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

	Six Months Ended June		Year Ended December
$ in millions		2017		2016	2015	2014	2013	2012
Net earnings		$4,086		$  7,398	$  6,083	$  8,477	$  8,040	$  7,475
Add:
Provision for taxes		962		2,906	2,695	3,880	3,697	3,732
Portion of rents representative of an interest factor		48		81	83	103	108	125
Interest expense on all indebtedness		4,662		7,104	5,388	5,557	6,668	7,501
Pre-tax earnings, as adjusted		$9,758		$17,489	$14,249	$18,017	$18,513	$18,833
Fixed charges 1:
Portion of rents representative of an interest factor		$     48		$       81	$       83	$     103	$     108	$     125
Interest expense on all indebtedness		4,681		7,127	5,403	5,569	6,672	7,509
Total fixed charges		$4,729		$  7,208	$  5,486	$  5,672	$  6,780	$  7,634
Preferred stock dividend requirements		362		804	743	583	458	274
Total combined fixed charges and preferred stock dividends		$5,091		$  8,012	$  6,229	$  6,255	$  7,238	$  7,908
Ratio of earnings to fixed charges		2.06x		2.43x	2.60x	3.18x	2.73x	2.47x
Ratio of earnings to combined fixed charges and preferred stock dividends		1.92x		2.18x	2.29x	2.88x	2.56x	2.38x

1. Fixed charges include capitalized interest of $19 million for the six months ended June 2017, $23 million for 2016, $15 million for 2015, $12 million for 2014, $4 million for 2013 and $8 million for 2012.