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

	Nine Months Ended September		Year Ended December
$ in millions		2015		2014	2013	2012	2011	2010
Net earnings		$  5,318		$  8,477	$  8,040	$  7,475	$  4,442	$  8,354
Add:
Provision for taxes		2,388		3,880	3,697	3,732	1,727	4,538
Portion of rents representative of an interest factor		63		103	108	125	159	169
Interest expense on all indebtedness		3,940		5,557	6,668	7,501	7,982	6,806
Pre-tax earnings, as adjusted		$11,709		$18,017	$18,513	$18,833	$14,310	$19,867
Fixed charges 1:
Portion of rents representative of an interest factor		$       63		$     103	$     108	$     125	$     159	$     169
Interest expense on all indebtedness		3,950		5,569	6,672	7,509	7,987	6,810
Total fixed charges		$  4,013		$  5,672	$  6,780	$  7,634	$  8,146	$  6,979
Preferred stock dividend requirements		470		583	458	274	2,683	989
Total combined fixed charges and preferred stock dividends		$  4,483		$  6,255	$  7,238	$  7,908	$10,829	$  7,968
Ratio of earnings to fixed charges		2.92x		3.18x	2.73x	2.47x	1.76x	2.85x
Ratio of earnings to combined fixed charges and preferred stock dividends		2.61x		2.88x	2.56x	2.38x	1.32x	2.49x

1. Fixed charges include capitalized interest of $10 million for the nine months ended September 2015, $12 million for 2014, $4 million for 2013, $8 million for 2012, $5 million for 2011 and $4 million for 2010.