements (13)  
Net transfers in and/or (out) of level 3 (10) 57
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 599 754
Other debt obligations [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 1,274 2,235
Net Realized Gains / (Losses) 124 4
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (17) 159
Net purchases, sales, issuances and settlements   (263)
Purchases 560  
Sales (388)  
Settlements (212)  
Net transfers in and/or (out) of level 3 110 (861)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 1,451 1,274
Equities and convertible debentures [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 11,060 11,871
Net Realized Gains / (Losses) 240 119
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End 338 548
Net purchases, sales, issuances and settlements   (847)
Purchases 2,731  
Sales (1,196)  
Settlements (855)  
Net transfers in and/or (out) of level 3 1,349 (631)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 13,667 11,060
Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 32,207 34,879
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 446 572
Net Realized Gains / (Losses) 1,807 1,467
Net Realized (Gains) / Losses (27) 5
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (92) 1,657
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 218 (17)
Net purchases, sales, issuances and settlements   (2,922)
Purchases 13,677  
Sales (7,590)  
Settlements (4,626)  
Net purchases, sales, issuances and settlements   (97)
Purchases (491)  
Sales 475  
Settlements 272  
Net transfers in and/or (out) of level 3 (698) (2,874)
Net transfers in and/or (out) of level 3 12 (17)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 34,685 32,207
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance $ 905 $ 446
XML 103 R108.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Current Income Tax Expense (Benefit), Continuing Operations      
Current U.S. Federal Tax Expense (Benefit) $ 405 $ 1,791 $ 4,039
Current State and Local Tax Expense (Benefit) 392 325 594
Current Non-U.S. Tax Expense (Benefit) 204 1,083 2,242
Current Income Tax Expense (Benefit) 1,001 3,199 6,875
Deferred Income Tax Expense (Benefit), Continuing Operations      
Deferred U.S. Federal Income Tax Expense (Benefit) 683 1,516 (763)
Deferred State and Local Income Tax Expense (Benefit) 24 162 (130)
Deferred Non-U.S. Income Tax Expense (Benefit) 19 (339) 462
Deferred Income Tax Expense (Benefit) 726 1,339 (431)
Income Tax Expense (Benefit), Continuing Operations 1,727 4,538 6,444
Effective income tax rate reconciliation      
U.S. Federal Statutory Income Tax Rate 35.00% 35.00% 35.00%
State and Local Income Taxes, Net of U.S. Federal Income Tax Effects 4.40% 2.50% 1.50%
Tax Credits (1.60%) (0.70%) (0.30%)
Non-U.S. Operations (6.70%) (2.30%) (3.50%)
Tax Exempt Income, Including Dividends (2.40%) (1.00%) (0.40%)
Other (0.70%) 1.70% 0.20%
Effective Income Tax Rate 28.00% 35.20% 32.50%
Components of deferred tax assets and liabilities      
Compensation and benefits 3,126 3,397  
Unrealized Losses 849 731  
ASC 740 Asset Related to Unrecognized Tax Benefits 569 972 1,004
Non-U.S. Operations 662 652  
Foreign Tax Credits 12 11  
Net Operating Losses 213 250  
Occupancy-related 110 129  
Other comprehensive income-related 168 68  
Other, Net 581 473  
Deferred Tax Assets, Gross, Total 6,290 6,683  
Valuation Allowance (65) (50)  
Deferred Tax Assets, Net 6,225 6,633  
Depreciation and amortization 1,959 1,647  
Other comprehensive income-related 36 130  
Deferred Tax Liabilities, Total 1,995 1,777  
Rollforward Unrecognized Tax Benefits [Abstract]      
Unrecognized Tax Benefits, Beginning Balance 2,081 1,925 1,548
Increases based on tax positions related to the current year 171 171 143
Increases based on tax positions related to prior years 278 162 379
Decreases related to tax positions of prior years (41) (104) (19)
Decreases related to settlements (638) (128) (91)
Acquisitions/(dispositions) 47 56 0
Exchange rate fluctuations (11) (1) (35)
Unrecognized Tax Benefits, Ending Balance 1,887 2,081 1,925
Related deferred income tax asset 569 972 1,004
Unrecognized Tax Benefits, Net $ 1,318 $ 1,109 $ 921
U.S. Federal
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2005    
New York State and City
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2004    
United Kingdom
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2007    
Japan
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2008    
Hong Kong
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2005    
Korea
     
Earliest tax years that remain subject to examination by major jurisdiction      
Open Tax Years by Major Tax Jurisdiction 2008    
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Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statements of Comprehensive Income [Abstract]      
Net earnings $ 4,442 $ 8,354 $ 13,385
Currency translation adjustment, net of tax (55) (38) (70)
Pension and postretirement liability adjustments, net of tax (145) 88 (17)
Net unrealized gains/(losses) on available-for-sale securities, net of tax (30) 26 97
Comprehensive income $ 4,212 $ 8,430 $ 13,395
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Consolidated Statements of Financial Condition (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Assets    
Cash and cash equivalents $ 56,008 $ 39,788
Cash and securities segregated for regulatory and other purposes (includes $42,014 and $36,182 at fair value as of December 2011 and December 2010, respectively) 64,264 53,731
Collateralized agreements:    
Securities purchased under agreements to resell and federal funds sold (includes $187,789 and $188,355 at fair value as of December 2011 and December 2010, respectively) 187,789 188,355
Securities borrowed (includes $47,621 and $48,822 at fair value as of December 2011 and December 2010,respectively) 153,341 166,306
Receivables from brokers, dealers and clearing organizations 14,204 10,437
Receivables from customers and counterparties (includes $9,682 and $7,202 at fair value as of December 2011 and December 2010, respectively) 60,261 67,703
Financial instruments owned, at fair value (includes $53,989 and $51,010 pledged as collateral as of December 2011 and December 2010, respectively) 364,206 356,953
Other assets 23,152 28,059
Total assets 923,225 911,332
Liabilities and shareholders' equity    
Deposits (includes $4,526 and $1,975 at fair value as of December 2011 and December 2010, respectively) 46,109 38,569
Collateralized financings:    
Securities sold under agreements to repurchase, at fair value 164,502 162,345
Securities loaned (includes $107 and $1,514 at fair value as of December 2011 and December 2010, respectively) 7,182 11,212
Other secured financings (includes $30,019 and $31,794 at fair value as of December 2011 and December 2010, respectively) 37,364 38,377
Payables to brokers, dealers and clearing organizations 3,667 3,234
Payables to customers and counterparties 194,625 187,270
Financial instruments sold, but not yet purchased, at fair value 145,013 140,717
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $17,854 and $22,116 at fair value as of December 2011 and December 2010, respectively) 49,038 47,842
Unsecured long-term borrowings (includes $17,162 and $18,171 at fair value as of December 2011 and December 2010, respectively) 173,545 174,399
Other liabilities and accrued expenses (includes $9,486 and $2,972 at fair value as of December 2011 and December 2010, respectively) 31,801 30,011
Total liabilities 852,846 833,976
Commitments, contingencies and guarantees      
Shareholders' equity    
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $3,100 and $8,100 as of December 2011 and December 2010, respectively 3,100 6,957
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 795,555,310 and 770,949,268 shares issued as of December 2011 and December 2010, respectively, and 485,467,565 and 507,530,772 shares outstanding as of December 2011 and December 2010, respectively 8 8
Restricted stock units and employee stock options 5,681 7,706
Nonvoting common stock, par value $0.01 per share; 200,000,000 shares authorized, no shares issued and outstanding      
Additional paid-in capital 45,553 42,103
Retained earnings 58,834 57,163
Accumulated other comprehensive loss (516) (286)
Stock held in treasury, at cost, par value $0.01 per share; 310,087,747 and 263,418,498 shares as of December 2011 and December 2010, respectively (42,281) (36,295)
Total shareholders' equity 70,379 77,356
Total liabilities and shareholders' equity $ 923,225 $ 911,332
XML 107 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securitization Activities
12 Months Ended
Dec. 31, 2011
Securitization Activities [Abstract]  
Securitization Activities Securitization Activities

Note 10.

Securitization Activities

The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities, and limited liability companies) and acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are substantially all in connection with government agency securitizations.

Beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated shares of principal, interest and/or other cash inflows. The proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral.

The firm accounts for a securitization as a sale when it has relinquished control over the transferred assets. Prior to securitization, the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors.

For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Notes 9 and 23 for further information about collateralized financings and interest expense, respectively.

The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of senior or subordinated securities, and servicing rights that the firm retains at the time of securitization. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities.

 

The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. These interests are accounted for at fair value and are included in “Financial instruments owned, at fair value” and are generally classified in level 2 of the fair value hierarchy. See Notes 5 through 8 for further information about fair value measurements.

The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Residential mortgages

  $ 40,131     $ 47,803     $ 45,846  

Commercial mortgages

          1,451        

Other financial assets

    269       12       691  

Total

  $ 40,400     $ 49,266     $ 46,537  

Cash flows on retained interests

  $ 569     $ 517     $ 507  

 

The table below presents the firm’s continuing involvement in nonconsolidated securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement. In this table:

 

Ÿ  

the outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities in which the firm has continuing involvement and is not representative of the firm’s risk of loss;

 

Ÿ  

for retained or purchased interests, the firm’s risk of loss is limited to the fair value of these interests; and

 

Ÿ  

purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests.

 

 

                                                     
    As of December 2011         As of December 2010  
in millions   Outstanding
Principal
Amount
    Fair Value of
Retained
Interests
   

Fair Value of

Purchased
Interests

         Outstanding
Principal
Amount
    Fair Value of
Retained
Interests
   

Fair Value of

Purchased
Interests

 

U.S. government agency-issued collateralized mortgage obligations  1

  $ 70,448     $ 5,038     $         $ 60,352     $ 5,929     $  

Other residential mortgage-backed  2

    4,459       101       3           13,318       125       5  

Commercial mortgage-backed 3

    3,398       606       331           5,040       849       82  

CDOs, CLOs and other 4

    9,972       32       211           12,872       62       229  

Total  5

  $ 88,277     $ 5,777     $ 545         $ 91,582     $ 6,965     $ 316  

 

1.

Outstanding principal amount and fair value of retained interests primarily relate to securitizations during 2011 and 2010 as of December 2011, and securitizations during 2010 and 2009 as of December 2010.

 

2.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to prime and Alt-A securitizations during 2007 and 2006.

 

3.

Outstanding principal amount as of both December 2011 and December 2010 primarily relate to securitizations during 2010, 2007 and 2006. Fair value of retained interests as of both December 2011 and December 2010 primarily relate to securitizations during 2010.

 

4.

Outstanding principal amount and fair value of retained interests as of both December 2011 and December 2010 primarily relate to CDO and CLO securitizations during 2007 and 2006.

 

5.

Outstanding principal amount and fair value of retained interests include $774 million and $0, respectively, as of December 2011, and $7.64 billion and $16 million, respectively, as of December 2010, related to securitization entities in which the firm’s only continuing involvement is retained servicing which is not a variable interest.

 

In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and guarantees with certain nonconsolidated VIEs. The carrying value of these derivatives and guarantees was a net liability of $52 million and $98 million as of December 2011 and December 2010, respectively. The notional amounts of these derivatives and guarantees are included in maximum exposure to loss in the nonconsolidated VIE tables in Note 11.

 

The table below presents the weighted average key economic assumptions used in measuring the fair value of retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions.

 

 

                                     
    As of December 2011         As of December 2010  
    Type of Retained Interests         Type of Retained Interests  
$ in millions   Mortgage-Backed     Other 1          Mortgage-Backed     Other 1  

Fair value of retained interests

  $ 5,745     $ 32         $ 6,903     $ 62  

Weighted average life (years)

    7.1       4.7           7.4       4.2  
           

Constant prepayment rate 2

    14.1     N.M.           11.6     N.M.  

Impact of 10% adverse change  2

  $ (55     N.M.         $ (62     N.M.  

Impact of 20% adverse change  2

    (108     N.M.           (128     N.M.  
           

Discount rate 3

    5.4     N.M.           5.3     N.M.  

Impact of 10% adverse change

  $ (125     N.M.         $ (175     N.M.  

Impact of 20% adverse change

    (240     N.M.           (341     N.M.  

 

1.

Due to the nature and current fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of December 2011 and December 2010. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $32 million and $62 million as of December 2011 and December 2010, respectively.

 

2.

Constant prepayment rate is included only for positions for which constant prepayment rate is a key assumption in the determination of fair value.

 

3.

The majority of mortgage-backed retained interests are U.S. government agency-issued collateralized mortgage obligations, for which there is no anticipated credit loss. For the remainder of retained interests, the expected credit loss assumptions are reflected in the discount rate.

 

The preceding table does not give effect to the offsetting benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. In addition, the impact of a change in a particular assumption in the preceding table is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above.

XML 108 R103.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Details 3) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Jan. 31, 2012
Dec. 31, 2011
GS&PA [Member]
Dec. 31, 2011
Series A Preferred Stock [Member]
Jan. 31, 2012
Series A Preferred Stock [Member]
Dec. 31, 2011
Series B Preferred Stock [Member]
Jan. 31, 2012
Series B Preferred Stock [Member]
Dec. 31, 2011
Series C Preferred Stock [Member]
Jan. 31, 2012
Series C Preferred Stock [Member]
Dec. 31, 2011
Series D Preferred Stock [Member]
Jan. 31, 2012
Series D Preferred Stock [Member]
Dec. 31, 2011
Series E Preferred Stock [Member]
Dec. 31, 2007
Series E Preferred Stock [Member]
Dec. 31, 2011
Series F Preferred Stock [Member]
Dec. 31, 2007
Series F Preferred Stock [Member]
Dec. 31, 2011
Series G Preferred Stock [Member]
Oct. 31, 2008
Series G Preferred Stock [Member]
Dec. 31, 2009
Series H Preferred Stock [Member]
Jun. 26, 2009
Series H Preferred Stock [Member]
Oct. 31, 2008
Series H Preferred Stock [Member]
Shareholders Equity (Textual) [Abstract]                                            
Common Stock Issuance Date         Jul. 01, 2011                                  
Total cost of issued shares         $ 103,000,000                                  
Shares Issued 795,555,310 770,949,268     774,823                                  
Repurchased shares of common stock 47,000,000 25,300,000 19,578                                      
Average cost per share $ 128.33 $ 164.48 $ 80.83                                      
Total cost of repurchased shares 6,040,000,000 4,160,000,000 2,000,000                                      
Shares remitted by employees to satisfy minimum statutory employee tax withholding 75,517 164,172 4,506                                      
Remitted Shares, Total 12,000,000 25,000,000 342,153                                      
Dividends payable date declared Jan. 17, 2012                                          
Dividends declared per common share $ 1.40 $ 1.40 $ 1.05 $ 0.35                                    
Cancellation of RSUs to satisfy minimum statutory employee tax withholding 12,000,000 6,200,000 11,200,000                                      
Cancelled RSUs, Total 1,910,000,000 972,000,000 863,000,000                                      
Preferred stock $ 0.01 $ 0.01       $ 0.01   $ 0.01   $ 0.01   $ 0.01   $ 0.01   $ 0.01            
Liquidation preference 3,100,000,000 8,100,000,000                                        
Depositary shares of non-cumulative preferred stock           1,000   1,000   1,000   1,000                    
Redemption price of redeemed series G preferred stock                                   $ 110,000        
Date of issuance of preferred stock under the stock purchase contracts with the Apex Trusts                           Jun. 01, 2013   Sep. 01, 2013            
Preferred dividend recognized upon notice of redemption of the Series G Preferred Stock.                                   1,640,000,000        
Redeemed Value                                   5,500,000,000        
Exercise purchase price of common stocks, per share                                     115.00     122.90
Dividends declared per preferred share             $ 239.58   $ 387.50   $ 255.56   $ 255.56                  
Redeemed Preferred Stock, Shares                                   50,000        
Redemption price           $25,000 plus declared and unpaid dividends   $25,000 plus declared and unpaid dividends   $25,000 plus declared and unpaid dividends   $25,000 plus declared and unpaid dividends                    
Duration of warrant issued                                     5 years     10 years
Guaranteed perpetual Normal Automatic Preferred Enhanced Capital Securities (APEX) issued to third parties 2,250,000,000                         2,250,000,000   2,250,000,000            
Repurchased shares of preferred stock                                         10,000,000  
Issuance of warrant to purchase common stock                                     43,500,000     12,200,000
Repurchase of common stock warrants                                       1,100,000,000    
Preferred dividend Series H TARP                                       426,000,000    
Payment of accrued dividends resulting from the repurchase of Series H Preferred Stock                                       44,000,000    
Perpetual non-cumulative preferred stock, share authorized                             17,500.1   5,000.1          
Principal amount of subordinated debt held by trust for which firm will issue one share of preferred stock                           $ 100,000   $ 100,000            
Preferred stock to be issued under stock purchase contract for each $100,000 principal amount of subordinated debt held by capital trusts                           1   1            
Liquidation preference of non-cumulative preferred stock           $ 25,000   $ 25,000   $ 25,000   $ 25,000   $ 100,000   $ 100,000            
If stock is issued, dividend rate if declared, payable quarterly prior to September 1, 2012                               per annum equal to 3 month LIBOR + 0.77%            
If stock is issued, dividend rate if declared, payable semi-annually prior to June 1, 2012                           5.79% per annum                
If stock is issued, dividend rate if declared, payable quarterly subsequent to June 1, 2012                           per annum equal to the greater of 3 month LIBOR + 0.77% and 4.00%                
If stock is issued, dividend rate if declared, payable quarterly subsequent to September 1, 2012                               per annum equal to the greater of 3 month LIBOR + 0.77% and 4.00%            
XML 109 R93.htm IDEA: XBRL DOCUMENT v2.4.0.6
Short-Term Borrowings (Details) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Short-Term Borrowings [Abstract]    
Other secured financings, short-term $ 29,185,000,000 $ 24,529,000,000
Total unsecured short-term borrowings 49,038,000,000 47,842,000,000
Short-term borrowings 78,223,000,000 72,371,000,000
Unsecured Short-term Borrowings [Abstract]    
Current portion of unsecured long-term borrowings 28,836,000,000 25,396,000,000
Hybrid financial instruments 11,526,000,000 13,223,000,000
Promissory notes 1,328,000,000 3,265,000,000
Commercial paper 1,491,000,000 1,306,000,000
Other short-term borrowings 5,857,000,000 4,652,000,000
Total unsecured short-term borrowings 49,038,000,000 47,842,000,000
Unsecured short-term debt, weighted average interest rate, after giving effect to hedging activities 1.89% 1.77%
Short-Term Borrowing (Textual) [Abstract]    
Current Portion of Unsecured Long-term Borrowings Guaranteed by the FDIC Under the Temporary Liquidity Guarantee Program (TLGP) 8,530,000,000 10,430,000,000
Current portion of unsecured long-term borrowings 28,836,000,000 25,396,000,000
Group Inc. [Member]
   
Unsecured Short-term Borrowings [Abstract]    
Current portion of unsecured long-term borrowings 27,950,000,000 24,460,000,000
Short-Term Borrowing (Textual) [Abstract]    
Current portion of unsecured long-term borrowings $ 27,950,000,000 $ 24,460,000,000
XML 110 R91.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Identifiable Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Amortization expense for identifiable intangible assets      
Amortization related to identifiable intangible assets $ 389 $ 520 $ 96
Finite-Lived Intangible Assets, Future Amortization Expense      
Future amortization, 2012 258    
Future amortization, 2013 234    
Future amortization, 2014 203    
Future amortization, 2015 170    
Future amortization, 2016 $ 167    
XML 111 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Feb. 17, 2012
Jun. 30, 2011
Document and Entity Information [Abstract]      
Entity Registrant Name GOLDMAN SACHS GROUP INC    
Entity Central Index Key 0000886982    
Document Type 10-K    
Document Period End Date Dec. 31, 2011    
Amendment Flag false    
Document Fiscal Year Focus 2011    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Public Float     $ 66.6
Entity Common Stock, Shares Outstanding   494,904,018  
XML 112 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Variable Interest Entities
12 Months Ended
Dec. 31, 2011
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities

Note 11.

Variable Interest Entities

 

VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 10, and investments in and loans to other types of VIEs, as described below. See Note 10 for additional information about securitization activities, including the definition of beneficial interests. See Note 3 for the firm’s consolidation policies, including the definition of a VIE.

The firm is principally involved with VIEs through the following business activities:

Mortgage-Backed VIEs and Corporate CDO and CLO VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and corporate bonds and loans to corporate CDO and CLO VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed and corporate CDO and CLO VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk from derivatives with these VIEs.

Certain mortgage-backed and corporate CDO and CLO VIEs, usually referred to as synthetic CDOs or credit-linked note VIEs, synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives, rather than purchasing the underlying assets. These credit derivatives may reference a single asset, an index, or a portfolio/basket of assets or indices. See Note 7 for further information about credit derivatives. These VIEs use the funds from the sale of beneficial interests and the premiums received from credit derivative counterparties to purchase securities which serve to collateralize the beneficial interest holders and/or the credit derivative counterparty. These VIEs may enter into other derivatives, primarily interest rate swaps, which are typically not variable interests. The firm may be a counterparty to derivatives with these VIEs and generally enters into derivatives with other counterparties to mitigate its risk.

 

Real Estate, Credit-Related and Other Investing VIEs. The firm purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans and equity securities.

Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients and purchases and sells beneficial interests issued by other asset-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain other asset-backed VIEs, primarily total return swaps on the collateral assets held by these VIEs under which the firm pays the VIE the return due to the note holders and receives the return on the collateral assets owned by the VIE. The firm generally can be removed as the total return swap counterparty. The firm generally enters into derivatives with other counterparties to mitigate its risk from derivatives with these VIEs. The firm typically does not sell assets to the other asset-backed VIEs it structures.

Power-Related VIEs. The firm purchases debt and equity securities issued by and may provide guarantees to VIEs that hold power-related assets. The firm typically does not sell assets to or enter into derivatives with these VIEs.

Investment Funds. The firm purchases equity securities issued by and may provide guarantees to certain of the investment funds it manages. The firm typically does not sell assets to or enter into derivatives with these VIEs.

Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate the risk it has from the derivatives it enters into with these VIEs. The firm also obtains funding through these VIEs.

 

Municipal Bond Securitizations. The firm sold municipal securities to VIEs that issued short-term qualifying tax-exempt securities. During 2011, the firm dissolved these VIEs after having redeemed and/or purchased the outstanding securities issued.

VIE Consolidation Analysis

A variable interest in a VIE is an investment (e.g., debt or equity securities) or other interest (e.g., derivatives or loans and lending commitments) in a VIE that will absorb portions of the VIE’s expected losses or receive portions of the VIE’s expected residual returns.

The firm’s variable interests in VIEs include senior and subordinated debt in residential and commercial mortgage-backed and other asset-backed securitization entities, CDOs and CLOs; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create rather than absorb risk.

The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers:

 

Ÿ  

which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance;

 

Ÿ  

which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE;

 

Ÿ  

the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders;

 

Ÿ  

the VIE’s capital structure;

 

Ÿ  

the terms between the VIE and its variable interest holders and other parties involved with the VIE; and

 

Ÿ  

related-party relationships.

 

The firm reassesses its initial evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances.

Nonconsolidated VIEs

The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs.

The tables below present information about nonconsolidated VIEs in which the firm holds variable interests. Nonconsolidated VIEs are aggregated based on principal business activity. The nature of the firm’s variable interests can take different forms, as described in the rows under maximum exposure to loss. In the tables below:

 

Ÿ  

The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests.

 

Ÿ  

For retained and purchased interests and loans and investments, the maximum exposure to loss is the carrying value of these interests.

 

Ÿ  

For commitments and guarantees, and derivatives, the maximum exposure to loss is the notional amount, which does not represent anticipated losses and also has not been reduced by unrealized losses already recorded. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives provided to VIEs.

The carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated statement of financial condition as follows:

 

Ÿ  

Substantially all assets held by the firm related to mortgage-backed, corporate CDO and CLO and other asset-backed VIEs and investment funds are included in “Financial instruments owned, at fair value.” Substantially all liabilities held by the firm related to mortgage-backed, corporate CDO and CLO and other asset-backed VIEs are included in “Financial instruments sold, but not yet purchased, at fair value.”

 

Ÿ  

Assets and liabilities held by the firm related to real estate, credit-related and other investing VIEs are primarily included in “Financial instruments owned, at fair value” and “Payables to customers and counterparties,” “Financial instruments sold, but not yet purchased, at fair value” and “Other liabilities and accrued expenses,” respectively.

 

Ÿ  

Assets and liabilities held by the firm related to power-related VIEs are primarily included in “Other assets” and “Other liabilities and accrued expenses,” respectively.

 

 

                                                         
    Nonconsolidated VIEs  
    As of December 2011  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
   

Real estate,
credit-

related and
other
investing

   

Other
asset-

backed

   

Power-

related

    Investment
funds
    Total  

Assets in VIE

  $ 94,047  2    $ 20,340     $ 8,974     $ 4,593     $ 519     $ 2,208     $ 130,681  

Carrying Value of the Firm’s Variable Interests

                                                       

Assets

    7,004       911       1,495       352       289       5       10,056  

Liabilities

          63       3       24       2             92  

Maximum Exposure to Loss in Nonconsolidated VIEs

                                                       

Retained interests

    5,745       32                               5,777  

Purchased interests

    962       368             333                   1,663  

Commitments and guarantees 1

          1       373             46             420  

Derivatives 1

    2,469       7,529             1,221                   11,219  

Loans and investments

    82             1,495             288       5       1,870  

Total

  $ 9,258  2    $ 7,930     $ 1,868     $ 1,554     $ 334     $ 5     $ 20,949  
   
    Nonconsolidated VIEs  
    As of December 2010  
in millions  

Mortgage-

backed

    Corporate
CDOs and
CLOs
   

Real estate,
credit-

related and
other
investing

   

Other
asset-

backed

   

Power-

related

    Investment
funds
    Total  

Assets in VIE

  $ 88,755  2    $ 21,644     $ 12,568     $ 5,513     $ 552     $ 2,330     $ 131,362  

Carrying Value of the Firm’s Variable Interests

                                                       

Assets

    8,076       909       1,063       266       239       5       10,558  

Liabilities

          114       1       19       14             148  

Maximum Exposure to Loss in Nonconsolidated VIEs

                                                       

Retained interests

    6,887       50             12                   6,949  

Purchased interests

    839       353             247                   1,439  

Commitments and guarantees 1

          1       125             69             195  

Derivatives 1

    3,128       7,593             1,105                   11,826  

Loans and investments

    104             1,063             239       5       1,411  

Total

  $ 10,958  2    $ 7,997     $ 1,188     $ 1,364     $ 308     $ 5     $ 21,820  

 

1.

The aggregate amounts include $4.17 billion and $4.52 billion as of December 2011 and December 2010, respectively, related to guarantees and derivative transactions with VIEs to which the firm transferred assets.

 

2.

Assets in VIE and maximum exposure to loss include $6.15 billion and $2.62 billion, respectively, as of December 2011, and $6.14 billion and $3.25 billion, respectively, as of December 2010, related to CDOs backed by mortgage obligations.

 

Consolidated VIEs

 

The tables below present the carrying amount and classification of assets and liabilities in consolidated VIEs, excluding the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests. Consolidated VIEs are aggregated based on principal business activity and their assets and liabilities are presented net of intercompany eliminations. The majority of the assets in principal-protected notes VIEs are intercompany and are eliminated in consolidation.

Substantially all the assets in consolidated VIEs can only be used to settle obligations of the VIE.

 

The tables below exclude VIEs in which the firm holds a majority voting interest if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations.

The liabilities of real estate, credit-related and other investing VIEs and CDOs, mortgage-backed and other asset-backed VIEs do not have recourse to the general credit of the firm.

 

 

                                 
    Consolidated VIEs  
    As of December 2011  
in millions   Real estate,
credit-related
and other
investing
   

CDOs,

mortgage-backed

and other

asset-backed

   

Principal-

protected

notes

    Total  

Assets

                               

Cash and cash equivalents

  $ 660     $ 51     $ 1     $ 712  

Cash and securities segregated for regulatory and other purposes

    139                   139  

Receivables from brokers, dealers and clearing organizations

    4                   4  

Receivables from customers and counterparties

          16             16  

Financial instruments owned, at fair value

    2,369       352       112       2,833  

Other assets

    1,552       437             1,989  

Total

  $ 4,724     $ 856     $ 113     $ 5,693  

Liabilities

                               

Other secured financings

  $ 1,418     $ 298     $ 3,208     $ 4,924  

Payables to customers and counterparties

          9             9  

Financial instruments sold, but not yet purchased, at fair value

                2       2  

Unsecured short-term borrowings, including the current portion of
unsecured long-term borrowings

    185             1,941       2,126  

Unsecured long-term borrowings

    4             269       273  

Other liabilities and accrued expenses

    2,046       40             2,086  

Total

  $ 3,653     $ 347     $ 5,420     $ 9,420  
                                         
    Consolidated VIEs  
    As of December 2010  
in millions   Real estate,
credit-related
and other
investing
    Municipal
bond
securitizations
   

CDOs,

mortgage-backed
and other

asset-backed

   

Principal-

protected

notes

    Total  

Assets

                                       

Cash and cash equivalents

  $ 248     $     $ 39     $ 52     $ 339  

Cash and securities segregated for regulatory and other purposes

    205                         205  

Receivables from brokers, dealers and clearing organizations

    4                         4  

Receivables from customers and counterparties

    1             27             28  

Financial instruments owned, at fair value

    2,531       547       550       648       4,276  

Other assets

    3,369             499             3,868  

Total

  $ 6,358     $ 547     $ 1,115     $ 700     $ 8,720  

Liabilities

                                       

Other secured financings

  $ 2,434     $ 630     $ 417     $ 3,224     $ 6,705  

Payables to customers and counterparties

                12             12  

Financial instruments sold, but not yet purchased, at fair value

                55             55  

Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings

    302                   2,359       2,661  

Unsecured long-term borrowings

    6                         6  

Other liabilities and accrued expenses

    2,004             32             2,036  

Total

  $ 4,746     $ 630     $ 516     $ 5,583     $ 11,475  
XML 113 R80.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 9) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivative Instruments, Gain (Loss) By Hedging Relationship [Abstract]      
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Market Making Revenue $ 2,350,000,000 $ 4,990,000,000  
Fair Value, Net Derivatives Measured on Recurring Basis, Gain (Loss) Included in Other Principal Transactions Revenue 62,000,000 55,000,000  
Gain (Loss) Recognized On Hedged Borrowings and Bank Deposits (6,300,000,000) (3,450,000,000) 9,950,000,000
Foreign Currency Denominated Debt Designated As Foreign Currency Hedge 3,110,000,000 3,880,000,000  
Derivative, Net Hedge Ineffectiveness Gain (Loss) (1,620,000,000) (1,840,000,000) 0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness 0 0 (1,230,000,000)
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net (186,000,000) 0 0
Fair Value Hedging [Member] | Interest Rate Contract [Member]
     
Derivative Instruments, Gain (Loss) By Hedging Relationship [Abstract]      
Derivative Instruments, Gain (Loss) Recognized in Income, Net $ 4,680,000,000 $ 1,620,000,000 $ (10,070,000,000)
XML 114 R90.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Identifiable Intangible Assets (Details 1) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Y
Dec. 31, 2010
Identifiable Intangible Assets    
Gross carrying amount $ 3,516 $ 3,576
Accumulated amortization (1,850) (1,549)
Net carrying amount 1,666 2,027
Identifiable intangible assets approximate weighted average remaining life in years 9  
Customer lists [Member]
   
Identifiable Intangible Assets    
Gross carrying amount 1,119 1,104
Accumulated amortization (593) (529)
Net carrying amount 526 575
Identifiable intangible assets approximate weighted average remaining life in years 9  
Commodities-related intangibles [Member]
   
Identifiable Intangible Assets    
Gross carrying amount 595 667
Accumulated amortization (237) (52)
Net carrying amount 358 615
Identifiable intangible assets approximate weighted average remaining life in years 11  
Broadcast royalties [Member]
   
Identifiable Intangible Assets    
Gross carrying amount 560 560
Accumulated amortization (123) (61)
Net carrying amount 437 499
Identifiable intangible assets approximate weighted average remaining life in years 7  
Insurance-related intangibles [Member]
   
Identifiable Intangible Assets    
Gross carrying amount 292 292
Accumulated amortization (146) (146)
Net carrying amount 146 146
Identifiable intangible assets approximate weighted average remaining life in years 7  
Other [Member]
   
Identifiable Intangible Assets    
Gross carrying amount 950 953
Accumulated amortization (751) (761)
Net carrying amount $ 199 $ 192
Identifiable intangible assets approximate weighted average remaining life in years 12  
XML 115 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Financial Condition (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Consolidated Statements of Financial Condition [Abstract]    
Securities segregated for regulatory and other purposes $ 42,014 $ 36,182
Securities purchased under agreements to resell and federal funds sold at fair value 187,789 188,355
Securities borrowed at fair value 47,621 48,822
Receivables from customers and counterparties at fair value 9,682 7,202
Financial instruments owned, at fair value pledged as collateral 53,989 51,010
Deposits at fair value 4,526 1,975
Securities loaned at fair value 107 1,514
Other secured financings at fair value 30,019 31,794
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value 17,854 22,116
Unsecured long-term borrowings at fair value 17,162 18,171
Other liabilities and accrued expenses at fair value 9,486 2,972
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, liquidation preference $ 3,100 $ 8,100
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 4,000,000,000 4,000,000,000
Common stock, shares issued 795,555,310 770,949,268
Common stock, shares outstanding 485,467,565 507,530,772
Nonvoting common stock, par value $ 0.01 $ 0.01
Nonvoting common stock, shares authorized 200,000,000 200,000,000
Treasury stock, par value $ 0.01 $ 0.01
Treasury stock, shares 310,087,747 263,418,498
XML 116 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
12 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements Fair Value Measurements

Note 5.

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs.

 

The best evidence of fair value is a quoted price in an active market. If listed prices or quotations are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use as inputs market-based or independently sourced parameters, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodities prices, credit curves and funding rates.

U.S. GAAP has a three-level fair value hierarchy for disclosure of fair value measurements. The fair value hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in the fair value hierarchy is based on the lowest level of input that is significant to its fair value measurement.

The fair value hierarchy is as follows:

Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities.

Level 2. Inputs to valuation techniques are observable, either directly or indirectly.

Level 3. One or more inputs to valuation techniques are significant and unobservable.

The fair values for substantially all of our financial assets and financial liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the hierarchy. Certain level 2 and level 3 financial assets and financial liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. See Notes 6, 7 and 8 for further information about valuation adjustments.

See Notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives, respectively, included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” and Note 8 for further information about other financial assets and financial liabilities accounted for at fair value under the fair value option.

 

Financial assets and financial liabilities at fair value are summarized below.

 

 

                 
    As of December  
$ in millions   2011     2010  

Total level 1 financial assets

  $ 136,780     $ 137,687  

Total level 2 financial assets

    587,416       566,535  

Total level 3 financial assets

    47,937       45,377  

Netting and collateral 1

    (120,821     (112,085

Total financial assets at fair value

  $ 651,312     $ 637,514  

Total assets

  $ 923,225     $ 911,332  

Total level 3 financial assets as a percentage of Total assets

    5.2     5.0

Total level 3 financial assets as a percentage of Total financial assets at fair value

    7.4     7.1

Total level 3 financial liabilities at fair value

  $ 25,498     $ 24,054  

Total financial liabilities at fair value

  $ 388,669     $ 381,604  

Total level 3 financial liabilities as a percentage of Total financial liabilities at fair value

    6.6     6.3

 

1.

Represents the impact on derivatives of cash collateral and counterparty netting across levels of the fair value hierarchy. Netting among positions classified in the same level is included in that level.

 

The increase in level 3 financial assets during the year ended December 2011 primarily reflected an increase in private equity investments, principally due to purchases and net transfers from level 2, partially offset by sales. Level 3 bank loans and bridge loans also increased, primarily reflecting purchases, partially offset by sales, settlements and net transfers to level 2.

 

See Notes 6, 7 and 8 for further information about level 3 cash instruments, derivatives and other financial assets and financial liabilities accounted for at fair value under the fair value option, respectively, including information about significant unrealized gains/(losses) and significant transfers in or out of level 3.

XML 117 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value
12 Months Ended
Dec. 31, 2011
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value [Abstract]  
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value

Note 4.

Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value

 

 

Financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP. See Note 8 for further information about the fair value option. The table below presents the firm’s financial instruments owned, at fair value, including those pledged as collateral, and financial instruments sold, but not yet purchased, at fair value. Financial instruments owned, at fair value included $4.86 billion and $3.67 billion as of December 2011 and December 2010, respectively, of securities accounted for as available-for-sale, substantially all of which are held in the firm’s insurance subsidiaries.

 

 

                                     
    As of December 2011         As of December 2010  
in millions   Financial
Instruments
Owned
   

Financial
Instruments
Sold, But

Not Yet
Purchased

         Financial
Instruments
Owned
   

Financial
Instruments
Sold, But

Not Yet
Purchased

 

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 13,440     $         $ 11,262  3    $  

U.S. government and federal agency obligations

    87,040       21,006           84,928       23,264  

Non-U.S. government obligations

    49,205       34,886           40,675       29,009  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    6,699       27           7,510       5  

Loans and securities backed by residential real estate

    7,592       3           9,532       6  

Bank loans and bridge loans

    19,745       2,756  2          18,039       1,487  2 

Corporate debt securities

    22,131       6,553           24,719       7,219  

State and municipal obligations

    3,089       3           2,792        

Other debt obligations

    4,362                 3,232        

Equities and convertible debentures

    65,113       21,326           67,833       24,988  

Commodities

    5,762                 13,138       9  

Derivatives 1

    80,028       58,453           73,293       54,730  

Total

  $ 364,206     $ 145,013         $ 356,953     $ 140,717  

 

1.

Net of cash collateral received or posted under credit support agreements and reported on a net-by-counterparty basis when a legal right of setoff exists under an enforceable netting agreement.

 

2.

Includes the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is primarily included in “Financial instruments owned, at fair value.”

 

3.

Includes $4.06 billion as of December 2010 of money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program. See Note 18 for further information about the William Street credit extension program.

 

Gains and Losses from Market Making and Other Principal Transactions

The table below presents, by major product type, the firm’s “Market making” and “Other principal transactions” revenues. These gains/(losses) are primarily related to the firm’s financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value, including both derivative and non-derivative financial instruments. These gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.

The gains/(losses) in the table are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making, client facilitation, and investing and lending strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s cash instruments and derivatives has exposure to foreign currencies and may be economically hedged with foreign currency contracts.

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Interest rates

  $ 1,557     $ (2,042   $ 6,540  

Credit

    2,715       8,679       6,691  

Currencies

    901       3,219       (817

Equities

    2,788       6,862       6,128  

Commodities

    1,588       1,567       4,591  

Other

    1,245       2,325       1,576  

Total

  $ 10,794     $ 20,610     $ 24,709  

 

XML 118 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings
12 Months Ended
Dec. 31, 2011
Long-Term Borrowings [Abstract]  
Long-Term Borrowings Long-Term Borrowings

Note 16.

Long-Term Borrowings

Long-term borrowings were comprised of the following:

 

 

                 
    As of December  
in millions   2011     2010  

Other secured financings (long-term)

  $ 8,179     $ 13,848  

Unsecured long-term borrowings

    173,545       174,399  

Total

  $ 181,724     $ 188,247  

 

See Note 9 for further information about other secured financings. The table below presents unsecured long-term borrowings extending through 2061 and consisting principally of senior borrowings.

 

 

                                                     
    As of December 2011         As of December 2010  
in millions  

U.S.

Dollar

   

Non-U.S.

Dollar

    Total         

U.S.

Dollar

   

Non-U.S.

Dollar

    Total  

Fixed-rate obligations  1

Group Inc.

  $ 82,396     $ 38,012     $ 120,408         $ 81,192     $ 35,353     $ 116,545  

Subsidiaries

    1,662       557       2,219           1,622       532       2,154  

Floating-rate obligations  2

Group Inc.

    19,936       25,878       45,814           23,700       27,374       51,074  

Subsidiaries

    3,500       1,604       5,104           3,616       1,010       4,626  

Total 3

  $ 107,494     $ 66,051     $ 173,545         $ 110,130     $ 64,269     $ 174,399  

 

1.

Interest rates on U.S. dollar-denominated debt ranged from 0.10% to 10.04% (with a weighted average rate of 5.62%) and 0.20% to 10.04% (with a weighted average rate of 5.52%) as of December 2011 and December 2010, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.85% to 14.85% (with a weighted average rate of 4.75%) and 0.85% to 14.85% (with a weighted average rate of 4.65%) as of December 2011 and December 2010, respectively.

 

2.

Floating interest rates generally are based on LIBOR or the federal funds target rate. Equity-linked and indexed instruments are included in floating-rate obligations.

 

3.

Includes $0 and $8.58 billion as of December 2011 and December 2010, respectively, guaranteed by the FDIC under the TLGP.

 

The table below presents unsecured long-term borrowings by maturity date. In the table below:

 

Ÿ  

unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are included as unsecured short-term borrowings;

 

Ÿ  

unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; and

 

Ÿ  

unsecured long-term borrowings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable.

 

 

             
   

As of December 2011

in millions   Group Inc.   Subsidiaries   Total

2013

  $  25,024   $   185   $  25,209

2014

  19,981   358   20,339

2015

  16,578   272   16,850

2016

  25,507   163   25,670

2017 - thereafter

  79,132   6,345   85,477

Total 1

  $166,222   $7,323   $173,545

 

1.

Includes $10.84 billion related to interest rate hedges on certain unsecured long-term borrowings, by year of maturity as follows: $542 million in 2013, $882 million in 2014, $653 million in 2015, $1.19 billion in 2016 and $7.57 billion in 2017 and thereafter.

 

The aggregate contractual principal amount of unsecured long-term borrowings (principal and non-principal protected) for which the fair value option was elected exceeded the related fair value by $693 million and $349 million as of December 2011 and December 2010, respectively.

The firm designates certain derivatives as fair value hedges to effectively convert a substantial portion of its fixed-rate unsecured long-term borrowings which are not accounted for at fair value into floating-rate obligations. Accordingly, excluding the cumulative impact of changes in the firm’s credit spreads, the carrying value of unsecured long-term borrowings approximated fair value as of December 2011 and December 2010. For unsecured long-term borrowings for which the firm did not elect the fair value option, the cumulative impact due to changes in the firm’s own credit spreads would be a reduction in the carrying value of total unsecured long-term borrowings of less than 4% as of both December 2011 and December 2010. See Note 7 for further information about hedging activities.

The table below presents unsecured long-term borrowings, after giving effect to hedging activities that converted a substantial portion of fixed-rate obligations to floating-rate obligations.

 

 

                                                             
    As of December 2011   As of December 2010
in millions   Group Inc.   Subsidiaries   Total   Group Inc.   Subsidiaries   Total

Fixed-rate obligations

                                                           

At fair value

    $  10       $  66       $ 76       $ 16       $ 6       $ 22  

At amortized cost 1, 2

      26,839         1,934         28,773         3,956         1,921         5,877  

Floating-rate obligations

At fair value

      12,903         4,183         17,086         13,428         4,720         18,148  

At amortized cost 1 , 2

      126,470         1,140         127,610         150,219         133         150,352  

Total

    $ 166,222       $ 7,323       $ 173,545       $ 167,619       $ 6,780       $ 174,399  

 

1.

The weighted average interest rates on the aggregate amounts were 2.59% (5.18% related to fixed-rate obligations and 2.03% related to floating-rate obligations) and 1.90% (5.69% related to fixed-rate obligations and 1.74% related to floating-rate obligations) as of December 2011 and December 2010, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option.

 

2.

During 2011, certain fair value hedges were de-designated resulting in a larger portion of fixed-rate debt carried at amortized cost.

 

Subordinated Borrowings

 

Unsecured long-term borrowings include subordinated debt and junior subordinated debt. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. As of December 2011 and December 2010, subordinated debt had maturities ranging from 2017 to 2038 and 2012 to 2038, respectively. The table below presents subordinated borrowings.

 

                                                     
    As of December 2011         As of December 2010  
in millions  

Par

Amount

   

Carrying

Amount

    Rate 1         

Par

Amount

   

Carrying

Amount

    Rate 1  

Subordinated debt 2

  $ 14,310       $17,362       4.39 % 3        $ 14,345     $ 16,977       1.19

Junior subordinated debt

    5,085       6,533       2.43         5,082       5,716       2.50

Total subordinated borrowings

  $ 19,395       $23,895       3.87       $ 19,427     $ 22,693       1.54

 

1. 

Weighted average interest rate after giving effect to fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. See below for information about interest rates on junior subordinated debt.

 

2.

Par amount and carrying amount of subordinated debt issued by Group Inc. was $13.75 billion and $16.80 billion, respectively, as of December 2011, and $13.81 billion and $16.44 billion, respectively, as of December 2010.

 

3. 

The increase in the weighted average interest rate as of December 2011 compared with December 2010 is primarily due to the de-designation of certain fair value hedges resulting in a larger portion of subordinated debt carried as a fixed-rate obligation.

Junior Subordinated Debt

 

Junior Subordinated Debt Issued to APEX Trusts. In 2007, Group Inc. issued a total of $2.25 billion of remarketable junior subordinated debt to Goldman Sachs Capital II and Goldman Sachs Capital III (APEX Trusts), Delaware statutory trusts. The APEX Trusts issued $2.25 billion of guaranteed perpetual Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to Group Inc. Group Inc. also entered into contracts with the APEX Trusts to sell $2.25 billion of Group Inc. perpetual non-cumulative preferred stock (the stock purchase contracts). See Note 19 for information about the preferred stock that Group Inc. will issue in connection with the stock purchase contracts.

The APEX Trusts are wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.

The firm accounted for the stock purchase contracts as equity instruments and, accordingly, recorded the cost of the stock purchase contracts as a reduction to additional paid-in capital.

The firm pays interest semi-annually on $1.75 billion of junior subordinated debt issued to Goldman Sachs Capital II at a fixed annual rate of 5.59% and the debt matures on June 1, 2043. The firm pays interest quarterly on $500 million of junior subordinated debt issued to Goldman Sachs Capital III at a rate per annum equal to three-month LIBOR plus 0.57% and the debt matures on September 1, 2043. In addition, the firm makes contract payments at a rate of 0.20% per annum on the stock purchase contracts held by the APEX Trusts.

The firm has the right to defer payments on the junior subordinated debt and the stock purchase contracts, subject to limitations, and therefore cause payment on the APEX to be deferred. During any such extension period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common or preferred stock.

In connection with the APEX issuance, the firm covenanted in favor of certain of its debtholders, who were initially and are currently the holders of Group Inc.’s 6.345% Junior Subordinated Debentures due February 15, 2034, that, subject to certain exceptions, the firm would not redeem or purchase (i) Group Inc.’s junior subordinated debt issued to the APEX Trusts prior to the applicable stock purchase date or (ii) APEX or shares of Group Inc.’s perpetual Non-Cumulative Preferred Stock, Series E (Series E Preferred Stock) or perpetual Non-Cumulative Preferred Stock, Series F (Series F Preferred Stock) prior to the date that is ten years after the applicable stock purchase date, unless the applicable redemption or purchase price does not exceed a maximum amount determined by reference to the aggregate amount of net cash proceeds that the firm has received from the sale of qualifying equity securities during the 180-day period preceding the redemption or purchase.

 

Junior Subordinated Debt Issued in Connection with Trust Preferred Securities. Group Inc. issued $2.84 billion of junior subordinated debentures in 2004 to Goldman Sachs Capital I (Trust), a Delaware statutory trust. The Trust issued $2.75 billion of guaranteed preferred beneficial interests to third parties and $85 million of common beneficial interests to Group Inc. and used the proceeds from the issuances to purchase the junior subordinated debentures from Group Inc. The Trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.

The firm pays interest semi-annually on the debentures at an annual rate of 6.345% and the debentures mature on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the debentures. The firm has the right, from time to time, to defer payment of interest on the debentures, and therefore cause payment on the Trust’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such extension period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. The Trust is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full.

 

XML 119 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Assets
12 Months Ended
Dec. 31, 2011
Other Assets [ Abstract]  
Other Assets Other Assets

Note 12.

Other Assets

 

Other assets are generally less liquid, non-financial assets. The table below presents other assets by type.

 

                 
    As of December  
in millions   2011     2010  

Property, leasehold improvements and equipment  1

  $ 8,697     $ 11,106  

Goodwill and identifiable intangible assets  2

    5,468       5,522  

Income tax-related assets 3

    5,017       6,239  

Equity-method investments 4

    664       1,445  

Miscellaneous receivables and other

    3,306       3,747  

Total

  $ 23,152     $ 28,059  

 

1.

Net of accumulated depreciation and amortization of $8.46 billion and $7.87 billion as of December 2011 and December 2010, respectively.

 

2.

See Note 13 for further information about goodwill and identifiable intangible assets.

 

3.

See Note 24 for further information about income taxes.

 

4.

Excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.17 billion and $3.77 billion as of December 2011 and December 2010, respectively, which are included in “Financial instruments owned, at fair value.” The firm has generally elected the fair value option for such investments acquired after the fair value option became available.

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment included $6.48 billion and $6.44 billion as of December 2011 and December 2010, respectively, related to property, leasehold improvements and equipment that the firm uses in connection with its operations. The remainder is held by investment entities, including VIEs, consolidated by the firm.

Substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset.

Leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease, whichever is shorter.

Certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software.

Property, leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. The firm’s policy for impairment testing of property, leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives. See Note 13 for further information.

 

Impairments

In the first quarter of 2011, the firm classified certain assets as held for sale, primarily related to Litton Loan Servicing LP (Litton) and recognized impairment losses of approximately $220 million, principally in the firm’s Institutional Client Services segment. These impairment losses, which were included in “Depreciation and amortization,” represent the excess of (i) the carrying value of these assets over (ii) their estimated fair value less estimated cost to sell. These assets were sold in the third quarter of 2011. The firm received total consideration that approximated the firm’s adjusted carrying value for Litton. See Note 18 for further information about the sale of Litton.

As a result of a decline in the market conditions in which certain of the firm’s consolidated investments operate, during 2011 the firm tested certain commodity-related intangible assets and property, leasehold improvements and equipment associated with these investments for impairment in accordance with ASC 360. The carrying value of these assets exceeded the projected undiscounted cash flows over the estimated remaining useful lives of these assets; as such, the firm determined the assets were impaired and recorded an impairment loss of approximately $220 million ($120 million related to commodity-related intangible assets and $100 million related to property, leasehold improvements and equipment), which was included in “Depreciation and amortization” in the firm’s Investing & Lending segment. This impairment loss represented the excess of the carrying value of these assets over their estimated fair value, which is a level 3 measurement, using a combination of discounted cash flow analyses and relative value analyses, including the estimated cash flows expected to be received from the disposition of certain of these assets.

During the fourth quarter of 2010, as a result of continuing weak operating results in the firm’s NYSE DMM business, the firm tested its NYSE DMM rights for impairment in accordance with ASC 360. Because the carrying value of the firm’s NYSE DMM rights exceeded the projected undiscounted cash flows over the estimated remaining useful life of the firm’s NYSE DMM rights, the firm determined that the rights were impaired. The firm recorded an impairment loss of $305 million, which was included in “Depreciation and amortization” in the firm’s Institutional Client Services segment in the fourth quarter of 2010. This impairment loss represented the excess of the carrying value of the firm’s NYSE DMM rights over their estimated fair value. The firm estimated this fair value, which is a level 3 measurement, using a relative value analysis which incorporated a comparison to another DMM portfolio that was transacted between third parties.

 

XML 120 R84.htm IDEA: XBRL DOCUMENT v2.4.0.6
Collateralized Agreements and Financings (Details) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Repurchase agreements and securities borrowed and loaned transactions    
Securities purchased under agreements to resell and federal funds sold (includes $187,789 and $188,355 at fair value as of December 2011 and December 2010, respectively) $ 187,789,000,000 $ 188,355,000,000
Securities borrowed (includes $47,621 and $48,822 at fair value as of December 2011 and December 2010,respectively) 153,341,000,000 166,306,000,000
Securities sold under agreements to repurchase, at fair value 164,502,000,000 162,345,000,000
Securities loaned (includes $107 and $1,514 at fair value as of December 2011 and December 2010, respectively) 7,182,000,000 11,212,000,000
Other Secured Financings    
Other Secured Financings Short Term At Fair Value 23,659,000,000 20,088,000,000
Other Secured Financings Short Term At Amortized Cost 5,526,000,000 4,441,000,000
Other Secured Financings Long Term At Fair Value 6,360,000,000 11,706,000,000
Other Secured Financings Long Term At Amortized Cost 1,819,000,000 2,142,000,000
Other secured financings 37,364,000,000 38,377,000,000
Other secured financings collateralized by financial instruments 35,872,000,000 35,774,000,000
Other secured financings collateralized by other assets (primarily real estate and cash) 1,492,000,000 2,603,000,000
Other Secured Financings by Maturity [Abstract]    
Other secured financings, short-term 29,185,000,000 24,529,000,000
2013 1,852,000,000  
2014 3,627,000,000  
2015 583,000,000  
2016 437,000,000  
2017-thereafter 1,680,000,000  
Total other secured financings (long-term) 8,179,000,000 13,848,000,000
Other secured financings 37,364,000,000 38,377,000,000
Collateral Received And Pledged [Abstract]    
Fair value of financial instruments received as collateral by the firm that it was permitted to deliver or repledge 622,926,000,000 618,423,000,000
Financial instruments received as collateral which the firm delivered or repledged 454,604,000,000 447,882,000,000
Financial instruments owned at fair value pledged in connection with repurchase agreements securities lending agreements and other secured financings to counterparties that had the right to deliver or repledge 53,989,000,000 51,010,000,000
Financial instruments owned at fair value pledged in connection with repurchase agreements securities lending agreements and other secured financings to counterparties that did not have right to deliver or repledge 110,949,000,000 112,750,000,000
Other assets (primarily real estate and cash) owned and pledged in connection with other secured financings to counterparties that did not have the right to deliver or repledge 3,444,000,000 4,482,000,000
Collateralized Agreements and Financings (Textuals) [Abstract]    
Securities borrowed at fair value 47,621,000,000 48,822,000,000
Securities loaned at fair value 107,000,000 1,514,000,000
Securities received under resale agreements and securities borrowed transactions segregated to satisfy certain regulatory requirements. 20,220,000,000 12,860,000,000
Nonrecourse obligations included in other secured financings 3,140,000,000 8,420,000,000
Transfers of financial assets accounted for as financings included in other secured financings 9,360,000,000 8,320,000,000
Financial assets collateralizing other secured financings related to failed sales 9,510,000,000 8,530,000,000
Other secured financings collateralized by financial instruments owned 14,820,000,000 25,630,000,000
Other secured financings collateralized by financial instruments received as collateral and repledged 21,060,000,000 10,140,000,000
Difference between aggregate contractual principal amount of other secured financings long term and the related fair value 239,000,000 352,000,000
U.S. Dollar [Member]
   
Other Secured Financings    
Other Secured Financings Short Term At Fair Value 18,519,000,000 16,404,000,000
Other Secured Financings Short Term At Amortized Cost 155,000,000 99,000,000
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) 3.85% 2.96%
Other Secured Financings Long Term At Fair Value 4,305,000,000 9,594,000,000
Other Secured Financings Long Term At Amortized Cost 1,024,000,000 1,565,000,000
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) 1.88% 2.14%
Other secured financings 24,003,000,000 27,662,000,000
Other secured financings collateralized by financial instruments 23,703,000,000 27,014,000,000
Other secured financings collateralized by other assets (primarily real estate and cash) 300,000,000 648,000,000
Other Secured Financings by Maturity [Abstract]    
Other secured financings 24,003,000,000 27,662,000,000
Non-U.S. Dollar [Member]
   
Other Secured Financings    
Other Secured Financings Short Term At Fair Value 5,140,000,000 3,684,000,000
Other Secured Financings Short Term At Amortized Cost 5,371,000,000 4,342,000,000
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (short-term) 0.22% 0.71%
Other Secured Financings Long Term At Fair Value 2,055,000,000 2,112,000,000
Other Secured Financings Long Term At Amortized Cost 795,000,000 577,000,000
Weighted average interest rate, after giving effect to hedging activities, on other secured financings at amortized cost (long-term) 3.28% 1.94%
Other secured financings 13,361,000,000 10,715,000,000
Other secured financings collateralized by financial instruments 12,169,000,000 8,760,000,000
Other secured financings collateralized by other assets (primarily real estate and cash) 1,192,000,000 1,955,000,000
Other Secured Financings by Maturity [Abstract]    
Other secured financings $ 13,361,000,000 $ 10,715,000,000
XML 121 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Option
12 Months Ended
Dec. 31, 2011
Fair Value Option [Abstract]  
Fair Value Option Fair Value Option

Note 8.

Fair Value Option

Other Financial Assets and Financial Liabilities at Fair Value

In addition to all cash and derivative instruments included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” the firm has elected to account for certain of its other financial assets and financial liabilities at fair value under the fair value option.

The primary reasons for electing the fair value option are to:

 

Ÿ  

reflect economic events in earnings on a timely basis;

 

Ÿ  

mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial instruments owned accounted for as financings are recorded at fair value whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and

 

Ÿ  

address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts).

Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of non-financial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option.

Other financial assets and financial liabilities accounted for at fair value under the fair value option include:

 

Ÿ  

resale and repurchase agreements;

 

Ÿ  

securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution;

 

Ÿ  

certain other secured financings, primarily transfers of assets accounted for as financings rather than sales and certain other nonrecourse financings, including debt raised through the firm’s William Street credit extension program outstanding as of December 2010;

 

Ÿ  

certain unsecured short-term borrowings, consisting of all promissory notes and commercial paper and certain hybrid financial instruments;

 

Ÿ  

certain unsecured long-term borrowings, including prepaid commodity transactions and certain hybrid financial instruments;

 

Ÿ  

certain receivables from customers and counterparties, including certain margin loans and transfers of assets accounted for as secured loans rather than purchases;

 

Ÿ  

certain insurance and reinsurance contract assets and liabilities and certain guarantees;

 

Ÿ  

certain subordinated liabilities issued by consolidated VIEs; and

 

Ÿ  

certain deposits issued by the firm’s bank subsidiaries. Deposits with no stated maturity are not eligible for a fair value option election.

These financial assets and financial liabilities at fair value are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified as level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality.

Significant inputs for each category of other financial assets and financial liabilities at fair value are as follows:

Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are the amount and timing of expected future cash flows, interest rates and collateral funding spreads. See Note 9 for further information.

 

Other Secured Financings. The significant inputs to the valuation of other secured financings at fair value are the amount and timing of expected future cash flows, interest rates, the fair value of the collateral delivered by the firm (which is determined using the amount and timing of expected future cash flows, market yields and recovery assumptions), the frequency of additional collateral calls and the credit spreads of the firm. See Note 9 for further information.

Unsecured Short-term and Long-term Borrowings. The significant inputs to the valuation of unsecured short-term and long-term borrowings at fair value are the amount and timing of expected future cash flows, interest rates, the credit spreads of the firm, as well as commodity prices in the case of prepaid commodity transactions and, for certain hybrid financial instruments, equity prices, inflation rates and index levels. See Notes 15 and 16 for further information.

Receivables from Customers and Counterparties. The significant inputs to the valuation of certain receivables from customers and counterparties are commodity prices, interest rates and the amount and timing of expected future cash flows.

Insurance and Reinsurance Contracts. Insurance and reinsurance contracts at fair value are included in “Receivables from customers and counterparties” and “Other liabilities and accrued expenses.” The insurance and reinsurance contracts for which the firm has elected the fair value option are contracts that can be settled only in cash and that qualify for the fair value option because they are recognized financial instruments. These contracts are valued using market transactions and other market evidence where possible, including market-based inputs to models, calibration to market-clearing transactions or other alternative pricing sources with reasonable levels of price transparency. Significant level 2 inputs typically include interest rates and inflation risk. Significant level 3 inputs typically include mortality or funding benefit assumptions. When unobservable inputs to a valuation model are significant to the fair value measurement of an instrument, the instrument is classified in level 3.

Deposits. The significant inputs to the valuation of deposits are interest rates.

 

Fair Value of Other Financial Assets and Financial

Liabilities by Level

 

The tables below present, by level within the fair value hierarchy, other financial assets and financial liabilities accounted for at fair value under the fair value option.

 

 

                                 
    Other Financial Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Securities segregated for regulatory and other purposes  1

  $ 21,263     $ 20,751     $     $ 42,014  

Securities purchased under agreements to resell

          187,232       557       187,789  

Securities borrowed

          47,621             47,621  

Receivables from customers and counterparties

          8,887       795       9,682  

Total

  $ 21,263     $ 264,491     $ 1,352     $ 287,106  
   
    Other Financial Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Deposits

  $     $ 4,513     $ 13     $ 4,526  

Securities sold under agreements to repurchase

          162,321       2,181       164,502  

Securities loaned

          107             107  

Other secured financings

          28,267       1,752       30,019  

Unsecured short-term borrowings

          14,560       3,294       17,854  

Unsecured long-term borrowings

          14,971       2,191       17,162  

Other liabilities and accrued expenses

          490       8,996       9,486  

Total

  $     $ 225,229     $ 18,427     $ 243,656  

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $21.26 billion of level 1 and $528 million of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

                 
   

Other Financial Assets at Fair Value as of December 2010

in millions   Level 1   Level 2   Level 3   Total

Securities segregated for regulatory and other purposes  1

 

$19,794

  $  16,388   $   —   $  36,182

Securities purchased under agreements to resell

    188,255   100   188,355

Securities borrowed

    48,822     48,822

Receivables from customers and counterparties

    6,904   298   7,202

Total

 

$19,794

  $260,369   $398   $280,561

 

                 
   

Other Financial Liabilities at Fair Value as of December 2010

in millions   Level 1   Level 2   Level 3   Total

Deposits

  $—   $   1,975   $       —   $    1,975

Securities sold under agreements to repurchase

    160,285   2,060   162,345

Securities loaned

    1,514     1,514

Other secured financings

    23,445   8,349   31,794

Unsecured short-term borrowings

    18,640   3,476   22,116

Unsecured long-term borrowings

    16,067   2,104   18,171

Other liabilities and accrued expenses

    563   2,409   2,972

Total

  $—   $222,489   $18,398   $240,887

 

1.

Includes securities segregated for regulatory and other purposes accounted for at fair value under the fair value option, which consists of securities borrowed and resale agreements. The table above also includes $19.79 billion of level 1 and $3.53 billion of level 2 securities segregated for regulatory and other purposes accounted for at fair value under other U.S. GAAP, principally consisting of U.S. Treasury securities, money market instruments and insurance separate account assets.

 

Level 3 Rollforward

 

If a financial asset or financial liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are recognized at the beginning of the reporting period in which they occur. The tables below present changes in fair value for other financial assets and financial liabilities accounted for at fair value under the fair value option categorized as level 3 as of the end of the year.

 

Level 3 other financial assets and liabilities are frequently economically hedged with cash instruments and derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 cash instruments or derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

 

 

                                 
   

Level 3 Other Financial Assets at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
  Net
realized
gains/
(losses)
 

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

  Purchases   Sales   Settlements  

Net
transfers
in and/or
(out) of

level 3

  Balance,
end of
year

Securities purchased under agreements to resell

  $100   $ 2   $—   $   620   $—   $(165)   $—   $   557

Receivables from customers and counterparties

  298     54   468     (25)     795

Total

  $398   $ 2   $54   $1,088   $—   $(190)   $—   $1,352

 

                                     
   

Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2011

in millions   Balance,
beginning
of year
  Net
realized
(gains)/
losses
 

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

  Purchases   Sales   Issuances   Settlements  

Net
transfers
in and/or
(out) of

level 3

 

Balance,
end of

year

Deposits

  $        —   $ —    $     —    $      —    $—   $      13   $       —    $       —    $       13

Securities sold under agreements to repurchase, at fair value

  2,060   —    —    —      299   (178)   —    2,181

Other secured financings

  8,349       —      483   (4,062)   (3,029)   1,752

Unsecured short-term borrowings

  3,476   (15)   (340)   (5)     815   (1,080)   443    3,294

Unsecured long-term borrowings

  2,104   25      —      441   (193)   (191)   2,191

Other liabilities and accrued expenses

  2,409   —    1,095    5,840        (348)   —    8,996

Total

  $18,398   $ 18    $    763   $5,835    $—   $2,051   $(5,861)   $(2,777)   $18,427

The net unrealized loss on level 3 other financial assets and liabilities at fair value of $709 million for the year ended December 2011 primarily consisted of losses on other liabilities and accrued expenses, primarily attributable to the impact of a change in interest rates on certain insurance liabilities. These losses were partially offset by gains on unsecured short-term borrowings, primarily reflecting gains on certain equity-linked notes, principally due to a decline in global equity markets.

 

Significant transfers in or out of level 3 during the year ended December 2011 included:

 

Ÿ  

Other secured financings: net transfer out of level 3 of $3.03 billion, principally due to transfers to level 2 of certain borrowings as unobservable inputs were no longer significant to the valuation of these borrowings as they neared maturity.

 

Ÿ  

Unsecured short-term borrowings: net transfer into level 3 of $443 million, principally due to transfers to level 3 of certain borrowings due to less transparency of market prices as a result of less activity in these financial instruments.

 

 

                                                 
    Level 3 Other Financial Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers in
and/or
(out) of
level 3
   

Balance,
end of

year

 

Securities purchased under agreements to resell

    $        —       $    3       $  —       $     97       $       —       $     100  

Receivables from customers and counterparties

          22       (58           334       298  

Total

    $        —       $  25       $ (58     $     97       $    334       $     398  
   
    Level 3 Other Financial Liabilities at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
   

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

    Net
purchases,
sales,
issuances
and
settlements
    Net
transfers in
and/or
(out) of
level 3
   

Balance,
end of

year

 

Securities sold under agreements to repurchase, at fair value

    $     394       $  —       $   —       $1,666       $       —       $  2,060  

Other secured financings

    6,756       (1     25       1,605       (36     8,349  

Unsecured short-term borrowings

    2,310       91       35       (300     1,340       3,476  

Unsecured long-term borrowings

    3,077       23       41       216       (1,253     2,104  

Other liabilities and accrued expenses

    1,913       10       54       (155     587       2,409  

Total

    $14,450       $123       $155       $3,032       $    638       $18,398  

 

Significant transfers in or out of level 3 during the year ended December 2010, which were principally due to the consolidation of certain VIEs upon adoption of ASU No. 2009-17 as of January 1, 2010, included:

 

Ÿ  

Unsecured short-term borrowings: net transfer into level 3 of $1.34 billion, principally due to the consolidation of certain VIEs.

 

Ÿ  

Unsecured long-term borrowings: net transfer out of level 3 of $1.25 billion, principally due to the consolidation of certain VIEs, which caused the firm’s borrowings from these VIEs to become intercompany borrowings which were eliminated in consolidation. Substantially all of these borrowings were level 3.

 

Ÿ  

Other liabilities and accrued expenses: net transfer into level 3 of $587 million, principally due to an increase in subordinated liabilities issued by certain consolidated VIEs.

 

Gains and Losses on Other Financial Assets and

Financial Liabilities at Fair Value

 

The “Fair Value Option” columns in the table below present the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities. These gains and losses are included in “Market making” and “Other principal transactions.”

The amounts in the table exclude contractual interest, which is included in “Interest income” and “Interest expense,” for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense. The table also excludes gains and losses related to financial instruments owned, at fair value and financial instruments sold, but not yet purchased, at fair value.

Included in the “Other” columns in the table below are:

 

Ÿ  

Gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings and unsecured long-term borrowings. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid instrument at fair value.

 

Ÿ  

Gains and losses on secured financings related to transfers of assets accounted for as financings rather than sales. These gains and losses are offset by gains and losses on the related instruments included in “Financial instruments owned, at fair value” and “Receivables from customers and counterparties.”

 

Ÿ  

Gains and losses on receivables from customers and counterparties related to transfers of assets accounted for as receivables rather than purchases. These gains and losses are offset by gains and losses on the related financial instruments included in “Other secured financings.”

 

Ÿ  

Gains and losses on subordinated liabilities issued by consolidated VIEs, which are included in “Other liabilities and accrued expenses.” These gains and losses are offset by gains and losses on the financial assets held by the consolidated VIEs.

 

 

                                                         
    Gains/(Losses) on Other Financial Assets and Financial Liabilities at Fair Value  
    Year Ended December  
    2011         2010         2009  
in millions  

Fair

Value
Option

    Other         

Fair

Value

Option

    Other         

Fair

Value
Option

    Other  

Receivables from customers and counterparties  1

    $  (11     $    442           $(106     $    558           $    255       $      —  

Other secured financings

    123       (1,199         (35     (996         (822     48  

Unsecured short-term borrowings

    144       2,005           33       (1,488         (182     (3,150

Unsecured long-term borrowings

    535       1,801           152       (1,321         (884     (4,150

Other liabilities and accrued expenses  2

    (994     83           (88     138           (214      

Other 3

    90                 (10               79        

Total

    $(113     $ 3,132           $  (54     $(3,109         $(1,768     $(7,252

 

1.

Primarily consists of gains/(losses) on certain transfers accounted for as receivables rather than purchases and certain reinsurance contracts.

 

2.

Primarily consists of gains/(losses) on certain insurance contracts.

 

3.

Primarily consists of gains/(losses) on resale and repurchase agreements, securities borrowed and loaned and deposits.

 

Excluding the gains and losses on the instruments accounted for under the fair value option described above, “Market making” and “Other principal transactions” primarily represents gains and losses on “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value.”

 

Loans and Lending Commitments

The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans and long-term receivables for which the fair value option was elected.

 

 

                     
    As of December
in millions   2011   2010

Aggregate contractual principal amount
of performing loans and long-term
receivables in excess of the
related fair value

    $ 3,826       $ 3,090  

Aggregate contractual principal amount
of loans on nonaccrual status and/or more than 90 days past due in excess
of the related fair value

      23,034         26,653  

Total 1

    $ 26,860       $ 29,743  
     

Aggregate fair value of loans on nonaccrual status and/or more than 90 days past due

    $ 3,174       $ 3,994  

 

1.

The aggregate contractual principal exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below contractual principal amounts.

As of December 2011 and December 2010, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $2.82 billion and $1.26 billion, respectively, and the related total contractual amount of these lending commitments was $66.12 billion and $51.20 billion, respectively.

 

Long-term Debt Instruments

The aggregate contractual principal amount of long-term debt instruments (principal and non-principal protected) for which the fair value option was elected exceeded the related fair value by $932 million and $701 million as of December 2011 and December 2010, respectively. Of these amounts, $693 million and $349 million as of December 2011 and December 2010, respectively, related to unsecured long-term borrowings and the remainder related to long-term other secured financings.

Impact of Credit Spreads on Loans and Lending Commitments

The estimated net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $(805) million, $1.85 billion and $1.65 billion for the years ended December 2011, December 2010 and December 2009, respectively. Changes in the fair value of loans and lending commitments are primarily attributable to changes in instrument-specific credit spreads. Substantially all of the firm’s performing loans and lending commitments are floating-rate.

Impact of Credit Spreads on Borrowings

The table below presents the net gains/(losses) attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected. The firm calculates the fair value of borrowings by discounting future cash flows at a rate which incorporates the firm’s credit spreads.

 

 

                               
    Year Ended December
in millions   2011   2010   2009

Net gains/(losses) including hedges

    $ 596       $ 198       $ (1,103 )

Net gains/(losses) excluding hedges

      714         199         (1,116 )
XML 122 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segments (Tables)
12 Months Ended
Dec. 31, 2011
Business Segments [Abstract]  
Segment Operating Results
                             
        For the Years Ended or as of December  
in millions        2011     2010     2009  

Investment Banking

  Net revenues   $ 4,355     $ 4,810     $ 4,984  
   

Operating expenses

    2,962       3,511       3,482  
   

Pre-tax earnings

  $ 1,393     $ 1,299     $ 1,502  
   

Segment assets

  $ 1,690     $ 1,870     $ 1,759  
         

Institutional Client Services

  Net revenues 1   $ 17,280     $ 21,796     $ 32,719  
   

Operating expenses

    12,697       14,291       13,691  
   

Pre-tax earnings

  $ 4,583     $ 7,505     $ 19,028  
   

Segment assets

  $ 834,780     $ 819,765     $ 751,851  
         

Investing & Lending

  Net revenues   $ 2,142     $ 7,541     $ 2,863  
   

Operating expenses

    2,673       3,361       3,523  
   

Pre-tax earnings/(loss)

  $ (531   $ 4,180     $ (660
   

Segment assets

  $ 76,753     $ 78,771     $ 83,851  
         

Investment Management

  Net revenues   $ 5,034     $ 5,014     $ 4,607  
   

Operating expenses

    4,018       4,051       3,673  
   

Pre-tax earnings

  $ 1,016     $ 963     $ 934  
   

Segment assets

  $ 10,002     $ 10,926     $ 11,481  
         

Total

  Net revenues   $ 28,811     $ 39,161     $ 45,173  
   

Operating expenses

    22,642       26,269       25,344  
   

Pre-tax earnings

  $ 6,169     $ 12,892     $ 19,829  
   

Total assets

  $ 923,225     $ 911,332     $ 848,942  

 

1.

Includes $115 million, $111 million and $36 million for the years ended December 2011, December 2010 and December 2009, respectively, of realized gains on available-for-sale securities held in the firm’s insurance subsidiaries.

Net Interest Income
                         
    Year Ended December  
in millions   2011     2010     2009  

Investment Banking

  $ (6   $     $  

Institutional Client Services

    4,360       4,692       6,951  

Investing & Lending

    635       609       242  

Investment Management

    203       202       214  

Total net interest

  $ 5,192     $ 5,503     $ 7,407  
Depreciation and amortization
                         
    Year Ended December  
in millions   2011     2010     2009  

Investment Banking

  $ 174     $ 172     $ 156  

Institutional Client Services

    944       1,109       775  

Investing & Lending

    563       422       793  

Investment Management

    188       200       214  

Total depreciation and amortization  1

  $ 1,869     $ 1,904     $ 1,943  

 

1.

Includes real estate-related exit costs of $1 million and $5 million for the years ended December 2010 and December 2009, respectively, that have not been allocated to the firm’s segments.

Net Revenues and Pre-tax Earnings for each geographic region
                                                 
    Year Ended December  
$ in millions   2011     2010     2009  

Net revenues

Americas 1

  $ 17,873       62   $ 21,564       55   $ 25,313       56

EMEA 2

    7,074       25       10,449       27       11,595       26  

Asia 3 , 4

    3,864       13       7,148       18       8,265       18  

Total net revenues

  $ 28,811       100   $ 39,161       100   $ 45,173       100

Pre-tax earnings

Americas 1

  $ 5,466       85   $ 7,934       57   $ 11,461       56

EMEA 2

    1,226       19       3,080       22       5,508       26  

Asia 3

    (231     (4     2,933       21       3,835       18  

Subtotal

    6,461       100     13,947       100     20,804       100

Corporate 5

    (292             (1,055             (975        

Total pre-tax earnings

  $ 6,169             $ 12,892             $ 19,829          

Net earnings

Americas 1

  $ 3,624       78   $ 4,917       53   $ 7,120       51

EMEA 2

    1,117       24       2,236       24       4,201       30  

Asia 3

    (103     (2     2,083       23       2,689       19  

Subtotal

    4,638       100     9,236       100     14,010       100

Corporate

    (196             (882             (625        

Total net earnings

  $ 4,442             $ 8,354             $ 13,385          

 

1.

Substantially all relates to the U.S.

 

2.

EMEA (Europe, Middle East and Africa). Pre-tax earnings and net earnings include the impact of the U.K. bank payroll tax for the year ended December 2010.

 

3.

Asia also includes Australia and New Zealand.

 

4.

The decline in net revenues in Asia compared with 2010 primarily reflects lower results in Investing & Lending, principally due to losses from public equities, reflecting a significant decline in equity markets in Asia during 2011.

 

5.

Consists of net provisions for a number of litigation and regulatory proceedings of $175 million, $682 million and $104 million for the years ended December 2011, December 2010 and December 2009, respectively; charitable contributions of $103 million, $345 million and $810 million for the years ended December 2011, December 2010 and December 2009, respectively; and real estate-related exit costs of $14 million, $28 million and $61 million for the years ended December 2011, December 2010 and December 2009, respectively.

XML 123 R110.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segments (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Business Segment (Textuals) [Abstract]      
Realized Gains/(losses) on available-for-sale securities held within the firm's insurance subsidiaries $ 115 $ 111 $ 36
Net provisions for litigation and regulatory proceedings included in operating expenses 175 682 104
Charitable contributions included in operating expenses 103 345 810
Real estate-related exit costs included in operating expenses 14 28 61
Real estate-related exit costs included in depreciation and amortization and not allocated to the firm's segments   1 5
Segment Operating Results      
Net revenues 28,811 39,161 45,173
Operating expenses 22,642 26,269 25,344
Pre-tax earnings/(loss) 6,169 12,892 19,829
Total assets 923,225 911,332 848,942
Net Interest Income      
Total net interest 5,192 5,503 7,407
Depreciation and amortization      
Depreciation and amortization 1,869 1,904 1,943
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 28,811 39,161 45,173
Pre-tax earnings/(loss) - subtotal 6,461 13,947 20,804
Pre-tax earnings/(loss) 6,169 12,892 19,829
Percentage of total net revenue 100.00% 100.00% 100.00%
Percentage of total pre-tax earnings - subtotal 100.00% 100.00% 100.00%
Net earnings/(loss) - subtotal 4,638 9,236 14,010
Percentage of total net earnings - subtotal 100.00% 100.00% 100.00%
Net earnings 4,442 8,354 13,385
Investment Banking [Member]
     
Segment Operating Results      
Net revenues 4,355 4,810 4,984
Operating expenses 2,962 3,511 3,482
Pre-tax earnings/(loss) 1,393 1,299 1,502
Total assets 1,690 1,870 1,759
Net Interest Income      
Total net interest (6)    
Depreciation and amortization      
Depreciation and amortization 174 172 156
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 4,355 4,810 4,984
Pre-tax earnings/(loss) 1,393 1,299 1,502
Institutional Client Services [Member]
     
Segment Operating Results      
Net revenues 17,280 21,796 32,719
Operating expenses 12,697 14,291 13,691
Pre-tax earnings/(loss) 4,583 7,505 19,028
Total assets 834,780 819,765 751,851
Net Interest Income      
Total net interest 4,360 4,692 6,951
Depreciation and amortization      
Depreciation and amortization 944 1,109 775
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 17,280 21,796 32,719
Pre-tax earnings/(loss) 4,583 7,505 19,028
Investing and Lending [Member]
     
Segment Operating Results      
Net revenues 2,142 7,541 2,863
Operating expenses 2,673 3,361 3,523
Pre-tax earnings/(loss) (531) 4,180 (660)
Total assets 76,753 78,771 83,851
Net Interest Income      
Total net interest 635 609 242
Depreciation and amortization      
Depreciation and amortization 563 422 793
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 2,142 7,541 2,863
Pre-tax earnings/(loss) (531) 4,180 (660)
Investment Management [Member]
     
Segment Operating Results      
Net revenues 5,034 5,014 4,607
Operating expenses 4,018 4,051 3,673
Pre-tax earnings/(loss) 1,016 963 934
Total assets 10,002 10,926 11,481
Net Interest Income      
Total net interest 203 202 214
Depreciation and amortization      
Depreciation and amortization 188 200 214
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 5,034 5,014 4,607
Pre-tax earnings/(loss) 1,016 963 934
Asia
     
Segment Operating Results      
Net revenues 3,864 7,148 8,265
Pre-tax earnings/(loss) (231) 2,933 3,835
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 3,864 7,148 8,265
Pre-tax earnings/(loss) (231) 2,933 3,835
Percentage of total net revenue 13.00% 18.00% 18.00%
Percentage of total pre-tax earnings - subtotal (4.00%) 21.00% 18.00%
Percentage of total net earnings - subtotal (2.00%) 23.00% 19.00%
Net earnings (103) 2,083 2,689
Corporate [Member]
     
Segment Operating Results      
Pre-tax earnings/(loss) (292) (1,055) (975)
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Pre-tax earnings/(loss) (292) (1,055) (975)
Net earnings (196) (882) (625)
Americas
     
Segment Operating Results      
Net revenues 17,873 21,564 25,313
Pre-tax earnings/(loss) 5,466 7,934 11,461
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 17,873 21,564 25,313
Pre-tax earnings/(loss) 5,466 7,934 11,461
Percentage of total net revenue 62.00% 55.00% 56.00%
Percentage of total pre-tax earnings - subtotal 85.00% 57.00% 56.00%
Percentage of total net earnings - subtotal 78.00% 53.00% 51.00%
Net earnings 3,624 4,917 7,120
EMEA
     
Segment Operating Results      
Net revenues 7,074 10,449 11,595
Pre-tax earnings/(loss) 1,226 3,080 5,508
Net Revenues, Pre-tax Earnings and Net Earnings for each geographic region      
Net revenues 7,074 10,449 11,595
Pre-tax earnings/(loss) 1,226 3,080 5,508
Percentage of total net revenue 25.00% 27.00% 26.00%
Percentage of total pre-tax earnings - subtotal 19.00% 22.00% 26.00%
Percentage of total net earnings - subtotal 24.00% 24.00% 30.00%
Net earnings $ 1,117 $ 2,236 $ 4,201
XML 124 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments
12 Months Ended
Dec. 31, 2011
Cash Instruments [Abstract]  
Cash Instruments Cash Instruments

Note 6.

Cash Instruments

 

Cash instruments include U.S. government and federal agency obligations, non-U.S. government obligations, bank loans and bridge loans, corporate debt securities, equities and convertible debentures, and other non-derivative financial instruments owned and financial instruments sold, but not yet purchased. See below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values. See Note 5 for an overview of the firm’s fair value measurement policies.

Level 1 Cash Instruments

Level 1 cash instruments include U.S. government obligations and most non-U.S. government obligations, actively traded listed equities and certain money market instruments. These instruments are valued using quoted prices for identical unrestricted instruments in active markets.

The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity.

The fair value of a level 1 instrument is calculated as quantity held multiplied by quoted market price. U.S. GAAP prohibits valuation adjustments being applied to level 1 instruments even in situations where the firm holds a large position and a sale could impact the quoted price.

 

Level 2 Cash Instruments

Level 2 cash instruments include commercial paper, certificates of deposit, time deposits, most government agency obligations, most corporate debt securities, commodities, certain mortgage-backed loans and securities, certain bank loans and bridge loans, restricted or less liquid publicly listed equities, most state and municipal obligations and certain money market instruments and lending commitments.

Valuations of level 2 cash instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Valuation adjustments are typically made to level 2 cash instruments (i) if the cash instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence.

Level 3 Cash Instruments

Level 3 cash instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 cash instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales of level 3 financial assets.

The table below presents the valuation techniques and the nature of significant inputs generally used to determine the fair values of each class of level 3 cash instrument.

     
Level 3 Cash Instrument   Valuation Techniques and Significant Inputs

 

Loans and securities backed by commercial real estate

 

Ÿ    Collateralized by a single commercial real estate property or a portfolio of properties

 

Ÿ    May include tranches of varying levels of subordination

 

 

Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques.

 

Significant inputs for these valuations include:

 

Ÿ   Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral

 

Ÿ   Current levels and changes in market indices such as the CMBX (an index that tracks the performance of commercial mortgage bonds)

 

Ÿ    Market yields implied by transactions of similar or related assets

 

Ÿ    Current performance of the underlying collateral

 

Ÿ    Capitalization rates and multiples

 

Ÿ    Amount and timing of future cash flows

 

 

Loans and securities backed by residential real estate

 

Ÿ    Collateralized by portfolios of residential real estate

 

Ÿ    May include tranches of varying levels of subordination

 

 

Valuation techniques vary by instrument, but are generally based on relative value analyses, discounted cash flow techniques or a combination thereof.

 

Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices such as the ABX (an index that tracks the performance of subprime residential mortgage bonds). Significant inputs include:

 

Ÿ   Home price projections, residential property liquidation timelines and related costs

 

Ÿ   Underlying loan prepayment, default and cumulative loss expectations

 

Ÿ   Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral

 

Ÿ   Market yields implied by transactions of similar or related assets

 

 

Bank loans and bridge loans

 

Corporate debt securities

 

State and municipal obligations

 

Other debt obligations

 

 

Valuation techniques vary by instrument, but are generally based on discounted cash flow techniques.

 

Significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include:

 

Ÿ   Amount and timing of expected future cash flows

 

Ÿ   Current levels and trends of market indices such as CDX, LCDX and MCDX (indices that track the performance of corporate credit, loans and municipal obligations, respectively)

 

Ÿ   Market yields implied by transactions of similar or related assets

 

Ÿ   Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related cash instrument, the cost of borrowing the underlying reference obligation

 

 

Equities and convertible debentures

 

Ÿ   Private equity investments

 

 

Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available:

 

Ÿ   Transactions in similar instruments

 

Ÿ   Discounted cash flow techniques

 

Ÿ    Third-party appraisals

 

Ÿ    Industry multiples and public comparables

 

Evidence includes recent or pending reorganizations (e.g., merger proposals, tender offers, debt restructurings) and significant changes in financial metrics, such as:

 

Ÿ   Current financial performance as compared to projected performance

 

Ÿ   Capitalization rates and multiples

 

Ÿ   Market yields implied by transactions of similar or related assets

 

 

Fair Value of Cash Instruments by Level

 

The tables below present, by level within the fair value hierarchy, cash instrument assets and liabilities, at fair value. Cash instrument assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively.

 

 

                                 
    Cash Instrument Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 3,255     $ 10,185     $     $ 13,440  

U.S. government and federal agency obligations

    29,263       57,777             87,040  

Non-U.S. government obligations

    42,854       6,203       148       49,205  

Mortgage and other asset-backed loans and securities  1:
Loans and securities backed by commercial real estate

          3,353       3,346       6,699  

Loans and securities backed by residential real estate

          5,883       1,709       7,592  

Bank loans and bridge loans

          8,460       11,285       19,745  

Corporate debt securities 2

    133       19,518       2,480       22,131  

State and municipal obligations

          2,490       599       3,089  

Other debt obligations 2

          2,911       1,451       4,362  

Equities and convertible debentures

    39,955  3      11,491  4      13,667  5      65,113  

Commodities

          5,762             5,762  

Total

  $ 115,460     $ 134,033     $ 34,685     $ 284,178  
   
    Cash Instrument Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

U.S. government and federal agency obligations

  $ 20,940     $ 66     $     $ 21,006  

Non-U.S. government obligations

    34,339       547             34,886  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

          27             27  

Loans and securities backed by residential real estate

          3             3  

Bank loans and bridge loans

          1,891       865       2,756  

Corporate debt securities 6

          6,522       31       6,553  

State and municipal obligations

          3             3  

Equities and convertible debentures

    20,069  3      1,248  4      9       21,326  

Total

  $ 75,348     $ 10,307     $ 905     $ 86,560  

 

1.

Includes $213 million and $595 million of collateralized debt obligations (CDOs) backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $403 million and $1.19 billion of CDOs and collateralized loan obligations (CLOs) backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Principally consists of restricted or less liquid publicly listed securities.

 

5.

Includes $12.07 billion of private equity investments, $1.10 billion of real estate investments and $497 million of convertible debentures.

 

6.

Includes $27 million of CDOs and CLOs backed by corporate obligations in level 3.

                                 
    Cash Instrument Assets at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3     Total  

Commercial paper, certificates of deposit, time deposits and other
money market instruments

  $ 4,344     $ 6,918     $     $ 11,262  

U.S. government and federal agency obligations

    36,184       48,744             84,928  

Non-U.S. government obligations

    35,504       5,171             40,675  

Mortgage and other asset-backed loans and securities  1:

Loans and securities backed by commercial real estate

          3,534       3,976       7,510  

Loans and securities backed by residential real estate

          7,031       2,501       9,532  

Bank loans and bridge loans

          8,134       9,905       18,039  

Corporate debt securities 2

    108       21,874       2,737       24,719  

State and municipal obligations

          2,038       754       2,792  

Other debt obligations

          1,958       1,274       3,232  

Equities and convertible debentures

    41,660   3      15,113   4      11,060  5      67,833  

Commodities

          13,138             13,138  

Total

  $ 117,800     $ 133,653     $ 32,207     $ 283,660  
   
    Cash Instrument Liabilities at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3     Total  

U.S. government and federal agency obligations

  $ 23,191     $ 73     $     $ 23,264  

Non-U.S. government obligations

    28,168       841             29,009  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

          5             5  

Loans and securities backed by residential real estate

          6             6  

Bank loans and bridge loans

          1,107       380       1,487  

Corporate debt securities 6

    26       7,133       60       7,219  

Equities and convertible debentures

    24,283   3      699   4      6       24,988  

Commodities

          9             9  

Total

  $ 75,668     $ 9,873     $ 446     $ 85,987  

 

1.

Includes $212 million and $565 million of CDOs backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $368 million and $1.07 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Substantially all consists of restricted or less liquid publicly listed securities.

 

5.

Includes $10.03 billion of private equity investments, $874 million of real estate investments and $156 million of convertible debentures.

 

6.

Includes $35 million of CDOs and CLOs backed by corporate obligations in level 3.

 

Level 3 Rollforward

 

If a cash instrument asset or liability was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are reported at the beginning of the reporting period in which they occur.

Level 3 cash instruments are frequently economically hedged with level 1 and level 2 cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are reported in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The tables below present changes in fair value for all cash instrument assets and liabilities categorized as level 3 as of the end of the year.

 

 

                                                                 
    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Purchases 1     Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Non-U.S. government obligations

  $     $ 25     $ (63   $ 27     $ (123   $ (8   $ 290     $ 148  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    3,976       222       80       1,099       (1,124     (831     (76     3,346  

Loans and securities backed by residential real estate

    2,501       253       (81     768       (702     (456     (574     1,709  

Bank loans and bridge loans

    9,905       540       (216     6,725       (2,329     (1,554     (1,786     11,285  

Corporate debt securities

    2,737       391       (132     1,319       (1,137     (697     (1     2,480  

State and municipal obligations

    754       12       (1     448       (591     (13     (10     599  

Other debt obligations

    1,274       124       (17     560       (388     (212     110       1,451  

Equities and convertible debentures

    11,060       240       338       2,731       (1,196     (855     1,349       13,667  

Total

  $ 32,207     $ 1,807  2    $ (92 ) 2    $ 13,677     $ (7,590   $ (4,626   $ (698   $ 34,685  
   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
    Net unrealized
(gains)/losses
relating to
instruments
still held at
year-end
    Purchases     Sales     Settlements    

Net
transfers
in and/or
(out) of

level 3

    Balance,
end of
year
 

Total

  $ 446     $ (27   $ 218     $ (491   $ 475     $ 272     $ 12     $ 905  

 

1.

Includes both originations and secondary market purchases.

 

2.

The aggregate amounts include approximately $(202) million, $623 million and $1.29 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

 

The net unrealized loss on level 3 cash instrument assets and liabilities of $310 million for the year ended December 2011 primarily consisted of losses on bank loans and bridge loans and corporate debt securities, primarily reflecting the impact of unfavorable credit markets and losses on relationship lending. These losses were partially offset by gains in private equity investments, where prices were generally corroborated through market transactions in similar financial instruments during the year.

 

Significant transfers in or out of level 3 cash instrument assets during the year ended December 2011 included:

 

Ÿ  

Bank loans and bridge loans: net transfer out of level 3 of $1.79 billion, primarily due to transfers to level 2 of certain loans due to improved transparency of market prices as a result of market transactions in these or similar loans, partially offset by transfers to level 3 of other loans primarily due to reduced transparency of market prices as a result of less market activity in these loans.

Ÿ  

Equities and convertible debentures: net transfer into level 3 of $1.35 billion, primarily due to transfers to level 3 of certain private equity investments due to reduced transparency of market prices as a result of less market activity in these financial instruments, partially offset by transfers to level 2 of other private equity investments due to improved transparency of market prices as a result of market transactions in these financial instruments.

 

Ÿ  

Loans and securities backed by residential real estate: net transfer out of level 3 of $574 million, principally due to transfers to level 2 of certain loans due to improved transparency of market prices used to value these loans, as well as unobservable inputs no longer being significant to the valuation of these loans.

There were no significant transfers in or out of level 3 cash instrument liabilities during the year ended December 2011.

 

 

                                                 
    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

  $ 5,794     $ 239     $ 108     $ (1,335   $ (830   $ 3,976  

Loans and securities backed by residential real estate

    2,070       178       37       163       53       2,501  

Bank loans and bridge loans

    9,560       687       482       (735     (89     9,905  

Corporate debt securities

    2,235       239       348       488       (573     2,737  

State and municipal obligations

    1,114       1       (25     (393     57       754  

Other debt obligations

    2,235       4       159       (263     (861     1,274  

Equities and convertible debentures

    11,871       119       548       (847     (631     11,060  

Total

  $ 34,879     $ 1,467   1    $ 1,657   1    $ (2,922   $ (2,874   $ 32,207  
   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year  Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
   

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Total

  $ 572     $ 5     $ (17   $ (97   $ (17   $ 446  

 

1.

The aggregate amounts include approximately $836 million, $1.03 billion and $1.26 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

 

The net unrealized gain on level 3 cash instrument assets and liabilities of $1.67 billion for the year ended December 2010 primarily consisted of unrealized gains on private equity investments, bank loans and bridge loans and corporate debt securities, where prices were generally corroborated through sales and partial sales of similar assets in these asset classes during the period.

Significant transfers in or out of level 3 cash instrument assets during the year ended December 2010 included:

 

Ÿ  

Loans and securities backed by commercial real estate: net transfer out of level 3 of $830 million, principally due to transfers to level 2 of certain loans due to improved transparency of market prices as a result of partial sales.

 

Ÿ  

Corporate debt securities: net transfer out of level 3 of $573 million, principally due to a reduction in financial instruments as a result of the consolidation of a VIE which holds intangible assets.

 

Ÿ  

Other debt obligations: net transfer out of level 3 of $861 million, principally due to a reduction in financial instruments as a result of the consolidation of a VIE. The VIE holds real estate assets which are included in “Other assets.”

 

Ÿ  

Equities and convertible debentures: net transfer out of level 3 of $631 million, principally due to transfers to level 2 of certain private equity investments due to improved transparency of market prices as a result of partial sales and initial public offerings.

 

Investments in Funds That Calculate Net Asset

Value Per Share

 

Cash instruments at fair value include investments in funds that are valued based on the net asset value per share (NAV) of the investment fund. The firm uses NAV as its measure of fair value for fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value.

The firm’s investments in funds that calculate NAV primarily consist of investments in firm-sponsored funds where the firm co-invests with third-party investors. The private equity, private debt and real estate funds are primarily closed-end funds in which the firm’s investments are not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated and it is estimated that substantially all of the underlying assets of existing funds will be liquidated over the next 10 years. The firm continues to manage its existing private equity funds taking into account the transition periods under the Volcker Rule of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), although the rules have not yet been finalized.

The firm’s investments in hedge funds are generally redeemable on a quarterly basis with 91 days’ notice, subject to a maximum redemption level of 25% of the firm’s initial investments at any quarter-end. The firm currently plans to comply with the Volcker Rule by redeeming certain of its interests in hedge funds.

The table below presents the fair value of the firm’s investments in, and unfunded commitments to, funds that calculate NAV.

 

 

                                     
    As of December 2011         As of December 2010  
in millions   Fair Value of
Investments
    Unfunded
Commitments
         Fair Value of
Investments
    Unfunded
Commitments
 

Private equity funds 1

    $  8,074       $3,514           $  7,911       $  4,816  

Private debt funds 2

    3,596       3,568           4,267       3,721  

Hedge funds 3

    3,165                 3,169        

Real estate and other funds 4

    1,531       1,613           1,424       1,931  

Total

    $16,366       $8,695           $16,771       $10,468  

 

1.

These funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations and growth investments.

 

2.

These funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for mid- to large-sized leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers.

 

3.

These funds are primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies including long/short equity, credit, convertibles, risk arbitrage, special situations and capital structure arbitrage.

 

4.

These funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and direct property.

XML 125 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities
12 Months Ended
Dec. 31, 2011
Derivatives and Hedging Activities [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities

Note 7.

Derivatives and Hedging Activities

Derivative Activities

 

Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be privately negotiated contracts, which are usually referred to as over-the-counter (OTC) derivatives, or they may be listed and traded on an exchange (exchange-traded).

Market-Making. As a market maker, the firm enters into derivative transactions with clients and other market participants to provide liquidity and to facilitate the transfer and hedging of risk. In this capacity, the firm typically acts as principal and is consequently required to commit capital to provide execution. As a market maker, it is essential to maintain an inventory of financial instruments sufficient to meet expected client and market demands.

Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from market-making and investing and lending activities in derivative and cash instruments. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage foreign currency exposure on the net investment in certain non-U.S. operations and to manage interest rate exposure in certain fixed-rate unsecured long-term and short-term borrowings, and certificates of deposit.

 

The firm enters into various types of derivatives, including:

 

Ÿ  

Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.

 

Ÿ  

Swaps. Contracts that require counterparties to exchange cash flows such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.

 

Ÿ  

Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.

Derivatives are accounted for at fair value, net of cash collateral received or posted under credit support agreements. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement. Derivative assets and liabilities are included in “Financial instruments owned, at fair value” and “Financial instruments sold, but not yet purchased, at fair value,” respectively.

Substantially all gains and losses on derivatives not designated as hedges under ASC 815 are included in “Market making” and “Other principal transactions.”

 

The table below presents the fair value of derivatives on a net-by-counterparty basis.

 

 

                                     
    As of December 2011         As of December 2010  
in millions   Derivative
Assets
    Derivative
Liabilities
         Derivative
Assets
   

Derivative

Liabilities

 

Exchange-traded

    $  5,880       $  3,172           $  7,601       $  2,794  

Over-the-counter

    74,148       55,281           65,692       51,936  

Total

    $80,028       $58,453           $73,293       $54,730  

 

The table below presents the fair value and the number of derivative contracts by major product type on a gross basis. Gross fair values in the table below exclude the effects of both netting under enforceable netting agreements and netting of cash collateral received or posted under credit support agreements, and therefore are not representative of the firm’s exposure.

 

 

                                                     
    As of December 2011    

 

  As of December 2010  
in millions, except number of contracts  

Derivative

Assets

   

Derivative

Liabilities

    Number of
Contracts
        

Derivative

Assets

   

Derivative

Liabilities

    Number of
Contracts
 

Derivatives not accounted for as hedges

Interest rates

  $ 624,189     $ 582,608       287,351         $ 463,145     $ 422,514       272,279  

Credit

    150,816       130,659       362,407           127,153       104,407       367,779  

Currencies

    88,654       71,736       203,205           87,959       70,273       222,706  

Commodities

    35,966       38,050       93,755           36,689       41,666       70,890  

Equities

    64,135       51,928       332,273           65,815       51,948       289,059  

Subtotal

    963,760       874,981       1,278,991           780,761       690,808       1,222,713  

Derivatives accounted for as hedges

Interest rates

    21,981       13       1,125           23,396       33       997  

Currencies

    124       21       71           6       162       72  

Subtotal

    22,105       34       1,196           23,402       195       1,069  

Gross fair value of derivatives

  $ 985,865     $ 875,015       1,280,187         $ 804,163     $ 691,003       1,223,782  

Counterparty netting 1

    (787,733     (787,733                 (620,553     (620,553        

Cash collateral netting 2

    (118,104     (28,829                 (110,317     (15,720        

Fair value included in financial instruments owned

  $ 80,028                         $ 73,293                  

Fair value included in financial instruments sold, but not yet purchased

          $ 58,453                         $ 54,730          

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

Valuation Techniques for Derivatives

See Note 5 for an overview of the firm’s fair value measurement policies.

Level 1 Derivatives

Exchange-traded derivatives fall within level 1 if they are actively traded and are valued at their quoted market price.

Level 2 Derivatives

Level 2 derivatives include exchange-traded derivatives that are not actively traded and OTC derivatives for which all significant valuation inputs are corroborated by market evidence.

Level 2 exchange-traded derivatives are valued using models that calibrate to market-clearing levels of OTC derivatives. Inputs to the valuations of level 2 OTC derivatives can be verified to market-clearing transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Where models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels.

Price transparency of OTC derivatives can generally be characterized by product type.

 

Interest Rate. In general, the prices and other inputs used to value interest rate derivatives are transparent, even for long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate), are more complex and are therefore less transparent, but the prices and other inputs are generally observable.

Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to be less transparent than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency.

Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the transparency of developed and emerging market currency derivatives is that emerging markets tend to be observable for contracts with shorter tenors.

Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil and natural gas), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices.

 

Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Exchange-traded and OTC equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency.

Liquidity is essential to observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs.

Level 3 Derivatives

Level 3 OTC derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs.

 

Ÿ  

For the majority of the firm’s interest rate and currency derivatives classified within level 3, the significant unobservable inputs are correlations of certain currencies and interest rates (e.g., the correlation of Japanese yen foreign exchange rates to U.S. dollar interest rates).

 

Ÿ  

For credit derivatives classified within level 3, significant level 3 inputs include long-dated credit and funding spreads, as well as certain correlation inputs required to value credit and mortgage derivatives (e.g., the likelihood of default of the underlying reference obligations relative to one another).

 

Ÿ  

For level 3 equity derivatives, significant level 3 inputs generally include equity volatility inputs for options that are very long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 inputs for the correlation of the price performance for two or more individual stocks.

 

Ÿ  

For level 3 commodity derivatives, significant level 3 inputs include volatilities for options with strike prices that differ significantly from current market prices and prices for certain products for which the product quality is not aligned with benchmark indices.

Subsequent to the initial valuation of a level 3 OTC derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are recorded in level 3. Level 3 inputs are changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value.

Valuation Adjustments

Valuation adjustments are integral to determining the fair value of derivatives and are used to adjust the mid-market valuations, produced by derivative pricing models, to the appropriate exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity on illiquid positions, credit valuation adjustments (CVA) and funding valuation adjustments, which account for the credit and funding risk inherent in derivative portfolios. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels.

In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction.

Fair Value of Derivatives by Level

 

The tables below present the fair value of derivatives on a gross basis by level and major product type. Gross fair values in the tables below exclude the effects of both netting under enforceable netting agreements and netting of cash received or posted under credit support agreements both in and across levels of the fair value hierarchy, and therefore are not representative of the firm’s exposure.

 

 

                                         
    Derivative Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

    $33     $ 645,923     $ 214       $      —     $ 646,170  

Credit

          137,110       13,706             150,816  

Currencies

          86,752       2,026             88,778  

Commodities

          35,062       904             35,966  

Equities

    24       62,684       1,427             64,135  

Gross fair value of derivative assets

    57       967,531       18,277             985,865  

Counterparty netting 1

          (778,639     (6,377     (2,717 ) 3      (787,733

Subtotal

    $57     $ 188,892     $ 11,900       $(2,717   $ 198,132  

Cash collateral netting 2

                                    (118,104

Fair value included in financial instruments owned

                                  $ 80,028  
   
    Derivative Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

    $  24     $ 582,012     $ 585       $      —     $ 582,621  

Credit

          123,253       7,406             130,659  

Currencies

          70,573       1,184             71,757  

Commodities

          36,541       1,509             38,050  

Equities

    185       49,884       1,859             51,928  

Gross fair value of derivative liabilities

    209       862,263       12,543             875,015  

Counterparty netting 1

          (778,639     (6,377     (2,717 ) 3      (787,733

Subtotal

    $209     $ 83,624     $ 6,166       $(2,717   $ 87,282  

Cash collateral netting 2

                                    (28,829

Fair value included in financial instruments sold,
but not yet purchased

                                  $ 58,453  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

                                         
    Derivative Assets at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

  $ 49     $ 486,037     $ 455     $     $ 486,541  

Credit

          115,519       11,634             127,153  

Currencies

          86,158       1,807             87,965  

Commodities

          34,511       2,178             36,689  

Equities

    44       64,267       1,504             65,815  

Gross fair value of derivative assets

    93       786,492       17,578             804,163  

Counterparty netting 1

          (613,979     (4,806     (1,768 ) 3      (620,553

Subtotal

  $ 93     $ 172,513     $ 12,772     $ (1,768   $ 183,610  

Cash collateral netting 2

                                    (110,317

Fair value included in financial instruments owned

                                  $ 73,293  
   
    Derivative Liabilities at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3    

Cross-Level

Netting

    Total  

Interest rates

  $ 18     $ 422,267     $ 262     $     $ 422,547  

Credit

          99,813       4,594             104,407  

Currencies

          69,726       709             70,435  

Commodities

          39,709       1,957             41,666  

Equities

    27       49,427       2,494             51,948  

Gross fair value of derivative liabilities

    45       680,942       10,016             691,003  

Counterparty netting 1

          (613,979     (4,806     (1,768 ) 3      (620,553

Subtotal

  $ 45     $ 66,963     $ 5,210     $ (1,768   $ 70,450  

Cash collateral netting 2

                                    (15,720

Fair value included in financial instruments sold, but not yet purchased

                                  $ 54,730  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.

 

2.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

3.

Represents the netting of receivable balances with payable balances for the same counterparty across levels of the fair value hierarchy under enforceable netting agreements.

 

Level 3 Rollforward

 

If a derivative was transferred to level 3 during a reporting period, its entire gain or loss for the period is included in level 3. Transfers between levels are reported at the beginning of the reporting period in which they occur.

Gains and losses on level 3 derivatives should be considered in the context of the following:

 

Ÿ  

A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant
level 3 input.

 

Ÿ  

If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified as level 3.

 

Ÿ  

Gains or losses that have been reported in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

The tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the year.

 

 

                                                                 
    Level 3 Derivative Assets and Liabilities at Fair Value for the Year Ended December 2011  
in millions  

Asset/

(liability)
balance,
beginning
of year

   

Net

realized
gains/
(losses)

    Net unrealized
gains/(losses)
relating to
instruments
still held at
year-end
    Purchases     Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
   

Asset/

(liability)

balance,
end of

year

 

Interest rates — net

  $ 194     $ (38   $ (305   $ 23     $ (29   $ 84     $ (300   $ (371

Credit — net

    7,040       46       2,525       348       (1,310     (1,713     (636     6,300  

Currencies — net

    1,098       (26     (351     29       (25     (54     171       842  

Commodities — net

    220       (35     259       125       (835     150       (489     (605

Equities — net

    (990     184       151       382       (683     159       365       (432

Total derivatives — net

  $ 7,562     $ 131  1    $ 2,279  1, 2    $ 907     $ (2,882   $ (1,374   $ (889   $ 5,734  

 

1.

The aggregate amounts include approximately $2.35 billion and $62 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

 

The net unrealized gain on level 3 derivatives of $2.28 billion for the year ended December 2011 was primarily attributable to the impact of changes in interest rates and exchange rates underlying certain credit derivatives. Unrealized gains on level 3 derivatives were substantially offset by unrealized losses on derivatives classified within level 2 which economically hedge derivatives classified within level 3.

Significant transfers in or out of level 3 derivatives during the year ended December 2011 included:

 

Ÿ  

Credit — net: net transfer out of level 3 of $636 million, primarily reflecting transfers to level 2 of certain credit derivative assets principally due to unobservable inputs no longer being significant to the valuation of these derivatives, and transfers into level 3 of certain credit derivative liabilities due to reduced transparency of the correlation inputs used to value these derivatives. The impact of these transfers was partially offset by transfers into level 3 of certain credit and mortgage derivative assets, primarily due to reduced transparency of the correlation inputs used to value these derivatives.

 

Ÿ  

Commodities — net: net transfer out of level 3 of $489 million, primarily reflecting transfers to level 2, due to increased transparency of market prices used to value certain commodity derivative assets as a result of market activity in similar instruments, and unobservable inputs becoming less significant to the valuation of other commodity derivative assets. In addition, certain commodity derivative liabilities were transferred into level 3 due to reduced transparency of volatility inputs used to value these derivatives.

                                                 
    Level 3 Derivative Assets and Liabilities at Fair Value for the  Year Ended December 2010  
in millions  

Asset/

(liability)
balance,
beginning
of year

   

Net

realized
gains/
(losses)

   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
   

Net
transfers in

and/or (out)
of level 3

    Asset/
(liability)
balance,
end of
year
 

Interest rates — net

  $ (71   $ (79   $ 156     $ (118   $ 306     $ 194  

Credit — net

    6,366       8       4,393       (2,663     (1,064     7,040  

Currencies — net

    215       (83     317       110       539       1,098  

Commodities — net

    (90     48       312       33       (83     220  

Equities — net

    (1,224     (38     6       43       223       (990

Total derivatives — net

  $ 5,196     $ (144 ) 1    $ 5,184  1, 2    $ (2,595   $ (79   $ 7,562  

 

1.

The aggregate amounts include approximately $4.99 billion and $55 million reported in “Market making” and “Other principal transactions,” respectively.

 

2.

Principally resulted from changes in level 2 inputs.

 

The net unrealized gain on level 3 derivatives of $5.18 billion for the year ended December 2010 was primarily attributable to lower interest rates underlying certain credit derivatives. These unrealized gains were substantially offset by unrealized losses on currency, interest rate and credit derivatives categorized in level 2, which economically hedge level 3 derivatives.

Significant transfers in or out of level 3 derivatives during the year ended December 2010 included:

 

Ÿ  

Interest rates — net and Currencies — net: net transfer into level 3 of $306 million and $539 million, respectively, principally due to reduced transparency of the correlation inputs used to value these financial instruments.

 

Ÿ  

Credit — net: net transfer out of level 3 of $1.06 billion, principally due to improved transparency of correlation inputs used to value certain mortgage derivatives.

 

Impact of Credit Spreads on Derivatives

On an ongoing basis, the firm realizes gains or losses relating to changes in credit risk through the unwind of derivative contracts and changes in credit mitigants.

The net gain attributable to the impact of changes in credit exposure and credit spreads (counterparty and the firm’s) on derivatives was $573 million, $68 million and $572 million for the years ended December 2011, December 2010 and December 2009, respectively.

Bifurcated Embedded Derivatives

The table below presents derivatives, primarily equity and interest rate products, that have been bifurcated from their related borrowings. These derivatives are recorded at fair value and included in “Unsecured short-term borrowings” and “Unsecured long-term borrowings.” See Note 8 for further information.

 

 

                 
    As of December  
in millions, except number of contracts   2011     2010  

Fair value of assets

  $ 422     $ 383  

Fair value of liabilities

    304       267  

Net

  $ 118     $ 116  

Number of contracts

    333       338  

 

OTC Derivatives

 

The tables below present the fair values of OTC derivative assets and liabilities by tenor and by product type. Tenor is based on expected duration for mortgage-related credit derivatives and generally on remaining contractual maturity for other derivatives.

 

 

                                 
in millions   OTC Derivatives as of December 2011  

Assets

Product Type

  0 - 12
Months
   

1 - 5

Years

    5 Years or
Greater
    Total  

Interest rates

  $ 10,931     $ 32,194     $ 82,480     $ 125,605  

Credit

    3,054       15,468       13,687       32,209  

Currencies

    11,253       11,592       16,023       38,868  

Commodities

    5,286       5,931       147       11,364  

Equities

    6,663       7,768       7,468       21,899  

Netting across product types  1

    (3,071     (6,033     (6,027     (15,131

Subtotal

  $ 34,116     $ 66,920     $ 113,778       214,814  

Cross maturity netting 2

                            (22,562

Cash collateral netting 3

                            (118,104

Total

                          $ 74,148  
         

Liabilities

Product Type

  0 - 12
Months
   

1 - 5

Years

    5 Years or
Greater
    Total  

Interest rates

  $ 5,787     $ 18,607     $ 37,739     $ 62,133  

Credit

    1,200       6,957       3,894       12,051  

Currencies

    9,826       5,514       6,502       21,842  

Commodities

    6,322       5,174       2,727       14,223  

Equities

    3,290       4,018       4,246       11,554  

Netting across product types  1

    (3,071     (6,033     (6,027     (15,131

Subtotal

  $ 23,354     $ 34,237     $ 49,081       106,672  

Cross maturity netting 2

                            (22,562

Cash collateral netting 3

                            (28,829

Total

                          $ 55,281  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

                                 
in millions   OTC Derivatives as of December 2010  

Assets

 

Product Type

  0 - 12
Months
    1 - 5
Years
    5 Years or
Greater
    Total  

Interest rates

  $ 7,137     $ 34,384     $ 60,750     $ 102,271  

Credit

    2,777       16,145       13,525       32,447  

Currencies

    9,968       10,696       14,868       35,532  

Commodities

    5,664       5,996       248       11,908  

Equities

    4,795       10,942       7,037       22,774  

Netting across product types 1

    (2,937     (5,513     (5,077     (13,527

Subtotal

  $ 27,404     $ 72,650     $ 91,351     $ 191,405  

Cross maturity netting 2

                            (15,396

Cash collateral netting 3

                            (110,317

Total

                          $ 65,692  
         

Liabilities

 

Product Type

  0 - 12
Months
    1 - 5
Years
    5 Years or
Greater
    Total  

Interest rates

  $ 4,470     $ 14,072     $ 19,760     $ 38,302  

Credit

    1,024       4,862       3,816       9,702  

Currencies

    8,036       5,219       4,986       18,241  

Commodities

    7,279       7,838       2,528       17,645  

Equities

    3,962       4,977       3,750       12,689  

Netting across product types 1

    (2,937     (5,513     (5,077     (13,527

Subtotal

  $ 21,834     $ 31,455     $ 29,763     $ 83,052  

Cross maturity netting 2

                            (15,396

Cash collateral netting 3

                            (15,720

Total

                          $ 51,936  

 

1.

Represents the netting of receivable balances with payable balances for the same counterparty across product types within a tenor category under enforceable netting agreements. Receivable and payable balances with the same counterparty in the same product type and tenor category are netted within such product type and tenor category.

 

2.

Represents the netting of receivable balances with payable balances for the same counterparty across tenor categories under enforceable netting agreements.

 

3.

Represents the netting of cash collateral received and posted on a counterparty basis under credit support agreements.

 

Derivatives with Credit-Related Contingent Features

Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The table below presents the aggregate fair value of net derivative liabilities under such agreements (excluding application of collateral posted to reduce these liabilities), the related aggregate fair value of the assets posted as collateral, and the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in the firm’s credit ratings.

 

 

                 
    As of December  
in millions   2011     2010  

Net derivative liabilities under bilateral agreements

  $ 35,066     $ 23,843  

Collateral posted

    29,002       16,640  

Additional collateral or termination payments for a one-notch downgrade

    1,303       1,353  

Additional collateral or termination payments for a two-notch downgrade

    2,183       2,781  

Credit Derivatives

The firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with market-making and investing and lending activities. Credit derivatives are actively managed based on the firm’s net risk position.

Credit derivatives are individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity.

 

Credit Default Swaps. Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer (reference entity) of the reference obligations suffers a credit event. The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer of protection. However, if a credit event occurs, the seller of protection is required to make a payment to the buyer of protection, which is calculated in accordance with the terms of the contract.

Credit Indices, Baskets and Tranches. Credit derivatives may reference a basket of single-name credit default swaps or a broad-based index. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. The payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various portions (tranches), each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche in the capital structure.

Total Return Swaps. A total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller. Typically, the protection buyer receives from the protection seller a floating rate of interest and protection against any reduction in fair value of the reference obligation, and in return the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation.

Credit Options. In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread. The option purchaser buys the right, but not the obligation, to sell the reference obligation to, or purchase it from, the option writer. The payments on credit options depend either on a particular credit spread or the price of the reference obligation.

The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underlyings. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default.

 

As of December 2011, written and purchased credit derivatives had total gross notional amounts of $1.96 trillion and $2.08 trillion, respectively, for total net notional purchased protection of $116.93 billion. As of December 2010, written and purchased credit derivatives had total gross notional amounts of $2.05 trillion and $2.19 trillion, respectively, for total net notional purchased protection of $140.63 billion.

The table below presents certain information about credit derivatives. In the table below:

 

Ÿ  

fair values exclude the effects of both netting under enforceable netting agreements and netting of cash received or posted under credit support agreements, and therefore are not representative of the firm’s exposure;

 

Ÿ  

tenor is based on expected duration for mortgage-related credit derivatives and on remaining contractual maturity for other credit derivatives; and

 

Ÿ  

the credit spread on the underlying, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.

 

 

                                                                                 
   

Maximum Payout/Notional Amount

of Written Credit Derivatives by Tenor

        Maximum Payout/Notional
Amount of Purchased
Credit Derivatives
       

Fair Value of

Written Credit Derivatives

 
$ in millions   0 - 12
Months
   

1 - 5

Years

   

5 Years

or

Greater

    Total          Offsetting
Purchased
Credit
Derivatives 1
    Other
Purchased
Credit
Derivatives  2
         Asset     Liability    

Net

Asset/

(Liability)

 

As of December 2011

                                                                               

Credit spread on underlying

(basis points)

                                                                               

0-250

  $ 282,851     $ 794,193     $ 141,688     $ 1,218,732         $ 1,122,296     $ 180,316         $ 17,572     $ 16,907     $ 665  

251-500

    42,682       269,687       69,864       382,233           345,942       47,739           4,517       20,810       (16,293

501-1,000

    29,377       140,389       21,819       191,585           181,003       23,176           138       15,398       (15,260

Greater than 1,000

    30,244       114,103       22,995       167,342           147,614       28,734           512       57,201       (56,689

Total

  $ 385,154     $ 1,318,372     $ 256,366     $ 1,959,892         $ 1,796,855     $ 279,965         $ 22,739     $ 110,316     $ (87,577
                       

As of December 2010

                                                                               

Credit spread on underlying

(basis points)

                                                                               

0-250

  $ 235,798     $ 1,094,308     $ 288,851     $ 1,618,957         $ 1,511,113     $ 232,506         $ 32,071     $ 14,780     $ 17,291  

251-500

    14,412       144,448       52,072       210,932           183,613       36,713           7,368       7,739       (371

501-1,000

    6,384       89,212       33,553       129,149           110,019       18,686           2,571       11,256       (8,685

Greater than 1,000

    11,721       63,982       12,022       87,725           70,945       23,795           483       33,670       (33,187

Total

  $ 268,315     $ 1,391,950     $ 386,498     $ 2,046,763         $ 1,875,690     $ 311,700         $ 42,493     $ 67,445     $ (24,952

 

1.

Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives to the extent they economically hedge written credit derivatives with identical underlyings.

 

2.

This purchased protection represents the notional amount of purchased credit derivatives in excess of the notional amount included in “Offsetting Purchased Credit Derivatives.”

 

Hedge Accounting

The firm applies hedge accounting for (i) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit and (ii) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm’s net investment in certain non-U.S. operations.

To qualify for hedge accounting, the derivative hedge must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship.

Interest Rate Hedges

The firm designates certain interest rate swaps as fair value hedges. These interest rate swaps hedge changes in fair value attributable to the relevant benchmark interest rate (e.g., London Interbank Offered Rate (LIBOR)), effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations.

The firm applies the “long-haul method” in assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk).

During the three months ended March 2010, the firm changed its method of prospectively and retrospectively assessing the effectiveness of all of its fair value hedging relationships from a dollar-offset method, which is a non-statistical method, to regression analysis, which is a statistical method.

An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%.

 

The dollar-offset method compared the change in the fair value of the hedging instrument to the change in the fair value of the hedged item, excluding the effect of the passage of time. The prospective dollar-offset assessment used scenario analyses to test hedge effectiveness through simulations of numerous parallel and slope shifts of the relevant yield curve. Parallel shifts changed the interest rate of all maturities by identical amounts. Slope shifts changed the curvature of the yield curve. For both the prospective assessment, in response to each of the simulated yield curve shifts, and the retrospective assessment, a hedging relationship was considered effective if the fair value of the hedging instrument and the hedged item changed inversely within a range of 80% to 125%.

For qualifying fair value hedges, gains or losses on derivatives are included in “Interest expense.” The change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life. Gains or losses resulting from hedge ineffectiveness are included in “Interest expense.” When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense.

For the years ended December 2011, December 2010 and December 2009, the gain/(loss) recognized on interest rate derivatives accounted for as hedges was $4.68 billion, $1.62 billion and $(10.07) billion, respectively, and the related gain/(loss) recognized on the hedged borrowings and bank deposits was $(6.30) billion, $(3.45) billion and $9.95 billion, respectively. The hedge ineffectiveness recognized on these derivatives for the years ended December 2011 and December 2010 was a loss of $1.62 billion and $1.84 billion, respectively, and was not material for the year ended December 2009. These losses consisted primarily of the amortization of prepaid credit spreads. The gain/(loss) excluded from the assessment of hedge effectiveness was not material for the years ended December 2011 and December 2010, and was a loss of $1.23 billion for the year ended December 2009.

 

Net Investment Hedges

The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates.

For qualifying net investment hedges, the gains or losses on the hedging instruments, to the extent effective, are included in the consolidated statements of comprehensive income.

The table below presents the gains/(losses) from net investment hedging. The gains/(losses) below are included in “Currency translation adjustment, net of tax.”

 

 

                         
    Year Ended December  
in millions   2011     2010     2009  

Currency hedges

  $ 160     $ (261   $ (495

Foreign currency-denominated debt

    (147     (498     106  

The gain/(loss) related to ineffectiveness was not material for the years ended December 2011, December 2010 and December 2009. The loss reclassified to earnings from accumulated other comprehensive income was $186 million for the year ended December 2011 and was not material for the years ended December 2010 and December 2009.

As of December 2011 and December 2010, the firm had designated $3.11 billion and $3.88 billion, respectively, of foreign currency-denominated debt, included in “Unsecured long-term borrowings” and “Unsecured short-term borrowings,” as hedges of net investments in non-U.S. subsidiaries.

 

XML 126 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Collateralized Agreements and Financings
12 Months Ended
Dec. 31, 2011
Collateralized Agreements and Financings [Abstract]  
Collateralized Agreements and Financings Collateralized Agreements and Financings

Note 9.

Collateralized Agreements and Financings

 

Collateralized agreements are securities purchased under agreements to resell (resale agreements or reverse repurchase agreements) and securities borrowed. Collateralized financings are securities sold under agreements to repurchase (repurchase agreements), securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities.

Collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists. Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in “Interest income” and “Interest expense,” respectively. See Note 23 for further information about interest income and interest expense.

The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions.

 

 

                 
    As of December  
in millions   2011     2010  

Securities purchased under agreements
to resell  1

  $ 187,789     $ 188,355  

Securities borrowed 2

    153,341       166,306  

Securities sold under agreements
to repurchase  1

    164,502       162,345  

Securities loaned 2

    7,182       11,212  

 

1.

Resale and repurchase agreements are carried at fair value under the fair value option. See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value.

 

2.

As of December 2011 and December 2010, $47.62 billion and $48.82 billion of securities borrowed and $107 million and $1.51 billion of securities loaned were at fair value, respectively.

 

Resale and Repurchase Agreements

A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.

A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.

The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and federal agency, and investment-grade sovereign obligations.

The firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements, monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition.

Even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement. However, “repos to maturity” are accounted for as sales. A repo to maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security. Therefore, the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and, accordingly, accounts for the transaction as a sale. The firm had no repos to maturity outstanding as of December 2011 or December 2010.

 

Securities Borrowed and Loaned Transactions

In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash. When the firm returns the securities, the counterparty returns the cash. Interest is generally paid periodically over the life of the transaction.

In a securities loaned transaction, the firm lends securities to a counterparty typically in exchange for cash or securities, or a letter of credit. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction.

The firm receives securities borrowed, makes delivery of securities loaned, monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction.

Securities borrowed and loaned within Fixed Income, Currency and Commodities Client Execution are recorded at fair value under the fair value option.

Securities borrowed and loaned within Securities Services are recorded based on the amount of cash collateral advanced or received plus accrued interest. As these arrangements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates.

As of December 2011 and December 2010, the firm had $20.22 billion and $12.86 billion, respectively, of securities received under resale agreements and securities borrowed transactions that were segregated to satisfy certain regulatory requirements. These securities are included in “Cash and securities segregated for regulatory and other purposes.”

 

Other Secured Financings

In addition to repurchase agreements and securities lending transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings consist of:

 

Ÿ  

liabilities of consolidated VIEs;

 

Ÿ  

transfers of assets accounted for as financings rather than sales (primarily collateralized central bank financings, pledged commodities, bank loans and mortgage whole loans);

 

Ÿ  

other structured financing arrangements; and

 

Ÿ  

debt raised through the firm’s William Street credit extension program outstanding as of December 2010.

Other secured financings include arrangements that are nonrecourse. As of December 2011 and December 2010, nonrecourse other secured financings were $3.14 billion and $8.42 billion, respectively.

The firm has elected to apply the fair value option to the following other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes:

 

Ÿ  

transfers of assets accounted for as financings rather than sales;

 

Ÿ  

certain other nonrecourse financings; and

 

Ÿ  

debt raised through the firm’s William Street credit extension program outstanding as of December 2010.

See Note 8 for further information about other secured financings that are accounted for at fair value. Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value.

The table below presents information about other secured financings. In the table below:

 

Ÿ  

short-term secured financings include financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder;

 

Ÿ  

long-term secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates; and

 

Ÿ  

long-term secured financings that are redeemable prior to maturity at the option of the holders are reflected at the dates such options become exercisable.

 

 

                                                     
    As of December 2011         As of December 2010  
$ in millions   U.S.
Dollar
    Non-U.S.
Dollar
    Total          U.S.
Dollar
    Non-U.S.
Dollar
    Total  

Other secured financings (short-term):

At fair value

  $ 18,519     $ 5,140     $ 23,659         $ 16,404     $ 3,684     $ 20,088  

At amortized cost

    155       5,371       5,526           99       4,342       4,441  

Interest rates 1

    3.85     0.22                 2.96     0.71        

Other secured financings (long-term):

At fair value

    4,305       2,055       6,360           9,594       2,112       11,706  

At amortized cost

    1,024       795       1,819           1,565       577       2,142  

Interest rates 1

    1.88     3.28                 2.14     1.94        

Total 2

  $ 24,003     $ 13,361     $ 37,364         $ 27,662     $ 10,715     $ 38,377  

Amount of other secured financings collateralized by:

Financial instruments 3

  $ 23,703     $ 12,169     $ 35,872         $ 27,014     $ 8,760     $ 35,774  

Other assets 4

    300       1,192       1,492           648       1,955       2,603  

 

1.

The weighted average interest rates exclude secured financings at fair value and include the effect of hedging activities. See Note 7 for further information about hedging activities.

 

2.

Includes $9.36 billion and $8.32 billion related to transfers of financial assets accounted for as financings rather than sales as of December 2011 and December 2010, respectively. Such financings were collateralized by financial assets included in “Financial instruments owned, at fair value” of $9.51 billion and $8.53 billion as of December 2011 and December 2010, respectively.

 

3.

Includes $14.82 billion and $25.63 billion of other secured financings collateralized by financial instruments owned, at fair value and $21.06 billion and $10.14 billion of other secured financings collateralized by financial instruments received as collateral and repledged as of December 2011 and December 2010, respectively.

 

4.

Primarily real estate and cash.

 

 

The table below presents other secured financings by maturity.

 

 

         
in millions  

As of

December 2011

 

Other secured financings (short-term)

    $29,185  

Other secured financings (long-term):

2013

    1,852  

2014

    3,627  

2015

    583  

2016

    437  

2017-thereafter

    1,680  

Total other secured financings (long-term)

    8,179  

Total other secured financings

    $37,364  

The aggregate contractual principal amount of other secured financings (long-term) for which the fair value option was elected exceeded the related fair value by $239 million and $352 million as of December 2011 and December 2010, respectively.

Collateral Received and Pledged

The firm receives financial instruments (e.g., U.S. government and federal agency, other sovereign and corporate obligations, as well as equities and convertible debentures) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans.

In many cases, the firm is permitted to deliver or repledge these financial instruments when entering into repurchase agreements and securities lending agreements, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralizing derivative transactions and meeting firm or customer settlement requirements.

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged by the firm.

 

 

                 
    As of December  
in millions   2011     2010  

Collateral available to be delivered
or repledged

  $ 622,926     $ 618,423  

Collateral that was delivered or repledged

    454,604       447,882  

The firm also pledges certain financial instruments owned, at fair value in connection with repurchase agreements, securities lending agreements and other secured financings, and other assets (primarily real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them. The table below presents information about assets pledged by the firm.

 

 

                 
    As of December  
in millions   2011     2010  

Financial instruments owned, at fair value pledged to counterparties that:

Had the right to deliver or repledge

  $ 53,989     $ 51,010  

Did not have the right to deliver or repledge

    110,949       112,750  

Other assets pledged to counterparties that:

Did not have the right to deliver or repledge

    3,444       4,482  
XML 127 R64.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies (Details) (USD $)
In Billions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Significant Accounting Policies (Textual) [Abstract]    
Cash and due from banks $ 7.95 $ 5.75
Interest-bearing deposits with banks $ 48.05 $ 34.04
XML 128 R85.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securitization Activities (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Securitizations :      
Securitization of residential mortgages $ 40,131 $ 47,803 $ 45,846
Securitization of commercial mortgages   1,451  
Securitization of other financial assets 269 12 691
Securitization of financial assets 40,400 49,266 46,537
Cash flows received on retained interests 569 517 507
Firms continuing involvement in securitization entities to which the firm sold assets [Abstract]      
Outstanding principal amount 88,277 91,582  
Fair value of retained interests 5,777 6,965  
Fair value of purchased interests 545 316  
U.S. government agency-issued collateralized mortgage obligations [Member]
     
Firms continuing involvement in securitization entities to which the firm sold assets [Abstract]      
Outstanding principal amount 70,448 60,352  
Fair value of retained interests 5,038 5,929  
Fair value of purchased interests 0 0  
Other residential mortgage-backed [Member]
     
Firms continuing involvement in securitization entities to which the firm sold assets [Abstract]      
Outstanding principal amount 4,459 13,318  
Fair value of retained interests 101 125  
Fair value of purchased interests 3 5  
Commercial mortgage-backed [Member]
     
Firms continuing involvement in securitization entities to which the firm sold assets [Abstract]      
Outstanding principal amount 3,398 5,040  
Fair value of retained interests 606 849  
Fair value of purchased interests 331 82  
CDOs, CLOs and others [Member]
     
Firms continuing involvement in securitization entities to which the firm sold assets [Abstract]      
Outstanding principal amount 9,972 12,872  
Fair value of retained interests 32 62  
Fair value of purchased interests $ 211 $ 229  
XML 129 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Financial Assets Liabilities Summary      
Total financial assets at fair value $ 651,312 $ 637,514  
Total assets 923,225 911,332 848,942
Total level 3 assets as a percentage of Total assets 5.20% 5.00%  
Total level 3 assets as a percentage of Total financial assets at fair value 7.40% 7.10%  
Total financial liabilities at fair value 388,669 381,604  
Percentage of level 3 liabilities of total financial liabilities at fair value 6.60% 6.30%  
Netting and Collateral [Member] | Derivative [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value (120,821) (112,085)  
Level 1 [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 136,780 137,687  
Level 1 [Member] | Derivative [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 57 93  
Total financial liabilities at fair value 209 45  
Level 2 [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 587,416 566,535  
Level 2 [Member] | Derivative [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 188,892 172,513  
Total financial liabilities at fair value 83,624 66,963  
Level 3 [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 47,937 45,377  
Total financial liabilities at fair value 25,498 24,054  
Level 3 [Member] | Derivative [Member]
     
Financial Assets Liabilities Summary      
Total financial assets at fair value 11,900 12,772  
Total financial liabilities at fair value $ 6,166 $ 5,210  
XML 130 R102.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity (Details 2) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Accumulated Other Comprehensive Income/(Loss)    
Currency translation adjustment, net of tax $ (225) $ (170)
Pension and postretirement liability adjustments, net of tax (374) (229)
Net unrealized gains on available-for-sale securities, net of tax 83 113
Total accumulated other comprehensive loss, net of tax $ (516) $ (286)
XML 131 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company (Tables)
12 Months Ended
Dec. 31, 2011
Parent Company [Abstract]  
Group Statement of Earnings
Group Inc. — Condensed Statements of Earnings
    Year Ended December
in millions   2011   2010   2009

Revenues

                             

Dividends from bank subsidiary

    $ 1,000       $       $  

Dividends from nonbank subsidiaries

      4,967         6,032         8,793  

Undistributed earnings of subsidiaries

      481         2,884         5,884  

Other revenues

      (3,381 )       964         (1,018 )

Total non-interest revenues

      3,067         9,880         13,659  

Interest income

      4,547         4,153         4,565  

Interest expense

      3,917         3,429         3,112  

Net interest income

      630         724         1,453  

Net revenues, including net interest income

      3,697         10,604         15,112  
       

Operating expenses

                             

Compensation and benefits

      300         423         637  

Other expenses

      252         238         1,034  

Total operating expenses

      552         661         1,671  

Pre-tax earnings

      3,145         9,943         13,441  

Provision/(benefit) for taxes

      (1,297 )       1,589         56  

Net earnings

      4,442         8,354         13,385  

Preferred stock dividends

      1,932         641         1,193  

Net earnings applicable to common shareholders

    $ 2,510       $ 7,713       $ 12,192  
Group Statement of Financial Condition
Group Inc. — Condensed Statements of Financial Condition
    As of December
in millions   2011   2010

Assets

                   

Cash and cash equivalents

    $ 14       $ 7  

Loans to and receivables from subsidiaries

                   

Bank subsidiary

      7,196         5,050  

Nonbank subsidiaries

      180,397         182,316  

Investments in subsidiaries and other affiliates

                   

Bank subsidiary

      19,226         18,807  

Nonbank subsidiaries and other affiliates

      48,473         52,498  

Financial instruments owned, at fair value

      20,698         24,153  

Other assets

      7,912         8,612  

Total assets

    $ 283,916       $ 291,443  
     

Liabilities and shareholders’ equity

                   

Payables to subsidiaries

    $ 693       $ 358  

Financial instruments sold, but not yet purchased, at fair value

      241         935  

Unsecured short-term borrowings 1

                   

With third parties

      35,368         32,299  

With subsidiaries

      4,701         5,483  

Unsecured long-term borrowings 2

                   

With third parties

      166,342         167,782  

With subsidiaries 3

      1,536         1,000  

Other liabilities and accrued expenses

      4,656         6,230  

Total liabilities

      213,537         214,087  
     

Commitments, contingencies and guarantees

                   

Shareholders’ equity

                   

Preferred stock

      3,100         6,957  

Common stock

      8         8  

Restricted stock units and employee stock options

      5,681         7,706  

Additional paid-in capital

      45,553         42,103  

Retained earnings

      58,834         57,163  

Accumulated other comprehensive loss

      (516 )       (286 )

Stock held in treasury, at cost

      (42,281 )       (36,295 )

Total shareholders’ equity

      70,379         77,356  

Total liabilities and shareholders’ equity

    $ 283,916       $ 291,443  
Condensed Consolidated Statements of Cash Flows
Group Inc.—Condensed Statements of Cash Flows
    Year Ended December
in millions   2011   2010   2009

Cash flows from operating activities

                             

Net earnings

    $ 4,442       $ 8,354       $ 13,385  

Non-cash items included in net earnings

                             

Undistributed earnings of subsidiaries

      (481 )       (2,884 )       (5,884 )

Depreciation and amortization

      14         18         39  

Deferred income taxes

      809         214         (3,347 )

Share-based compensation

      244         393         100  

Changes in operating assets and liabilities

                             

Financial instruments owned, at fair value

      3,557         (176 )       24,382  

Financial instruments sold, but not yet purchased, at fair value

      (536 )       (1,091 )       (1,032 )

Other, net

      1,422         10,852         10,081  

Net cash provided by operating activities

      9,471         15,680         37,724  
       

Cash flows from investing activities

                             

Purchase of property, leasehold improvements and equipment

      (42 )       (15 )       (5 )

Issuance of short-term loans to subsidiaries, net of repayments

      20,319         (9,923 )       (6,335 )

Issuance of term loans to subsidiaries

      (42,902 )       (5,532 )       (13,823 )

Repayments of term loans by subsidiaries

      21,850         1,992         9,601  

Capital distributions from/(contributions to) subsidiaries, net

      4,642         (1,038 )       (2,781 )

Net cash provided by/(used for) investing activities

      3,867         (14,516 )       (13,343 )
       

Cash flows from financing activities

                             

Unsecured short-term borrowings, net

      (727 )       3,137         (13,266 )

Proceeds from issuance of long-term borrowings

      27,251         21,098         22,814  

Repayment of long-term borrowings, including the current portion

      (27,865 )       (21,838 )       (27,374 )

Preferred stock repurchased

      (3,857 )               (9,574 )

Common stock repurchased

      (6,048 )       (4,183 )       (2 )

Repurchase of common stock warrants

                      (1,100 )

Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units

      (2,771 )       (1,443 )       (2,205 )

Proceeds from issuance of common stock, including stock option exercises

      368         581         6,260  

Excess tax benefit related to share-based compensation

      358         352         135  

Cash settlement of share-based compensation

      (40 )       (1 )       (2 )

Net cash used for financing activities

      (13,331 )       (2,297 )       (24,314 )

Net increase/(decrease) in cash and cash equivalents

      7         (1,133 )       67  

Cash and cash equivalents, beginning of year

      7         1,140         1,073  

Cash and cash equivalents, end of year

    $ 14       $ 7       $ 1,140  

SUPPLEMENTAL DISCLOSURES:

Cash payments for third-party interest, net of capitalized interest, were $3.83 billion, $3.07 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

Cash payments for income taxes, net of refunds, were $1.39 billion, $2.05 billion and $2.77 billion for the years ended December 2011, December 2010 and December 2009, respectively.

 

1.

Includes $6.25 billion and $7.82 billion at fair value as of December 2011 and December 2010, respectively.

 

2.

Includes $12.91 billion and $13.44 billion at fair value as of December 2011 and December 2010, respectively.

 

3.

Unsecured long-term borrowings with subsidiaries by maturity date are $263 million in 2013, $656 million in 2014, $243 million in 2015, $97 million in 2016 and $277 million in 2017-thereafter.

Non-cash activity:

During the year ended December 2011, $103 million of common stock was issued in connection with the acquisition of Goldman Sachs Australia Pty Ltd (GS Australia), formerly Goldman Sachs & Partners Australia Group Holdings Pty Ltd.

XML 132 R92.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deposits (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Deposits [Abstract]    
U.S. offices $ 38,477 $ 32,353
Non-U.S. offices 7,632 6,216
Total Deposits 46,109 38,569
Maturities of Time Deposits [Abstract]    
2012 4,834  
2013 3,252  
2014 1,306  
2015 1,031  
2016 723  
2017 - thereafter 2,120  
Total time deposits 13,266  
Deposits (Textuals) [Abstract]    
Total domestic time deposits greater than $100,000 71  
Domestic time deposits greater than $100,000 maturing within three months 4  
Domestic time deposits greater than $100,000 maturing within three to six months 2  
Domestic time deposits greater than $100,000 maturing within six to twelve months 35  
Domestic time deposits greater than $100,000 maturing after twelve months 30  
U.S.
   
Maturities of Time Deposits [Abstract]    
2012 2,487  
2013 3,252  
2014 1,306  
2015 1,031  
2016 723  
2017 - thereafter 2,120  
Total time deposits 10,919  
Non-U.S.
   
Maturities of Time Deposits [Abstract]    
2012 2,347  
2013 0  
2014 0  
2015 0  
2016 0  
2017 - thereafter 0  
Total time deposits $ 2,347  
XML 133 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Legal Proceedings
12 Months Ended
Dec. 31, 2011
Legal Proceedings [Abstract]  
Legal Proceedings Legal Proceedings

Note 27.

Legal Proceedings

 

The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages.

Under ASC 450 an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight. The amounts reserved against such matters are not significant as compared to the upper end of the range of reasonably possible loss.

With respect to proceedings described below for which management has been able to estimate a range of reasonably possible loss where (i) plaintiffs have claimed an amount of money damages, (ii) the firm is being sued by purchasers in an underwriting and is not being indemnified by a party that the firm believes will pay any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss as being equal to (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the amount of securities that the firm sold in the underwritings and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of December 2011 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any factors believed to be relevant to the particular proceeding. As of the date hereof, the firm has estimated the aggregate amount of reasonably possible losses for such proceedings and for any other proceedings described below where management has been able to estimate a range of reasonably possible loss to be approximately $2.4 billion.

 

Management is generally unable to estimate a range of reasonably possible loss for proceedings other than those included in the estimate above, including where (i) plaintiffs have not claimed an amount of money damages, unless management can otherwise determine an appropriate amount, (ii) the proceedings are in early stages, (iii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iv) there is uncertainty as to the outcome of pending appeals or motions, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues presented. However, for these cases, management does not believe, based on currently available information, that the outcomes of such proceedings will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period.

IPO Process Matters. Group Inc. and GS&Co. are among the numerous financial services companies that have been named as defendants in a variety of lawsuits alleging improprieties in the process by which those companies participated in the underwriting of public offerings in recent years.

GS&Co. has, together with other underwriters in certain offerings as well as the issuers and certain of their officers and directors, been named as a defendant in a number of related lawsuits filed in the U.S. District Court for the Southern District of New York alleging, among other things, that the prospectuses for the offerings violated the federal securities laws by failing to disclose the existence of alleged arrangements tying allocations in certain offerings to higher customer brokerage commission rates as well as purchase orders in the aftermarket, and that the alleged arrangements resulted in market manipulation. On October 5, 2009, the district court approved a settlement agreement entered into by the parties. The firm has paid into a settlement fund the full amount that GS&Co. would contribute in the settlement. Certain objectors appealed certain aspects of the settlement’s approval, but all such appeals have been withdrawn or finally dismissed, thereby concluding the matter.

 

GS&Co. is among numerous underwriting firms named as defendants in a number of complaints filed commencing October 3, 2007, in the U.S. District Court for the Western District of Washington alleging violations of Section 16 of the Exchange Act in connection with offerings of securities for 15 issuers during 1999 and 2000. The complaints generally assert that the underwriters, together with each issuer’s directors, officers and principal shareholders, entered into purported agreements to tie allocations in the offerings to increased brokerage commissions and aftermarket purchase orders. The complaints further allege that, based upon these and other purported agreements, the underwriters violated the reporting provisions of, and are subject to short-swing profit recovery under, Section 16 of the Exchange Act. The district court granted defendants’ motions to dismiss on the grounds that the plaintiff’s demands were inadequate with respect to certain actions and that the remaining actions were time-barred. On December 2, 2010, the appellate court affirmed in part and reversed in part, upholding the dismissal of seven of the actions in which GS&Co. is a defendant that were dismissed based on the deficient demands but remanding the remaining eight actions in which GS&Co. is a defendant that were dismissed as time-barred for consideration of other bases for dismissal. On June 27, 2011, the U.S. Supreme Court granted the defendants’ petition for review of whether the actions that were remanded are time-barred and denied the plaintiff’s petition.

GS&Co. has been named as a defendant in an action commenced on May 15, 2002 in New York Supreme Court, New York County, by an official committee of unsecured creditors on behalf of eToys, Inc., alleging that the firm intentionally underpriced eToys, Inc.’s initial public offering. The action seeks, among other things, unspecified compensatory damages resulting from the alleged lower amount of offering proceeds. On appeal from rulings on GS&Co.’s motion to dismiss, the New York Court of Appeals dismissed claims for breach of contract, professional malpractice and unjust enrichment, but permitted claims for breach of fiduciary duty and fraud to continue. On remand, the lower court granted GS&Co.’s motion for summary judgment and, on December 8, 2011, the appellate court affirmed the lower court’s decision. On January 9, 2012, the creditors moved for permission either to reargue the appellate decision or to appeal further to the New York Court of Appeals.

 

Group Inc. and certain of its affiliates have, together with various underwriters in certain offerings, received subpoenas and requests for documents and information from various governmental agencies and self-regulatory organizations in connection with investigations relating to the public offering process. Goldman Sachs has cooperated with these investigations.

World Online Litigation. In March 2001, a Dutch shareholders’ association initiated legal proceedings for an unspecified amount of damages against GSI and others in Amsterdam District Court in connection with the initial public offering of World Online in March 2000, alleging misstatements and omissions in the offering materials and that the market was artificially inflated by improper public statements and stabilization activities. Goldman Sachs and ABN AMRO Rothschild served as joint global coordinators of the approximately €2.9 billion offering. GSI underwrote 20,268,846 shares and GS&Co. underwrote 6,756,282 shares for a total offering price of approximately €1.16 billion.

The district court rejected the claims against GSI and ABN AMRO, but found World Online liable in an amount to be determined. On appeal, the Netherlands Court of Appeals affirmed in part and reversed in part the decision of the district court, holding that certain of the alleged disclosure deficiencies were actionable as to GSI and ABN AMRO. On further appeal, the Netherlands Supreme Court affirmed the rulings of the Court of Appeals, except that it found certain additional aspects of the offering materials actionable and held that individual investors could potentially hold GSI and ABN AMRO responsible for certain public statements and press releases by World Online and its former CEO. The parties entered into a definitive settlement agreement, dated July 15, 2011, pursuant to which GSI will contribute up to €48 million to a settlement fund. The firm has paid the full amount of GSI’s proposed contribution to the settlement into an escrow account. Other shareholders’ associations have made demands or filed claims for compensation of alleged damages.

 

Research Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to research practices, including, among other things, research analysts’ methods for obtaining receipt and distribution of information and communications among research analysts, sales and trading personnel and clients. On June 9, 2011, pursuant to a settlement, a consent order was entered by the Massachusetts Securities Division pursuant to which GS&Co. paid a $10 million civil penalty and agreed to various undertakings regarding certain of its research practices. Other regulators, including the SEC and FINRA, have been investigating matters similar to those involved in the Massachusetts settlement, and Goldman Sachs has been discussing potential resolution of their proposed charges.

Adelphia Communications Fraudulent Conveyance Litigation. GS&Co. is named a defendant in two adversary proceedings commenced in the U.S. Bankruptcy Court for the Southern District of New York, one on July 6, 2003 by a creditors committee, and the second on or about July 31, 2003 by an equity committee of Adelphia Communications, Inc. Those proceedings were consolidated in a single amended complaint filed by the Adelphia Recovery Trust on October 31, 2007. The complaint seeks, among other things, to recover, as fraudulent conveyances, approximately $62.9 million allegedly paid to GS&Co. by Adelphia Communications, Inc. and its affiliates in respect of margin calls made in the ordinary course of business on accounts owned by members of the family that formerly controlled Adelphia Communications, Inc. The district court assumed jurisdiction over the action and on April 8, 2011 granted GS&Co.’s motion for summary judgment. The plaintiff has appealed.

Specialist Matters. Spear, Leeds & Kellogg Specialists LLC (SLKS) and certain affiliates have received requests for information from various governmental agencies and self-regulatory organizations as part of an industry-wide investigation relating to activities of floor specialists in recent years. Goldman Sachs has cooperated with the requests.

 

On March 30, 2004, certain specialist firms on the NYSE, including SLKS, without admitting or denying the allegations, entered into a final global settlement with the SEC and the NYSE covering certain activities during the years 1999 through 2003. The SLKS settlement involves, among other things, (i) findings by the SEC and the NYSE that SLKS violated certain federal securities laws and NYSE rules, and in some cases failed to supervise certain individual specialists, in connection with trades that allegedly disadvantaged customer orders, (ii) a cease and desist order against SLKS, (iii) a censure of SLKS, (iv) SLKS’ agreement to pay an aggregate of $45.3 million in disgorgement and a penalty to be used to compensate customers, (v) certain undertakings with respect to SLKS’ systems and procedures, and (vi) SLKS’ retention of an independent consultant to review and evaluate certain of SLKS’ compliance systems, policies and procedures. Comparable findings were made and sanctions imposed in the settlements with other specialist firms. The settlement did not resolve the related private civil actions against SLKS and other firms or regulatory investigations involving individuals or conduct on other exchanges. On May 26, 2011, the SEC issued an order directing the undistributed settlement funds to be transferred to the U.S. Treasury; the funds will accordingly not be allocated to any settlement fund for the civil actions described below.

SLKS, Spear, Leeds & Kellogg, L.P. and Group Inc. are among numerous defendants named in purported class actions brought beginning in October 2003 on behalf of investors in the U.S. District Court for the Southern District of New York alleging violations of the federal securities laws and state common law in connection with NYSE floor specialist activities. The actions, which have been consolidated, seek unspecified compensatory damages, restitution and disgorgement on behalf of purchasers and sellers of unspecified securities between October 17, 1998 and October 15, 2003. By a decision dated March 14, 2009, the district court granted plaintiffs’ motion for class certification. The defendants’ petition with the U.S. Court of Appeals for the Second Circuit seeking review of the certification ruling was denied, and the specialist defendants’ petition for a rehearing and/or rehearing en banc was denied on February 24, 2010. On December 5, 2011, the parties reached a settlement in principle, subject to documentation and court approval. The firm has reserved the full amount of its proposed contribution to the settlement.

 

Treasury Matters. GS&Co. was named as a defendant in a purported class action filed on March 10, 2004 in the U.S. District Court for the Northern District of Illinois on behalf of holders of short positions in 30-year U.S. Treasury futures and options on the morning of October 31, 2001. The complaint alleged that the firm purchased 30-year bonds and futures prior to a forthcoming U.S. Treasury refunding announcement that morning based on non-public information about that announcement, and that such purchases increased the costs of covering such short positions. The complaint also named as defendants the Washington, D.C.-based political consultant who allegedly was the source of the information, a former GS&Co. economist who allegedly received the information, and another company and one of its employees who also allegedly received and traded on the information prior to its public announcement. The complaint alleged violations of the federal commodities and antitrust laws, as well as Illinois statutory and common law, and seeks, among other things, unspecified damages including treble damages under the antitrust laws. The district court dismissed the antitrust and Illinois state law claims but permitted the federal commodities law claims to proceed. Plaintiff’s motion for class certification was denied. GS&Co. moved for summary judgment, and the district court granted the motion but only insofar as the claim relates to the trading of treasury bonds. On October 13, 2009, the parties filed an offer of judgment and notice of acceptance with respect to plaintiff’s individual claim. The plaintiff attempted to pursue an appeal of the denial of class certification, as did another individual trader who had previously litigated and lost an individual claim and unsuccessfully sought to intervene in the purported class action. On August 5, 2011, the U.S. Court of Appeals for the Seventh Circuit affirmed the lower court’s rulings that neither the plaintiff nor the proposed intervenor could pursue the class issues on appeal, but remanded for further consideration as to the amount of pre-judgment interest on the plaintiff’s individual claim. The appellants’ petition for reconsideration en banc was denied on October 19, 2011. On remand, the district court entered a final stipulation and order on December 7, 2011 regarding calculation of pre-judgment interest, which concluded the matter.

 

Fannie Mae Litigation. GS&Co. was added as a defendant in an amended complaint filed on August 14, 2006 in a purported class action pending in the U.S. District Court for the District of Columbia. The complaint asserts violations of the federal securities laws generally arising from allegations concerning Fannie Mae’s accounting practices in connection with certain Fannie Mae-sponsored REMIC transactions that were allegedly arranged by GS&Co. The complaint does not specify a dollar amount of damages. The other defendants include Fannie Mae, certain of its past and present officers and directors, and accountants. By a decision dated May 8, 2007, the district court granted GS&Co.’s motion to dismiss the claim against it. The time for an appeal will not begin to run until disposition of the claims against other defendants. A motion to stay the action filed by the Federal Housing Finance Agency (FHFA), which took control of the foregoing action following Fannie Mae’s conservatorship, was denied on November 14, 2011.

Beginning in September 2006, Group Inc. and/or GS&Co. were named as defendants in four Fannie Mae shareholder derivative actions in the U.S. District Court for the District of Columbia. The complaints generally allege that the Goldman Sachs defendants aided and abetted a breach of fiduciary duty by Fannie Mae’s directors and officers in connection with certain Fannie Mae-sponsored REMIC transactions, and one of the complaints also asserts a breach of contract claim. The complaints also name as defendants certain former officers and directors of Fannie Mae as well as an outside accounting firm. The complaints seek, inter alia, unspecified damages. The Goldman Sachs defendants were dismissed without prejudice from the first filed of these actions, and the remaining claims in that action were dismissed for failure to make a demand on Fannie Mae’s board of directors. That dismissal has been affirmed on appeal. The district court dismissed the remaining three actions on July 28, 2010. The plaintiffs filed motions for reconsideration, which were denied on October 22, 2010, and have revised their notices of appeal in these actions. On January 20, 2011, the appellate court consolidated all actions on appeal.

 

Compensation-Related Litigation. On January 17, 2008, Group Inc., its Board, executive officers and members of its management committee were named as defendants in a purported shareholder derivative action in the U.S. District Court for the Eastern District of New York predicting that the firm’s 2008 Proxy Statement would violate the federal securities laws by undervaluing certain stock option awards and alleging that senior management received excessive compensation for 2007. The complaint seeks, among other things, an equitable accounting for the allegedly excessive compensation. Plaintiff’s motion for a preliminary injunction to prevent the 2008 Proxy Statement from using options valuations that the plaintiff alleges are incorrect and to require the amendment of SEC Form 4s filed by certain of the executive officers named in the complaint to reflect the stock option valuations alleged by the plaintiff was denied, and plaintiff’s appeal from this denial was dismissed. On February 13, 2009, the plaintiff filed an amended complaint, which added purported direct (i.e., non-derivative) claims based on substantially the same theory. The plaintiff filed a further amended complaint on March 24, 2010, and the defendants’ motion to dismiss this further amended complaint was granted on the ground that dismissal of the shareholder plaintiff’s prior action relating the firm’s 2007 Proxy Statement based on the failure to make a demand to the Board precluded relitigation of demand futility. On December 19, 2011, the appellate court vacated the order of dismissal, holding only that preclusion principles did not mandate dismissal and remanding for consideration of the alternative grounds for dismissal.

On March 24, 2009, the same plaintiff filed an action in New York Supreme Court, New York County against Group Inc., its directors and certain senior executives alleging violation of Delaware statutory and common law in connection with substantively similar allegations regarding stock option awards. On January 7, 2011, the plaintiff filed an amended complaint. Defendants moved to dismiss the amended complaint, and the parties subsequently agreed to stay the state court action pending the final resolution of the appeal from the dismissal of the federal court action in respect of the firm’s 2008 Proxy Statement described above, as well as any remanded proceedings further adjudicating defendants’ motion to dismiss.

 

Purported shareholder derivative actions were commenced in New York Supreme Court, New York County and the Delaware Court of Chancery beginning on December 14, 2009, alleging that the Board breached its fiduciary duties in connection with setting compensation levels for the year 2009 and that such levels were excessive. The complaints name as defendants Group Inc., the Board and certain senior executives. The complaints sought, inter alia, unspecified damages, restitution of certain compensation paid, and an order requiring the firm to adopt corporate reforms. In the actions in New York state court, on April 8, 2010, the plaintiffs filed a motion indicating that they no longer intend to pursue their claims but are seeking an award of attorneys’ fees in connection with bringing the suit, which the defendants opposed. By a decision dated September 21, 2011, the New York court dismissed plaintiffs’ claims as moot and denied plaintiffs’ application for attorneys’ fees. On October 25, 2011, plaintiffs appealed from the denial of a fee award. In the actions brought in the Delaware Court of Chancery, the defendants moved to dismiss, and the plaintiffs amended their complaint on April 28, 2010 to include, among other things, the allegations included in the SEC’s action described in the “Mortgage-Related Matters” section below. The plaintiffs amended the complaint a second time on January 20, 2011, the defendants moved to dismiss the second amended complaint and, by a decision dated October 12, 2011, the Delaware court dismissed plaintiffs’ second amended complaint. Plaintiffs appealed on November 9, 2011.

Group Inc. and certain of its affiliates are subject to a number of investigations and reviews from various governmental agencies and self-regulatory organizations regarding the firm’s compensation processes. The firm is cooperating with the investigations and reviews.

 

Mortgage-Related Matters. On April 16, 2010, the SEC brought an action (SEC Action) under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against GS&Co. and Fabrice Tourre, one of its employees, in connection with a CDO offering made in early 2007 (ABACUS 2007-AC1 transaction), alleging that the defendants made materially false and misleading statements to investors and seeking, among other things, unspecified monetary penalties. Investigations of GS&Co. by FINRA and of GSI by the FSA were subsequently initiated, and Group Inc. and certain of its affiliates have received subpoenas and requests for information from other regulators, regarding CDO offerings, including the ABACUS 2007-AC1 transaction, and related matters.

On July 14, 2010, GS&Co. entered into a consent agreement with the SEC, settling all claims made against GS&Co. in the SEC Action (SEC Settlement), pursuant to which GS&Co. paid $550 million of disgorgement and civil penalties, and which was approved by the U.S. District Court for the Southern District of New York on July 20, 2010.

On January 6, 2011, ACA Financial Guaranty Corp. filed an action against GS&Co. in respect of the ABACUS 2007-AC1 transaction in New York Supreme Court, New York County. The complaint includes allegations of fraudulent inducement, fraudulent concealment and unjust enrichment and seeks at least $30 million in compensatory damages, at least $90 million in punitive damages and unspecified disgorgement. On March 8, 2011, GS&Co. filed a motion to compel arbitration and/or to dismiss the complaint. On April 25, 2011, the plaintiff filed an amended complaint and, on June 3, 2011, GS&Co. moved to dismiss the amended complaint.

Since April 22, 2010, a number of putative shareholder derivative actions have been filed in New York Supreme Court, New York County, and the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and its affiliates in connection with mortgage-related matters between 2004 and 2007, including the ABACUS 2007-AC1 transaction and other CDO offerings. These derivative complaints generally include allegations of breach of fiduciary duty, corporate waste, abuse of control, mismanagement, unjust enrichment, misappropriation of information, securities fraud and insider trading, and challenge the accuracy and adequacy of Group Inc.’s disclosure. These derivative complaints seek, among other things, declaratory relief, unspecified compensatory damages, restitution and certain corporate governance reforms. In addition, as described in the “Compensation-Related Litigation” section above, the plaintiffs in the compensation-related Delaware Court of Chancery actions twice amended their complaint, including to assert allegations similar to those in the derivative claims referred to above, the Delaware court granted the defendants’ motion to dismiss the second amended complaint and plaintiffs appealed on November 9, 2011.

The federal court cases have been consolidated, plaintiffs filed a consolidated amended complaint on August 1, 2011, and, on October 6, 2011, the defendants moved to dismiss the action. On December 8, 2011, the parties to the federal court action stipulated that (i) if the dismissal of the Delaware action is affirmed, the parties will submit a proposed order dismissing the federal court action with prejudice and (ii) if the Delaware action is remanded, the federal court action will be reinstated. The New York Supreme Court has consolidated the two actions pending in that court and the defendants moved to dismiss on December 2, 2011.

Since July 1, 2011, two putative shareholder derivative actions have been filed in the U.S. District Court for the Southern District of New York against Group Inc., the Board and certain officers and employees of Group Inc. and Litton in connection with the servicing of residential mortgage loans and other mortgage-related activities beginning in January 2009. The complaints generally include allegations of breach of fiduciary duty, waste, abuse of control, and mismanagement and seek, among other things, declaratory relief, unspecified damages and certain governance reforms. The district court consolidated the actions, and, on December 20, 2011, the plaintiffs filed a consolidated amended complaint. On January 31, 2012, the defendants moved to dismiss.

In addition, in October 2011, the Board received a books and records demand from a shareholder for materials relating to, among other subjects, the firm’s mortgage servicing and foreclosure activities, participation in federal programs providing assistance to financial institutions and homeowners and loan sales to Fannie Mae and Freddie Mac.

 

Since April 23, 2010, the Board has received letters from shareholders demanding that the Board take action to address alleged misconduct by GS&Co., the Board and certain officers and employees of Group Inc. and its affiliates. The demands generally allege misconduct in connection with the firm’s securitization practices, including the ABACUS 2007-AC1 transaction, the alleged failure by Group Inc. to adequately disclose the SEC investigation that led to the SEC Action, and Group Inc.’s 2009 compensation practices. The demands include a letter from a Group Inc. shareholder, which previously made a demand that the Board investigate and take action in connection with auction products matters, and expanded its demand to address the foregoing matters. The Board previously rejected the demand relating to auction products matters in September 2010, and, in August 2011, the shareholder made a books and records demand for materials related to the Board’s rejection of the shareholder’s demand letter.

In addition, beginning April 26, 2010, a number of purported securities law class actions have been filed in the U.S. District Court for the Southern District of New York challenging the adequacy of Group Inc.’s public disclosure of, among other things, the firm’s activities in the CDO market and the SEC investigation that led to the SEC Action. The purported class action complaints, which name as defendants Group Inc. and certain officers and employees of Group Inc. and its affiliates, have been consolidated, generally allege violations of Sections 10(b) and 20(a) of the Exchange Act and seek unspecified damages. Plaintiffs filed a consolidated amended complaint on July 25, 2011. On October 6, 2011, the defendants moved to dismiss.

 

GS&Co., Goldman Sachs Mortgage Company (GSMC) and GS Mortgage Securities Corp. (GSMSC) and three current or former Goldman Sachs employees are defendants in a putative class action commenced on December 11, 2008 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&Co. in 2007. The complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory damages and rescission or rescissionary damages. The defendants’ motion to dismiss the second amended complaint was granted with leave to replead certain claims. On March 31, 2010, the plaintiff filed a third amended complaint relating to two offerings, which the defendants moved to dismiss. This motion to dismiss was denied as to the plaintiff’s Section 12(a)(2) claims and granted as to the plaintiff’s Section 11 claims, and the plaintiff’s motion for reconsideration was denied. The plaintiff filed a motion for entry of final judgment or certification of an interlocutory appeal as to plaintiff’s Section 11 claims, which was denied. The plaintiff then filed a motion for leave to amend to reinstate the damages claims based on allegations that it had sold its securities, which was denied. On May 5, 2011, the court granted plaintiff’s motion for entry of a final judgment dismissing all its claims. The plaintiff has appealed the dismissal with respect to all of the offerings included in its original complaint. On June 3, 2010, another investor (who had unsuccessfully sought to intervene in the action) filed a separate putative class action asserting substantively similar allegations relating to an additional offering pursuant to the 2007 registration statement. The defendants moved to dismiss this separate action, and the district court dismissed the action, with leave to replead. Plaintiff filed an amended complaint on October 20, 2011, and, on December 16, 2011, defendants moved to dismiss. These trusts issued, and GS&Co. underwrote, approximately $785 million principal amount of certificates to all purchasers in the offering at issue in this amended complaint.

 

Group Inc., GS&Co., GSMC and GSMSC are among the defendants in a separate putative class action commenced on February 6, 2009 in the U.S. District Court for the Southern District of New York brought on behalf of purchasers of various mortgage pass-through certificates and asset-backed certificates issued by various securitization trusts established by the firm and underwritten by GS&Co. in 2006. The other original defendants include three current or former Goldman Sachs employees and various rating agencies. The second amended complaint generally alleges that the registration statement and prospectus supplements for the certificates violated the federal securities laws, and seeks unspecified compensatory and rescissionary damages. Defendants moved to dismiss the second amended complaint. On January 12, 2011, the district court granted the motion to dismiss with respect to offerings in which plaintiff had not purchased securities as well as all claims against the rating agencies, but denied the motion to dismiss with respect to a single offering in which the plaintiff allegedly purchased securities. These trusts issued, and GS&Co. underwrote, approximately $698 million principal amount of certificates to all purchasers in the offerings at issue in the complaint (excluding those offerings for which the claims have been dismissed). On February 2, 2012, the district court granted the plaintiff’s motion for class certification and on February 16, 2012, defendants filed a petition to review that ruling with the U.S. Court of Appeals for the Second Circuit.

On September 30, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York against GS&Co., Group Inc. and two former GS&Co. employees on behalf of investors in notes issued in 2006 and 2007 by two synthetic CDOs (Hudson Mezzanine 2006-1 and 2006-2). The complaint, which was amended on February 4, 2011, asserts federal securities law and common law claims, and seeks unspecified compensatory, punitive and other damages. The defendants moved to dismiss on April 5, 2011.

GS&Co., GSMC and GSMSC are among the defendants in a lawsuit filed in August 2011 by CIFG Assurance of North America, Inc. (CIFG) in the New York Supreme Court. The complaint alleges that CIFG was fraudulently induced to provide credit enhancement for a 2007 securitization sponsored by GSMC, and seeks, among other things, the repurchase of $24.7 million in aggregate principal amount of mortgages that CIFG had previously stated to be non-conforming, an accounting for any proceeds associated with mortgages discharged from the securitization and unspecified compensatory damages. On October 17, 2011, the Goldman Sachs defendants moved to dismiss.

 

Various alleged purchasers of, and counterparties involved in transactions relating to, mortgage pass-through certificates, CDOs and other mortgage-related products (including certain Allstate affiliates, Basis Yield Alpha Fund (Master), Cambridge Place Investment Management Inc., the Charles Schwab Corporation, the Federal Home Loan Banks of Boston, Chicago, Indianapolis and Seattle, the FHFA (as conservator for Fannie Mae and Freddie Mac), Heungkuk Life Insurance Co. Limited (Heungkuk), Landesbank Baden-Württemberg, Massachusetts Mutual Life Insurance Company, MoneyGram Payment Systems, Inc., the National Credit Union Administration, Stichting Pensioenfonds ABP, The Union Central Life Insurance Company, Ameritas Life Insurance Corp., Acacia Life Insurance Company, and The Western and Southern Life Insurance Co.) have filed complaints in state and federal court against firm affiliates, generally alleging that the offering documents for the securities that they purchased contained untrue statements of material facts and material omissions and generally seeking rescission and damages. Certain of these complaints allege fraud and seek punitive damages. Certain of these complaints also name other firms as defendants.

A number of other entities (including American International Group, Inc. (AIG), Bayerische Landesbank, Deutsche Bank National Trust Company, Deutsche Zentral-Genossenschaftbank, Erste Abwicklungsanstalt and related parties, HSH Nordbank, IKB Deutsche Industriebank AG, John Hancock and related parties, M&T Bank, Norges Bank Investment Management, Prudential Insurance Company of America and related parties, and Sealink Funding Ltd.) have threatened to assert claims of various types against the firm in connection with various mortgage-related transactions, and the firm has entered into agreements with a number of these entities to toll the relevant statute of limitations.

As of the date hereof, the aggregate notional amount of mortgage-related securities sold to plaintiffs in active cases brought against the firm where those plaintiffs are seeking rescission of such securities was approximately $16.5 billion (which does not reflect adjustment for any subsequent paydowns or distributions or any residual value of such securities). This amount does not include the threatened claims noted above or potential claims by other purchasers in the same or other mortgage-related offerings that have not actually brought claims against the firm, or claims that have been dismissed (including a claim by Landesbank Baden-Württemberg, which was dismissed by a decision dated September 26, 2011, from which the plaintiff appealed on October 24, 2011).

 

In June 2011, Heungkuk filed a criminal complaint against certain past and present employees of the firm in South Korea relating to its purchase of a CDO securitization from Goldman Sachs. The filing does not represent any judgment by a governmental entity, but starts a process whereby the prosecutor investigates the complaint and determines whether to take action.

On September 1, 2011, Group Inc. and GS Bank USA entered into a Consent Order with the Federal Reserve Board relating to the servicing of residential mortgage loans. In addition, on September 1, 2011, GS Bank USA entered into an Agreement on Mortgage Servicing Practices with the New York State Banking Department, Litton and the acquirer of Litton, in connection with which Group Inc. agreed to forgive 25% of the unpaid principal balance on certain delinquent first lien residential mortgage loans owned by Group Inc. or a subsidiary, totaling approximately $13 million in principal forgiveness. See Note 18 for further information about these settlements.

Group Inc., GS&Co. and GSMC are among the numerous financial services firms named as defendants in a qui tam action originally filed by a realtor on April 7, 2010 purportedly on behalf of the City of Chicago and State of Illinois in Cook County, Illinois Circuit Court asserting claims under the Illinois Whistleblower Reward and Protection Act and Chicago False Claims Act, based on allegations that defendants had falsely certified compliance with various Illinois laws, which were purportedly violated in connection with mortgage origination and servicing activities. The complaint, which was originally filed under seal, seeks treble damages and civil penalties. Plaintiff filed an amended complaint on December 28, 2011, naming GS&Co. and GSMC, among others, as additional defendants and a second amended complaint on February 8, 2012.

The firm has also received, and continues to receive, requests for information and/or subpoenas from federal, state and local regulators and law enforcement authorities, relating to the mortgage-related securitization process, subprime mortgages, CDOs, synthetic mortgage-related products, particular transactions involving these products, and servicing and foreclosure activities, and is cooperating with these regulators and other authorities. See also “Financial Crisis-Related Matters” below.

On February 24, 2012, the firm received a “Wells” notice from the staff of the SEC with respect to the disclosures contained in the offering documents used in connection with a late 2006 offering of approximately $1.3 billion of subprime residential mortgage-backed securities underwritten by GS&Co. The firm will be making a submission to, and intends to engage in a dialogue with, the SEC staff seeking to address their concerns.

The firm expects to be the subject of additional putative shareholder derivative actions, purported class actions, rescission and “put back” claims and other litigation, additional investor and shareholder demands, and additional regulatory and other investigations and actions with respect to mortgage-related offerings, loan sales, CDOs, and servicing and foreclosure activities. See Note 18 for further information regarding mortgage-related contingencies.

Auction Products Matters. On August 21, 2008, GS&Co. entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department (on behalf of the North American Securities Administrators Association) regarding auction rate securities. Under the agreement, Goldman Sachs agreed, among other things, (i) to offer to repurchase at par the outstanding auction rate securities that its private wealth management clients purchased through the firm prior to February 11, 2008, with the exception of those auction rate securities where auctions were clearing, (ii) to continue to work with issuers and other interested parties, including regulatory and governmental entities, to expeditiously provide liquidity solutions for institutional investors, and (iii) to pay a $22.5 million fine. The settlement is subject to definitive documentation and approval by the various states. On June 2, 2009, GS&Co. entered into an Assurance of Discontinuance with the New York State Attorney General. On March 19, 2010, GS&Co. entered into an Administrative Consent Order with the Illinois Secretary of State, Securities Department, which had conducted an investigation on behalf of states other than New York. GS&Co. has entered into similar consent orders with most states and is in the process of doing so with the remaining states.

On September 4, 2008, Group Inc. was named as a defendant, together with numerous other financial services firms, in two complaints filed in the U.S. District Court for the Southern District of New York alleging that the defendants engaged in a conspiracy to manipulate the auction securities market in violation of federal antitrust laws. The actions were filed, respectively, on behalf of putative classes of issuers of and investors in auction rate securities and seek, among other things, treble damages in an unspecified amount. Defendants’ motion to dismiss was granted on January 26, 2010. On March 1, 2010, the plaintiffs appealed from the dismissal of their complaints.

 

Private Equity-Sponsored Acquisitions Litigation. Group Inc. and “GS Capital Partners” are among numerous private equity firms and investment banks named as defendants in a federal antitrust action filed in the U.S. District Court for the District of Massachusetts in December 2007. As amended, the complaint generally alleges that the defendants have colluded to limit competition in bidding for private equity-sponsored acquisitions of public companies, thereby resulting in lower prevailing bids and, by extension, less consideration for shareholders of those companies in violation of Section 1 of the U.S. Sherman Antitrust Act and common law. The complaint seeks, among other things, treble damages in an unspecified amount. Defendants moved to dismiss on August 27, 2008. The district court dismissed claims relating to certain transactions that were the subject of releases as part of the settlement of shareholder actions challenging such transactions, and by an order dated December 15, 2008 otherwise denied the motion to dismiss. On April 26, 2010, the plaintiffs moved for leave to proceed with a second phase of discovery encompassing additional transactions. On August 18, 2010, the court permitted discovery on eight additional transactions, and the plaintiffs filed a fourth amended complaint on October 7, 2010. The defendants filed a motion to dismiss certain aspects of the fourth amended complaint on October 21, 2010, and the court granted that motion on January 13, 2011. On January 21, 2011, certain defendants, including Group Inc., filed a motion to dismiss another claim of the fourth amended complaint on the grounds that the transaction was the subject of a release as part of the settlement of a shareholder action challenging the transaction. The court granted that motion on March 1, 2011. On July 11, 2011, the plaintiffs moved for leave to file a fifth amended complaint encompassing additional transactions and to take discovery concerning those transactions. On September 7, 2011, the district court denied the plaintiffs’ motion, without prejudice, insofar as it sought leave to file a fifth amended complaint, but permitted an additional six-month phase of discovery with respect to the additional transactions.

Washington Mutual Securities Litigation. GS&Co. is among numerous underwriters named as defendants in a putative securities class action amended complaint filed on August 5, 2008 in the U.S. District Court for the Western District of Washington. As to the underwriters, plaintiffs allege that the offering documents in connection with various securities offerings by Washington Mutual, Inc. failed to describe accurately the company’s exposure to mortgage-related activities in violation of the disclosure requirements of the federal securities laws. The defendants include past and present directors and officers of Washington Mutual, the company’s former outside auditors, and numerous underwriters. On June 30, 2011, the underwriter defendants and plaintiffs entered into a definitive settlement agreement, pursuant to which GS&Co. would contribute to a settlement fund. On November 4, 2011, the court approved the settlement, and the time to appeal has run, thereby concluding the matter. The firm has paid the full amount of GS&Co.’s contribution to the settlement fund.

IndyMac Pass-Through Certificates Litigation. GS&Co. is among numerous underwriters named as defendants in a putative securities class action filed on May 14, 2009 in the U.S. District Court for the Southern District of New York. As to the underwriters, plaintiffs allege that the offering documents in connection with various securitizations of mortgage-related assets violated the disclosure requirements of the federal securities laws. The defendants include IndyMac-related entities formed in connection with the securitizations, the underwriters of the offerings, certain ratings agencies which evaluated the credit quality of the securities, and certain former officers and directors of IndyMac affiliates. On November 2, 2009, the underwriters moved to dismiss the complaint. The motion was granted in part on February 17, 2010 to the extent of dismissing claims based on offerings in which no plaintiff purchased, and the court reserved judgment as to the other aspects of the motion. By a decision dated June 21, 2010, the district court formally dismissed all claims relating to offerings in which no named plaintiff purchased certificates (including all offerings underwritten by GS&Co.), and both granted and denied the defendants’ motions to dismiss in various other respects. On May 17, 2010, four additional investors filed a motion seeking to intervene in order to assert claims based on additional offerings (including two underwritten by GS&Co.). On July 6, 2010 and August 19, 2010, two additional investors filed motions to intervene in order to assert claims based on additional offerings (none of which were underwritten by GS&Co.). The defendants opposed the motions on the ground that the putative intervenors’ claims were time-barred and, on June 21, 2011, the court denied the motions to intervene with respect to, among others, the claims based on the offerings underwritten by GS&Co. Certain of the putative intervenors (including those seeking to assert claims based on two offerings underwritten by GS&Co.) have appealed.

 

GS&Co. underwrote approximately $751 million principal amount of securities to all purchasers in the offerings at issue in the May 2010 motion to intervene. On July 11, 2008, IndyMac Bank was placed under an FDIC receivership, and on July 31, 2008, IndyMac Bancorp, Inc. filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court in Los Angeles, California.

MF Global Securities Litigation. GS&Co. is among numerous underwriters named as defendants in class action complaints filed in the U.S. District Court for the Southern District of New York commencing November 18, 2011. These complaints generally allege that the offering materials for two offerings of MF Global Holdings Ltd. convertible notes (aggregating approximately $575 million in principal amount) in February 2011 and July 2011 failed to, among other things, describe adequately the extent of MF Global’s exposure to European sovereign debt, in violation of the disclosure requirements of the federal securities laws. GS&Co. underwrote an aggregate principal amount of approximately $214 million of the notes. On October 31, 2011, MF Global Holdings Ltd. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Manhattan, New York.

GS&Co. has also received inquiries from various governmental and regulatory bodies and self-regulatory organizations concerning certain transactions with MF Global prior to its bankruptcy filing. Goldman Sachs is cooperating with all such inquiries.

Employment-Related Matters. On May 27, 2010, a putative class action was filed in the U.S. District Court for the Southern District of New York by several contingent technology workers who were employees of third-party vendors. The plaintiffs are seeking overtime pay for alleged hours worked in excess of 40 per work week. The complaint alleges that the plaintiffs were de facto employees of GS&Co. and that GS&Co. is responsible for the overtime pay under federal and state overtime laws. The complaint seeks class action status and unspecified damages. On March 21, 2011, the parties agreed to the terms of a settlement in principle and on February 10, 2012, the court approved the terms of the settlement. The firm has reserved the full amount of the proposed settlement.

 

On September 15, 2010, a putative class action was filed in the U.S. District for the Southern District of New York by three former female employees alleging that Group Inc. and GS&Co. have systematically discriminated against female employees in respect of compensation, promotion, assignments, mentoring and performance evaluations. The complaint alleges a class consisting of all female employees employed at specified levels by Group Inc. and GS&Co. since July 2002, and asserts claims under federal and New York City discrimination laws. The complaint seeks class action status, injunctive relief and unspecified amounts of compensatory, punitive and other damages. Group Inc. and GS&Co. filed a motion to stay the claims of one of the named plaintiffs and to compel individual arbitration with that individual, based on an arbitration provision contained in an employment agreement between Group Inc. and the individual. On April 28, 2011, the magistrate judge to whom the district judge assigned the motion denied the motion. On July 7, 2011, the magistrate judge denied Group Inc.’s and GS&Co.’s motion for reconsideration of the magistrate judge’s decision, and on July 21, 2011 Group Inc. and GS&Co. appealed the magistrate judge’s decision to the district court. On June 13, 2011, Group Inc. and GS&Co. moved to strike the class allegations of one of the three named plaintiffs based on her failure to exhaust administrative remedies. On September 29, 2011, the magistrate judge recommended denial of the motion to strike and Group Inc. and GS&Co. filed their objections to that recommendation with the district judge presiding over the case on October 11, 2011. By a decision dated January 10, 2012, the district court denied the motion to strike. On July 22, 2011, Group Inc. and GS&Co. moved to strike all of the plaintiffs’ class allegations, and for partial summary judgment as to plaintiffs’ disparate impact claims. By a decision dated January 19, 2012, the magistrate judge recommended that defendants’ motion be denied as premature. The defendants have filed their objections to that recommendation with the district judge. On November 15, 2011, the district court denied the defendants’ motion to compel arbitration with one of the three named plaintiffs; defendants have appealed.

 

Transactions with the Hellenic Republic (Greece). Group Inc. and certain of its affiliates have been subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm’s transactions with the Hellenic Republic (Greece), including financing and swap transactions. Goldman Sachs has cooperated with the investigations and reviews.

Investment Management Services . Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages. In addition, Group Inc. and its affiliates are subject from time to time to investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations in connection with the firm’s investment management services. Goldman Sachs is cooperating with all such investigations and reviews.

Sales, Trading and Clearance Practices. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews, certain of which are industry-wide, by various governmental and regulatory bodies and self-regulatory organizations relating to the sales, trading and clearance of corporate and government securities and other financial products, including compliance with the SEC’s short sale rule, algorithmic and quantitative trading, futures trading, transaction reporting, securities lending practices, trading and clearance of credit derivative instruments, commodities trading, private placement practices and compliance with the U.S. Foreign Corrupt Practices Act.

The European Commission announced in April 2011 that it is initiating proceedings to investigate further numerous financial services companies, including Group Inc., in connection with the supply of data related to credit default swaps and in connection with profit sharing and fee arrangements for clearing of credit default swaps, including potential anti-competitive practices. These proceedings are ongoing. The firm has received civil investigative demands from the U.S. Department of Justice (DOJ) for information on similar matters.

The CFTC has been investigating the role of GSEC as the clearing broker for an SEC-registered broker-dealer client. The CFTC staff has orally advised GSEC that it intends to recommend that the CFTC bring aiding and abetting, civil fraud and supervision-related charges against GSEC arising from its provision of clearing services to this broker-dealer client based on allegations that GSEC knew or should have known that the client’s subaccounts maintained at GSEC were actually accounts belonging to customers of the broker-dealer client and not the client’s proprietary accounts. GSEC has been discussing a potential resolution. Goldman Sachs is cooperating with the investigations and reviews.

Insider Trading Investigations. From time to time, the firm and its employees are the subject of or otherwise involved in regulatory investigations relating to insider trading, the potential misuse of material nonpublic information and the effectiveness of the firm’s insider trading controls and information barriers. It is the firm’s practice to fully cooperate with any such investigations.

EU Price-Fixing Matter. On July 5, 2011, the European Commission issued a Statement of Objections to Group Inc. raising allegations of an industry-wide conspiracy to fix prices for power cables including by an Italian cable company in which certain Goldman Sachs-affiliated investment funds held ownership interests from 2005 to 2009. The Statement of Objections proposes to hold Group Inc. jointly and severally liable for some or all of any fine levied against the cable company under the concept of parental liability under EU competition law.

Municipal Securities Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations relating to transactions involving municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, underwriting of Build America Bonds and the possible impact of credit default swap transactions on municipal issuers. Goldman Sachs is cooperating with the investigations and reviews.

Group Inc., Goldman Sachs Mitsui Marine Derivative Products, L.P. (GSMMDP) and GS Bank USA are among numerous financial services firms that have been named as defendants in numerous substantially identical individual antitrust actions filed beginning on November 12, 2009 that have been coordinated with related antitrust class action litigation and individual actions, in which no Goldman Sachs affiliate is named, for pre-trial proceedings in the U.S. District Court for the Southern District of New York. The plaintiffs include individual California municipal entities and three New York non-profit entities. All of these complaints against Group Inc., GSMMDP and GS Bank USA generally allege that the Goldman Sachs defendants participated in a conspiracy to arrange bids, fix prices and divide up the market for derivatives used by municipalities in refinancing and hedging transactions from 1992 to 2008. The complaints assert claims under the federal antitrust laws and either California’s Cartwright Act or New York’s Donnelly Act, and seek, among other things, treble damages under the antitrust laws in an unspecified amount and injunctive relief. On April 26, 2010, the Goldman Sachs defendants’ motion to dismiss complaints filed by several individual California municipal plaintiffs was denied. On August 19, 2011, Group Inc., GSMMDP and GS Bank USA were voluntarily dismissed without prejudice from all actions except one brought by a California municipal entity.

Financial Crisis-Related Matters. Group Inc. and certain of its affiliates are subject to a number of investigations and reviews by various governmental and regulatory bodies and self-regulatory organizations and litigation relating to the 2008 financial crisis, including the establishment and unwind of credit default swaps between Goldman Sachs and AIG and other transactions with, and in the securities of, AIG, The Bear Stearns Companies Inc., Lehman Brothers Holdings Inc. and other firms. Goldman Sachs is cooperating with the investigations and reviews.

In the second quarter of 2011, a Staff Report of the Senate Permanent Subcommittee on Investigations concerning the key causes of the financial crisis was issued. Goldman Sachs and another financial institution were used as case studies with respect to the role of investment banks. The report was referred to the DOJ and the SEC for review. The firm is cooperating with the investigations arising from this referral, which are ongoing.

XML 134 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings (Tables)
12 Months Ended
Dec. 31, 2011
Long-Term Borrowings [Abstract]  
Long-term borrowings
                 
    As of December  
in millions   2011     2010  

Other secured financings (long-term)

  $ 8,179     $ 13,848  

Unsecured long-term borrowings

    173,545       174,399  

Total

  $ 181,724     $ 188,247  
Unsecured long-term borrowings
                                                     
    As of December 2011         As of December 2010  
in millions  

U.S.

Dollar

   

Non-U.S.

Dollar

    Total         

U.S.

Dollar

   

Non-U.S.

Dollar

    Total  

Fixed-rate obligations  1

Group Inc.

  $ 82,396     $ 38,012     $ 120,408         $ 81,192     $ 35,353     $ 116,545  

Subsidiaries

    1,662       557       2,219           1,622       532       2,154  

Floating-rate obligations  2

Group Inc.

    19,936       25,878       45,814           23,700       27,374       51,074  

Subsidiaries

    3,500       1,604       5,104           3,616       1,010       4,626  

Total 3

  $ 107,494     $ 66,051     $ 173,545         $ 110,130     $ 64,269     $ 174,399  

 

1.

Interest rates on U.S. dollar-denominated debt ranged from 0.10% to 10.04% (with a weighted average rate of 5.62%) and 0.20% to 10.04% (with a weighted average rate of 5.52%) as of December 2011 and December 2010, respectively. Interest rates on non-U.S. dollar-denominated debt ranged from 0.85% to 14.85% (with a weighted average rate of 4.75%) and 0.85% to 14.85% (with a weighted average rate of 4.65%) as of December 2011 and December 2010, respectively.

 

2.

Floating interest rates generally are based on LIBOR or the federal funds target rate. Equity-linked and indexed instruments are included in floating-rate obligations.

 

3.

Includes $0 and $8.58 billion as of December 2011 and December 2010, respectively, guaranteed by the FDIC under the TLGP.

Unsecured long-term borrowings by maturity date
             
   

As of December 2011

in millions   Group Inc.   Subsidiaries   Total

2013

  $  25,024   $   185   $  25,209

2014

  19,981   358   20,339

2015

  16,578   272   16,850

2016

  25,507   163   25,670

2017 - thereafter

  79,132   6,345   85,477

Total 1

  $166,222   $7,323   $173,545

 

1.

Includes $10.84 billion related to interest rate hedges on certain unsecured long-term borrowings, by year of maturity as follows: $542 million in 2013, $882 million in 2014, $653 million in 2015, $1.19 billion in 2016 and $7.57 billion in 2017 and thereafter.

Unsecured long-term borrowings after hedging
                                                             
    As of December 2011   As of December 2010
in millions   Group Inc.   Subsidiaries   Total   Group Inc.   Subsidiaries   Total

Fixed-rate obligations

                                                           

At fair value

    $  10       $  66       $ 76       $ 16       $ 6       $ 22  

At amortized cost 1, 2

      26,839         1,934         28,773         3,956         1,921         5,877  

Floating-rate obligations

At fair value

      12,903         4,183         17,086         13,428         4,720         18,148  

At amortized cost 1 , 2

      126,470         1,140         127,610         150,219         133         150,352  

Total

    $ 166,222       $ 7,323       $ 173,545       $ 167,619       $ 6,780       $ 174,399  

 

1.

The weighted average interest rates on the aggregate amounts were 2.59% (5.18% related to fixed-rate obligations and 2.03% related to floating-rate obligations) and 1.90% (5.69% related to fixed-rate obligations and 1.74% related to floating-rate obligations) as of December 2011 and December 2010, respectively. These rates exclude financial instruments accounted for at fair value under the fair value option.

 

2.

During 2011, certain fair value hedges were de-designated resulting in a larger portion of fixed-rate debt carried at amortized cost.

Subordinated long-term borrowings
                                                     
    As of December 2011         As of December 2010  
in millions  

Par

Amount

   

Carrying

Amount

    Rate 1         

Par

Amount

   

Carrying

Amount

    Rate 1  

Subordinated debt 2

  $ 14,310       $17,362       4.39 % 3        $ 14,345     $ 16,977       1.19

Junior subordinated debt

    5,085       6,533       2.43         5,082       5,716       2.50

Total subordinated borrowings

  $ 19,395       $23,895       3.87       $ 19,427     $ 22,693       1.54

 

1. 

Weighted average interest rate after giving effect to fair value hedges used to convert these fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities. See below for information about interest rates on junior subordinated debt.

 

2.

Par amount and carrying amount of subordinated debt issued by Group Inc. was $13.75 billion and $16.80 billion, respectively, as of December 2011, and $13.81 billion and $16.44 billion, respectively, as of December 2010.

 

3. 

The increase in the weighted average interest rate as of December 2011 compared with December 2010 is primarily due to the de-designation of certain fair value hedges resulting in a larger portion of subordinated debt carried as a fixed-rate obligation.

XML 135 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deposits
12 Months Ended
Dec. 31, 2011
Deposits [ Abstract]  
Deposits Deposits

Note 14.

Deposits

The tables below present deposits held in U.S. and non-U.S. offices and the maturities of time deposits. Substantially all U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA) and were interest-bearing and substantially all non-U.S. deposits were held at Goldman Sachs Bank (Europe) plc (GS Bank Europe) and were interest-bearing.

 

 

                 
    As of December  
in millions   2011     2010  

U.S. offices

  $ 38,477     $ 32,353  

Non-U.S. offices

    7,632       6,216  

Total

  $ 46,109     $ 38,569  

 

                         
    As of December 2011  
in millions   U.S.     Non-U.S.     Total  

2012

  $ 2,487     $ 2,347     $ 4,834  

2013

    3,252             3,252  

2014

    1,306             1,306  

2015

    1,031             1,031  

2016

    723             723  

2017 - thereafter

    2,120             2,120  

Total

  $ 10,919  1    $ 2,347  2    $ 13,266  

 

1.

Includes $71 million greater than $100,000, of which $4 million matures within three months, $2 million matures within three to six months, $35 million matures within six to twelve months, and $30 million matures after twelve months.

 

2.

Substantially all were greater than $100,000.

XML 136 R115.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Company (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Interest income $ 13,174 $ 12,309 $ 13,907
Interest expense 7,982 6,806 6,500
Net interest income 5,192 5,503 7,407
Net revenues, including net interest income 28,811 39,161 45,173
Operating expenses      
Compensation and benefits 12,223 15,376 16,193
Other expenses 2,072 2,559 2,106
Total operating expenses 22,642 26,269 25,344
Pre-tax earnings/(loss) 6,169 12,892 19,829
Provision/(benefit) for taxes 1,727 4,538 6,444
Net earnings 4,442 8,354 13,385
Preferred stock dividends 1,932 641 1,193
Net earnings applicable to common shareholders 2,510 7,713 12,192
Parent Company [Member]
     
Revenues      
Dividends from bank subsidiary 1,000    
Dividends from nonbank subsidiaries 4,967 6,032 8,793
Undistributed earnings of subsidiaries 481 2,884 5,884
Other revenues (3,381) 964 (1,018)
Total non-interest revenues 3,067 9,880 13,659
Interest income 4,547 4,153 4,565
Interest expense 3,917 3,429 3,112
Net interest income 630 724 1,453
Net revenues, including net interest income 3,697 10,604 15,112
Operating expenses      
Compensation and benefits 300 423 637
Other expenses 252 238 1,034
Total operating expenses 552 661 1,671
Pre-tax earnings/(loss) 3,145 9,943 13,441
Provision/(benefit) for taxes (1,297) 1,589 56
Net earnings 4,442 8,354 13,385
Preferred stock dividends 1,932 641 1,193
Net earnings applicable to common shareholders $ 2,510 $ 7,713 $ 12,192
XML 137 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity
12 Months Ended
Dec. 31, 2011
Shareholders' Equity [Abstract]  
Shareholders' Equity Shareholders' Equity

Note 19.

Shareholders’ Equity

Common Equity

Dividends declared per common share were $1.40 in 2011, $1.40 in 2010 and $1.05 in 2009. On January 17, 2012, Group Inc. declared a dividend of $0.35 per common share to be paid on March 29, 2012 to common shareholders of record on March 1, 2012.

On July 1, 2011, the firm issued $103 million of common stock (774,823 shares) in connection with the acquisition of GS Australia.

The firm’s share repurchase program is intended to help maintain the appropriate level of common equity and to substantially offset increases in share count over time resulting from employee share-based compensation. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by the firm’s current and projected capital positions (i.e., comparisons of the firm’s desired level and composition of capital to its actual level and composition of capital) and the issuance of shares resulting from employee share-based compensation, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock. Any repurchase of the firm’s common stock requires approval by the Federal Reserve Board.

During 2011, 2010 and 2009, the firm repurchased 47.0 million, 25.3 million and 19,578 shares of its common stock at an average cost per share of $128.33, $164.48 and $80.83, for a total cost of $6.04 billion, $4.16 billion and $2 million, respectively, under the share repurchase program. In addition, pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel restricted stock units (RSUs) to satisfy minimum statutory employee tax withholding requirements. Under these plans, during 2011, 2010 and 2009, employees remitted 75,517 shares, 164,172 shares and 4,506 shares with a total value of $12 million, $25 million and $342,153 and the firm cancelled 12.0 million, 6.2 million and 11.2 million of RSUs with a total value of $1.91 billion, $972 million and $863 million, respectively.

 

Preferred Equity

The table below presents perpetual preferred stock issued and outstanding.

 

 

                                             
Series   Shares
Authorized
    Shares
Issued
    Shares
Outstanding
    Dividend Rate  

Earliest

Redemption Date

   

Redemption
Value

(in millions)

 

A

    50,000       30,000       29,999    

3 month LIBOR + 0.75%,

with floor of 3.75% per annum

    April 25, 2010     $ 750  

B

    50,000       32,000       32,000     6.20% per annum     October 31, 2010       800  

C

    25,000       8,000       8,000    

3 month LIBOR + 0.75%,

with floor of 4.00% per annum

    October 31, 2010       200  

D

    60,000       54,000       53,999    

3 month LIBOR + 0.67%,

with floor of 4.00% per annum

    May 24, 2011       1,350  
      185,000       124,000       123,998                 $ 3,100  

 

Each share of non-cumulative Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock issued and outstanding has a par value of $0.01, has a liquidation preference of $25,000, is represented by 1,000 depositary shares and is redeemable at the firm’s option, subject to the approval of the Federal Reserve Board, at a redemption price equal to $25,000 plus declared and unpaid dividends.

All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation. Dividends on each series of preferred stock, if declared, are payable quarterly in arrears. The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.

In 2007, the Board of Directors of Group Inc. (Board) authorized 17,500.1 shares of Series E Preferred Stock, and 5,000.1 shares of Series F Preferred Stock, in connection with the APEX Trusts. See Note 16 for further information about the APEX Trusts.

Under the stock purchase contracts with the APEX Trusts, Group Inc. will issue $2.25 billion of preferred stock, in the aggregate, on the relevant stock purchase dates (on or before June 1, 2013 and September 1, 2013 for Series E and Series F Preferred Stock, respectively), comprised of one share of Series E and Series F Preferred Stock to Goldman Sachs Capital II and III, respectively, for each $100,000 principal amount of subordinated debt held by these trusts. When issued, each share of Series E and Series F Preferred Stock will have a par value of $0.01 and a liquidation preference of $100,000 per share.

 

Dividends on Series E Preferred Stock, if declared, will be payable semi-annually at a fixed annual rate of 5.79% if the stock is issued prior to June 1, 2012 and quarterly thereafter, at a rate per annum equal to the greater of (i) three-month LIBOR plus 0.77% and (ii) 4.00%.

Dividends on Series F Preferred Stock, if declared, will be payable quarterly at a rate per annum equal to three-month LIBOR plus 0.77% if the stock is issued prior to September 1, 2012 and quarterly thereafter, at a rate per annum equal to the greater of (i) three-month LIBOR plus 0.77% and (ii) 4.00%.

The preferred stock may be redeemed at the option of the firm on the stock purchase dates or any day thereafter, subject to approval from the Federal Reserve Board and certain covenant restrictions governing the firm’s ability to redeem or purchase the preferred stock without issuing common stock or other instruments with equity-like characteristics.

 

In June 2009, Group Inc. repurchased from the U.S. Treasury the 10.0 million shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H (Series H Preferred Stock), that were issued to the U.S. Treasury pursuant to the U.S. Treasury’s TARP Capital Purchase Program. The repurchase resulted in a preferred dividend of $426 million (calculated as the difference between the carrying value and redemption value of the preferred stock), which is included in the consolidated statement of earnings for 2009. The repurchase also resulted in the payment of $44 million of accrued dividends. In connection with the issuance of the Series H Preferred Stock in October 2008, the firm issued a 10-year warrant to the U.S. Treasury to purchase up to 12.2 million shares of common stock at an exercise price of $122.90 per share. The firm repurchased this warrant in full in July 2009 for $1.1 billion. This amount was recorded as a reduction to additional paid-in capital.

During 2011, the firm redeemed the 50,000 shares of the firm’s 10% Cumulative Perpetual Preferred Stock, Series G (Series G Preferred Stock) held by Berkshire Hathaway Inc. and certain of its subsidiaries (collectively, Berkshire Hathaway) for the stated redemption price of $5.50 billion ($110,000 per share), plus accrued and unpaid dividends. In connection with this redemption, the firm recognized a preferred dividend of $1.64 billion (calculated as the difference between the carrying value and the redemption value of the preferred stock), which is included in the consolidated statement of earnings for 2011. Berkshire Hathaway continues to hold a five-year warrant, issued in October 2008, to purchase up to 43.5 million shares of common stock at an exercise price of $115.00 per share.

On January 12, 2012, Group Inc. declared dividends of $239.58, $387.50, $255.56 and $255.56 per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, respectively, to be paid on February 10, 2012 to preferred shareholders of record on January 26, 2012.

The table below presents preferred dividends declared on preferred stock.

 

 

                                                         
    Year Ended December  
    2011        

2010

        2009  
     per share     in millions          per share     in millions          per share     in millions  

Series A

  $ 950.51     $ 28         $ 950.51     $ 28         $ 710.94     $ 21  

Series B

    1,550.00       50           1,550.00       50           1,162.50       38  

Series C

    1,013.90       8           1,013.90       8           758.34       6  

Series D

    1,013.90       55           1,013.90       55           758.34       41  

Series G 1

    2,500.00       125           10,000.00       500           7,500.00       375  

Series H 2

                                    12.50       125  

Total

          $ 266                 $ 641                 $ 606  

 

1.

Amount for the year ended December 2011 excludes preferred dividends related to the redemption of the firm’s Series G Preferred Stock.

 

2.

Amount for the year ended December 2009 excludes the preferred dividend related to the repurchase of the TARP Series H Preferred Stock, as well as accrued dividends paid on repurchase of the Series H Preferred Stock.

Accumulated Other Comprehensive Income/(Loss)

The table below presents accumulated other comprehensive income/(loss) by type.

 

 

                 
    As of December  
in millions   2011     2010  

Currency translation adjustment, net of tax

  $ (225   $ (170

Pension and postretirement liability adjustments, net of tax

    (374     (229

Net unrealized gains on available-for-sale securities, net of tax  1

    83       113  

Total accumulated other comprehensive loss, net of tax

  $ (516   $ (286

 

1.

Substantially all consists of net unrealized gains on securities held by the firm’s insurance subsidiaries as of both December 2011 and December 2010.

XML 138 R95.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Borrowings (Details 1) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Unsecured Long-Term Borrowings    
Unsecured long-term borrowings $ 173,545 $ 174,399
Group Inc. [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 120,408 116,545
Floating rate obligations 45,814 51,074
Unsecured long-term borrowings 166,222 167,619
Subsidiaries [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 2,219 2,154
Floating rate obligations 5,104 4,626
Unsecured long-term borrowings 7,323 6,780
U.S. Dollar [Member]
   
Unsecured Long-Term Borrowings    
Unsecured long-term borrowings 107,494 110,130
U.S. Dollar [Member] | Group Inc. [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 82,396 81,192
Floating rate obligations 19,936 23,700
U.S. Dollar [Member] | Subsidiaries [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 1,662 1,622
Floating rate obligations 3,500 3,616
Non-U.S. Dollar [Member]
   
Unsecured Long-Term Borrowings    
Unsecured long-term borrowings 66,051 64,269
Non-U.S. Dollar [Member] | Group Inc. [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 38,012 35,353
Floating rate obligations 25,878 27,374
Non-U.S. Dollar [Member] | Subsidiaries [Member]
   
Unsecured Long-Term Borrowings    
Fixed rate obligations 557 532
Floating rate obligations $ 1,604 $ 1,010
XML 139 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deposits (Tables)
12 Months Ended
Dec. 31, 2011
Deposits [ Abstract]  
Deposits
                 
    As of December  
in millions   2011     2010  

U.S. offices

  $ 38,477     $ 32,353  

Non-U.S. offices

    7,632       6,216  

Total

  $ 46,109     $ 38,569  
Maturities of Time Deposits
                         
    As of December 2011  
in millions   U.S.     Non-U.S.     Total  

2012

  $ 2,487     $ 2,347     $ 4,834  

2013

    3,252             3,252  

2014

    1,306             1,306  

2015

    1,031             1,031  

2016

    723             723  

2017 - thereafter

    2,120             2,120  

Total

  $ 10,919  1    $ 2,347  2    $ 13,266  

 

1.

Includes $71 million greater than $100,000, of which $4 million matures within three months, $2 million matures within three to six months, $35 million matures within six to twelve months, and $30 million matures after twelve months.

 

2.

Substantially all were greater than $100,000.

XML 140 R105.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Common Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Earnings per common share      
Numerator for basic and diluted EPS - net earnings applicable to common shareholders $ 2,510 $ 7,713 $ 12,192
Denominator for basic EPS - weighted average number of common shares 524.6 542.0 512.3
Effect of dilutive securities:      
RSUs 14.6 15.0 15.7
Stock options and warrants 17.7 28.3 22.9
Dilutive potential common shares 32.3 43.3 38.6
Denominator for diluted EPS - weighted average number of common shares and dilutive potential common shares 556.9 585.3 550.9
Basic EPS $ 4.71 $ 14.15 $ 23.74
Diluted EPS $ 4.51 $ 13.18 $ 22.13
Earnings per common share      
Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants 9.2 6.2 24.7
Reduction per common share due to impact of applying the amended principles to basic earnings per common share $ 0.07 $ 0.08 $ 0.06
XML 141 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments (Tables)
12 Months Ended
Dec. 31, 2011
Cash Instruments [Abstract]  
Cash Instruments by Level
                                 
    Cash Instrument Assets at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

Commercial paper, certificates of deposit, time deposits and other money market instruments

  $ 3,255     $ 10,185     $     $ 13,440  

U.S. government and federal agency obligations

    29,263       57,777             87,040  

Non-U.S. government obligations

    42,854       6,203       148       49,205  

Mortgage and other asset-backed loans and securities  1:
Loans and securities backed by commercial real estate

          3,353       3,346       6,699  

Loans and securities backed by residential real estate

          5,883       1,709       7,592  

Bank loans and bridge loans

          8,460       11,285       19,745  

Corporate debt securities 2

    133       19,518       2,480       22,131  

State and municipal obligations

          2,490       599       3,089  

Other debt obligations 2

          2,911       1,451       4,362  

Equities and convertible debentures

    39,955  3      11,491  4      13,667  5      65,113  

Commodities

          5,762             5,762  

Total

  $ 115,460     $ 134,033     $ 34,685     $ 284,178  
   
    Cash Instrument Liabilities at Fair Value as of December 2011  
in millions   Level 1     Level 2     Level 3     Total  

U.S. government and federal agency obligations

  $ 20,940     $ 66     $     $ 21,006  

Non-U.S. government obligations

    34,339       547             34,886  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

          27             27  

Loans and securities backed by residential real estate

          3             3  

Bank loans and bridge loans

          1,891       865       2,756  

Corporate debt securities 6

          6,522       31       6,553  

State and municipal obligations

          3             3  

Equities and convertible debentures

    20,069  3      1,248  4      9       21,326  

Total

  $ 75,348     $ 10,307     $ 905     $ 86,560  

 

1.

Includes $213 million and $595 million of collateralized debt obligations (CDOs) backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $403 million and $1.19 billion of CDOs and collateralized loan obligations (CLOs) backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Principally consists of restricted or less liquid publicly listed securities.

 

5.

Includes $12.07 billion of private equity investments, $1.10 billion of real estate investments and $497 million of convertible debentures.

 

6.

Includes $27 million of CDOs and CLOs backed by corporate obligations in level 3.

                                 
    Cash Instrument Assets at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3     Total  

Commercial paper, certificates of deposit, time deposits and other
money market instruments

  $ 4,344     $ 6,918     $     $ 11,262  

U.S. government and federal agency obligations

    36,184       48,744             84,928  

Non-U.S. government obligations

    35,504       5,171             40,675  

Mortgage and other asset-backed loans and securities  1:

Loans and securities backed by commercial real estate

          3,534       3,976       7,510  

Loans and securities backed by residential real estate

          7,031       2,501       9,532  

Bank loans and bridge loans

          8,134       9,905       18,039  

Corporate debt securities 2

    108       21,874       2,737       24,719  

State and municipal obligations

          2,038       754       2,792  

Other debt obligations

          1,958       1,274       3,232  

Equities and convertible debentures

    41,660   3      15,113   4      11,060  5      67,833  

Commodities

          13,138             13,138  

Total

  $ 117,800     $ 133,653     $ 32,207     $ 283,660  
   
    Cash Instrument Liabilities at Fair Value as of December 2010  
in millions   Level 1     Level 2     Level 3     Total  

U.S. government and federal agency obligations

  $ 23,191     $ 73     $     $ 23,264  

Non-U.S. government obligations

    28,168       841             29,009  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

          5             5  

Loans and securities backed by residential real estate

          6             6  

Bank loans and bridge loans

          1,107       380       1,487  

Corporate debt securities 6

    26       7,133       60       7,219  

Equities and convertible debentures

    24,283   3      699   4      6       24,988  

Commodities

          9             9  

Total

  $ 75,668     $ 9,873     $ 446     $ 85,987  

 

1.

Includes $212 million and $565 million of CDOs backed by real estate in level 2 and level 3, respectively.

 

2.

Includes $368 million and $1.07 billion of CDOs and CLOs backed by corporate obligations in level 2 and level 3, respectively.

 

3.

Consists of publicly listed equity securities.

 

4.

Substantially all consists of restricted or less liquid publicly listed securities.

 

5.

Includes $10.03 billion of private equity investments, $874 million of real estate investments and $156 million of convertible debentures.

 

6.

Includes $35 million of CDOs and CLOs backed by corporate obligations in level 3.

Cash Instruments, Level 3 Rollforward
                                                                 
    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Purchases 1     Sales     Settlements     Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Non-U.S. government obligations

  $     $ 25     $ (63   $ 27     $ (123   $ (8   $ 290     $ 148  

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

    3,976       222       80       1,099       (1,124     (831     (76     3,346  

Loans and securities backed by residential real estate

    2,501       253       (81     768       (702     (456     (574     1,709  

Bank loans and bridge loans

    9,905       540       (216     6,725       (2,329     (1,554     (1,786     11,285  

Corporate debt securities

    2,737       391       (132     1,319       (1,137     (697     (1     2,480  

State and municipal obligations

    754       12       (1     448       (591     (13     (10     599  

Other debt obligations

    1,274       124       (17     560       (388     (212     110       1,451  

Equities and convertible debentures

    11,060       240       338       2,731       (1,196     (855     1,349       13,667  

Total

  $ 32,207     $ 1,807  2    $ (92 ) 2    $ 13,677     $ (7,590   $ (4,626   $ (698   $ 34,685  
   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year Ended December 2011  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
    Net unrealized
(gains)/losses
relating to
instruments
still held at
year-end
    Purchases     Sales     Settlements    

Net
transfers
in and/or
(out) of

level 3

    Balance,
end of
year
 

Total

  $ 446     $ (27   $ 218     $ (491   $ 475     $ 272     $ 12     $ 905  

 

1.

Includes both originations and secondary market purchases.

 

2.

The aggregate amounts include approximately $(202) million, $623 million and $1.29 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

                                                 
    Level 3 Cash Instrument Assets at Fair Value for the Year Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
gains/
(losses)
   

Net unrealized
gains/(losses)
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Mortgage and other asset-backed loans and securities:

Loans and securities backed by commercial real estate

  $ 5,794     $ 239     $ 108     $ (1,335   $ (830   $ 3,976  

Loans and securities backed by residential real estate

    2,070       178       37       163       53       2,501  

Bank loans and bridge loans

    9,560       687       482       (735     (89     9,905  

Corporate debt securities

    2,235       239       348       488       (573     2,737  

State and municipal obligations

    1,114       1       (25     (393     57       754  

Other debt obligations

    2,235       4       159       (263     (861     1,274  

Equities and convertible debentures

    11,871       119       548       (847     (631     11,060  

Total

  $ 34,879     $ 1,467   1    $ 1,657   1    $ (2,922   $ (2,874   $ 32,207  
   
    Level 3 Cash Instrument Liabilities at Fair Value for the Year  Ended December 2010  
in millions   Balance,
beginning
of year
    Net
realized
(gains)/
losses
   

Net unrealized
(gains)/losses
relating to
instruments
still held at

year-end

    Net
purchases,
sales and
settlements
    Net
transfers
in and/or
(out) of
level 3
    Balance,
end of
year
 

Total

  $ 572     $ 5     $ (17   $ (97   $ (17   $ 446  

 

1.

The aggregate amounts include approximately $836 million, $1.03 billion and $1.26 billion reported in “Market making,” “Other principal transactions” and “Interest income,” respectively.

Investments in Funds That Calculate Net Asset Value Per Share
                                     
    As of December 2011         As of December 2010  
in millions   Fair Value of
Investments
    Unfunded
Commitments
         Fair Value of
Investments
    Unfunded
Commitments
 

Private equity funds 1

    $  8,074       $3,514           $  7,911       $  4,816  

Private debt funds 2

    3,596       3,568           4,267       3,721  

Hedge funds 3

    3,165                 3,169        

Real estate and other funds 4

    1,531       1,613           1,424       1,931  

Total

    $16,366       $8,695           $16,771       $10,468  

 

1.

These funds primarily invest in a broad range of industries worldwide in a variety of situations, including leveraged buyouts, recapitalizations and growth investments.

 

2.

These funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for mid- to large-sized leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers.

 

3.

These funds are primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies including long/short equity, credit, convertibles, risk arbitrage, special situations and capital structure arbitrage.

 

4.

These funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and direct property.

XML 142 R107.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interest Income and Interest Expense (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income      
Deposits with banks $ 125 $ 86 $ 65
Securities borrowed, securities purchased under agreements to resell and federal funds sold 666 540 951
Financial instruments owned, at fair value 10,718 10,346 11,106
Other interest 1,665 1,337 1,785
Total interest income 13,174 12,309 13,907
Interest expense      
Deposits 280 304 415
Securities loaned and securities sold under agreements to repurchase 905 708 1,317
Financial instruments sold, but not yet purchased, at fair value 2,464 1,859 1,854
Short-term borrowings 526 453 623
Long-term borrowings 3,439 3,155 2,585
Other interest 368 327 (294)
Interest expense 7,982 6,806 6,500
Net interest income $ 5,192 $ 5,503 $ 7,407
XML 143 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Changes in Shareholders Equity (USD $)
In Millions
Total
Preferred stock
Common stock
Restricted stock units and employee stock options
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income/(loss)
Stock held in treasury, at cost
Balance at Dec. 26, 2008   $ 16,483 $ 7 $ 9,463 $ 31,070 $ 38,579 $ (372) $ (32,176)
Issued     1   5,750      
Accretion   48       (48)    
Repurchased   (9,574)            
Issuance and amortization of restricted stock units and employee stock options       2,064        
Delivery of common stock underlying restricted stock units       (5,206)        
Forfeiture of restricted stock units and employee stock options       (73)        
Exercise of employee stock options       (3)        
Repurchase of common stock warrants         (1,100)      
Delivery of common stock underlying share-based awards         5,708      
Cancellation of restricted stock units in satisfaction of withholding tax requirements         (863)      
Excess net tax benefit/(provision) related to share-based awards         (793)      
Cash settlement of share-based compensation         (2)      
Net earnings 13,385         13,385    
Dividends and dividend equivalents declared on common stock and restricted stock units           (588)    
Dividends on preferred stock           (1,076)    
Currency translation adjustment, net of tax (70)           (70)  
Pension and postretirement liability adjustments, net of tax (17)           (17)  
Net unrealized gains/(losses) on available-for-sale securities, net of tax 97           97  
Repurchased [1]               (2)
Reissued               22
Balance at Dec. 31, 2009 70,714 6,957 8 6,245 39,770 50,252 (362) (32,156)
Issuance and amortization of restricted stock units and employee stock options       4,137        
Delivery of common stock underlying restricted stock units       (2,521)        
Forfeiture of restricted stock units and employee stock options       (149)        
Exercise of employee stock options       (6)        
Delivery of common stock underlying share-based awards         3,067      
Cancellation of restricted stock units in satisfaction of withholding tax requirements         (972)      
Excess net tax benefit/(provision) related to share-based awards         239      
Cash settlement of share-based compensation         (1)      
Net earnings 8,354         8,354    
Dividends and dividend equivalents declared on common stock and restricted stock units           (802)    
Dividends on preferred stock (641)         (641)    
Currency translation adjustment, net of tax (38)           (38)  
Pension and postretirement liability adjustments, net of tax 88           88  
Net unrealized gains/(losses) on available-for-sale securities, net of tax 26           26  
Repurchased               (4,185)
Reissued               46
Balance at Dec. 31, 2010 77,356 6,957 8 7,706 42,103 57,163 (286) (36,295)
Issued         103      
Repurchased   (3,857)            
Issuance and amortization of restricted stock units and employee stock options       2,863        
Delivery of common stock underlying restricted stock units       (4,791)        
Forfeiture of restricted stock units and employee stock options       (93)        
Exercise of employee stock options       (4)        
Delivery of common stock underlying share-based awards         5,160      
Cancellation of restricted stock units in satisfaction of withholding tax requirements         (1,911)      
Excess net tax benefit/(provision) related to share-based awards         138      
Cash settlement of share-based compensation         (40)      
Net earnings 4,442         4,442    
Dividends and dividend equivalents declared on common stock and restricted stock units           (769)    
Dividends on preferred stock           (2,002)    
Currency translation adjustment, net of tax (55)           (55)  
Pension and postretirement liability adjustments, net of tax (145)           (145)  
Net unrealized gains/(losses) on available-for-sale securities, net of tax (30)           (30)  
Repurchased               (6,051)
Reissued               65
Balance at Dec. 31, 2011 $ 70,379 $ 3,100 $ 8 $ 5,681 $ 45,553 $ 58,834 $ (516) $ (42,281)
[1] Relates primarily to repurchases of common stock by a broker-dealer subsidiary to facilitate customer transactions in the ordinary course of business and shares withheld to satisfy withholding tax requirements.
XML 144 R88.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Assets (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Other Assets (Textuals) [Abstract]    
Accumulated depreciation and amortization $ 8,460,000,000 $ 7,870,000,000
Property, leasehold improvements and equipment used for operation 6,480,000,000 6,440,000,000
Investments accounted for at fair value excluded from Equity-method investments 4,170,000,000 3,770,000,000
Impairment losses recognized on assets held for sale 220,000,000  
Impairment charges related to consolidated investments recognized 220,000,000  
Impairment charges related to commodity-related intangible assets recognized 120,000,000  
Impairment charges related to property, leasehold improvements and equipment recognized 100,000,000  
Impairment charges related to the firm's NYSE DMM rights   305,000,000
Other Assets [Abstract]    
Property, leasehold improvements and equipment 8,697,000,000 11,106,000,000
Goodwill and identifiable intangible assets 5,468,000,000 5,522,000,000
Income tax-related assets 5,017,000,000 6,239,000,000
Equity-method investments 664,000,000 1,445,000,000
Miscellaneous receivables and other 3,306,000,000 3,747,000,000
Total $ 23,152,000,000 $ 28,059,000,000
XML 145 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
12 Months Ended
Dec. 31, 2011
Significant Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies

Note 3.

Significant Accounting Policies

 

The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, accounting for goodwill and identifiable intangible assets, and when to consolidate an entity. See Notes 5 through 8 for policies on fair value measurements, Note 13 for policies on goodwill and identifiable intangible assets, and below and Note 11 for policies on consolidation accounting. All other significant accounting policies are either discussed below or included in the following footnotes:

 

         
Financial Instruments Owned, at Fair Value and Financial Instruments Sold, But Not Yet Purchased, at Fair Value     Note 4  
   

Fair Value Measurements

    Note 5  
   

Cash Instruments

    Note 6  
   

Derivatives and Hedging Activities

    Note 7  
   

Fair Value Option

    Note 8  
   

Collateralized Agreements and Financings

    Note 9  
   

Securitization Activities

    Note 10  
   

Variable Interest Entities

    Note 11  
   

Other Assets

    Note 12  
   

Goodwill and Identifiable Intangible Assets

    Note 13  
   

Deposits

    Note 14  
   

Short-Term Borrowings

    Note 15  
   

Long-Term Borrowings

    Note 16  
   

Other Liabilities and Accrued Expenses

    Note 17  
   

Commitments, Contingencies and Guarantees

    Note 18  
   

Shareholders’ Equity

    Note 19  
   

Regulation and Capital Adequacy

    Note 20  
   

Earnings Per Common Share

    Note 21  
   

Transactions with Affiliated Funds

    Note 22  
   

Interest Income and Interest Expense

    Note 23  
   

Income Taxes

    Note 24  
   

Business Segments

    Note 25  
   

Credit Concentrations

    Note 26  
   

Legal Proceedings

    Note 27  
   

Employee Benefit Plans

    Note 28  
   

Employee Incentive Plans

    Note 29  
   

Parent Company

    Note 30  

 

Consolidation

The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE).

Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 11 for further information about VIEs.

Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance common stock.

 

In general, the firm accounts for investments acquired subsequent to November 24, 2006, when the fair value option became available, at fair value. In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 12 for further information about equity-method investments.

Investment Funds. The firm has formed numerous investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are included in “Financial instruments owned, at fair value.” See Notes 6, 18 and 22 for further information about investments in funds.

Use of Estimates

Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, accounting for goodwill and identifiable intangible assets, and the provision for losses that may arise from litigation, regulatory proceedings and tax audits. These estimates and assumptions are based on the best available information but actual results could be materially different.

Revenue Recognition

Financial Assets and Financial Liabilities at Fair Value. Financial instruments owned, at fair value and Financial instruments sold, but not yet purchased, at fair value are recorded at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its other financial assets and financial liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in “Market making” for positions in Institutional Client Services and “Other principal transactions” for positions in Investing & Lending. See Notes 5 through 8 for further information about fair value measurements.

Investment Banking. Fees from financial advisory assignments and underwriting revenues are recognized in earnings when the services related to the underlying transaction are completed under the terms of the assignment. Expenses associated with such transactions are deferred until the related revenue is recognized or the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recorded as non-compensation expenses, net of client reimbursements. Underwriting revenues are presented net of related expenses.

Investment Management. The firm earns management fees and incentive fees for investment management services. Management fees are calculated as a percentage of net asset value, invested capital or commitments, and are recognized over the period that the related service is provided. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a 12-month period or over the life of a fund. Fees that are based on performance over a 12-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees are recognized only when all material contingencies have been resolved. Management and incentive fee revenues are included in “Investment management” revenues.

Commissions and Fees. The firm earns “Commissions and fees” from executing and clearing client transactions on stock, options and futures markets. Commissions and fees are recognized on the day the trade is executed.

 

Transfers of Assets

Transfers of assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of assets accounted for as sales, any related gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred assets are measured at fair value. For transfers of assets that are not accounted for as sales, the assets remain in “Financial instruments owned, at fair value” and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 9 for further information about transfers of assets accounted for as collateralized financings and Note 10 for further information about transfers of assets accounted for as sales.

Receivables from Customers and Counterparties

Receivables from customers and counterparties generally relate to collateralized transactions. Such receivables are primarily comprised of customer margin loans, transfers of assets accounted for as secured loans rather than purchases and collateral posted in connection with certain derivative transactions. Certain of the firm’s receivables from customers and counterparties are accounted for at fair value under the fair value option, with changes in fair value generally included in “Market making” revenues. See Note 8 for further information about the fair values of these receivables. Receivables from customers and counterparties not accounted for at fair value are accounted for at amortized cost net of estimated uncollectible amounts, which generally approximates fair value. Interest on receivables from customers and counterparties is recognized over the life of the transaction and included in “Interest income.”

Insurance Activities

Certain of the firm’s insurance and reinsurance contracts are accounted for at fair value under the fair value option, with changes in fair value included in “Market making” revenues. See Note 8 for further information about the fair values of these insurance and reinsurance contracts.

 

Revenues from variable annuity and life insurance and reinsurance contracts not accounted for at fair value generally consist of fees assessed on contract holder account balances for mortality charges, policy administration fees and surrender charges. These revenues are recognized in earnings over the period that services are provided and are included in “Market making” revenues. Changes in reserves, including interest credited to policyholder account balances, are recognized in “Insurance reserves.”

Premiums earned for underwriting property catastrophe reinsurance are recognized in earnings over the coverage period, net of premiums ceded for the cost of reinsurance, and are included in “Market making” revenues. Expenses for liabilities related to property catastrophe reinsurance claims, including estimates of losses that have been incurred but not reported, are included in “Insurance reserves.”

Foreign Currency Translation

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated statements of financial condition and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income.

Cash and Cash Equivalents

The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. As of December 2011 and December 2010, “Cash and cash equivalents” included $7.95 billion and $5.75 billion, respectively, of cash and due from banks, and $48.05 billion and $34.04 billion, respectively, of interest-bearing deposits with banks.

 

Recent Accounting Developments

 

Improving Disclosures about Fair Value Measurements (FASB Accounting Standards Codification (ASC) 820). In January 2010, the FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (Topic 820) — Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 provides amended disclosure requirements related to fair value measurements. Certain of these disclosure requirements became effective for the firm beginning in the first quarter of 2010, while others became effective for the firm beginning in the first quarter of 2011. Since these amended principles require only additional disclosures concerning fair value measurements, adoption did not affect the firm’s financial condition, results of operations or cash flows.

Reconsideration of Effective Control for Repurchase Agreements (ASC 860). In April 2011, the FASB issued ASU No. 2011-03, “Transfers and Servicing (Topic 860) — Reconsideration of Effective Control for Repurchase Agreements.” ASU No. 2011-03 changes the assessment of effective control by removing (i) the criterion that requires the transferor to have the ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee, and (ii) the collateral maintenance implementation guidance related to that criterion. ASU No. 2011-03 is effective for periods beginning after December 15, 2011. The adoption of ASU No. 2011-03 will not affect the firm’s financial condition, results of operations or cash flows.

Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASC 820). In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurements and Disclosures (Topic 820) — Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 clarifies the application of existing fair value measurement and disclosure requirements, changes certain principles related to measuring fair value, and requires additional disclosures about fair value measurements. ASU No. 2011-04 is effective for periods beginning after December 15, 2011. Adoption of ASU No. 2011-04 will not materially affect the firm’s financial condition, results of operations or cash flows.

 

Testing Goodwill for Impairment (ASC 350). In September 2011, the FASB issued ASU No. 2011-08, “Intangibles — Goodwill and Other (Topic 350) — Testing Goodwill for Impairment.” ASU No. 2011-08 simplifies how entities test goodwill for impairment by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative, two-step goodwill impairment test. ASU No. 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The firm adopted these amended principles in conjunction with its goodwill impairment test performed in the fourth quarter of 2011. The adoption of ASU No. 2011-08 did not affect the firm’s financial condition, results of operations or cash flows.

Derecognition of in Substance Real Estate (ASC 360). In December 2011, the FASB issued ASU No. 2011-10, “Property, Plant, and Equipment (Topic 360) — Derecognition of in Substance Real Estate — a Scope Clarification.” ASU No. 2011-10 clarifies that in order to deconsolidate a subsidiary (that is in substance real estate) as a result of a parent no longer controlling the subsidiary due to a default on the subsidiary’s nonrecourse debt, the parent also must satisfy the sale criteria in ASC 360-20, “Property, Plant, and Equipment — Real Estate Sales.” The ASU is effective for fiscal years beginning on or after June 15, 2012. The firm will apply the provisions of the ASU to such events occurring on or after January 1, 2013. Adoption is not expected to materially affect the firm’s financial condition, results of operations or cash flows.

Disclosures about Offsetting Assets and Liabilities (ASC 210). In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities.” ASU No. 2011-11 will require disclosure of the effect or potential effect of offsetting arrangements on the firm’s financial position as well as enhanced disclosure of the rights of setoff associated with the firm’s recognized assets and recognized liabilities. ASU No. 2011-11 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Since these amended principles require only additional disclosures concerning offsetting and related arrangements, adoption will not affect the firm’s financial condition, results of operations or cash flows.

XML 146 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interest Income and Interest Expense (Tables)
12 Months Ended
Dec. 31, 2011
Interest Income and Interest Expense [Abstract]  
Interest Income and Interest Expense
                         
    Year Ended December  
in millions   2011     2010     2009  

Interest income

               

Deposits with banks

  $ 125     $ 86     $ 65  

Securities borrowed, securities purchased under agreements to resell and federal funds sold

    666       540       951  

Financial instruments owned, at fair value

    10,718       10,346       11,106  

Other interest 1

    1,665       1,337       1,785  

Total interest income

    13,174       12,309       13,907  

Interest expense

                       

Deposits

    280       304       415  

Securities loaned and securities sold under agreements to repurchase

    905       708       1,317  

Financial instruments sold, but not yet purchased, at fair value

    2,464       1,859       1,854  

Short-term borrowings 2

    526       453       623  

Long-term borrowings 2

    3,439       3,155       2,585  

Other interest 3

    368       327       (294

Total interest expense

    7,982       6,806       6,500  

Net interest income

  $ 5,192     $ 5,503     $ 7,407  

 

1.

Primarily includes interest income on customer debit balances and other interest-earning assets.

 

2.

Includes interest on unsecured borrowings and other secured financings.

 

3.

Primarily includes interest expense on customer credit balances and other interest-bearing liabilities.

XML 147 R82.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Option (Details 1) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash Instruments [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance $ 32,207 $ 34,879
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 446 572
Net Realized Gains / (Losses) 1,807 1,467
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End (92) 1,657
Purchases 13,677  
Sales (7,590)  
Settlements (4,626)  
Net purchases, sales, issuances and settlements   (2,922)
Net transfers in and/or (out) of level 3 (698) (2,874)
Net Realized (Gains) / Losses (27) 5
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 218 (17)
Net purchases, sales, issuances and settlements   (97)
Purchases (491)  
Sales 475  
Settlements 272  
Net transfers in and/or (out) of level 3 12 (17)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 34,685 32,207
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 905 446
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at the Reporting Date (310) 1,670
Derivatives Net [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 7,562 5,196
Net Realized Gains / (Losses) 131 (144)
Purchases 907  
Sales (2,882)  
Settlements (1,374)  
Net purchases, sales, issuances and settlements   (2,595)
Net transfers in and/or (out) of level 3 (889) (79)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance 5,734 7,562
Securities purchased under agreements to resell at fair value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 100 0
Net Realized Gains / (Losses) 2 3
Purchases 620  
Settlements (165)  
Net purchases, sales, issuances and settlements   97
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 557 100
Deposits At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 0  
Issuances 13  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 13  
Receivables from customers and counterparties at fair value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 298 0
Net Realized Gains / (Losses)   22
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End 54 (58)
Purchases 468  
Settlements (25)  
Net transfers in and/or (out) of level 3   334
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 795 298
Securities Sold Under Agreements To Repurchase At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 2,060 394
Net purchases, sales, issuances and settlements   1,666
Issuances 299  
Settlements (178)  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 2,181 2,060
Other Secured Financings At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 8,349 6,756
Net Realized (Gains) / Losses 8 (1)
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 3 25
Net purchases, sales, issuances and settlements   1,605
Issuances 483  
Settlements (4,062)  
Net transfers in and/or (out) of level 3 (3,029) (36)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 1,752 8,349
Unsecured Short-Term Borrowings Including Current Portion Of Unsecured Long Term Borrowings At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 3,476 2,310
Net Realized (Gains) / Losses (15) 91
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End (340) 35
Net purchases, sales, issuances and settlements   (300)
Purchases (5)  
Issuances 815  
Settlements (1,080)  
Net transfers in and/or (out) of level 3 443 1,340
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 3,294 3,476
Unsecured Long-term Borrowings At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 2,104 3,077
Net Realized (Gains) / Losses 25 23
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 5 41
Net purchases, sales, issuances and settlements   216
Issuances 441  
Settlements (193)  
Net transfers in and/or (out) of level 3 (191) (1,253)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 2,191 2,104
Other Liabilities And Accrued Expenses At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 2,409 1,913
Net Realized (Gains) / Losses   10
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 1,095 54
Net purchases, sales, issuances and settlements   (155)
Purchases 5,840  
Settlements (348)  
Net transfers in and/or (out) of level 3   587
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 8,996 2,409
Other Financial Assets and Liabilities At Fair Value [Member]
   
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance 398 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance 18,398 14,450
Net Realized Gains / (Losses) 2 25
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at Year-End 54 (58)
Purchases 1,088  
Settlements (190)  
Net purchases, sales, issuances and settlements   97
Net transfers in and/or (out) of level 3   334
Net Realized (Gains) / Losses 18 123
Net Unrealized (Gains) / Losses Relating to Instruments Still Held at Year-End 763 155
Net purchases, sales, issuances and settlements   3,032
Purchases 5,835  
Issuances 2,051  
Settlements (5,861)  
Net transfers in and/or (out) of level 3 (2,777) 638
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance 1,352 398
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance 18,427 18,398
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at the Reporting Date $ (709)  
XML 148 R106.htm IDEA: XBRL DOCUMENT v2.4.0.6
Transactions with Affiliated Funds (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Fees earned from affiliated funds [Abstract]      
Fees earned from affiliated funds $ 2,789 $ 2,882 $ 2,484
Fees receivable from affiliated funds and the aggregate carrying value of the firm's interests in these funds [Abstract]      
Fees receivable from funds 721 886  
Aggregate carrying value of interests in funds 14,960 14,773  
Transactions with Affiliated Funds (Textuals) [Abstract]      
Exposure to loans and guarantees with nonconsolidated investment funds 289 253  
Commitments to extend credit to nonconsolidated investment funds $ 0 $ 160  
XML 149 R69.htm IDEA: XBRL DOCUMENT v2.4.0.6
Cash Instruments (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Y
Dec. 31, 2010
Fair Value, Investments, Entities that Calculate Net Asset Value per Share [Abstract]    
Fair Value of Investments $ 16,366 $ 16,771
Fair value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 8,695 10,468
Fair Value, Investments Entities That Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 10  
Fair Value, Investments Entities That Calculate Net Asset Value Per Share, Investment Redemption Description 91  
Fair Value, Investments Entities That Calculate Net Asset Value Per Share, Redemption Restriction, Description 0.25  
Private Equity Funds [Member]
   
Fair Value, Investments, Entities that Calculate Net Asset Value per Share [Abstract]    
Fair Value of Investments 8,074 7,911
Fair value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 3,514 4,816
Private debt funds [Member]
   
Fair Value, Investments, Entities that Calculate Net Asset Value per Share [Abstract]    
Fair Value of Investments 3,596 4,267
Fair value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 3,568 3,721
Hedge Funds [Member]
   
Fair Value, Investments, Entities that Calculate Net Asset Value per Share [Abstract]    
Fair Value of Investments 3,165 3,169
Fair value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 0 0
Real estate and other funds [Member]
   
Fair Value, Investments, Entities that Calculate Net Asset Value per Share [Abstract]    
Fair Value of Investments 1,531 1,424
Fair value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments $ 1,613 $ 1,931
XML 150 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Regulation and Capital Adequacy
12 Months Ended
Dec. 31, 2011
Regulation and Capital Adequacy [Abstract]  
Regulation and Capital Adequacy Regulation and Capital Adequacy

Note 20.

Regulation and Capital Adequacy

 

The Federal Reserve Board is the primary regulator of Group Inc., a bank holding company and a financial holding company under the U.S. Bank Holding Company Act of 1956. As a bank holding company, the firm is subject to consolidated regulatory capital requirements that are computed in accordance with the Federal Reserve Board’s capital adequacy regulations currently applicable to bank holding companies (which are based on the ‘Basel 1’ Capital Accord of the Basel Committee on Banking Supervision (Basel Committee)). These capital requirements are expressed as capital ratios that compare measures of capital to risk-weighted assets (RWAs). The firm’s bank depository institution subsidiaries, including GS Bank USA, are subject to similar capital requirements.

Under the Federal Reserve Board’s capital adequacy requirements and the regulatory framework for prompt corrective action that is applicable to GS Bank USA, the firm and its bank depository institution subsidiaries must meet specific capital requirements that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory reporting practices. The firm and its bank depository institution subsidiaries’ capital amounts, as well as GS Bank USA’s prompt corrective action classification, are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Many of the firm’s subsidiaries, including GS&Co. and the firm’s other broker-dealer subsidiaries, are subject to separate regulation and capital requirements as described below.

Group Inc.

Federal Reserve Board regulations require bank holding companies to maintain a minimum Tier 1 capital ratio of 4% and a minimum total capital ratio of 8%. The required minimum Tier 1 capital ratio and total capital ratio in order to be considered a “well-capitalized” bank holding company under the Federal Reserve Board guidelines are 6% and 10%, respectively. Bank holding companies may be expected to maintain ratios well above the minimum levels, depending on their particular condition, risk profile and growth plans. The minimum Tier 1 leverage ratio is 3% for bank holding companies that have received the highest supervisory rating under Federal Reserve Board guidelines or that have implemented the Federal Reserve Board’s risk-based capital measure for market risk. Other bank holding companies must have a minimum Tier 1 leverage ratio of 4%.

The table below presents information regarding Group Inc.’s regulatory capital ratios.

 

 

                 
    As of December  
$ in millions   2011     2010  

Tier 1 capital

  $ 63,262     $ 71,233  

Tier 2 capital

  $ 13,881     $ 13,660  

Total capital

  $ 77,143     $ 84,893  

Risk-weighted assets

  $ 457,027     $ 444,290  

Tier 1 capital ratio

    13.8     16.0

Total capital ratio

    16.9     19.1

Tier 1 leverage ratio

    7.0     8.0

RWAs under the Federal Reserve Board’s risk-based capital guidelines are calculated based on the amount of market risk and credit risk. RWAs for market risk are determined by reference to the firm’s Value-at-Risk (VaR) models, supplemented by other measures to capture risks not reflected in VaR models. Credit risk for on-balance sheet assets is based on the balance sheet value. For off-balance sheet exposures, including OTC derivatives and commitments, a credit equivalent amount is calculated based on the notional amount of each trade. All such assets and amounts are then assigned a risk weight depending on, among other things, whether the counterparty is a sovereign, bank or qualifying securities firm or other entity (or if collateral is held, depending on the nature of the collateral).

Tier 1 leverage ratio is defined as Tier 1 capital under Basel 1 divided by average adjusted total assets (which includes adjustments for disallowed goodwill and intangible assets, and the carrying value of equity investments in non-financial companies that are subject to deductions from Tier 1 capital).

 

Regulatory Reform

 

The firm is currently working to implement the requirements set out in the Federal Reserve Board’s Risk-Based Capital Standards: Advanced Capital Adequacy Framework — Basel 2, as applicable to Group Inc. as a bank holding company (Basel 2), which are based on the advanced approaches under the Revised Framework for the International Convergence of Capital Measurement and Capital Standards issued by the Basel Committee. U.S. banking regulators have incorporated the Basel 2 framework into the existing risk-based capital requirements by requiring that internationally active banking organizations, such as Group Inc., adopt Basel 2, once approved to do so by regulators. As required by the Dodd-Frank Act, U.S. banking regulators have adopted a rule that requires large banking organizations, upon adoption of Basel 2, to continue to calculate risk-based capital ratios under both Basel 1 and Basel 2. For each of the Tier 1 and Total capital ratios, the lower of the Basel 1 and Basel 2 ratios calculated will be used to determine whether the bank meets its minimum risk-based capital requirements.

In December 2011, the U.S. federal bank regulatory agencies issued revised proposals to modify their market risk regulatory capital requirements for banking organizations in the United States that have significant trading activities. These modifications are designed to address the adjustments to the market risk framework that were announced by the Basel Committee in June 2010 (Basel 2.5), as well as the prohibition in the use of credit ratings, as required by the Dodd-Frank Act. Once implemented, it is likely that these changes will result in increased capital requirements for market risk.

Additionally, the guidelines issued by the Basel Committee in December 2010 (Basel 3) revise the definition of Tier 1 capital, introduce Tier 1 common equity as a regulatory metric, set new minimum capital ratios (including a new “capital conservation buffer,” which must be composed exclusively of Tier 1 common equity and will be in addition to the minimum capital ratios), introduce a Tier 1 leverage ratio within international guidelines for the first time, and make substantial revisions to the computation of RWAs for credit exposures. Implementation of the new requirements is expected to take place over the next several years. The federal banking agencies have not yet proposed rules to implement the Basel 3 guidelines in the United States.

 

The Basel Committee has published its final provisions for assessing the global systemic importance of banking institutions and the range of additional Tier 1 common equity that should be maintained by banking institutions deemed to be globally systemically important. The additional capital for these institutions would initially range from 1% to 2.5% of Tier 1 common equity and could be as much as 3.5% for a bank that increases its systemic footprint (e.g., by increasing total assets). The firm was one of 29 institutions identified by the Financial Stability Board (established at the direction of the leaders of the Group of 20) as globally systemically important under the Basel Committee’s methodology. Therefore, depending upon the manner and timing of the U.S. banking regulators’ implementation of the Basel Committee’s methodology, the firm expects that the minimum Tier 1 common ratio requirement applicable to the firm will include this additional capital assessment. The final determination of whether an institution is classified as globally systemically important and the calculation of the required additional capital amount is expected to be disclosed by the Basel Committee no later than November 2014 based on data through the end of 2013.

The Federal Reserve Board has proposed regulations designed to strengthen the regulation and supervision of large bank holding companies and systemically important nonbank financial firms. These proposals address risk-based capital and leverage requirements, liquidity requirements, stress tests, single counterparty limits and early remediation requirements that are designed to address financial weakness at an early stage. Although many of the proposals mirror initiatives to which bank holding companies are already subject, their full impact on the firm will not be known with certainty until the rules are finalized.

The Dodd-Frank Act will subject the firm at a firmwide level to the same leverage and risk-based capital requirements that apply to depository institutions and directs banking regulators to impose additional capital requirements as disclosed above. The Federal Reserve Board is expected to adopt the new leverage and risk-based capital regulations in 2012. As a consequence of these changes, Tier 1 capital treatment for the firm’s junior subordinated debt issued to trusts will be phased out over a three-year period beginning on January 1, 2013. The interaction among the Dodd-Frank Act, the Basel Committee’s proposed changes and other proposed or announced changes from other governmental entities and regulators adds further uncertainty to the firm’s future capital requirements and those of our subsidiaries.

 

A number of other governmental entities and regulators, including the European Union (EU) and the U.K.’s Financial Services Authority (FSA), have also proposed or announced changes that will result in increased capital requirements for financial institutions.

As a consequence of these developments, the firm expects minimum capital ratios required to be maintained under Federal Reserve Board regulations will be increased and changes in the prescribed calculation methodology are expected to result in higher RWAs and lower capital ratios than those currently computed.

The capital and liquidity requirements of several of the firm’s subsidiaries will also be impacted in the future by the various developments arising from the Basel Committee, the Dodd-Frank Act, and other governmental entities and regulators.

Bank Subsidiaries

GS Bank USA, an FDIC-insured, New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the Federal Reserve Board, the FDIC and the New York State Department of Financial Services (formerly the New York State Banking Department) and is subject to minimum capital requirements (described below) that are calculated in a manner similar to those applicable to bank holding companies. GS Bank USA computes its capital ratios in accordance with the regulatory capital guidelines currently applicable to state member banks, which are based on Basel 1 as implemented by the Federal Reserve Board, for purposes of assessing the adequacy of its capital. Under the regulatory framework for prompt corrective action that is applicable to GS Bank USA, in order to be considered a “well-capitalized” depository institution, GS Bank USA must maintain a Tier 1 capital ratio of at least 6%, a total capital ratio of at least 10% and a Tier 1 leverage ratio of at least 5%. GS Bank USA has agreed with the Federal Reserve Board to minimum capital ratios in excess of these “well-capitalized” levels. Accordingly, for a period of time, GS Bank USA is expected to maintain a Tier 1 capital ratio of at least 8%, a total capital ratio of at least 11% and a Tier 1 leverage ratio of at least 6%. As noted in the table below, GS Bank USA was in compliance with these minimum capital requirements as of December 2011 and December 2010.

 

The table below presents information regarding GS Bank USA’s regulatory capital ratios under Basel 1 as implemented by the Federal Reserve Board.

 

                 
    As of December  
$ in millions   2011     2010  

Tier 1 capital

  $ 19,251     $ 18,604  

Tier 2 capital

    6  1      5,004  

Total capital

    19,257       23,608  

Risk-weighted assets

    112,824       98,719  

Tier 1 capital ratio

    17.1     18.8

Total capital ratio

    17.1 % 1      23.9

Tier 1 leverage ratio

    18.5     19.5

 

1.

The decrease from December 2010 to December 2011 is primarily related to GS Bank USA’s repayment of $5.00 billion of subordinated debt to Group Inc. and $1.00 billion dividend to Group Inc. during 2011.

GS Bank USA is currently working to implement the Basel 2 framework, as implemented by the Federal Reserve Board. Similar to the firm’s requirement as a bank holding company, GS Bank USA is required to adopt Basel 2, once approved to do so by regulators. In addition, the capital requirements for GS Bank USA are expected to be impacted by changes to the Basel Committee’s capital guidelines, as outlined above. Furthermore, the firm expects that GS Bank USA will be impacted by aspects of the Dodd-Frank Act, including stress test and resolution plan requirements.

The deposits of GS Bank USA are insured by the FDIC to the extent provided by law. The Federal Reserve Board requires depository institutions to maintain cash reserves with a Federal Reserve Bank. The amount deposited by the firm’s depository institution held at the Federal Reserve Bank was approximately $40.06 billion and $28.12 billion as of December 2011 and December 2010, respectively, which exceeded required reserve amounts by $39.51 billion and $27.45 billion as of December 2011 and December 2010, respectively.

 

Transactions between GS Bank USA and its subsidiaries and Group Inc. and its subsidiaries and affiliates (other than, generally, subsidiaries of GS Bank USA) are regulated by the Federal Reserve Board. These regulations generally limit the types and amounts of transactions (including loans to and borrowings from GS Bank USA) that may take place and generally require those transactions to be on an arm’s-length basis.

Goldman Sachs International Bank, a wholly-owned credit institution, regulated by the FSA, and GS Bank Europe, a wholly-owned credit institution, regulated by the Central Bank of Ireland, are both subject to minimum capital requirements. As of December 2011 and December 2010, Goldman Sachs International Bank and GS Bank Europe were in compliance with all regulatory capital requirements.

Broker-Dealer Subsidiaries

The firm’s U.S. regulated broker-dealer subsidiaries include GS&Co. and GSEC. GS&Co. and GSEC are registered U.S. broker-dealers and futures commission merchants, and are subject to regulatory capital requirements, including those imposed by the SEC, the U.S. Commodity Futures Trading Commission (CFTC), Chicago Mercantile Exchange, the Financial Industry Regulatory Authority, Inc. (FINRA) and the National Futures Association. Rule 15c3-1 of the SEC and Rule 1.17 of the CFTC specify uniform minimum net capital requirements, as defined, for their registrants, and also effectively require that a significant part of the registrants’ assets be kept in relatively liquid form. GS&Co. and GSEC have elected to compute their minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1.

As of December 2011, GS&Co. had regulatory net capital, as defined by Rule 15c3-1, of $11.24 billion, which exceeded the amount required by $9.34 billion. As of December 2011, GSEC had regulatory net capital, as defined by Rule 15c3-1, of $2.10 billion, which exceeded the amount required by $2.00 billion.

In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $1 billion and net capital in excess of $500 million in accordance with the market and credit risk standards of Appendix E of Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $5 billion. As of December 2011 and December 2010, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements.

 

Insurance Subsidiaries

The firm has U.S. insurance subsidiaries that are subject to state insurance regulation and oversight in the states in which they are domiciled and in the other states in which they are licensed. In addition, certain of the firm’s insurance subsidiaries outside of the U.S. are regulated by the FSA and certain are regulated by the Bermuda Monetary Authority. The firm’s insurance subsidiaries were in compliance with all regulatory capital requirements as of December 2011 and December 2010.

Other Non-U.S. Regulated Subsidiaries

The firm’s principal non-U.S. regulated subsidiaries include GSI and Goldman Sachs Japan Co., Ltd. (GSJCL). GSI, the firm’s regulated U.K. broker-dealer, is subject to the capital requirements imposed by the FSA. GSJCL, the firm’s regulated Japanese broker-dealer, is subject to the capital requirements imposed by Japan’s Financial Services Agency. As of December 2011 and December 2010, GSI and GSJCL were in compliance with their local capital adequacy requirements. Certain other non-U.S. subsidiaries of the firm are also subject to capital adequacy requirements promulgated by authorities of the countries in which they operate. As of December 2011 and December 2010, these subsidiaries were in compliance with their local capital adequacy requirements.

Restrictions on Payments

The regulatory requirements referred to above restrict Group Inc.’s ability to withdraw capital from its regulated subsidiaries. As of December 2011 and December 2010, approximately $25.53 billion and $24.70 billion, respectively, of net assets of regulated subsidiaries were restricted as to the payment of dividends to Group Inc. In addition to limitations on the payment of dividends imposed by federal and state laws, the Federal Reserve Board, the FDIC and the New York State Department of Financial Services have authority to prohibit or to limit the payment of dividends by the banking organizations they supervise (including GS Bank USA) if, in the relevant regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in the light of the financial condition of the banking organization.

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Parent Company (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net earnings $ 4,442 $ 8,354 $ 13,385
Non-cash items included in net earnings      
Depreciation and amortization 1,869 1,904 1,943
Deferred income taxes 726 1,339 (431)
Share-based compensation 2,849 4,035 2,009
Changes in operating assets and liabilities      
Financial instruments owned, at fair value 5,085 (9,231) 186,295
Financial instruments sold, but not yet purchased, at fair value 4,243 11,602 (57,010)
Other, net (5,346) (11,376) 7,076
Net cash provided by operating activities 21,645 (6,157) 48,875
Cash flows from investing activities      
Purchase of property, leasehold improvements and equipment (1,184) (1,227) (1,556)
Net cash provided by/(used for) investing activities 1,485 (185) (1,561)
Cash flows from financing activities      
Unsecured short-term borrowings, net (3,780) 1,196 (9,790)
Common stock repurchased (6,048) (4,183) (2)
Preferred stock repurchased (3,857)   (9,574)
Repurchase of common stock warrants     (1,100)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units (2,771) (1,443) (2,205)
Proceeds from issuance of common stock, including stock option exercises 368 581 6,260
Excess tax benefit related to share-based compensation 358 352 135
Cash settlement of share-based compensation (40) (1) (2)
Net cash provided by/(used for) financing activities (6,910) 7,839 (22,828)
Net increase/(decrease) in cash and cash equivalents 16,220 1,497 24,486
Cash and cash equivalents, beginning of year 39,788 38,291 13,805
Cash and cash equivalents, end of year 56,008 39,788 38,291
SUPPLEMENTAL DISCLOSURES:      
Cash payments for interest, net of capitalized interest 8,050 6,740 7,320
Cash payments for income taxes, net of refunds 1,780 4,480 4,780
Parent Company [Member]
     
Cash flows from operating activities      
Net earnings 4,442 8,354 13,385
Non-cash items included in net earnings      
Undistributed earnings of subsidiaries (481) (2,884) (5,884)
Depreciation and amortization 14 18 39
Deferred income taxes 809 214 (3,347)
Share-based compensation 244 393 100
Changes in operating assets and liabilities      
Financial instruments owned, at fair value 3,557 (176) 24,382
Financial instruments sold, but not yet purchased, at fair value (536) (1,091) (1,032)
Other, net 1,422 10,852 10,081
Net cash provided by operating activities 9,471 15,680 37,724
Cash flows from investing activities      
Purchase of property, leasehold improvements and equipment (42) (15) (5)
Issuance of short-term loans to subsidiaries, net of repayments 20,319 (9,923) (6,335)
Issuance of term loans to subsidiaries (42,902) (5,532) (13,823)
Repayments of term loans by subsidiaries 21,850 1,992 9,601
Capital distributions from/(contributions to) subsidiaries, net 4,642 (1,038) (2,781)
Net cash provided by/(used for) investing activities 3,867 (14,516) (13,343)
Cash flows from financing activities      
Unsecured short-term borrowings, net (727) 3,137 (13,266)
Proceeds from issuance of long-term borrowings 27,251 21,098 22,814
Repayment of long-term borrowings, including the current portion (27,865) (21,838) (27,374)
Common stock repurchased (6,048) (4,183) (2)
Preferred stock repurchased (3,857) 0 (9,574)
Repurchase of common stock warrants 0 0 (1,100)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units (2,771) (1,443) (2,205)
Proceeds from issuance of common stock, including stock option exercises 368 581 6,260
Excess tax benefit related to share-based compensation 358 352 135
Cash settlement of share-based compensation (40) (1) (2)
Net cash provided by/(used for) financing activities (13,331) (2,297) (24,314)
Net increase/(decrease) in cash and cash equivalents 7 (1,133) 67
Cash and cash equivalents, beginning of year 7 1,140 1,073
Cash and cash equivalents, end of year 14 7 1,140
SUPPLEMENTAL DISCLOSURES:      
Cash payments for interest, net of capitalized interest 3,830 3,070 2,770
Cash payments for income taxes, net of refunds $ 1,390 $ 2,050 $ 2,770
XML 153 R74.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivatives and Hedging Activities (Details 3) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivatives Credit Risk Gain Loss Quantitative Disclosure [Abstract]      
Net Gains (Losses) Attributable to the Impact of Changes in Credit Exposure and Credit Spreads on Derivative Contracts $ 573,000,000 $ 68,000,000 $ 572,000,000
Interest Rate Contract Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 194,000,000 (71,000,000)  
Net Realized Gains / (Losses) (38,000,000) (79,000,000)  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end (305,000,000) 156,000,000  
Purchases 23,000,000    
Sales (29,000,000)    
Settlements 84,000,000    
Net purchases, sales, issuances and settlements   (118,000,000)  
Net transfers in and/or (out) of level 3 (300,000,000) 306,000,000  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance (371,000,000) 194,000,000  
Credit Risk Contract Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 7,040,000,000 6,366,000,000  
Net Realized Gains / (Losses) 46,000,000 8,000,000  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end 2,525,000,000 4,393,000,000  
Purchases 348,000,000    
Sales (1,310,000,000)    
Settlements (1,713,000,000)    
Net purchases, sales, issuances and settlements   (2,663,000,000)  
Net transfers in and/or (out) of level 3 (636,000,000) (1,064,000,000)  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance 6,300,000,000 7,040,000,000  
Foreign Exchange Contract Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 1,098,000,000 215,000,000  
Net Realized Gains / (Losses) (26,000,000) (83,000,000)  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end (351,000,000) 317,000,000  
Purchases 29,000,000    
Sales (25,000,000)    
Settlements (54,000,000)    
Net purchases, sales, issuances and settlements   110,000,000  
Net transfers in and/or (out) of level 3 171,000,000 539,000,000  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance 842,000,000 1,098,000,000  
Commodity Contract Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 220,000,000 (90,000,000)  
Net Realized Gains / (Losses) (35,000,000) 48,000,000  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end 259,000,000 312,000,000  
Purchases 125,000,000    
Sales (835,000,000)    
Settlements 150,000,000    
Net purchases, sales, issuances and settlements   33,000,000  
Net transfers in and/or (out) of level 3 (489,000,000) (83,000,000)  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance (605,000,000) 220,000,000  
Equities Contract Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance (990,000,000) (1,224,000,000)  
Net Realized Gains / (Losses) 184,000,000 (38,000,000)  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end 151,000,000 6,000,000  
Purchases 382,000,000    
Sales (683,000,000)    
Settlements 159,000,000    
Net purchases, sales, issuances and settlements   43,000,000  
Net transfers in and/or (out) of level 3 365,000,000 223,000,000  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance (432,000,000) (990,000,000)  
Derivatives Net [Member]
     
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Beginning Balance 7,562,000,000 5,196,000,000  
Net Realized Gains / (Losses) 131,000,000 (144,000,000)  
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at period-end 2,279,000,000 5,184,000,000  
Purchases 907,000,000    
Sales (2,882,000,000)    
Settlements (1,374,000,000)    
Net purchases, sales, issuances and settlements   (2,595,000,000)  
Net transfers in and/or (out) of level 3 (889,000,000) (79,000,000)  
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Contracts Net Value, Ending Balance 5,734,000,000 7,562,000,000  
Derivatives Credit Risk Gain Loss Quantitative Disclosure [Abstract]      
Net Unrealized Gains / (Losses) Relating to Instruments Still Held at year-end $ 2,280,000,000 $ 5,180,000,000  
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