8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 18, 2022

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

Delaware	13-4019460
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

200 West Street, New York, N.Y.	10282
(Address of principal executive offices)	(Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol	Exchange on which registered
Common stock, par value $.01 per share	GS	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A	GS PrA	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C	GS PrC	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D	GS PrD	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J	GS PrJ	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K	GS PrK	NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II	GS/43PE	NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III	GS/43PF	NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due 2031 of GS Finance Corp.	GS/31B	NYSE
Medium-Term Notes, Series E, Index-Linked Notes due 2028 of GS Finance Corp.	FRLG	NYSE Arca

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

TABLE OF CONTENTS

Exhibit 99.1: PRESS RELEASE

Exhibit 99.2: PRESENTATION

Item 2.02 Results of Operations and Financial Condition.

On January 18, 2022, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the fourth quarter and year ended December 31, 2021. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On January 18, 2022, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Group Inc. dated January 18, 2022 containing financial information for its fourth quarter and year ended December 31, 2021.

The quotation on page 1 of Exhibit 99.1 and the information under the caption “Annual Highlights” on the following page (Excluded Sections) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Sections, shall be deemed “filed” for purposes of the Exchange Act.

99.2 Presentation of Group Inc. dated January 18, 2022, for the conference call on January 18, 2022.

Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.

101 Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).

104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE GOLDMAN SACHS GROUP, INC.
			(Registrant)
Date: January 18, 2022	By:	/s/ Denis P. Coleman
		Name:  Denis P. Coleman
		Title:    Chief Financial Officer

EX-99.1

Exhibit 99.1

Full Year and

Fourth Quarter 2021

Earnings Results

Media Relations: Andrea Williams 212-902-5400

Investor Relations: Carey Halio 212-902-0300    

The Goldman Sachs Group, Inc.              

200 West Street | New York, NY 10282              

Full Year and Fourth Quarter 2021 Earnings Results

Goldman Sachs Reports Record Earnings Per Common Share of $59.45 for 2021

Fourth Quarter Earnings Per Common Share was $10.81

“2021 was a record year for Goldman Sachs. The firm’s extraordinary performance is a testament to the strength of our client franchise and people. Moving forward, our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns for shareholders.”

- David M. Solomon, Chairman and Chief Executive Officer          

Financial Summary

Net Revenues	Net Earnings	EPS
2021                    $59.34 billion 4Q21                  $12.64 billion	2021                     $21.64 billion 4Q21                      $3.94 billion	2021                            $59.45 4Q21                           $10.81
ROE1	ROTE1	Book Value Per Share
2021                               23.0% 4Q21                              15.6%	2021                                  24.3% 4Q21                                 16.4%	2021                          $284.39 2021 Growth               20.4%

NEW YORK, January 18, 2022 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $59.34 billion and net earnings of $21.64 billion for the year ended December 31, 2021. Net revenues were $12.64 billion and net earnings were $3.94 billion for the fourth quarter of 2021.

Diluted earnings per common share (EPS) was $59.45 for the year ended December 31, 2021 compared with $24.74 for the year ended December 31, 2020, and was $10.81 for the fourth quarter of 2021 compared with $12.08 for the fourth quarter of 2020 and $14.93 for the third quarter of 2021. For the year ended December 31, 2020, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.51.

Return on average common shareholders’ equity (ROE)¹ was 23.0% for 2021 and annualized ROE was 15.6% for the fourth quarter of 2021. Return on average tangible common shareholders’ equity (ROTE)¹ was 24.3% for 2021 and annualized ROTE was 16.4% for the fourth quarter of 2021

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Annual Highlights

◾ During the year, the firm generated record net revenues of $59.34 billion, record net earnings of $21.64 billion and record diluted EPS of $59.45, each significantly surpassing the previous record. In addition, ROE¹ of 23.0% was the highest since 2007.

◾ Investment Banking generated record net revenues of $14.88 billion, driven by record net revenues in each of Financial advisory, Equity underwriting and Debt underwriting.

◾ The firm ranked #1 in worldwide announced and completed mergers and acquisitions, and in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year.²

◾ Global Markets generated net revenues of $22.08 billion, the highest annual net revenues in 12 years, reflecting strength in both Equities and Fixed Income, Currency and Commodities (FICC). Equities produced its second highest net revenues and FICC had record financing net revenues.

◾ Asset Management generated record net revenues of $14.92 billion, including record net revenues in Equity investments and the second highest net revenues in Lending and debt investments.

◾ Consumer & Wealth Management generated record net revenues of $7.47 billion, reflecting record net revenues in both Wealth management and Consumer banking.

◾ Firmwide assets under supervision^3,4 increased $325 billion during the year, including record long-term net inflows of $130 billion, to a record $2.47 trillion. Firmwide Management and other fees were a record $7.57 billion in 2021.

◾ Book value per common share increased by 20.4% during the year to $284.39.

Full Year Net Revenue Mix by Segment

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Net Revenues

Full Year
Net revenues were $59.34 billion for 2021, 33% higher than 2020, reflecting higher net revenues across all segments, including significant increases in Asset Management, Investment Banking and Consumer & Wealth Management.	2021 Net Revenues
	$59.34 billion
Fourth Quarter
Net revenues were $12.64 billion for the fourth quarter of 2021, 8% higher than the fourth quarter of 2020 and 7% lower than the third quarter of 2021. The increase compared with the fourth quarter of 2020 reflected significantly higher net revenues in Investment Banking and higher net revenues in Consumer & Wealth Management, partially offset by lower net revenues in Asset Management and Global Markets.	4Q21 Net Revenues
	$12.64 billion

Investment Banking

Full Year
Net revenues in Investment Banking were $14.88 billion for 2021, 58% higher than 2020, primarily reflecting significantly higher net revenues in Financial advisory and Underwriting. The increase in Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions volumes. The increase in Underwriting net revenues was due to significantly higher net revenues in both Equity underwriting, primarily driven by strong industry-wide initial public offerings activity, and Debt underwriting, primarily reflecting elevated industry-wide leveraged finance activity. Corporate lending net revenues were significantly higher, primarily reflecting net gains from lending activities compared with net losses in the prior year, and significantly higher net interest income.	2021 Investment Banking
	$14.88 billion
	Financial advisory	$5.65 billion
	Underwriting	$8.52 billion
	Corporate lending	$708 million
The firm’s backlog3 increased significantly compared with the end of 2020.
Fourth Quarter
Net revenues in Investment Banking were $3.80 billion for the fourth quarter of 2021, 45% higher than the fourth quarter of 2020 and 3% higher than the third quarter of 2021. The increase compared with the fourth quarter of 2020 reflected significantly higher net revenues in Financial advisory, Underwriting and Corporate lending. The increase in Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions volumes. The increase in Underwriting net revenues was due to significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance and asset-backed activity, partially offset by lower net revenues in Equity underwriting compared with a strong prior year period, reflecting lower net revenues from secondary offerings. The increase in Corporate lending net revenues primarily reflected higher net revenues from relationship lending activities as the prior year period included larger net losses from the impact of tightening credit spreads on hedges. The firm’s backlog3 decreased slightly compared with the end of the third quarter of 2021.	4Q21 Investment Banking
	$3.80 billion
	Financial advisory	$1.63 billion
	Underwriting	$1.97 billion
	Corporate lending	$192 million

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Global Markets

Full Year
Net revenues in Global Markets were $22.08 billion for 2021, 4% higher than 2020. Net revenues in FICC were $10.58 billion, 9% lower than 2020, due to lower net revenues in FICC intermediation, reflecting significantly lower net revenues in interest rate products and credit products and slightly lower net revenues in currencies, partially offset by significantly higher net revenues in mortgages and higher net revenues in commodities. Net revenues in FICC financing were significantly higher, reflecting significantly higher net revenues from mortgage lending, partially offset by significantly lower net revenues from repurchase agreements. Net revenues in Equities were $11.49 billion, 20% higher than 2020, due to significantly higher net revenues in Equities financing, primarily reflecting increased activity (including higher average client balances), and higher net revenues in Equities intermediation, across both derivatives and cash products.	2021 Global Markets
	$22.08 billion
	FICC intermediation	$8.65 billion
	FICC financing	$1.94 billion
	FICC	$10.58 billion
	Equities intermediation	$7.57 billion
	Equities financing	$3.92 billion
	Equities	$11.49 billion
Fourth Quarter
Net revenues in Global Markets were $3.99 billion for the fourth quarter of 2021, 7% lower than the fourth quarter of 2020 and 29% lower than the third quarter of 2021. Net revenues in FICC were $1.86 billion, essentially unchanged compared with the fourth quarter of 2020. Net revenues in FICC intermediation were lower, reflecting significantly lower net revenues in interest rate products and credit products and lower net revenues in commodities and mortgages, partially offset by significantly higher net revenues in currencies. Net revenues in FICC financing were significantly higher, primarily reflecting higher net revenues from mortgage lending. Net revenues in Equities were $2.12 billion, 11% lower than the fourth quarter of 2020, due to significantly lower net revenues in Equities intermediation, across both derivatives and cash products. Net revenues in Equities financing were significantly higher, primarily reflecting increased activity (including higher average client balances).	4Q21 Global Markets
	$3.99 billion
	FICC intermediation	$1.30 billion
	FICC financing	$559 million
	FICC	$1.86 billion
	Equities intermediation	$1.30 billion
	Equities financing	$819 million
	Equities	$2.12 billion

Asset Management

Full Year
Net revenues in Asset Management were $14.92 billion for 2021, 87% higher than 2020, primarily reflecting significantly higher net revenues in Equity investments and Lending and debt investments. The increase in Equity investments net revenues reflected significantly higher net gains from investments in private equities, driven by company-specific events and improved corporate performance compared with 2020, partially offset by net losses from investments in public equities compared with significant net gains in the prior year. The increase in Lending and debt investments net revenues reflected net gains from investments in debt instruments compared with net losses in the prior year, and significantly higher net interest income. Incentive fees were higher, primarily driven by harvesting, and Management and other fees were slightly higher, reflecting the impact of higher average assets under supervision, partially offset by higher fee waivers on money market funds.	2021 Asset Management
	$14.92 billion
	Management and   other fees	$2.88 billion
	Incentive fees	$438 million
	Equity investments	$9.19 billion
	Lending and debt   investments	$2.41 billion

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Asset Management

Fourth Quarter
Net revenues in Asset Management were $2.89 billion for the fourth quarter of 2021, 10% lower than the fourth quarter of 2020 and 27% higher than the third quarter of 2021. The decrease compared with the fourth quarter of 2020 reflected significantly lower net revenues in Equity investments and lower net revenues in Lending and debt investments, partially offset by higher Incentive fees. The decrease in Equity investments net revenues reflected significant net losses from investments in public equities compared with significant net gains in the prior year period, partially offset by significantly higher net gains from investments in private equities. The decrease in Lending and debt investments net revenues reflected lower net gains from investments in debt instruments. The increase in Incentive fees was primarily due to harvesting. Management and other fees were essentially unchanged, reflecting higher average assets under supervision, largely offset by higher fee waivers on money market funds.	4Q21 Asset Management
	$2.89 billion
	Management and   other fees	$739  million
	Incentive fees	$218 million
	Equity investments	$1.42 billion
	Lending and debt   investments	$517  million

Consumer & Wealth Management

Full Year
Net revenues in Consumer & Wealth Management were $7.47 billion for 2021, 25% higher than 2020. Net revenues in Wealth management were $5.98 billion, 25% higher than 2020, due to significantly higher Management and other fees, primarily reflecting the impact of higher average assets under supervision, and significantly higher net revenues in Private banking and lending, primarily reflecting higher loan balances. In addition, Incentive fees were higher, primarily due to harvesting. Net revenues in Consumer banking were $1.49 billion, 23% higher than 2020, reflecting higher credit card and deposit balances.	2021 Consumer & Wealth Management
	$7.47 billion
	Wealth management	$5.98  billion
	Consumer banking	$1.49 billion
Fourth Quarter
Net revenues in Consumer & Wealth Management were $1.97 billion for the fourth quarter of 2021, 19% higher than the fourth quarter of 2020 and 3% lower than the third quarter of 2021. Net revenues in Wealth management were $1.59 billion, 22% higher than the fourth quarter of 2020, due to significantly higher Management and other fees, primarily reflecting the impact of higher average assets under supervision, and higher net revenues in Private banking and lending, primarily reflecting higher loan balances. Net revenues in Consumer banking were $376 million, 8% higher than the fourth quarter of 2020, reflecting higher credit card balances.	4Q21 Consumer & Wealth Management
	$1.97 billion
	Wealth management	$1.59  billion
	Consumer banking	$376 million

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Provision for Credit Losses

Full Year
Provision for credit losses was $357 million for 2021, compared with $3.10 billion for 2020. 2021 included provisions related to portfolio growth (primarily in credit cards, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio), largely offset by reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment. This followed challenging conditions in the prior year as a result of the COVID-19 pandemic, which contributed to significant provisions in 2020.	2021 Provision for Credit Losses
	$357 million
Fourth Quarter
Provision for credit losses was $344 million for the fourth quarter of 2021, compared with $293 million for the fourth quarter of 2020 and $175 million for the third quarter of 2021. The increase compared with the fourth quarter of 2020 primarily reflected growth in credit card balances. The firm’s allowance for credit losses was $4.35 billion as of December 31, 2021.	4Q21 Provision for Credit Losses
	$344 million

Operating Expenses

Full Year
Operating expenses were $31.94 billion for 2021, 10% higher than 2020. The firm’s efficiency ratio3 for 2021 was 53.8%, compared with 65.0% for 2020. The increase in operating expenses compared with 2020 primarily reflected significantly higher compensation and benefits expenses (reflecting strong performance).  In addition, technology expenses and professional fees were significantly higher and transaction based expenses were higher. These increases were partially offset by significantly lower net provisions for litigation and regulatory proceedings and lower expenses related to consolidated investments (including impairments). Net provisions for litigation and regulatory proceedings for 2021 were $534 million compared with $3.42 billion for 2020. 2021 included approximately $250 million of charitable contributions to Goldman Sachs Gives. Headcount increased 8% during 2021, reflecting investments in new business initiatives and an increase in technology professionals.	2021 Operating Expenses
	$31.94 billion
	2021 Efficiency Ratio
	53.8%

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Operating Expenses

Fourth Quarter
Operating expenses were $7.27 billion for the fourth quarter of 2021, 23% higher than the fourth quarter of 2020 and 10% higher than the third quarter of 2021. Theincrease inoperating expensescompared withthe fourthquarter of2020 reflected significantly higher compensation and benefits expenses  (reflecting strong performance), professional fees and net provisions for litigation and regulatory proceedings. In addition, technology expenses, transaction based expenses and market development expenses were each higher. Net provisions for litigation and regulatory proceedings for the fourth quarter of 2021 were $182 million compared with $24 million for the fourth quarter of 2020.	4Q21 Operating Expenses
	$7.27 billion

Provision for Taxes

The effective income tax rate for 2021 was 20.0%, up from 19.6% for the first nine monthsof 2021,primarily dueto adecrease inthe impactof taxbenefits forthe fullyear compared with the first nine months of 2021. The 2021 effective income tax rate decreased from 24.2% for 2020, primarily due to a decrease in provisions for non-deductible litigation, partially offset by a decrease in the impact of tax benefits in 2021 compared to 2020.

2021 Effective Tax Rate

20.0%

Other Matters

◾ On January 14, 2022, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.00 per common share to be paid on March 30, 2022 to common shareholders of record on March 2, 2022. ◾ During the year, the firm returned $7.49 billion of capital to common shareholders, including $5.20 billion of common share repurchases (15.3 million shares at an average cost of $339.81) and $2.29 billion of common stock dividends. This included $1.20 billion of capital returned to common shareholders during the fourth quarter, including $500 million of share repurchases  (1.2 million shares at an average cost of $411.65) and $698 million of common stock dividends.3 ◾ Global core liquid assets3 averaged $335 billion4 for 2021, compared with an average of $283 billion for 2020. Global core liquid assets averaged $353 billion4 for the fourth quarter of 2021, compared with an average of $356 billion for the third quarter of 2021.	Declared Quarterly Dividend Per Common Share
	$2.00
	Capital Returned
	$7.49 billion in 2021
	Average GCLA
	$335 billion for 2021

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking,  securities,  investment management and  consumer banking to a large and  diversified client base that includes corporations,  financial institutions,  governments and individuals.  Founded in 1869,  the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “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 or statements of current conditions, but instead  represent only  the firm’s  beliefs regarding future events,  many of which,  by their nature,  are inherently  uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially,  from the anticipated results,  financial condition and liquidity  in these forward-looking  statements.  For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2020.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s investment banking transaction backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all and related net revenues may not be realized  or may be materially  less than expected.  Important factors that could have such a result include,  for underwriting transactions,  a decline or weakness in general economic conditions,  an outbreak of hostilities,  volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for 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 information  about other important factors that could adversely affect the firm’s investment banking transactions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2020.

Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public.  Members of the public who would like to listen to the conference call should dial  1-888-281-7154  (in the U.S.) or  1-706-679-5627  (outside the U.S.).  The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations.  There is no  charge  to access the call.  For those  unable to listen  to the live broadcast, a replay will be available on the firm’s website or by dialing  1-855-859-2056  (in the U.S.) or  1-404-537-3406  (outside the U.S.)  passcode number  64774224  beginning approximately  three hours  after the event.  Please direct any questions regarding  obtaining   access   to   the  conference   call   to   Goldman   Sachs   Investor   Relations,   via   e-mail,   at   gs-investor-
relations@gs.com.

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

	YEAR ENDED				% CHANGE FROM
	DECEMBER 31, 2021		DECEMBER 31, 2020		DECEMBER 31, 2020
INVESTMENT BANKING
Financial advisory		$          5,653		$          3,065		84 %
Equity underwriting		5,011		3,406		47
Debt underwriting		3,504		2,670		31
Underwriting		8,515		6,076		40
Corporate lending		708		282		151
Net revenues		14,876		9,423		58
GLOBAL MARKETS
FICC intermediation		8,647		9,991		(13)
FICC financing		1,937		1,593		22
FICC		10,584		11,584		(9)
Equities intermediation		7,574		6,989		8
Equities financing		3,919		2,584		52
Equities		11,493		9,573		20
Net revenues		22,077		21,157		4
ASSET MANAGEMENT
Management and other fees		2,883		2,785		4
Incentive fees		438		287		53
Equity investments		9,189		4,095		124
Lending and debt investments		2,406		817		194
Net revenues		14,916		7,984		87
CONSUMER & WEALTH MANAGEMENT
Management and other fees		4,691		3,889		21
Incentive fees		178		114		56
Private banking and lending		1,109		780		42
Wealth management		5,978		4,783		25
Consumer banking		1,492		1,213		23
Net revenues		7,470		5,996		25
Total net revenues		$        59,339		$        44,560		33
Geographic Net Revenues (unaudited)3 $ in millions
	YEAR ENDED
	DECEMBER 31, 2021		DECEMBER 31, 2020
Americas		$        37,379		$        27,508
EMEA		14,372		10,868
Asia		7,588		6,184
Total net revenues		$        59,339		$        44,560
Americas		63%		62%
EMEA		24%		24%
Asia		13%		14%
Total		100%		100%

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Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

	THREE MONTHS ENDED						% CHANGE FROM
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020		SEPTEMBER 30, 2021		DECEMBER 31, 2020
INVESTMENT BANKING
Financial advisory		$            1,631		$            1,648		$            1,091		(1) %		49  %
Equity underwriting		1,025		1,174		1,115		(13)		(8)
Debt underwriting		948		726		526		31		80
Underwriting		1,973		1,900		1,641		4		20
Corporate lending		192		152		(119)		26		N.M.
Net revenues		3,796		3,700		2,613		3		45
GLOBAL MARKETS
FICC intermediation		1,304		1,995		1,498		(35)		(13)
FICC financing		559		513		380		9		47
FICC		1,863		2,508		1,878		(26)		(1)
Equities intermediation		1,303		1,920		1,796		(32)		(27)
Equities financing		819		1,183		591		(31)		39
Equities		2,122		3,103		2,387		(32)		(11)
Net revenues		3,985		5,611		4,265		(29)		(7)
ASSET MANAGEMENT
Management and other fees		739		724		733		2		1
Incentive fees		218		100		71		118		207
Equity investments		1,417		935		1,770		52		(20)
Lending and debt investments		517		520		637		(1)		(19)
Net revenues		2,891		2,279		3,211		27		(10)
CONSUMER & WEALTH MANAGEMENT
Management and other fees		1,282		1,223		1,035		5		24
Incentive fees		16		121		28		(87)		(43)
Private banking and lending		293		292		242		–		21
Wealth management		1,591		1,636		1,305		(3)		22
Consumer banking		376		382		347		(2)		8
Net revenues		1,967		2,018		1,652		(3)		19
Total net revenues		$          12,639		$          13,608		$          11,741		(7)		8
Geographic Net Revenues (unaudited)3
$ in millions
	THREE MONTHS ENDED
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020
Americas		$            8,428		$            8,169		$            7,175
EMEA		2,787		3,394		2,837
Asia		1,424		2,045		1,729
Total net revenues		$          12,639		$          13,608		$          11,741
Americas		67%		60%		61%
EMEA		22%		25%		24%
Asia		11%		15%		15%
Total		100%		100%		100%

10

Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts

	YEAR ENDED				% CHANGE FROM
	DECEMBER 31, 2021		DECEMBER 31,   2020		DECEMBER 31, 2020
REVENUES
Investment banking		$          14,168		$          9,141		55 %
Investment management		8,059		6,923		16
Commissions and fees		3,619		3,548		2
Market making		15,352		15,546		(1)
Other principal transactions		11,671		4,651		151
Total non-interest revenues		52,869		39,809		33
Interest income		12,120		13,689		(11)
Interest expense		5,650		8,938		(37)
Net interest income		6,470		4,751		36
Total net revenues		59,339		44,560		33
Provision for credit losses		357		3,098		(88)
OPERATING EXPENSES
Compensation and benefits		17,719		13,309		33
Transaction based		4,710		4,141		14
Market development		553		401		38
Communications and technology		1,573		1,347		17
Depreciation and amortization		2,015		1,902		6
Occupancy		981		960		2
Professional fees		1,648		1,306		26
Other expenses		2,739		5,617		(51)
Total operating expenses		31,938		28,983		10
Pre-tax earnings		27,044		12,479		117
Provision for taxes		5,409		3,020		79
Net earnings		21,635		9,459		129
Preferred stock dividends		484		544		(11)
Net earnings applicable to common shareholders		$          21,151		$          8,915		137
EARNINGS PER COMMON SHARE
Basic3		$            60.25		$          24.94		142  %
Diluted		$            59.45		$          24.74		140
AVERAGE COMMON SHARES
Basic		350.5		356.4		(2)
Diluted		355.8		360.3		(1)

11

Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts and headcount

	THREE MONTHS ENDED						% CHANGE FROM
	DECEMBER 31,  2021		SEPTEMBER 30,  2021		DECEMBER 31,  2020		SEPTEMBER 30,  2021		DECEMBER 31,  2020
REVENUES
Investment banking		$            3,604		$                3,548		$                2,732		2  %		32  %
Investment management		2,219		2,139		1,831		4		21
Commissions and fees		853		860		849		(1)		–
Market making		2,256		3,929		2,750		(43)		(18)
Other principal transactions		1,912		1,568		2,169		22		(12)
Total non-interest revenues		10,844		12,044		10,331		(10)		5
Interest income		3,010		3,117		2,973		(3)		1
Interest expense		1,215		1,553		1,563		(22)		(22)
Net interest income		1,795		1,564		1,410		15		27
Total net revenues		12,639		13,608		11,741		(7)		8
Provision for credit losses		344		175		293		97		17
OPERATING EXPENSES
Compensation and benefits		3,246		3,167		2,479		2		31
Transaction based		1,190		1,139		1,086		4		10
Market development		193		165		89		17		117
Communications and technology		430		397		341		8		26
Depreciation and amortization		488		509		498		(4)		(2)
Occupancy		254		239		254		6		–
Professional fees		511		433		350		18		46
Other expenses		958		542		810		77		18
Total operating expenses		7,270		6,591		5,907		10		23
Pre-tax earnings		5,025		6,842		5,541		(27)		(9)
Provision for taxes		1,090		1,464		1,035		(26)		5
Net earnings		3,935		5,378		4,506		(27)		(13)
Preferred stock dividends		126		94		144		34		(13)
Net earnings applicable to common shareholders		$            3,809		$                5,284		$                4,362		(28)		(13)
EARNINGS PER COMMON SHARE
Basic3		$            10.96		$                15.14		$                12.23		(28) %		(10) %
Diluted		$            10.81		$                14.93		$                12.08		(28)		(11)
AVERAGE COMMON SHARES
Basic		346.6		348.3		356.0		–		(3)
Diluted		352.3		353.9		361.0		–		(2)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$          99,223		$              96,344		$              84,729		3		17
Basic shares3		348.9		347.5		358.8		–		(3)
Book value per common share		$          284.39		$              277.25		$              236.15		3		20
Headcount		43,900		43,000		40,500		2		8

12

Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

	AS OF
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020
ASSETS
Cash and cash equivalents		$              261		$           212		$                156
Collateralized agreements		384		400		250
Customer and other receivables		161		172		121
Trading assets		375		393		394
Investments		89		87		89
Loans		158		143		116
Other assets		35		36		37
Total assets		$           1,463		$     1,443		$             1,163
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$              364		$           333		$                260
Collateralized financings		230		229		174
Customer and other payables		252		252		191
Trading liabilities		181		204		154
Unsecured short-term borrowings		47		49		53
Unsecured long-term borrowings		254		243		213
Other liabilities		25		27		22
Total liabilities		1,353		1,337		1,067
Shareholders’ equity		110		106		96
Total liabilities and shareholders’ equity		$           1,463		$        1,443		$             1,163
Capital Ratios and Supplementary Leverage Ratio (unaudited)3,4 $ in billions
	AS OF
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020
Common equity tier 1 capital		$           96.3		$          93.3		$               81.6
STANDARDIZED CAPITAL RULES
Risk-weighted assets5,6		$              677		$           664		$                554
Common equity tier 1 capital ratio6		14.2%		14.1%		14.7%
ADVANCED CAPITAL RULES
Risk-weighted assets		$              648		$           672		$                610
Common equity tier 1 capital ratio		14.9%		13.9%		13.4%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio		5.6%		5.6%		7.0%
Average Daily VaR (unaudited)3,4
$ in millions
	THREE MONTHS ENDED						YEAR ENDED
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020		DECEMBER 31, 2021		DECEMBER 31, 2020
RISK CATEGORIES
Interest rates		$                58		$             58		$                  57		$                  60		$                  71
Equity prices		34		40		50		43		55
Currency rates		15		12		14		13		23
Commodity prices		32		22		20		25		20
Diversification effect		(56)		(52)		(57)		(55)		(75)
Total		$                83		$             80		$                  84		$                  86		$                  94

13

Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions

	AS OF
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020
SEGMENT
Asset Management		$           1,719		$           1,678		$          1,530
Consumer & Wealth Management		751		694		615
Total AUS		$           2,470		$           2,372		$          2,145
ASSET CLASS
Alternative investments		$             236		$             224		$            191
Equity		613		569		475
Fixed income		940		940		896
Total long-term AUS		1,789		1,733		1,562
Liquidity products		681		639		583
Total AUS		$           2,470		$           2,372		$          2,145
	THREE MONTHS ENDED						YEAR ENDED
	DECEMBER 31, 2021		SEPTEMBER 30, 2021		DECEMBER 31, 2020		DECEMBER 31, 2021		DECEMBER 31, 2020
ASSET MANAGEMENT
Beginning balance		$           1,678		$           1,633		$          1,461		$          1,530		$          1,298
Net inflows / (outflows):
Alternative investments		6		3		3		15		(3)
Equity		4		3		(12)		5		(12)
Fixed income		(1)		27		18		54		53
Total long-term AUS net inflows / (outflows)		9		33		9		74		38
Liquidity products		20		11		6		76		107
Total AUS net inflows / (outflows)		29		44		15		150		145
Net market appreciation / (depreciation)		12		1		54		39		87
Ending balance		$           1,719		$           1,678		$          1,530		$          1,719		$          1,530
CONSUMER & WEALTH MANAGEMENT
Beginning balance		$             694		$              672		$             575		$             615		$             561
Net inflows / (outflows):
Alternative investments		5		6		–		18		2
Equity		8		9		8		36		8
Fixed income		–		1		–		2		(6)
Total long-term AUS net inflows / (outflows)		13		16		8		56		4
Liquidity products		22		6		–		22		14
Total AUS net inflows / (outflows)		35		22		8		78		18
Net market appreciation / (depreciation)		22		–		32		58		36
Ending balance		$              751		$              694		$             615		$             751		$             615
FIRMWIDE
Beginning balance		$           2,372		$           2,305		$          2,036		$          2,145		$          1,859
Net inflows / (outflows):
Alternative investments		11		9		3		33		(1)
Equity		12		12		(4)		41		(4)
Fixed income		(1)		28		18		56		47
Total long-term AUS net inflows / (outflows)		22		49		17		130		42
Liquidity products		42		17		6		98		121
Total AUS net inflows / (outflows)		64		66		23		228		163
Net market appreciation / (depreciation)		34		1		86		97		123
Ending balance		$           2,470		$           2,372		$          2,145		$          2,470		$          2,145

14

Goldman Sachs Reports

Full Year and Fourth Quarter 2021 Earnings Results

Footnotes

1. ROE is calculatedby dividing net earnings(or annualized netearnings for annualizedROE) applicable to commonshareholdersby average monthly common shareholders’ equity. ROTE is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common shareholders by averagemonthly tangible common shareholders’ equity (tangiblecommon shareholders’equity is calculated as totalshareholders’ equity less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that thefirm and investors use to assess capitaladequacy.ROTE and tangiblecommon shareholders’ equityare non-GAAPmeasures andmay not be comparable to similarnon-GAAP measures used by other companies.

The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:

	AVERAGE FOR THE
Unaudited, $ in millions	THREE MONTHS ENDED  DECEMBER 31, 2021		YEAR  ENDED  DECEMBER 31, 2021
Total shareholders’ equity		$                    107,953		$                101,705
Preferred stock		(10,516)		(9,876)
Common shareholders’ equity		97,437		91,829
Goodwill Identifiable intangible assets		(4,316) (470)		(4,327) (536)
Tangible common shareholders’ equity		$                       92,651		$                   86,966

2. Dealogic – January 1, 2021 through December 31, 2021.

3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” in the firm’s Quarterly Report on Form 10-Q for theperiod ended September 30, 2021: (i)investment banking transactionbacklog – see“Results of Operations – Investment Banking” (ii)assets under supervision – see “Results of Operations – Assets Under Supervision” (iii)efficiency ratio – see “Results of Operations – Operating Expenses” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2021: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

4. Represents a preliminary estimate for the fourth quarter of 2021 and may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2021.

5. During the fourth quarter of 2021, the firm early adopted the Standardized approach for counterparty credit risk (SA-CCR). As of December 31, 2021, the impact of this was an increase of approximately $15 billion to risk-weighted assets.

6. In the third quarter of 2021, based on regulatory feedback, the firm revised certain interpretations of the Capital Rules underlying the calculation of Standardized risk-weighted assets. As of December 31, 2020, this change would have increased risk-weighted assets by approximately $23 billion to $577 billion, which would have reduced the firm’s Standardized Common equity tier 1 capital ratio of 14.7% by 0.6 percentage points.

15      

EX-99.2

Exhibit 99.2 Full Year and Fourth Quarter 2021 Earnings Results Presentation January 18, 2022

Results Snapshot Net Revenues Net Earnings EPS 2021 $59.45 2021 $59.34 billion 2021 $21.64 billion 4Q21 $10.81 4Q21 $12.64 billion 4Q21 $3.94 billion 1 1 ROE ROTE Book Value Per Share 2021 23.0% 2021 24.3% 2021 $284.39 4Q21 15.6% 4Q21 16.4% 2021 Growth 20.4% Annual Highlights Record net revenues, net earnings & EPS Record Asset Management net revenues 1 Highest ROE since 2007 Record Investment Banking net revenues Record Consumer & Wealth Management net revenues 2 #1 in M&A and Equity and equity-related offerings 3,4 Highest Global Markets net revenues in 12 years Record Firmwide AUS nd 2 highest Equities net revenues and record FICC financing Record Firmwide Management and other fees 1

Financial Overview Financial Results Financial Overview Highlights n 4Q21 results included EPS of $10.81 and ROE of 15.6% $ in millions, vs. vs. vs. except per share amounts 4Q21 3Q21 4Q20 2021 2020 — 4Q21 net revenues were higher YoY, reflecting significantly higher net revenues in Investment Banking and higher net revenues in Consumer & Wealth Management, partially Investment Banking $ 3,796 3% 45% $ 14,876 58% offset by lower net revenues in Asset Management and Global Markets — 4Q21 provision for credit losses primarily reflected growth in credit card balances Global Markets 3,985 (29)% (7)% 22,077 4% — 4Q21 operating expenses were significantly higher YoY, primarily reflecting significantly higher compensation and benefits expenses, professional fees and net provisions for Asset Management 2,891 27% (10)% 14,916 87% litigation and regulatory proceedings Consumer & Wealth Management 1,967 (3)% 19% 7,470 25% n 2021 results included EPS of $59.45 and ROE of 23.0% — 2021 net revenues reflected higher net revenues across all segments, including significant Net revenues $ 12,639 (7)% 8% $ 59,339 33% increases in Asset Management, Investment Banking, and Consumer & Wealth Management — 2021 provision for credit losses included provisions related to portfolio growth (primarily in Provision for credit losses 344 97% 17% 357 (88)% credit cards, including provisions related to the pending acquisition of the General Motors co- branded credit card portfolio), largely offset by reserve reductions on wholesale and Operating expenses 7,270 10% 23% 31,938 10% consumer loans reflecting continued improvement in the broader economic environment — 2021 operating expenses were higher YoY, primarily due to significantly higher compensation Pre-tax earnings 5,025 (27)% (9)% 27,044 117% and benefits expenses, technology expenses and professional fees, partially offset by significantly lower net provisions for litigation and regulatory proceedings Net earnings 3,935 (27)% (13)% 21,635 129% Net earnings to common $ 3,809 (28)% (13)% $ 21,151 137% Diluted EPS $ 10.81 (28)% (11)% $ 59.45 140% 1 15.6% (6.9)pp (5.5)pp 23.0% 11.9pp ROE 1 ROTE 16.4% (7.4)pp (6.1)pp 24.3% 12.5pp 3 Efficiency Ratio 57.5% 9.1pp 7.2pp 53.8% (11.2)pp 2

Investment Banking Financial Results Investment Banking Highlights vs. vs. vs. n 4Q21 net revenues were a record and significantly higher YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions volumes Financial advisory $ 1,631 (1)% 49% $ 5,653 84% — Underwriting net revenues reflected significantly higher net revenues in Debt underwriting (primarily driven by leveraged finance and asset-backed activity), partially offset by lower Equity underwriting 1,025 (13)% (8)% 5,011 47% net revenues in Equity underwriting compared with a strong prior year period (reflecting lower net revenues from secondary offerings) 948 31% 80% 3,504 31% Debt underwriting — Corporate lending net revenues primarily reflected higher net revenues from relationship lending activities as the prior year period included larger net losses from the impact of 1,973 4% 20% 8,515 40% Underwriting tightening credit spreads on hedges n 2021 net revenues were a record and significantly higher YoY Corporate lending 192 26% N.M. 708 151% — Financial advisory net revenues were a record, reflecting a significant increase in completed mergers and acquisitions volumes Net revenues 3,796 3% 45% 14,876 58% — Underwriting net revenues were a record, reflecting significantly higher net revenues in both Equity underwriting (primarily driven by strong industry-wide initial public offerings Provision for credit losses (69) N.M. N.M. (298) N.M. activity) and Debt underwriting (primarily reflecting elevated industry-wide leveraged finance activity) Operating expenses 1,544 15% 29% 6,705 9% — Corporate lending net revenues primarily reflected net gains from lending activities compared with net losses in 2020, and significantly higher net interest income Pre-tax earnings $ 2,321 –% 65% $ 8,469 409% 3 n Overall backlog remained at an elevated level and significantly higher vs. 2020, despite decreasing slightly vs. 3Q21 $ 1,833 –% 70% 6,775 437% Net earnings $ $ 1,815 –% 71% 6,705 462% Net earnings to common $ Average common equity $ 10,827 5% (6)% $ 10,341 (9)% Return on average common equity 67.1% (3.2)pp 30.1pp 64.8% 54.3pp 3

Global Markets Financial Results Global Markets Highlights vs. vs. vs. n 4Q21 net revenues were lower YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — FICC net revenues were essentially unchanged, reflecting lower intermediation net FICC $ 1,863 (26)% (1)% $ 10,584 (9)% revenues, offset by significantly higher financing net revenues — Equities net revenues were lower, reflecting significantly lower intermediation net revenues, 2,122 (32)% (11)% 11,493 20% Equities partially offset by significantly higher financing net revenues — 4Q21 operating environment was characterized by challenging market-making conditions Net revenues 3,985 (29)% (7)% 22,077 4% compared with 3Q21, although activity levels remained solid, equity prices were generally higher and volatility increased Provision for credit losses 75 N.M. 97% 45 (84)% n 2021 net revenues were slightly higher YoY Operating expenses 2,617 (6)% 17% 12,969 1% — FICC net revenues were lower, reflecting lower intermediation net revenues, partially offset by significantly higher financing net revenues 1,293 (54)% (35)% 9,063 12% Pre-tax earnings $ $ — Equities net revenues were significantly higher, reflecting significantly higher financing net revenues and higher intermediation net revenues $ 1,004 (55)% (43)% $ 7,250 18% Net earnings — 2021 operating environment was characterized by strong client activity levels, although FICC activity levels declined from a very strong 2020 which reflected heightened volatility Net earnings to common $ 932 (57)% (45)% $ 6,973 21% and significant market dislocations. In addition, global equity prices were generally higher and volatility moderated Average common equity $ 49,840 6% 21% $ 45,497 12% Return on average common equity 7.5% (11.2)pp (8.8)pp 15.3% 1.2pp 4

Global Markets – FICC & Equities FICC Net Revenues Equities Net Revenues vs. vs. vs. vs. vs. vs. $ in millions $ in millions 4Q21 3Q21 4Q20 2021 2020 4Q21 3Q21 4Q20 2021 2020 $ 1,303 (32)% (27)% $ 7,574 8% FICC intermediation $ 1,304 (35)% (13)% $ 8,647 (13)% Equities intermediation Equities financing 819 (31)% 39% 3,919 52% FICC financing 559 9% 47% 1,937 22% $ 1,863 (26)% (1)% $ 10,584 (9)% Equities $ 2,122 (32)% (11)% $ 11,493 20% FICC FICC Highlights Equities Highlights n 4Q21 net revenues were essentially unchanged YoY n 4Q21 net revenues were lower YoY — FICC intermediation net revenues reflected significantly lower net revenues in interest rate — Equities intermediation net revenues reflected significantly lower net revenues in both products and credit products and lower net revenues in commodities and mortgages, derivatives and cash products partially offset by significantly higher net revenues in currencies — Equities financing net revenues primarily reflected increased activity (including higher — FICC financing net revenues primarily reflected higher net revenues from mortgage lending average client balances) n 2021 net revenues were lower YoYn 2021 net revenues were significantly higher YoY — FICC intermediation net revenues reflected significantly lower net revenues in interest rate — Equities intermediation net revenues reflected higher net revenues in both derivatives and products and credit products and slightly lower net revenues in currencies, partially offset by cash products significantly higher net revenues in mortgages and higher net revenues in commodities — Equities financing net revenues primarily reflected increased activity (including higher — FICC financing net revenues were a record, reflecting significantly higher net revenues from average client balances) mortgage lending, partially offset by significantly lower net revenues from repurchase — Record average Prime balances agreements 5

Asset Management Financial Results Asset Management Highlights vs. vs. vs. n 4Q21 net revenues were lower YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Management and other fees reflected higher average AUS, largely offset by higher fee waivers on money market funds Management and other fees $ 739 2% 1% $ 2,883 4% — Incentive fees were primarily driven by harvesting — Equity investments net revenues reflected significant net losses from investments in public 218 118% 207% 438 53% Incentive fees equities compared with significant net gains in 4Q20, partially offset by significantly higher net gains from investments in private equities 1,417 52% (20)% 9,189 124% Equity investments o Private: 4Q21 ~$1,915 million, compared to 4Q20 ~$1,025 million o Public: 4Q21 ~$(500) million, compared to 4Q20 ~$745 million Lending and debt investments 517 (1)% (19)% 2,406 194% — Lending and debt investments net revenues reflected lower net gains from investments in debt instruments n 2021 net revenues were a record and significantly higher YoY Net revenues 2,891 27% (10)% 14,916 87% — Management and other fees were a record, reflecting higher average AUS, partially offset by higher fee waivers on money market funds Provision for credit losses 20 100% (9)% 18 (96)% — Incentive fees were primarily driven by harvesting — Equity investments net revenues were a record, driven by significantly higher net gains Operating expenses 1,314 60% 5% 5,970 16% from investments in private equities, driven by company-specific events and improved corporate performance vs. 2020, partially offset by net losses from investments in public Pre-tax earnings $ 1,557 8% (20)% $ 8,928 272% equities compared with significant net gains in 2020 o Private: 2021 ~$9,265 million, compared to 2020 ~$2,415 million $ 1,218 9% (18)% $ 7,143 293% Net earnings o Public: 2021 ~$(75) million, compared to 2020 ~$1,680 million — Lending and debt investments net revenues reflected net gains from investments in debt instruments compared with net losses in 2020, and significantly higher net interest income $ 1,193 9% (19)% $ 7,046 305% Net earnings to common 25,092 (3)% 20% 25,195 23% Average common equity $ $ Return on average common equity 19.0% 2.0pp (9.0)pp 28.0% 19.5pp 6

Asset Management – Asset Mix 4 4 Lending and Debt Investments of $27 billion Equity Investments of $19 billion ~$15 billion Private, ~$4 billion Public 4% 6% 17% By Vintage By Region 7% 29% 48% 57% 10% 2018-thereafter Americas By Industry Loan Portfolio $14 billion 31% 20% Loans 2015-2017 Asia 11% 21% 23% $13 billion 2014 or earlier EMEA 83% 22% Debt investments 11% Real Estate: Mixed Use 6%, Office 5%, Multifamily 5%, Other 6% 5 4 Consolidated Investment Entities of $14 billion 5 Funded with liabilities of ~$7 billion 3% 4% 4% 5% By Vintage By Region By Accounting By Region 7% 6% 24% Classification 33% 69% 63% 12% 44% 11% 10% 2018-thereafter Americas Loans at FV/Held for sale Americas By Industry 29% 12% By Asset Class 40% 22% 2015-2017 Asia Loans at amortized cost Asia 12% 12% 2% 48% 34% 25% 2014 or earlier EMEA Debt investments at FV EMEA 23% 16% 14% 16% 7

Asset Management – Harvesting Progress of Balance Sheet Equity Portfolio Since Investor Day 2020 Significant progress in asset sales over the past two years, offset by mark-ups Rollforward ($ in billions) ~$(18) ~$6 ~$9 $22 $19 Net Dispositions: ~$(12) 6 YE19 Equity Investments Mark-Ups Additions Dispositions YE21 Equity Investments 8

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. vs. n 4Q21 net revenues were higher YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Wealth management net revenues primarily reflected the impact of higher average AUS and higher loan balances Management and other fees $ 1,282 5% 24% $ 4,691 21% — Consumer banking net revenues reflected higher credit card balances 16 (87)% (43)% 178 56% Incentive fees n 4Q21 provision for credit losses reflected growth in credit card balances n 2021 net revenues were a record and significantly higher YoY 293 –% 21% 1,109 42% Private banking and lending — Wealth management net revenues were a record, primarily reflecting the impact of higher average AUS, higher loan balances and higher Incentive fees (primarily due to harvesting) Wealth management 1,591 (3)% 22% 5,978 25% — Consumer banking net revenues were a record, reflecting higher credit card and deposit balances Consumer banking 376 (2)% 8% 1,492 23% n 2021 provision for credit losses reflected growth in credit card balances, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio Net revenues 1,967 (3)% 19% 7,470 25% Provision for credit losses 318 115% 44% 592 (22)% 1,795 10% 47% 6,294 28% Operating expenses Pre-tax earnings $ (146) N.M. N.M. $ 584 73% Net earnings $ (120) N.M. N.M. $ 467 82% Net earnings to common $ (131) N.M. N.M. $ 427 98% Average common equity $ 11,678 9% 31% $ 10,796 35% (4.5)% (11.2)pp (11.4)pp 4.0% 1.3pp Return on average common equity 9

Asset Management and Consumer & Wealth Management Details 3,4 3,4 Firmwide Assets Under Supervision Highlights n Firmwide AUS increased $325 billion during the year to a record $2.47 trillion, as Asset $ in billions 4Q21 3Q21 4Q20 Management AUS increased $189 billion and Consumer & Wealth Management AUS increased $136 billion Asset Management $ 1,719 $ 1,678 $ 1,530 — Record long-term net inflows of $130 billion, reflecting increases across asset classes Consumer & Wealth Management 751 694 615 — Liquidity products net inflows of $98 billion Firmwide AUS $ 2,470 $ 2,372 $ 2,145 — Net market appreciation of $97 billion, driven by equity assets n Firmwide Management and other fees increased 13% YoY to a record $7.57 billion in 2021 Firmwide Management and Other Fees/Incentive Fees 3,4 4Q21 AUS Mix vs. vs. vs. $ in millions 4Q21 3Q21 4Q20 2021 2020 9% Asset Management $ 739 2% 1% $ 2,883 4% 31% Consumer & Wealth Management 1,282 5% 24% 4,691 21% Asset 38% Distribution 25% 36% Class Channel Total Management and other fees $ 2,021 4% 14% $ 7,574 13% 33% 28% Asset Management $ 218 118% 207% $ 438 53% Consumer & Wealth Management 16 (87)% (43)% 178 56% 8% Total Incentive fees $ 234 6% 136% $ 616 54% 13% 14% Region Vehicle 54% 33% 78% 10

Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) Metrics $ in billions 4Q21 3Q21 4Q20 $6,470 Corporate $ 56 $ 54 $ 49 2.5% 44 42 33 ALLL to Total Wealth management $2,701 $4,751 Gross Loans, at $1,795 Amortized Cost Commercial real estate 26 22 20 $1,564 $1,410 $2,016 16 13 6 Residential real estate $728 1.6% $550 ALLL to Gross $690 Installment 4 3 4 $618 Wholesale Loans, at $241 $144 Amortized Cost $105 8 6 4 Credit cards $94 $2,768 12.1% $2,229 $797 Other 8 6 4 $668 $629 ALLL to Gross Consumer Loans, at (4) (3) (4) Allowance for loan losses $451 Amortized Cost $126 $265 $101 $69 2020 2021 4Q20 3Q21 4Q21 Total Loans $ 158 $ 143 $ 116 Investment Banking Global Markets Asset Management Consumer & Wealth Management Lending Highlights Net Interest Income Highlights n Total loans increased $42 billion, up 36% during 2021, reflecting increases across the portfolio n 2021 net interest income increased 36% YoY n Total allowance was $4.35 billion (including $3.57 billion for funded loans), down slightly YoY n 4Q21 net interest income increased 27% YoY — $2.72 billion for wholesale loans, $1.63 billion for consumer loans n Both YoY increases in net interest income reflected lower funding expenses and an increase in interest-earning assets, partially offset by lower yields on interest-earning assets n Provision for credit losses of $357 million in 2021, down from $3.10 billion in 2020 n 2021 net charge-offs of $333 million for a net charge-off rate of 0.3%, down 60bps YoY — Wholesale net charge-off rate of 0.1%, down 50bps YoY — Consumer net charge-off rate of 2.3%, down 190bps YoY 11

Expenses Financial Results Expense Highlights n 2021 total operating expenses increased YoY vs. vs. vs. — Compensation and benefits expenses up 33%, reflecting strong performance 4Q21 3Q21 4Q20 2021 2020 $ in millions — Non-compensation expenses down 9%, reflecting: Compensation and benefits $ 3,246 2% 31% $ 17,719 33% o Significantly lower net provisions for litigation and regulatory proceedings o Lower expenses related to consolidated investments (including impairments) Transaction based 1,190 4% 10% 4,710 14% o Significantly higher technology expenses and professional fees o Higher transaction based expenses (reflecting an increase in activity levels) Market development 193 17% 117% 553 38% n 2021 efficiency ratio of 53.8% compared with 65.0% in 2020 n 2021 effective income tax rate was 20.0%, down from 24.2% for 2020, primarily due to a Communications and technology 430 8% 26% 1,573 17% decrease in provisions for non-deductible litigation, partially offset by a decrease in the impact of tax benefits in 2021 compared to 2020 Depreciation and amortization 488 (4)% (2)% 2,015 6% 3 –% Occupancy 254 6% 981 2% Efficiency Ratio 65.0% Professional fees 511 18% 46% 1,648 26% +7.6pp 53.8% +0.9pp Other expenses 958 77% 18% 2,739 (51)% Total operating expenses $ 7,270 10% 23% $ 31,938 10% Provision for taxes $ 1,090 (26)% 5% $ 5,409 79% Effective Tax Rate 20.0% (4.2)pp 2020 2021 Excluding Litigation Impact of Litigation 12

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights 7,8 n Standardized CET1 capital ratio decreased YoY $ in billions 4Q21 3Q21 4Q20 — Increase in market and credit RWAs, reflecting increased exposures, partially offset by an increase in CET1 capital, reflecting net earnings in excess of share repurchases and Common Equity Tier 1 (CET1) capital $ 96.3 $ 93.3 $ 81.6 dividends 7,8 Standardized RWAs $ 677 $ 664 $ 554 n Advanced CET1 capital ratio increased YoY — Increase in CET1 capital, reflecting net earnings in excess of share repurchases and 8 Standardized CET1 capital ratio 14.2% 14.1% 14.7% dividends, partially offset by an increase in market and credit RWAs, reflecting increased exposures Advanced RWAs $ 648 $ 672 $ 610 n Returned $7.49 billion of capital to common shareholders during the year 3 — Repurchased 15.3 million common shares for a total cost of $5.20 billion Advanced CET1 capital ratio 14.9% 13.9% 13.4% — Paid $2.29 billion of common stock dividends Supplementary leverage ratio (SLR) 5.6% 5.6% 7.0% n The firm’s balance sheet increased $300 billion YoY, reflecting client demand — Deposits increased $104 billion YoY, reflecting an increase across channels n BVPS increased 20.4% YoY, driven by net earnings 4 Selected Balance Sheet Data $ in billions 4Q21 3Q21 4Q20 Book Value $ 1,463 $ 1,443 $ 1, 163 Total assets In millions, except per share amounts 4Q21 3Q21 4Q20 $ 364 $ 333 $ 260 Deposits 3 Basic shares 348.9 347.5 358.8 Unsecured long-term borrowings $ 254 $ 243 $ 213 Book value per common share $ 284.39 $ 277.25 $ 236.15 Shareholders’ equity $ 110 $ 106 $ 96 1 Tangible book value per common share $ 270.91 $ 263.37 $ 222.32 3 Average GCLA $ 353 $ 356 $ 298 13

Cautionary Note Regarding Forward-Looking Statements This presentation contains “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 or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2020. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth and interest rate and inflation trends, (ii) the impact of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium- and long-term targets and goals, (iv) the future state of the firm’s liquidity and regulatory capital ratios, (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s investment banking transaction backlog and future results, (viii) the firm’s planned 2022 debt benchmark issuances, and (ix) the firm’s announced acquisitions of the General Motors co-branded credit card portfolio, NN Investment Partners and GreenSky, Inc. (GreenSky) are forward-looking statements. Statements regarding estimated GDP growth and interest rate and inflation trends are subject to the risk that actual GDP growth and interest rate and inflation trends may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium and long-term targets and goals are based on the firm’s current expectations regarding the firm’s ability to implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios, as well as its prospective capital distributions, are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from the U.S. IRS. Statements about the firm’s investment banking transaction backlog and future results are subject to the risk that transactions may be modified or may not be completed at all and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for 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. Statements regarding the firm’s planned 2022 debt benchmark issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements regarding the firm’s announced acquisitions of the General Motors co-branded credit card portfolio, NN Investments Partners and GreenSky are subject to the risk that the transactions may not close on the timeline contemplated or at all, including due to a failure to obtain requisite regulatory approval, as well as the risk that the firm may be unable to realize the expected benefits of the acquisitions and the risk that integrating the General Motors co-branded credit card portfolio, NN Investment Partners and GreenSky into the firm’s business may be more difficult, time-consuming or expensive than expected. 14

Footnotes 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Return on average tangible common shareholders’ equity (ROTE) is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2021 DECEMBER 31, 2021 DECEMBER 31, 2021 SEPTEMBER 30, 2021 DECEMBER 31, 2020 Total shareholders’ equity $ 107,953 $ 101,705 $ 109,926 $ 106,297 $ 95,932 Preferred stock (10,516) (9,876) (10,703) (9,953) (11,203) Common shareholders’ equity 97,437 91,829 99,223 96,344 84,729 Goodwill (4,316) (4,327) (4,285) (4,326) (4,332) Identifiable intangible assets (470) (536) (418) (497) (630) Tangible common shareholders’ equity $ 92,651 $ 86,966 $ 94,520 $ 91,521 $ 79,767 2. Dealogic – January 1, 2021 through December 31, 2021. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2021: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – Assets Under Supervision” (iii) efficiency ratio – see “Results of Operations – Operating Expenses” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and the supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2021. 4. Represents a preliminary estimate for the fourth quarter of 2021 and may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2021. 5. Includes consolidated investment entities, substantially all of which are engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. Substantially all liabilities are nonrecourse, thereby reducing the firm’s equity at risk. Amounts by vintage, region and asset class are net of financings. 6. Excludes operating net revenues and net gains on sales of consolidated investment entities, as well as revenues reported under Equity investments for certain positions that are classified as debt (under GAAP) on the firm’s balance sheet. 7. During the fourth quarter of 2021, the firm early adopted the Standardized approach for counterparty credit risk (SA-CCR). As of December 31, 2021, the impact of this was an increase of approximately $15 billion to risk- weighted assets. 8. In the third quarter of 2021, based on regulatory feedback, the firm revised certain interpretations of the Capital Rules underlying the calculation of Standardized RWAs. As of December 31, 2020, this change would have increased RWAs by approximately $23 billion to $577 billion, which would have reduced the firm's Standardized CET1 capital ratio of 14.7% by 0.6 percentage points. 15

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Document Type	8-K
Document Period End Date	Jan. 18, 2022
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