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): July 19, 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)	(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 Securities 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 July 19, 2023, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the second quarter ended June 30, 2023. 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 July 19, 2023, 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 July 19, 2023 containing financial information for its second quarter ended June 30, 2023.

The quotation on page 1 of Exhibit 99.1 and the information under the caption “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 July 19, 2023, for the conference call on July 19, 2023.

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: July 19, 2023	By:	/s/ Denis P. Coleman III
		Name:  Denis P. Coleman III
		Title:    Chief Financial Officer

EX-99.1

Exhibit 99.1

Second Quarter 2023

Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Carey Halio 212-902-0300    

The Goldman Sachs Group, Inc.          

200 West Street | New York, NY 10282          

Second Quarter 2023 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $3.08 and Increases the Quarterly Dividend to $2.75 Per Common Share in the Third Quarter

“This quarter reflects continued strategic execution of our goals. Global Banking & Markets delivered solid returns in an environment with cyclically low activity levels and we remained #1 in completed M&A – a testament to our world-class client franchise. Asset & Wealth Management produced record AUS, record Management and other fees and record net revenues in Private banking and lending. I remain fully confident that continued execution will enable us to deliver on our through-the-cycle return targets and create significant value for shareholders.”

- David Solomon, Chairman and Chief Executive Officer    

Financial Summary

Net Revenues	Net Earnings	EPS
2Q23                       $10.90 billion	2Q23                        $1.22 billion	2Q23                                $3.08
2Q23 YTD            $23.12 billion	2Q23 YTD                $4.45 billion	2Q23 YTD                      $11.91
Annualized ROE1	Annualized  ROTE1	Book Value Per Share
2Q23                                   4.0%	2Q23                                 4.4%	2Q23                            $309.33
2Q23 YTD                           7.8%	2Q23 YTD                         8.5%	YTD Growth                     1.9%

NEW YORK, July 19, 2023 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $10.90 billion and net earnings of $1.22 billion for the second quarter ended June 30, 2023. Net revenues were $23.12 billion and net earnings were $4.45 billion for the first half of 2023.

Diluted earnings per common share (EPS) was $3.08 for the second quarter of 2023 compared with $7.73 for the second quarter of 2022 and $8.79 for the first quarter of 2023, and was $11.91 for the first half of 2023 compared with $18.47 for the first half of 2022.

Annualized return on average common shareholders’ equity (ROE)¹ was 4.0% for the second quarter of 2023 and 7.8% for the first half of 2023. Annualized return on average tangible common shareholders’ equity (ROTE)¹ was 4.4% for the second quarter of 2023 and 8.5% for the first half of 2023.

1      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

Highlights

◾ Global Banking & Markets generated quarterly net revenues of $7.19 billion, driven by strong performance in Equities, which included record quarterly net revenues in Equities financing.

◾ The firm ranked #1 in worldwide announced and completed mergers and acquisitions, equity and equity-related offerings, common stock offerings, and high-yield debt offerings for the year-to-date.²

◾ Asset & Wealth Management generated quarterly net revenues of $3.05 billion, including record Management and other fees and record Private banking and lending net revenues.

◾ Assets under supervision^3,4 increased $42 billion during the quarter to a record $2.71 trillion.

◾ Platform Solutions generated quarterly net revenues of $659 million, 92% higher than the amount in the prior year period.

◾ On June 28, 2023,theFederal Reserve notified the firm of its stress capital buffer(SCB)of5.5%, which will become effective on October 1, 2023, a reduction of 80 basis points from the current SCB.

◾ On July 17, 2023, the Board of Directors of The Goldman Sachs Group, Inc. approved a 10% increase in the quarterly dividend to $2.75 per common share beginning in the third quarter of 2023.

Net Revenues

Net revenues were $10.90 billion for the second quarter of 2023, 8% lower than the second quarter of 2022 and 11% lower than the first quarter of 2023. The decrease compared with the second quarter of 2022 reflected lower net revenues in Global Banking & Markets and slightly lower net revenues in Asset & Wealth Management, partially offset by higher net revenues in Platform Solutions.	Net Revenues
	$10.90 billion

2      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

Global Banking & Markets

Net revenues in Global Banking & Markets were $7.19 billion for the second quarter of 2023, 14% lower than the second quarter of 2022 and 15% lower than the first quarter of 2023. Investment banking fees were $1.43 billion, 20% lower than the second quarter of 2022, primarily due to significantly lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions, partially offset by significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide volumes. The firm’s Investment banking fees backlog3 was higher compared with the end of the first quarter of 2023, but lower compared with the end of 2022. Net revenues in FICC were $2.71 billion, 26% lower than a strong second quarter of 2022, primarily reflecting significantly lower net revenues in FICC intermediation, driven by significantly lower net revenues in commodities, interest rate products and currencies, partially offset by significantly higher net revenues in mortgages and higher net revenues in credit products. Net revenues in FICC financing were lower, primarily in commodities financing. Net revenues in Equities were $2.97 billion, essentially unchanged compared with the second quarter of 2022, due to significantly higher net revenues in Equities financing, primarily in prime financing, largely offset by lower net revenues in Equities intermediation, primarily in derivatives. Net revenues in Other were $81 million compared with $(43) million for the second quarter of 2022, driven by net gains from direct investments compared with net losses in the prior year period.	Global Banking & Markets
	$7.19 billion
	Advisory	$ 645 million
	Equity underwriting	$ 338 million
	Debt underwriting	$ 448 million
	Investment banking fees	$ 1.43 billion
	FICC intermediation	$ 2.09 billion
	FICC financing	$ 622 million
	FICC	$ 2.71 billion
	Equities intermediation	$ 1.53 billion
	Equities financing	$ 1.43 billion
	Equities	$ 2.97 billion
	Other	$  81 million

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $3.05 billion for the second quarter of 2023, 4% lower than the second quarter of 2022 and 5% lower than the first quarter of 2023. The decrease compared with the second quarter of 2022 reflected significantly higher net losses in Equity investments, significantly lower Incentive fees and significantly lower net revenues in Debt investments, partially offset by significantly higher net revenues in Private banking and lending and slightly higher Management and other fees. The increase in net losses in Equity investments primarily reflected net losses from real estate investments compared with net gains in the prior year period, partially offset by significantly lower net losses from investments in public equities. The decrease in Incentive fees was driven by significant harvesting in the prior year period. The decrease in Debt investments net revenues reflected net mark-downs in real estate investments. The increase in Private banking and lending net revenues primarily reflected the impact of higher deposit spreads and balances, as well as a gain of approximately $100 million related to the sale of substantially all of the remaining Marcus loans portfolio. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision.	Asset & Wealth Management
	$3.05 billion
	Management and   other fees	$  2.35 billion
	Incentive fees	$    25 million
	Private banking and   lending	$  874 million
	Equity investments	$(403) million
	Debt investments	$  197 million

3      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

Platform Solutions

Net revenues in Platform Solutions were $659 million for the second quarter of 2023, 92% higher than the second quarter of 2022 and 17% higher than the first quarter of 2023. The increase compared with the second quarter of 2022 reflected significantly higher net revenues in Consumer platforms. The increase in Consumer platforms net revenues primarily reflected significantly higher average credit card balances and higher average point-of-sale loan balances. Transaction banking and other net revenues were lower, reflecting lower deposit spreads, partially offset by higher average deposit balances.	Platform Solutions
	$659 million
	Consumer platforms	$577 million
	Transaction banking   and other	$  82 million

Provision for Credit Losses

Provision for credit losses was $615 million for the second quarter of 2023, compared with a provision of $667 million for the second quarter of 2022 and a net benefit of $171 million for the first quarter of 2023. Provisions for the second quarter of 2023 reflected net provisions related to the credit card and point-of-sale loan portfolios, driven by net charge-offs and growth, and individual impairments on wholesale loans, partially offset by a reserve reduction related to the repayment of a term deposit with First Republic Bank. Provisions for the second quarter of 2022 reflected portfolio growth (primarily in credit cards) and the impact of broad macroeconomic concerns.

Provision for Credit Losses

$615 million

Operating Expenses

Operating expenses were $8.54 billion for the second quarter of 2023, 12% higher than the second quarter of 2022 and 2% higher than the first quarter of 2023. The firm’s efficiency ratio3 was 73.3% for the first half of 2023, compared with 62.0% for the first half of 2022. The increase in operating expenses compared with the second quarter of 2022 reflected an impairment of goodwill of $504 million related to Consumer platforms and impairments of approximately $485 million related to consolidated real estate investments (both in depreciation and amortization). The ratio of compensation and benefits to net revenues, net of provision for credit losses, was 34.0% for the first half of 2023, compared with 33.0% for the first quarter of 2023. Net provisions for litigation and regulatory proceedings for the second quarter of 2023 were $19 million compared with $91 million for the second quarter of 2022. Headcount decreased 2% compared with the end of the first quarter of 2023.	Operating Expenses
	$8.54 billion
	YTD Efficiency Ratio
	73.3%

4      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

Provision for Taxes

The effective income tax rate for the first half of 2023 was 22.3%, up from 19.0% for the first quarter of 2023, primarily due to the impact of an increase in taxes on non-U.S. earnings.	YTD Effective Tax Rate
	22.3%

Other Matters

◾ On July 17, 2023, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $2.75 per common share from $2.50 per common share. The dividend will be paid on September 28, 2023 to common shareholders of record on August 31, 2023. ◾ During the quarter, the firm returned $1.61 billion of capital to common shareholders, including $750 million of common share repurchases (2.2 million shares at an average cost of $335.03) and $864 million of common stock dividends.3 ◾ Global core liquid assets3 averaged $410 billion4 for the second quarter of 2023, compared with an average of $399 billion for the first quarter of 2023.	Declared Quarterly Dividend Per Common Share
	$2.75
	Common Share Repurchases
	2.2 million shares for $750 million
	Average GCLA
	$410 billion

5      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services 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, 2022.

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 fees 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 or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing 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 fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2022.

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 1-888-205-6786 (in the U.S.) or 1-323-794-2558 (outside the U.S.) passcode number 7042022. 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 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.

6      

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

	THREE MONTHS ENDED						% CHANGE FROM
	JUNE 30,  2023		MARCH 31,  2023		JUNE 30,  2022		MARCH 31,  2023		JUNE 30,  2022
GLOBAL BANKING & MARKETS
Advisory		$             645		$           818		$      1,197		(21) %		(46) %
Equity underwriting		338		255		145		33		133
Debt underwriting		448		506		457		(11)		(2)
Investment banking fees		1,431		1,579		1,799		(9)		(20)
FICC intermediation		2,089		3,280		2,921		(36)		(28)
FICC financing		622		651		721		(4)		(14)
FICC		2,711		3,931		3,642		(31)		(26)
Equities intermediation		1,533		1,741		1,767		(12)		(13)
Equities financing		1,433		1,274		1,177		12		22
Equities		2,966		3,015		2,944		(2)		1
Other		81		(81)		(43)		N.M.		N.M.
Net revenues		7,189		8,444		8,342		(15)		(14)
ASSET & WEALTH MANAGEMENT
Management and other fees		2,354		2,282		2,243		3		5
Incentive fees		25		53		185		(53)		(86)
Private banking and lending		874		354		538		147		62
Equity investments		(403)		119		(104)		N.M.		N.M.
Debt investments		197		408		317		(52)		(38)
Net revenues		3,047		3,216		3,179		(5)		(4)
PLATFORM SOLUTIONS
Consumer platforms		577		490		252		18		129
Transaction banking and other		82		74		91		11		(10)
Net revenues		659		564		343		17		92
Total net revenues		$        10,895		$      12,224		$        11,864		(11)		(8)
Geographic Net Revenues (unaudited)3
$ in millions
	THREE MONTHS ENDED
	JUNE 30,  2023		MARCH 31,  2023		JUNE 30,  2022
Americas		$          6,801		$        7,194		$          6,980
EMEA		2,868		3,584		3,429
Asia		1,226		1,446		1,455
Total net revenues		$        10,895		$      12,224		$        11,864
Americas		63%		59%		59%
EMEA		26%		29%		29%
Asia		11%		12%		12%
Total		100%		100%		100%

7

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

	SIX MONTHS ENDED				% CHANGE FROM
	JUNE 30,  2023		JUNE 30,  2022		JUNE 30,  2022
GLOBAL BANKING & MARKETS
Advisory		$      1,463		$      2,324		(37) %
Equity underwriting		593		421		41
Debt underwriting		954		1,198		(20)
Investment banking fees		3,010		3,943		(24)
FICC intermediation		5,369		7,020		(24)
FICC financing		1,273		1,352		(6)
FICC		6,642		8,372		(21)
Equities intermediation		3,274		3,945		(17)
Equities financing		2,707		2,238		21
Equities		5,981		6,183		(3)
Other		–		(94)		N.M.
Net revenues		15,633		18,404		(15)
ASSET & WEALTH MANAGEMENT
Management and other fees		4,636		4,278		8
Incentive fees		78		264		(70)
Private banking and lending		1,228		1,030		19
Equity investments		(284)		(398)		N.M.
Debt investments		605		608		–
Net revenues		6,263		5,782		8
PLATFORM SOLUTIONS
Consumer platforms		1,067		453		136
Transaction banking and other		156		158		(1)
Net revenues		1,223		611		100
Total net revenues		$    23,119		$    24,797		(7)
Geographic Net Revenues (unaudited)3 $ in millions
	SIX MONTHS ENDED
	JUNE 30,  2023		JUNE 30,  2022
Americas		$    13,995		$    14,314
EMEA		6,452		7,300
Asia		2,672		3,183
Total net revenues		$    23,119		$    24,797
Americas		60%		58%
EMEA		28%		29%
Asia		12%		13%
Total		100%		100%

8

Goldman Sachs Reports

Second Quarter 2023 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
	JUNE 30, 2023		MARCH 31,      2023		JUNE 30,     2022		MARCH 31,      2023		JUNE 30,     2022
REVENUES
Investment banking		$             1,432		$           1,578		$             1,799		(9)%		(20)%
Investment management		2,356		2,289		2,394		3		(2)
Commissions and fees		893		1,088		1,071		(18)		(17)
Market making		4,351		5,433		4,913		(20)		(11)
Other principal transactions		179		55		(47)		225		N.M.
Total non-interest revenues		9,211		10,443		10,130		(12)		(9)
Interest income		16,836		14,938		4,851		13		247
Interest expense		15,152		13,157		3,117		15		386
Net interest income		1,684		1,781		1,734		(5)		(3)
Total net revenues		10,895		12,224		11,864		(11)		(8)
Provision for credit losses		615		(171)		667		N.M.		(8)
OPERATING EXPENSES
Compensation and benefits		3,619		4,090		3,695		(12)		(2)
Transaction based		1,385		1,405		1,317		(1)		5
Market development		146		172		235		(15)		(38)
Communications and technology		482		466		444		3		9
Depreciation and amortization		1,594		970		570		64		180
Occupancy		253		265		259		(5)		(2)
Professional fees		392		383		490		2		(20)
Other expenses		673		651		643		3		5
Total operating expenses		8,544		8,402		7,653		2		12
Pre-tax earnings		1,736		3,993		3,544		(57)		(51)
Provision for taxes		520		759		617		(31)		(16)
Net earnings		1,216		3,234		2,927		(62)		(58)
Preferred stock dividends		145		147		141		(1)		3
Net earnings applicable to common shareholders		$             1,071		$           3,087		$             2,786		(65)		(62)
EARNINGS PER COMMON SHARE
Basic3		$               3.09		$             8.87		$               7.81		(65)%		(60)%
Diluted		$               3.08		$             8.79		$               7.73		(65)		(60)
AVERAGE COMMON SHARES
Basic		342.3		346.6		355.0		(1)		(4)
Diluted		347.2		351.3		360.5		(1)		(4)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$        105,790		$       106,806		$        107,168		(1)		(1)
Basic shares3		342.0		344.0		355.0		(1)		(4)
Book value per common share		$          309.33		$         310.48		$          301.88		–		2
Headcount		44,600		45,400		47,000		(2)		(5)

9

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts

	SIX MONTHS ENDED				% CHANGE FROM
	JUNE 30,     2023		JUNE 30,     2022		JUNE 30, 2022
REVENUES
Investment banking		$           3,010		$            3,943		(24) %
Investment management		4,645		4,464		4
Commissions and fees		1,981		2,074		(4)
Market making		9,784		10,942		(11)
Other principal transactions		234		(187)		N.M.
Total non-interest revenues		19,654		21,236		(7)
Interest income		31,774		8,063		294
Interest expense		28,309		4,502		529
Net interest income		3,465		3,561		(3)
Total net revenues		23,119		24,797		(7)
Provision for credit losses		444		1,228		(64)
OPERATING EXPENSES
Compensation and benefits		7,709		7,778		(1)
Transaction based		2,790		2,561		9
Market development		318		397		(20)
Communications and technology		948		868		9
Depreciation and amortization		2,564		1,062		141
Occupancy		518		510		2
Professional fees		775		927		(16)
Other expenses		1,324		1,266		5
Total operating expenses		16,946		15,369		10
Pre-tax earnings		5,729		8,200		(30)
Provision for taxes		1,279		1,334		(4)
Net earnings		4,450		6,866		(35)
Preferred stock dividends		292		249		17
Net earnings applicable to common shareholders		$           4,158		$            6,617		(37)
EARNINGS PER COMMON SHARE
Basic3		$           12.00		$            18.67		(36) %
Diluted		$           11.91		$            18.47		(36)
AVERAGE COMMON SHARES
Basic		344.4		353.1		(2)
Diluted		349.2		358.2		(3)

10

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

	AS OF
	JUNE 30, 2023		MARCH 31, 2023
ASSETS
Cash and cash equivalents		$             271		$             229
Collateralized agreements		388		405
Customer and other receivables		157		145
Trading assets		400		407
Investments		138		132
Loans		178		178
Other assets		39		42
Total assets		$          1,571		$          1,538
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$             399		$         376
Collateralized financings		284		262
Customer and other payables		258		266
Trading liabilities		194		194
Unsecured short-term borrowings		70		65
Unsecured long-term borrowings		231		241
Other liabilities		19		17
Total liabilities		1,455		1,421
Shareholders’ equity		116		117
Total liabilities and shareholders’ equity		$          1,571		$          1,538
Capital Ratios and Supplementary Leverage Ratio (unaudited)3,4 $ in billions
	AS OF
	JUNE 30, 2023		MARCH 31, 2023
Common equity tier 1 capital		$            98.2		$            98.1
STANDARDIZED CAPITAL RULES
Risk-weighted assets		$             661		$         661
Common equity tier 1 capital ratio		14.9%		14.8%
ADVANCED CAPITAL RULES
Risk-weighted assets		$             683		$         678
Common equity tier 1 capital ratio		14.4%		14.5%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio		5.6%		5.8%
Average Daily VaR (unaudited)3,4 $ in millions
	THREE MONTHS ENDED
	JUNE 30, 2023		MARCH 31, 2023
RISK CATEGORIES
Interest rates		$             118		$           92
Equity prices		31		28
Currency rates		25		32
Commodity prices		16		22
Diversification effect		(73)		(73)
Total		$             117		$         101

11

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions

	AS OF
	JUNE 30,     2023		MARCH 31,     2023		JUNE 30,     2022
ASSET CLASS
Alternative investments		$           267		$           268		$           254
Equity		627		597		552
Fixed income		1,056		1,047		1,007
Total long-term AUS		1,950		1,912		1,813
Liquidity products		764		760		682
Total AUS		$        2,714		$        2,672		$        2,495
	THREE MONTHS ENDED
	JUNE 30, 2023		MARCH 31, 2023		JUNE 30, 2022
Beginning balance		$        2,672		$        2,547		$        2,394
Net inflows / (outflows):
Alternative investments		(1)		1		4
Equity		(3)		(2)		1
Fixed income		12		9		(3)
Total long-term AUS net inflows / (outflows)		8		8		2
Liquidity products		4		49		(7)
Total AUS net inflows / (outflows)		12		57		(5)
Acquisitions / (dispositions)		–		–		305
Net market appreciation / (depreciation)		30		68		(199)
Ending balance		$        2,714		$        2,672		$        2,495

12

Goldman Sachs Reports

Second Quarter 2023 Earnings Results

Footnotes

1. Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized ROTE is calculated by dividing annualized net earnings 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). 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 the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity 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 common shareholders’ equity to average tangible common shareholders’ equity:

	AVERAGE FOR THE
Unaudited, $ in millions	THREE MONTHS ENDED  JUNE 30, 2023		SIX MONTHS ENDED  JUNE 30, 2023
Total shareholders’ equity		$            116,977		$            116,811
Preferred stock		(10,703)		(10,703)
Common shareholders’ equity		106,274		106,108
Goodwill		(6,315)		(6,341)
Identifiable intangible assets		(1,942)		(1,963)
Tangible common shareholders’ equity		$               98,017		$               97,804

2. Dealogic – January 1, 2023 through June 30, 2023.

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 March 31, 2023: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – 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, including changes made to the firm’s segments and reclassifications made to previously reported amounts, 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 March 31, 2023: (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 second quarter of 2023 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2023.

13      

EX-99.2

Exhibit 99.2 Second Quarter 2023 Earnings Results Presentation July 19, 2023

Results Snapshot Net Revenues Net Earnings EPS 2Q23 $10.90 billion 2Q23 $1.22 billion 2Q23 $3.08 2Q23 YTD $23.12 billion 2Q23 YTD $4.45 billion 2Q23 YTD $11.91 1 1 Annualized ROE Annualized ROTE Book Value Per Share 2Q23 4.0% 2Q23 4.4% 2Q23 $309.33 2Q23 YTD 7.8% 2Q23 YTD 8.5% YTD Growth 1.9% 5 Highlights Selected Items $ in millions, 2 #1 in M&A, Equity & equity-related offerings, HY debt offerings except per share amounts 2Q23 Pre-tax earnings: $ 154 Marcus loans portfolio Strong Equities performance, including record financing net revenues 6 AWM historical principal investments (1,151) 3,4 (677) GreenSky Record AUS of $2.71 trillion (1,674) Total impact to pre-tax earnings $ Impact to net earnings $ (1,372) Record Management and other fees of $2.35 billion Impact to EPS $ (3.95) (5.2)pp Impact to annualized ROE Increased quarterly dividend by 10% to $2.75 per common share in 3Q23 1

Financial Overview Financial Results Financial Overview Highlights vs.n 2Q23 results included EPS of $3.08 and ROE of 4.0% vs. vs. 2Q23 2Q22 $ in millions, — 2Q23 net revenues were lower YoY in Global Banking & Markets and Asset & Wealth except per share amounts 2Q23 1Q23 2Q22 YTD YTD Management and higher in Platform Solutions $ 7,189 (15)% (14)% $ 15,633 (15)% Global Banking & Markets — 2Q23 provision for credit losses was $615 million, reflecting net provisions related to the credit card and point-of-sale loan portfolios, driven by net charge-offs and growth, and individual impairments on wholesale loans, partially offset by a reserve reduction related to Asset & Wealth Management 3,047 (5)% (4)% 6,263 8% the repayment of a term deposit with First Republic Bank — 2Q23 operating expenses were higher YoY, driven by an impairment of goodwill of $504 659 17% 92% 1,223 100% Platform Solutions million related to Consumer platforms and impairments of ~$485 million related to consolidated real estate investments 10,895 (11)% (8)% 23,119 (7)% Net revenues 615 N.M. (8)% 444 (64)% Provision for credit losses Net Revenues by Segment ($ in millions) 8,544 2% 12% 16,946 10% Operating expenses $ 1,736 (57)% (51)% $ 5,729 (30)% Pre-tax earnings $12,224 $11,864 $10,895 $ 1,216 (62)% (58)% $ 4,450 (35)% Net earnings Global Banking $ 1,071 (65)% (62)% $ 4,158 (37)% & Markets Net earnings to common $8,444 $8,342 Diluted EPS $ 3.08 (65)% (60)% $ 11.91 (36)% $7,189 Asset & Wealth Management 1 ROE 4.0% (7.6)pp (6.6)pp 7.8% (5.0)pp Platform 1 ROTE 4.4% (8.2)pp (7.0)pp 8.5% (5.1)pp Solutions $3,047 $3,216 $3,179 3 78.4% 9.7pp 13.9pp 73.3% 11.3pp Efficiency Ratio $659 $564 $343 2Q23 1Q23 2Q22 2

Global Banking & Markets Financial Results Global Banking & Markets Highlights vs.n 2Q23 net revenues were lower YoY vs. vs. 2Q23 2Q22 — Investment banking fees primarily reflected significantly lower net revenues in Advisory, $ in millions 2Q23 1Q23 2Q22 YTD YTD partially offset by significantly higher net revenues in Equity underwriting — FICC reflected significantly lower net revenues in intermediation compared with a strong $ 1,431 (9)% (20)% $ 3,010 (24)% Investment banking fees 2Q22 and lower net revenues in financing — Equities reflected significantly higher net revenues in financing, largely offset by lower net 2,711 (31)% (26)% 6,642 (21)% FICC revenues in intermediation 3 n Investment banking fees backlog increased vs. 1Q23, primarily reflecting an increase in 2,966 (2)% 1% 5,981 (3)% Equities Advisory, partially offset by a decrease in Equity underwriting n 2Q23 provision for credit losses included a reserve reduction related to the repayment of a term 81 N.M. N.M. – N.M. Other deposit with First Republic Bank 4 n 2Q23 select data : 7,189 (15)% (14)% 15,633 (15)% Net revenues — Total assets of $1.31 trillion — Loan balance of $110 billion Provision for credit losses 56 (57)% (73)% 185 (54)% — Net interest income of $202 million Operating expenses 4,282 (7)% (3)% 8,911 (5)% Global Banking & Markets Net Revenues ($ in millions) Pre-tax earnings $ 2,851 (23)% (23)% $ 6,537 (24)% $8,444 $8,342 $1,579 $7,189 Net earnings $ 2,091 (30)% (32)% $ 5,077 (30)% $1,799 Investment $1,431 banking fees Net earnings to common $ 1,982 (31)% (33)% $ 4,858 (31)% FICC $3,931 $3,642 Average common equity $ 71,205 2% – $ 70,362 1% $2,711 Equities Return on average common equity 11.1% (5.5)pp (5.5)pp 13.8% (6.4)pp Other $2,966 $3,015 $2,944 $81 $(43) $(81) 2Q23 1Q23 2Q22 3

Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights vs.n 2Q23 Investment banking fees were significantly lower YoY vs. vs. 2Q23 2Q22 — Advisory reflected a significant decline in industry-wide completed mergers and acquisitions $ in millions 2Q23 1Q23 2Q22 YTD YTD transactions $ 645 (21)% (46)% $ 1,463 (37)% Advisory — Equity underwriting primarily reflected a significant increase in industry-wide volumes n 2Q23 FICC net revenues were significantly lower YoY compared with a strong 2Q22 338 33% 133% 593 41% Equity underwriting — FICC intermediation reflected significantly lower net revenues in commodities, interest rate products and currencies, partially offset by significantly higher net revenues in mortgages and 448 (11)% (2)% 954 (20)% Debt underwriting higher net revenues in credit products — FICC financing primarily reflected lower net revenues in commodities financing 1,431 (9)% (20)% 3,010 (24)% Investment banking fees n 2Q23 Equities net revenues were essentially unchanged YoY 2,089 (36)% (28)% 5,369 (24)% FICC intermediation — Equities intermediation primarily reflected lower net revenues in derivatives — Equities financing net revenues were a record and primarily reflected significantly higher net FICC financing 622 (4)% (14)% 1,273 (6)% revenues in prime financing FICC 2,711 (31)% (26)% 6,642 (21)%n 2Q23 Other net revenues reflected net gains from direct investments compared with net losses in 2Q22 Equities intermediation 1,533 (12)% (13)% 3,274 (17)% Equities financing 1,433 12% 22% 2,707 21% Equities 2,966 (2)% 1% 5,981 (3)% Other 81 N.M. N.M. – N.M. Net revenues $ 7,189 (15)% (14)% $ 15,633 (15)% 4

Asset & Wealth Management Financial Results Asset & Wealth Management Highlights vs.n 2Q23 net revenues were slightly lower YoY — Record Management and other fees primarily reflected the impact of higher average AUS vs. vs. 2Q23 2Q22 $ in millions — Incentive fees were significantly lower, driven by significant harvesting in 2Q22 2Q23 1Q23 2Q22 YTD YTD — Private banking and lending net revenues were a record, primarily reflecting the impact of $ 2,354 3% 5% $ 4,636 8% Management and other fees higher deposit spreads and balances, as well as a gain of ~$100 million related to the sale of substantially all of the remaining Marcus loans portfolio — Equity investments reflected net losses from real estate investments compared with net gains 25 (53)% (86)% 78 (70)% Incentive fees in 2Q22, partially offset by significantly lower net losses from investments in public equities o Private: 2Q23 ~$(305) million, compared to 2Q22 ~$540 million 874 147% 62% 1,228 19% Private banking and lending o Public: 2Q23 ~$(100) million, compared to 2Q22 ~$(640) million — Debt investments reflected net mark-downs in real estate investments n 2Q23 operating expenses included impairments of ~$485 million related to consolidated real (403) N.M. N.M. (284) N.M. Equity investments estate investments n The impact to 2Q23 YTD pre-tax margin of 6% from the results of Marcus loans and historical Debt investments 197 (52)% (38)% 605 – 6 principal investments was a reduction of 15pp 4 n 2Q23 select data : Net revenues 3,047 (5)% (4)% 6,263 8% — Total assets of $196 billion — Loan balance of $49 billion, of which $33 billion related to Private banking and lending — Net interest income of $821 million Provision for credit losses 15 N.M. (90)% (550) N.M. Asset & Wealth Management Net Revenues ($ in millions) Operating expenses 3,275 3% 16% 6,443 23% $3,216 $3,179 $3,047 Management Pre-tax earnings / (loss) $ (243) N.M. N.M. $ 370 87% and other fees Incentive Net earnings / (loss) $ (208) N.M. N.M. $ 288 73% fees $2,282 $2,354 $2,243 Private banking Net earnings / (loss) to common $ (239) N.M. N.M. $ 225 108% and lending Equity Average common equity $ 31,047 (5)% – $ 31,781 3% $25 $185 investments $53 $354 $874 $538 Debt $119 investments Return on average common equity (3.1)% (8.8)pp (4.9)pp 1.4% 0.7pp $408 $197 $317 $(403) $(104) 2Q23 1Q23 2Q22 5

Assets Under Supervision 3,4 3,4 AUS Rollforward AUS Highlights n During the quarter, AUS increased $42 billion to a record $2.71 trillion $ in billions 2Q23 1Q23 2Q22 — Net market appreciation of $30 billion, driven by net appreciation in equity assets Beginning balance $ 2,672 $ 2,547 $ 2,394 — Long-term net inflows of $8 billion, driven by net inflows in fixed income assets 8 8 2 Long-term AUS net inflows / (outflows) — Liquidity products net inflows of $4 billion Liquidity products 4 49 (7) Total AUS net inflows / (outflows) 12 57 (5) Acquisitions / (dispositions) – – 305 3,4 2Q23 AUS Mix Net market appreciation / (depreciation) 30 68 (199) $ 2,714 $ 2,672 $ 2,495 10% Ending balance 29% 39% 36% 23% Asset Client 3,4 Class Channel AUS by Asset Class $ in billions 2Q23 1Q23 2Q22 35% 28% $ 267 $ 268 $ 254 Alternative investments Equity 627 597 552 7% 12% Fixed income 1,056 1,047 1,007 Long-term AUS 1,950 1,912 1,813 22% Liquidity products 764 760 682 Region 54% Vehicle 34% $ 2,714 $ 2,672 $ 2,495 Total AUS 71% 6

Asset & Wealth Management – Alternative Investments 4 4 Alternative Investments AUS and Effective Fees Alternative Investments Highlights n 2Q23 Management and other fees from alternative investments were $521 million, up 12% compared with 2Q22 2Q23 n During the quarter, alternative investments AUS decreased $1 billion to $267 billion $ in billions Average AUS Effective Fees (bps) 98 78 Corporate equity $n 2Q23 gross third-party alternatives fundraising across strategies was $11 billion, including: Credit 45 77 — $5 billion in corporate equity, $2 billion in credit, $2 billion in real estate and $2 billion in hedge funds and other Real estate 20 69 — $204 billion raised since the end of 2019 Hedge funds and other 65 63 n During the quarter, on-balance sheet alternative investments declined by $3.3 billion to $53.2 Funds and discretionary accounts 228 73 billion Advisory accounts 39 16 6 — Historical principal investments declined by $3.6 billion to $23.8 billion and included $4.5 Total alternative investments AUS $ 267 65 billion of equity securities, $5.8 billion of loans, $4.6 billion of debt securities and $8.9 billion of CIE investments and other 4 4,6 On-Balance Sheet Alternative Investments Historical Principal Investments Rollforward ($ in billions) $ in billions 2Q23 1Q23 $(1.5) $29.7 Equity securities $ $1.2 $ 13.5 14.5 $(5.6) Loans 16.1 17.3 Debt securities 12.1 12.3 7 CIE investments and other 11.5 12.4 $23.8 Total On-B/S alternative investments $ $ 53.2 56.5 Client co-invest $ 22.8 $ 22.8 Firmwide initiatives / CRA investments 6.6 6.3 6 Historical principal investments 23.8 27.4 Total On-B/S alternative investments $ 53.2 $ 56.5 YE22 Net mark-ups Additions Dispositions 2Q23 8 7 / (mark-downs) / Paydowns

Platform Solutions Financial Results Platform Solutions Highlights vs.n 2Q23 net revenues were higher YoY vs. vs. 2Q23 2Q22 — Consumer platforms primarily reflected significantly higher average credit card balances and $ in millions 2Q23 1Q23 2Q22 YTD YTD higher average point-of-sale loan balances — Transaction banking and other reflected lower deposit spreads, partially offset by higher $ 577 18% 129% $ 1,067 136% Consumer platforms average deposit balances n 2Q23 provision for credit losses reflected provisions related to the credit card portfolio, primarily 82 11% (10)% 156 (1)% Transaction banking and other driven by net charge-offs, and the point-of-sale loan portfolio, primarily driven by growth n 2Q23 operating expenses included an impairment of goodwill of $504 million related to Consumer Net revenues 659 17% 92% 1,223 100% platforms 4 n 2Q23 select data : 544 105% 75% 809 70% Provision for credit losses — Total assets of $64 billion 987 63% 147% 1,592 117% Operating expenses — Loan balance of $19 billion — Net interest income of $661 million Pre-tax earnings / (loss) $ (872) N.M. N.M. $ (1,178) N.M. — Active Consumer platforms customers of 14.3 million Net earnings / (loss) $ (667) N.M. N.M. $ (915) N.M. Platform Solutions Net Revenues ($ in millions) $659 Net earnings / (loss) to common $ (672) N.M. N.M. $ (925) N.M. $564 Average common equity $ 4,022 2% 10% $ 3,965 25% Return on average common equity (66.8)% (41.1)pp (33.2)pp (46.7)% (14.8)pp Consumer platforms $343 $577 Transaction $490 banking and other $252 $91 $82 $74 8 2Q23 1Q23 2Q22

Loans and Net Interest Income 4 4 Loans by Segment ($ in billions) Loans by Type 2Q23 Metrics $178 $178 $ in billions 2Q23 1Q23 2Q22 $176 3.0% ALLL to Total Corporate $ 38 $ 40 $ 41 Gross Loans, at Amortized Cost Commercial real estate 28 29 32 Global Banking Residential real estate 24 22 26 1.7% $109 $106 $110 & Markets ALLL to Gross Securities-based lending 15 16 17 Wholesale Loans, at Asset & Wealth Other collateralized lending 54 53 45 Amortized Cost Management Installment 5 6 5 12.6% Platform ALLL to Gross Credit cards 17 15 12 Solutions $49 $53 Consumer Loans, at $59 Other 2 2 3 Amortized Cost Allowance for loan losses (5) (5) (5) $19 $16 ~80% $11 Gross Loans Total loans $ 178 $ 178 $ 176 2Q23 1Q23 2Q22 Secured 4 Net Interest Income by Segment ($ in millions) Loans and Net Interest Income Highlights n 2Q23 total loans were unchanged QoQ $1,781 — Gross loans by type: $172 billion - amortized cost, $7 billion - fair value, $4 billion - held for sale $1,734 $1,684 — Average loans of $178 billion $347 $202 — Total allowance for loan losses and losses on lending commitments was $6.01 billion ($5.23 $483 Global Banking billion for funded loans) & Markets o $3.23 billion for wholesale loans, $2.78 billion for consumer loans $821 Asset & Wealth — Net charge-offs of $444 million for an annualized net charge-off rate of 1.0% $886 Management o 0.4% for wholesale loans, 5.8% for consumer loans $855 Platform n 2Q23 net interest income was slightly lower YoY Solutions 3 — 2Q23 average interest-earning assets of $1.44 trillion $661 $548 $396 9 2Q23 1Q23 2Q22

Commercial Real Estate (CRE) 4 4 2Q23 Firmwide Loans, Net of ALLL 2Q23 AWM On-Balance Sheet Alternative Investments $ in billions $ in billions CRE-related Office-related 2Q23 Warehouse / other indirect $11 Equity securities $ 4.2 $ 0.4 Industrials $4 Multifamily $3 $27 Hospitality $2 Loans (included in firmwide loans) $ 3.3 $ 0.4 Office $2 Mixed use $2 Debt securities $ 0.7 $ 0.1 Other $3 7 $ 9.7 / 4.1 $ 0.8 CIE investments and other CRE loans Other loans gross / net net of financings of financings 15.4% 1.5% 0.3% CRE Loans to Past Due (30+ days) Ratio 2Q23 Annualized Total Loans, Net of on CRE Loans, at Net Charge-Off Ratio ALLL Amortized Cost on CRE Loans, at Amortized Cost n 42% of the CRE loan portfolio was investment-grade, based on internally determined publicn Office-related exposures were primarily secured by Class A office properties rating agency equivalents n ~50% of the CRE-related on-balance sheet alternative investments consisted of historical 6 n Office-related loans were primarily secured by Class A office properties principal investments, which the firm intends to exit over the medium term n Additionally, the firm has $3.9 billion of CRE-related unfunded lending commitments, including $0.9 billion of office-related commitments 10

Expenses Financial Results Expense Highlights n 2Q23 total operating expenses increased YoY vs. vs. vs. 2Q23 2Q22 — Non-compensation expenses were significantly higher, reflecting: 2Q23 1Q23 2Q22 YTD YTD $ in millions o An impairment of goodwill of $504 million related to Consumer platforms (in depreciation and amortization) Compensation and benefits $ 3,619 (12)% (2)% $ 7,709 (1)% o Impairments of ~$485 million related to consolidated real estate investments (in depreciation and amortization) Transaction based 1,385 (1)% 5% 2,790 9% — Partially offset by slightly lower compensation and benefits expenses n 2Q23 YTD effective income tax rate was 22.3%, up from 19.0% for 1Q23, primarily due to the Market development 146 (15)% (38)% 318 (20)% impact of an increase in taxes on non-U.S. earnings Communications and technology 482 3% 9% 948 9% 1,594 64% 180% 2,564 141% Depreciation and amortization 3 Efficiency Ratio Occupancy 253 (5)% (2)% 518 2% 73.3% Professional fees 392 2% (20)% 775 (16)% 62.0% Other expenses 673 3% 5% 1,324 5% Total operating expenses $ 8,544 2% 12% $ 16,946 10% 520 (31)% (16)% $ 1,279 (4)% Provision for taxes $ Effective Tax Rate 22.3% 6.0pp 2Q23 YTD 2Q22 YTD 11

Capital and Balance Sheet 3,4 3,4 Capital Capital and Balance Sheet Highlights n Standardized CET1 capital ratio increased slightly QoQ, primarily reflecting an increase in CET1 capital 2Q23 1Q23 4Q22 n Advanced CET1 capital ratio decreased slightly QoQ, primarily reflecting an increase in market Standardized CET1 capital ratio 14.9% 14.8% 15.0% RWAs driven by increased exposures n SLR decreased QoQ, primarily reflecting an increase in average total assets Advanced CET1 capital ratio 14.4% 14.5% 14.4% n As of October 1, 2023, the firm’s SCB will be reduced by 80bps from 6.3% to 5.5% n Returned $1.61 billion of capital to common shareholders during the quarter Supplementary leverage ratio (SLR) 5.6% 5.8% 5.8% 3 — 2.2 million common shares repurchased for a total cost of $750 million — $864 million of common stock dividends n Increased the quarterly dividend from $2.50 to $2.75 per common share in 3Q23 n 2Q23 deposits of $399 billion consisted of consumer $148 billion, private bank $91 billion, transaction banking $71 billion, brokered CDs $39 billion, deposit sweep programs $34 billion and other $16 billion n BVPS was essentially unchanged QoQ 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 2Q23 1Q23 4Q22 2Q23 1Q23 4Q22 3 Total assets Basic shares 342.0 344.0 350.8 $ 1,571 $ 1,538 $ 1, 442 Deposits Book value per common share $ 309.33 $ 310.48 $ 303.55 $ 399 $ 376 $ 387 1 Unsecured long-term borrowings Tangible book value per common share $ 286.34 $ 286.05 $ 279.66 $ 231 $ 241 $ 247 Shareholders’ equity $ 116 $ 117 $ 117 3 Average GCLA $ 410 $ 399 $ 409 12

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, 2022. 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 or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long-term targets and goals, (iii) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), (iv) the firm’s prospective capital distributions (including dividends and repurchases), (v) the firm’s future effective income tax rate, (vi) the firm’s Investment banking fees backlog and future results, (vii) the firm’s planned 2023 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed sale of, the remaining Marcus loans portfolio, Asset & Wealth Management historical principal investments and GreenSky are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment 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 effectively implement these initiatives and realignment 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 (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), 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 or other tax authorities. Statements about the firm’s Investment banking fees 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 or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing 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 2023 benchmark debt 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 about the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed sales of the remaining Marcus loans portfolio, Asset & Wealth Management historical principal investments and GreenSky are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the announced sales. 13

Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings 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 SIX MONTHS ENDED Unaudited, $ in millions JUNE 30, 2023 JUNE 30, 2023 JUNE 30, 2023 MARCH 31, 2023 DECEMBER 31, 2022 Total shareholders’ equity $ 116,977 $ 116,811 $ 116,493 $ 117,509 $ 117,189 Preferred stock (10,703) (10,703) (10,703) (10,703) (10,703) Common shareholders’ equity 106,274 106,108 105,790 106,806 106,486 Goodwill (6,315) (6,341) (5,942) (6,439) (6,374) Identifiable intangible assets (1,942) (1,963) (1,921) (1,965) (2,009) Tangible common shareholders’ equity $ 98,017 $ 97,804 $ 97,927 $ 98,402 $ 98,103 2. Dealogic – January 1, 2023 through June 30, 2023. 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 March 31, 2023: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – 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 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 March 31, 2023: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” 4. Represents a preliminary estimate for the second quarter of 2023 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2023. 5. Includes selected items that the firm has sold, or is selling, or for which the firm has announced the exploration of a sale, related to the firm’s narrowing of its ambitions in consumer–related activities and the transition of Asset & Wealth Management to a less capital-intensive business. Pre-tax earnings for each selected item includes the operating results of the item and, additionally, for the Marcus loans portfolio, a gain of approximately $100 million related to the sale of substantially all of the remaining portfolio, and for GreenSky, an impairment of goodwill of $504 million related to Consumer platforms. Net earnings reflects the 2Q23 effective income tax rate for the respective segment of each selected item. 6. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (medium term refers to a 3-5 year time horizon from year-end 2022). 7. Includes CIEs and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. Assets held by CIEs of $10 billion as of June 30, 2023 and $11 billion as of March 31, 2023 were funded with liabilities of approximately $6 billion as of both June 30, 2023 and March 31, 2023. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 14 8. Includes approximately $1 billion of investments that were transferred out of historical principal investments, primarily to Global Banking & Markets.

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