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 12, 2023

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 March 2031 of GS Finance Corp.	GS/31B	NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.	GS/31X	NYSE

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

Item 8.01 Other Events.

The Goldman Sachs Group, Inc. (together with its consolidated subsidiaries, the firm) has made certain changes to its business segments, consistent with its organizational changes, commencing with the fourth quarter of 2022.

Prior to the fourth quarter of 2022, the firm had four business segments: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management.

Beginning with the fourth quarter of 2022, the firm will report its results in the following three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The business segments and their revenue sources are presented below:

Structure

Prior results beginning with the firm’s 2020 fiscal year are presented on a comparable basis in the tables on pages 4 - 5.

The changes to the firm’s business segments have no effect on the firm’s historical total net revenues, total provision for credit losses, total operating expenses and total pre-tax earnings in the consolidated statements of earnings. Prior period segment results have been conformed to the new business segments.

1

The primary changes made were as follows:

• Global Banking & Markets is a new segment that includes the results previously reported in Investment Banking and Global Markets, and additionally includes the results from equity and debt investments related to the firm’s global banking and markets activities, previously reported in Asset Management.

• Asset & Wealth Management is a new segment that includes the results previously reported in Asset Management and Wealth Management (previously included in Consumer & Wealth Management), and additionally includes the results from the firm’s direct-to-consumer banking business, which includes lending, deposit-taking and investing, previously reported in Consumer & Wealth Management, as well as the results from middle-market lending related to the firm’s asset management activities, previously reported in Investment Banking.

• Platform Solutions is a new segment that includes the results from the firm’s consumer platforms, such as partnerships offering credit cards and point-of-sale financing, previously reported in Consumer & Wealth Management, and the results from the firm’s transaction banking business, previously reported in Investment Banking.

2

The firm’s three business segments are as follows:

Global Banking & Markets, which is comprised of:

• Investment banking fees, which includes:

• Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs.

• Equity underwriting, which includes offerings of common stock, preferred stock, convertible securities and exchangeable securities.

• Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans, and structuring of asset-backed securities.

• Fixed Income, Currency and Commodities (FICC), which includes:

• FICC intermediation, which includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities.

• FICC financing, which includes providing financing to clients through warehouse loans (backed by mortgages, corporate loans and consumer loans), structured credit, asset-backed lending and repurchase agreements.

• Equities, which includes:

• Equities intermediation, which includes client execution activities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions.

• Equities financing, which includes prime brokerage and other equities financing activities, including securities lending, margin lending and swaps.

• Other, which includes relationship lending and acquisition financing (and related hedges), and investing activities related to the firm’s global banking and markets activities.

Asset & Wealth Management, which is comprised of:

• Activities related to managing client assets across traditional and alternative assets classes, as well as providing investing and wealth advisory solutions, providing financial planning and counseling services, and executing brokerage transactions for wealth management clients. These activities generate:

• Management and other fees.

• Incentive fees.

• Private banking and lending, which includes lending and deposit-taking activities for the firm’s wealth management clients, including the direct-to-consumer banking business.

• Equity investments, which includes investing activities related to the firm’s asset management activities, primarily related to public and private equity investments in corporate, real estate and infrastructure entities, as well as making investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities.

• Debt investments, which includes lending activities related to the firm’s asset management activities, including investing in corporate debt, lending to middle-market clients and providing financing for real estate and other assets.

Platform Solutions, which is comprised of:

• Consumer platforms, which includes partnerships offering credit cards and point-of-sale financing.

• Transaction banking and other, which includes cash management services, such as deposit-taking and payment solutions for corporate and institutional clients.

3

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	THREE MONTHS ENDED
	SEPTEMBER 30,  2022		JUNE 30,  2022		MARCH 31,  2022		DECEMBER 31,  2021
GLOBAL BANKING & MARKETS
Advisory		$                972		$        1,197		$        1,127		$          1,631
Equity underwriting		244		145		276		1,023
Debt underwriting		328		457		741		947
Investment banking fees		1,544		1,799		2,144		3,601
FICC intermediation		2,896		2,921		4,099		1,313
FICC financing		721		721		631		555
FICC		3,617		3,642		4,730		1,868
Equities intermediation		1,608		1,767		2,178		1,343
Equities financing		1,124		1,177		1,061		837
Equities		2,732		2,944		3,239		2,180
Other		(329)		(43)		(51)		(59)
Net revenues		7,564		8,342		10,062		7,590
Provision for credit losses		63		208		191		(16)
Operating expenses		4,224		4,431		4,973		4,090
Pre-tax earnings		$             3,277		$        3,703		$        4,898		$          3,516
ASSET & WEALTH MANAGEMENT
Management and other fees		$             2,255		$        2,243		$        2,035		$          2,047
Incentive fees		56		185		79		235
Private banking and lending		675		538		492		426
Equity investments		721		(104)		(294)		1,447
Debt investments		326		317		291		705
Net revenues		4,033		3,179		2,603		4,860
Provision for credit losses		(13)		149		203		72
Operating expenses		2,955		2,823		2,409		2,876
Pre-tax earnings / (loss)		$             1,091		$           207		$              (9)		$          1,912
PLATFORM SOLUTIONS
Consumer platforms		$                290		$           252		$           201		$             125
Transaction banking and other		88		91		67		64
Net revenues		378		343		268		189
Provision for credit losses		465		310		167		288
Operating expenses		525		399		334		304
Pre-tax earnings / (loss)		$               (612)		$          (366)		$          (233)		$             (403)
TOTAL
Net revenues		$           11,975		$      11,864		$      12,933		$        12,639
Provision for credit losses		515		667		561		344
Operating expenses		7,704		7,653		7,716		7,270
Pre-tax earnings		$             3,756		$        3,544		$        4,656		$          5,025

4

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Operating Results (unaudited)

$ in millions

	NINE MONTHS ENDED		YEAR ENDED
	SEPTEMBER 30,  2022		DECEMBER 31,  2021		DECEMBER 31,  2020
GLOBAL BANKING & MARKETS
Advisory		$                3,296		$        5,654		$          3,064
Equity underwriting		665		4,985		3,376
Debt underwriting		1,526		3,497		2,660
Investment banking fees		5,487		14,136		9,100
FICC intermediation		9,916		8,714		10,106
FICC financing		2,073		1,897		1,347
FICC		11,989		10,611		11,453
Equities intermediation		5,553		7,707		7,069
Equities financing		3,362		4,015		2,815
Equities		8,915		11,722		9,884
Other		(423)		265		32
Net revenues		25,968		36,734		30,469
Provision for credit losses		462		(171)		1,216
Operating expenses		13,628		19,542		18,884
Pre-tax earnings		$              11,878		$      17,363		$        10,369
ASSET & WEALTH MANAGEMENT
Management and other fees		$                6,533		$        7,750		$          6,750
Incentive fees		320		616		401
Private banking and lending		1,705		1,661		1,372
Equity investments		323		8,794		3,902
Debt investments		934		3,144		1,332
Net revenues		9,815		21,965		13,757
Provision for credit losses		339		(169)		1,395
Operating expenses		8,187		11,406		9,469
Pre-tax earnings		$                1,289		$      10,728		$          2,893
PLATFORM SOLUTIONS
Consumer platforms		$                   743		$           424		$             188
Transaction banking and other		246		216		146
Net revenues		989		640		334
Provision for credit losses		942		697		487
Operating expenses		1,258		990		630
Pre-tax earnings / (loss)		$               (1,211)		$       (1,047)		$            (783)
TOTAL
Net revenues		$              36,772		$      59,339		$        44,560
Provision for credit losses		1,743		357		3,098
Operating expenses		23,073		31,938		28,983
Pre-tax earnings		$              11,956		$      27,044		$        12,479

5

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 12, 2023	By:	/s/ Denis P. Coleman III
		Name:  Denis P. Coleman III
		Title:    Chief Financial Officer

XML

Document and Entity Information	Jan. 12, 2023
Document And Entity Information [Line Items]
Entity Registrant Name	GOLDMAN SACHS GROUP INC
Entity Address, State or Province	NY
Amendment Flag	false
Entity Central Index Key	0000886982
Document Type	8-K
Document Period End Date	Jan. 12, 2023
Entity File Number	001-14965
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-4019460
Entity Address, Address Line One	200 West Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10282
City Area Code	(212)
Local Phone Number	902-1000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common stock, par value $.01 per share
Trading Symbol	GS
Security Exchange Name	NYSE
Series A Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A
Trading Symbol	GS PrA
Security Exchange Name	NYSE
Series C Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol	GS PrC
Security Exchange Name	NYSE
Series D Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D
Trading Symbol	GS PrD
Security Exchange Name	NYSE
Series J Five Point Five Zero Percentage Fixed To Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J
Trading Symbol	GS PrJ
Security Exchange Name	NYSE
Series K Six Point Three Seven Five Percentage Fixed To Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K
Trading Symbol	GS PrK
Security Exchange Name	NYSE
Five Point Seven Nine Three Percentage Fixed To Floating Rate Normal Apex [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II
Trading Symbol	GS/43PE
Security Exchange Name	NYSE
Floating Rate Normal Apex [Member]
Document And Entity Information [Line Items]
Security 12b Title	Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III
Trading Symbol	GS/43PF
Security Exchange Name	NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due March 2031 Of GS Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.
Trading Symbol	GS/31B
Security Exchange Name	NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due May 2031 Of GS Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.
Trading Symbol	GS/31X
Security Exchange Name	NYSE