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): April 15, 2024

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 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 April 15, 2024, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the first quarter ended March 31, 2024. 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 April 15, 2024, 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 April 15, 2024 containing financial information for its first quarter ended March 31, 2024.

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 April 15, 2024, for the conference call on April 15, 2024.

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: April 15, 2024	By:	/s/ Denis P. Coleman III
		Name: Denis P. Coleman III
		Title:   Chief Financial Officer

EX-99.1

Exhibit 99.1

First Quarter 2024

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    

First Quarter 2024 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $11.58

“Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues		Net Earnings		EPS
1Q24        $14.21 billion		1Q24        $4.13 billion		1Q24         $11.58
Annualized ROE1		Annualized ROTE1		Book Value Per Share
1Q24           14.8%		1Q24           15.9%		1Q24         $321.10

NEW YORK, April 15, 2024 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $14.21 billion and net earnings of $4.13 billion for the first quarter ended March 31, 2024.

Diluted earnings per common share (EPS) was $11.58 for the first quarter of 2024 compared with $8.79 for the first quarter of 2023 and $5.48 for the fourth quarter of 2023.

Annualized return on average common shareholders’ equity (ROE)¹ was 14.8% and annualized return on average tangible common shareholders’ equity (ROTE)¹ was 15.9% for the first quarter of 2024.

1  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

Highlights

◾ During the quarter, the firm supported clients and continued to execute on strategic priorities, which contributed to strong quarterly net revenues of $14.21 billion, net earnings of $4.13 billion and diluted EPS of $11.58.

◾ Global Banking & Markets generated quarterly net revenues of $9.73 billion, driven by strong performances in Investment banking fees, Fixed Income, Currency and Commodities (including record quarterly net revenues in financing) and Equities (including the second highest quarterly net revenues in financing).

◾ The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year-to-date.²

◾ Asset & Wealth Management generated quarterly net revenues of $3.79 billion, including record quarterly Management and other fees.

◾ Assets under supervision³ increased $36 billion during the quarter to a record $2.85 trillion.

◾ Book value per common share increased by 2.4% during the quarter to $321.10.

Net Revenues

Net revenues were $14.21 billion for the first quarter of 2024, 16% higher than the first quarter of 2023 and 26% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected higher net revenues across all segments.		Net Revenues
		$14.21 billion

2  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

  Global Banking & Markets  

Net revenues in Global Banking & Markets were $9.73 billion for the first quarter of 2024, 15% higher than the first quarter of 2023 and 53% higher than the fourth quarter of 2023. Investment banking fees were $2.08 billion, 32% higher than the first quarter of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, in Advisory, reflecting an increase in completed mergers and acquisitions transactions, and in Equity underwriting, primarily from initial public and secondary offerings. The firm’s Investment banking fees backlog3 decreased compared with the end of 2023. Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.32 billion, 10% higher than the first quarter of 2023, primarily reflecting significantly higher net revenues in FICC financing, driven by mortgages and structured lending. The increase also reflected higher net revenues in FICC intermediation due to significantly higher net revenues in mortgages and higher net revenues in currencies and credit products, partially offset by lower net revenues in commodities and slightly lower net revenues in interest rate products. Net revenues in Equities were $3.31 billion, 10% higher than the first quarter of 2023, due to higher net revenues in Equities intermediation, reflecting significantly higher net revenues in derivatives, and slightly higher net revenues in Equities financing. Net revenues in Other were $12 million compared with $(81) million for the first quarter of 2023, with the increase primarily due to lower net losses on hedges.	Global Banking & Markets
	$9.73 billion
	Advisory	$ 1.01 billion
	Equity underwriting	$ 370 million
	Debt underwriting	$ 699 million
	Investment banking fees	$ 2.08 billion
	FICC intermediation	$  3.47 billion
	FICC financing	$ 852 million
	FICC	$ 4.32 billion
	Equities intermediation	$ 1.99 billion
	Equities financing	$ 1.32 billion
	Equities	$ 3.31 billion
	Other	$  12 million

  Asset & Wealth Management  

Net revenues in Asset & Wealth Management were $3.79 billion for the first quarter of 2024, 18% higher than the first quarter of 2023 and 14% lower than the fourth quarter of 2023. The increase compared with the first quarter of 2023 primarily reflected significantly higher net revenues in both Private banking and lending (the first quarter of 2023 included net revenues of approximately $(470) million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale) and Equity investments and higher Management and other fees. The increase in Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including the significant mark-down of the portfolio in the first quarter of 2023), partially offset by the impact of lower deposit spreads. The increase in Equity investments net revenues reflected significantly higher net gains from investments in private equities, partially offset by mark-to-market net losses from investments in public equities compared with net gains in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. Debt investments net revenues were lower, reflecting lower net interest income due to a reduction in the debt investments balance sheet.		Asset & Wealth Management
		$3.79 billion
		Management and  other fees	$2.45 billion
		Incentive fees	$ 88 million
		Private banking and    lending	$682 million
		Equity investments	$222 million
		Debt investments	$345 million

3  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

  Platform Solutions  

Net revenues in Platform Solutions were $698 million for the first quarter of 2024, 24% higher than the first quarter of 2023 and 21% higher than the fourth quarter of 2023. The increase compared with the first quarter of 2023 reflected significantly higher net revenues in Consumer platforms. The increase in Consumer platforms net revenues primarily reflected higher average credit card balances and higher average deposit balances. Transaction banking and other net revenues were slightly higher, reflecting higher deposit spreads.	Platform Solutions
	$698 million
	Consumer platforms	$ 618  million
	Transaction banking  and other	$80  million

Provision for Credit Losses

 

Provision for credit losses was $318 million for the first quarter of 2024, compared with a net benefit of $171 million for the first quarter of 2023 and net provisions of $577 million for the fourth quarter of 2023. Provisions for the first quarter of 2024 reflected net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments). The net benefit for the first quarter of 2023 reflected a reserve reduction of approximately $440 million related to a partial sale of the Marcus loans portfolio and the transfer of the remainder of the portfolio to held for sale, partially offset by net provisions related to the credit card and point-of-sale loan portfolios (driven by net charge-offs and growth) and a provision related to a term deposit with First Republic Bank.	Provision for Credit Losses
	$318 million

Operating Expenses

 

Operating expenses were $8.66 billion for the first quarter of 2024, 3% higher than the first quarter of 2023 and 2% higher than the fourth quarter of 2023. The firm’s efficiency ratio3 was 60.9% for the first quarter of 2024, compared with 68.7% for the first quarter of 2023. The increase in operating expenses compared with the first quarter of 2023 primarily reflected higher compensation and benefits expenses (reflecting improved operating performance), higher transaction based expenses and an incremental expense for the FDIC special assessment fee (in other expenses), partially offset by significantly lower impairments related to consolidated real estate investments (in depreciation and amortization). Net provisions for litigation and regulatory proceedings were $23 million for the first quarter of 2024 compared with $72 million for the first quarter of 2023. Headcount decreased 2% compared with the end of 2023, primarily reflecting the impact of the sale of GreenSky Holdings, LLC.		Operating Expenses
		$8.66 billion
		Efficiency Ratio
		60.9%

4  

Goldman Sachs Reports

First Quarter 2024 Earnings Results

Provision for Taxes

The effective income tax rate for the first quarter of 2024 was 21.1%, up from the full year rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by changes in the geographic mix of earnings.		Effective Tax Rate
		21.1%

Other Matters

◾ On April 11, 2024, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.75 per common share to be paid on June 27, 2024 to common shareholders of record on May 30, 2024. ◾ During the quarter, the firm returned $2.43 billion of capital to common shareholders, including $1.50 billion of common share repurchases (3.9 million shares at an average cost of $384.55) and $929 million of common stock dividends.3 ◾ Global core liquid assets3 averaged $423 billion for the first quarter of 2024, compared with an average of $414 billion for the fourth quarter of 2023.		Declared Quarterly Dividend Per Common Share
		$2.75
		Common Share Repurchases
		3.9 million shares for $1.50 billion
		Average GCLA
		$423 billion

5  

Goldman Sachs Reports

First Quarter 2024 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, 2023.

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 those in Ukraine and the Middle East, 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, 2023.

   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 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (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

First Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

 $ in millions

	THREE MONTHS ENDED						% CHANGE FROM
	MARCH 31, 2024		DECEMBER 31, 2023		MARCH 31, 2023		DECEMBER 31, 2023		MARCH 31, 2023
GLOBAL BANKING & MARKETS
Advisory		$    1,011		$     1,005		$    818		1  %		24  %
Equity underwriting		370		252		255		47		45
Debt underwriting		699		395		506		77		38
Investment banking fees		2,080		1,652		1,579		26		32
FICC intermediation		3,471		1,295		3,280		168		6
FICC financing		852		739		651		15		31
FICC		4,323		2,034		3,931		113		10
Equities intermediation		1,989		1,502		1,741		32		14
Equities financing		1,322		1,105		1,274		20		4
Equities		3,311		2,607		3,015		27		10
Other		12		61		(81)		(80)		N.M.
Net revenues		9,726		6,354		8,444		53		15
ASSET & WEALTH MANAGEMENT
Management and other fees		2,452		2,445		2,282		–		7
Incentive fees		88		59		53		49		66
Private banking and lending		682		661		354		3		93
Equity investments		222		838		119		(74)		87
Debt investments		345		384		408		(10)		(15)
Net revenues		3,789		4,387		3,216		(14)		18
PLATFORM SOLUTIONS
Consumer platforms		618		504		490		23		26
Transaction banking and other		80		73		74		10		8
Net revenues		698		577		564		21		24
Total net revenues		$   14,213		$  11,318		$   12,224		26		16
Geographic Net Revenues (unaudited)3
$ in millions
	THREE MONTHS ENDED
	MARCH 31, 2024		DECEMBER 31, 2023		MARCH 31, 2023
Americas		$    9,181		$   7,770		$    7,194
EMEA		3,470		2,481		3,584
Asia		1,562		1,067		1,446
Total net revenues		$   14,213		$  11,318		$   12,224
Americas		65%		69%		59%
EMEA		24%		22%		29%
Asia		11%		9%		12%
Total		100%		100%		100%

7

Goldman Sachs Reports

First Quarter 2024 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
	MARCH 31, 2024		DECEMBER 31, 2023		MARCH 31, 2023		DECEMBER 31, 2023		MARCH 31, 2023
REVENUES
Investment banking		$      2,085		$        1,653		$         1,578		26  %		32  %
Investment management		2,491		2,478		2,289		1		9
Commissions and fees		1,077		925		1,088		16		(1)
Market making		5,992		3,496		5,433		71		10
Other principal transactions		960		1,427		55		(33)		N.M.
Total non-interest revenues		12,605		9,979		10,443		26		21
Interest income		19,555		18,484		14,938		6		31
Interest expense		17,947		17,145		13,157		5		36
Net interest income		1,608		1,339		1,781		20		(10)
Total net revenues		14,213		11,318		12,224		26		16
Provision for credit losses		318		577		(171)		(45)		N.M.
OPERATING EXPENSES
Compensation and benefits		4,585		3,602		4,090		27		12
Transaction based		1,497		1,456		1,405		3		7
Market development		153		175		172		(13)		(11)
Communications and technology		470		503		466		(7)		1
Depreciation and amortization		627		780		970		(20)		(35)
Occupancy		247		268		265		(8)		(7)
Professional fees		384		471		383		(18)		–
Other expenses		695		1,232		651		(44)		7
Total operating expenses		8,658		8,487		8,402		2		3
Pre-tax earnings		5,237		2,254		3,993		132		31
Provision for taxes		1,105		246		759		349		46
Net earnings		4,132		2,008		3,234		106		28
Preferred stock dividends		201		141		147		43		37
Net earnings applicable to common shareholders		$      3,931		$        1,867		$         3,087		111		27
EARNINGS PER COMMON SHARE
Basic3		$      11.67		$         5.52		$          8.87		111  %		32  %
Diluted		$      11.58		$         5.48		$          8.79		111		32
AVERAGE COMMON SHARES
Basic		335.6		335.7		346.6		–		(3)
Diluted		339.5		340.9		351.3		–		(3)
SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$    107,343		$      105,702		$       106,806		2		1
Basic shares3		334.3		337.1		344.0		(1)		(3)
Book value per common share		$     321.10		$       313.56		$        310.48		2		3
Headcount		44,400		45,300		45,400		(2)		(2)

8

Goldman Sachs Reports

First Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)³

$ in billions

	AS OF
	MARCH 31, 2024		DECEMBER 31, 2023
ASSETS
Cash and cash equivalents		$     209		$     242
Collateralized agreements		447		423
Customer and other receivables		160		132
Trading assets		508		478
Investments		155		147
Loans		184		183
Other assets		35		37
Total assets		$   1,698		$   1,642
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$     441		$     428
Collateralized financings		349		324
Customer and other payables		257		231
Trading liabilities		201		200
Unsecured short-term borrowings		78		76
Unsecured long-term borrowings		234		242
Other liabilities		20		24
Total liabilities		1,580		1,525
Shareholders’ equity		118		117
Total liabilities and shareholders’ equity		$   1,698		$   1,642
Capital Ratios and Supplementary Leverage Ratio (unaudited)3 $ in billions
	AS OF
	MARCH 31, 2024		DECEMBER 31, 2023
Common equity tier 1 capital		$   101.7		$    99.4
STANDARDIZED CAPITAL RULES
Risk-weighted assets		$     693		$     693
Common equity tier 1 capital ratio		14.7%		14.4%
ADVANCED CAPITAL RULES
Risk-weighted assets		$     641		$     665
Common equity tier 1 capital ratio		15.9%		14.9%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio		5.4%		5.5%
Average Daily VaR (unaudited)3 $ in millions
	THREE MONTHS ENDED
	MARCH 31, 2024		DECEMBER 31, 2023
RISK CATEGORIES
Interest rates		$      86		$      87
Equity prices		29		29
Currency rates		18		18
Commodity prices		17		19
Diversification effect		(63)		(62)
Total		$      87		$      91

9

Goldman Sachs Reports

First Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)³

$ in billions

	AS OF
	MARCH 31, 2024		DECEMBER 31, 2023		MARCH 31, 2023
ASSET CLASS
Alternative investments		$       296		$       295		$       268
Equity		713		658		597
Fixed income		1,141		1,122		1,047
Total long-term AUS		2,150		2,075		1,912
Liquidity products		698		737		760
Total AUS		$     2,848		$     2,812		$     2,672
	THREE MONTHS ENDED
	MARCH 31, 2024		DECEMBER 31, 2023		MARCH 31, 2023
Beginning balance		$     2,812		$     2,680		$     2,547
Net inflows / (outflows):
Alternative investments		–		23		1
Equity		1		2		(2)
Fixed income		23		26		9
Total long-term AUS net inflows / (outflows)		24		51		8
Liquidity products		(39)		(37)		49
Total AUS net inflows / (outflows)		(15)		14		57
Acquisitions / (dispositions)		–		(23)		–
Net market appreciation / (depreciation)		51		141		68
Ending balance		$     2,848		$     2,812		$     2,672

10

Goldman Sachs Reports

First Quarter 2024 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     MARCH 31, 2024
Total shareholders’ equity		$   117,393
Preferred stock		(11,203)
Common shareholders’ equity		106,190
Goodwill		(5,903)
Identifiable intangible assets		(1,124)
Tangible common shareholders’ equity		$     99,163

2. Dealogic – January 1, 2024 through March 31, 2024.

3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 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, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 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.”

  Represents a preliminary estimate for the first quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2024.

11  

EX-99.2

Exhibit 99.2

First Quarter 2024 Earnings Results Presentation April 15, 2024

Results Snapshot Net Revenues Net Earnings EPS 1Q24 $14.21 billion 1Q24 $4.13 billion 1Q24 $11.58 Annualized ROE1 Annualized ROTE1 Book Value Per Share 1Q24 14.8% 1Q24 15.9% 1Q24 $321.10 (+2.4% YTD) Highlights Selected Items and FDIC Special Assessment Fee4 #1 in announced and completed M&A2 $ in millions, except per share amounts 1Q24 Pre-tax earnings: AWM historical principal investments5 $ 168 Record FICC financing and 2nd highest Equities financing net revenues GreenSky (24) General Motors (GM) Card (60) FDIC special assessment fee (78) Record Management and other fees of $2.45 billion Total impact to pre-tax earnings $ 6 Impact to net earnings $ 5 3 Impact to EPS $ 0.02 Record AUS of $2.85 trillion; 25th consecutive quarter of long-term fee-based net inflows Impact to ROE 0.0pp 1

Financial Overview Financial Results $ in millions, vs. vs. except per share amounts 1Q24 4Q23 1Q23 Global Banking & Markets $ 9,726 53% 15% Asset & Wealth Management 3,789 (14)% 18% Platform Solutions 698 21% 24% Net revenues 14,213 26% 16% Provision for credit losses 318 (45)% N.M. Operating expenses 8,658 2% 3% Pre-tax earnings $ 5,237 132% 31% Net earnings $ 4,132 106% 28% Net earnings to common $ 3,931 111% 27% Diluted EPS $ 11.58 111% 32% ROE1 14.8% 7.7pp 3.2pp ROTE1 15.9% 8.3pp 3.3pp Efficiency Ratio3 60.9% (14.1)pp (7.8)pp Financial Overview Highlights 1Q24 results included EPS of $11.58 and ROE of 14.8% — 1Q24 net revenues were higher YoY, reflecting higher net revenues across all segments — 1Q24 provision for credit losses was $318 million, reflecting net provisions related to both the credit card portfolio (driven by net charge-offs) and wholesale loans (driven by impairments) — 1Q24 operating expenses were slightly higher YoY, reflecting higher compensation and benefits expenses, partially offset by lower non-compensation expenses Net Revenues by Segment ($ in millions) $14,213 $12,224 $11,318 Global Banking $9,726 & Markets $6,354 $8,444 Asset & Wealth Management Platform Solutions $3,789 $4,387 $3,216 $698 $577 $564 1Q24 4Q23 1Q23 2

Global Banking & Markets Financial Results Global Banking & Markets Highlights 1Q24 net revenues were higher YoY vs. vs. — Investment banking fees reflected significantly higher net revenues in Debt underwriting, $ in millions 1Q24 4Q23 1Q23 Advisory and Equity underwriting Investment banking fees $ 2,080 26% 32% — FICC reflected significantly higher net revenues in financing and higher net revenues in intermediation FICC 4,323 113% 10% — Equities reflected higher net revenues in intermediation and slightly higher net revenues in financing 3,311 Investment banking fees backlog3 decreased QoQ, primarily in Advisory Equities 27% 10% 1Q24 select data3: Other 12 (80)% N.M. — Total assets of $1.45 trillion — Loan balance of $122 billion Net revenues 9,726 53% 15% — Net interest income of $243 million Provision for credit losses 96 (49)% (26)% Global Banking & Markets Net Revenues ($ in millions) Operating expenses 5,153 19% 11% Pre-tax earnings $ 4,477 145% 21% $9,726 $ 3,532 107% 18% $8,444 Net earnings $2,080 Investment $1,579 banking fees Net earnings to common $ 3,377 112% 17% $6,354 FICC $4,323 $1,652 Average common equity $ 75,000 1% 8% $3,931 Equities $2,034 Return on average common equity 18.0% 9.4pp 1.4pp Other $3,311 $2,607 $3,015 $12 $61 $(81) 1Q24 4Q23 1Q23 3

Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights 1Q24 Investment banking fees were significantly higher YoY vs. vs. — Advisory reflected an increase in completed mergers and acquisitions transactions $ in millions 1Q24 4Q23 1Q23 — Equity underwriting primarily reflected an increase in initial public and secondary offerings Advisory $ 1,011 1% 24% — Debt underwriting primarily reflected a significant increase in leveraged finance activity Equity underwriting 370 47% 45% 1Q24 FICC net revenues were higher YoY — FICC intermediation reflected significantly higher net revenues in mortgages and higher net Debt underwriting 699 77% 38% revenues in currencies and credit products, partially offset by lower net revenues in commodities and slightly lower net revenues in interest rate products Investment banking fees 2,080 26% 32% — FICC financing was a record and primarily reflected significantly higher net revenues from mortgages and structured lending FICC intermediation 3,471 168% 6% 1Q24 Equities net revenues were higher YoY — Equities intermediation reflected significantly higher net revenues in derivatives FICC financing 852 15% 31% — Equities financing net revenues were slightly higher; record average prime balances FICC 4,323 113% 10% Equities intermediation 1,989 32% 14% Equities financing 1,322 20% 4% Equities 3,311 27% 10% Other 12 (80)% N.M. Net revenues $ 9,726 53% 15% 4

Asset & Wealth Management Financial Results vs. vs. $ in millions 1Q24 4Q23 1Q23 Management and other fees: Asset management $ 1,113 2% 8% Wealth management 1,339 (1)% 7% Total Management and other fees 2,452 –7% Incentive fees 88 49% 66% Private banking and lending 682 3% 93% Equity investments 222 (74)% 87% Debt investments 345 (10)% (15)% Net revenues 3,789 (14)% 18% Provision for credit losses (22) (144)% 96% Operating expenses 2,934 (18)% (7)% Pre-tax earnings $ 877 8% 43% Net earnings $ 692 5% 40% Net earnings to common $ 653 3% 41% Average common equity $ 26,456 (5)% (19)% Return on average common equity 9.9% 0.8pp 4.2pp Asset & Wealth Management Highlights 1Q24 net revenues were higher YoY — Management and other fees primarily reflected the impact of higher average AUS — Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including the significant mark-down of the portfolio in 1Q23), partially offset by the impact of lower deposit spreads — Equity investments reflected: o Private: 1Q24 ~$330 million, compared to 1Q23 ~$35 million o Public: 1Q24 ~$(110) million, compared to 1Q23 ~$85 million — Debt investments reflected lower net interest income due to a reduction in the debt investments balance sheet 1Q24 select data3: — Total assets of $190 billion — Loan balance of $45 billion, of which $33 billion related to Private banking and lending — Net interest income of $691 million — Total Wealth management client assets6 of ~$1.5 trillion — Pre-tax margin of 23% Asset & Wealth Management Net Revenues ($ in millions) $4,387 $3,789 Management and other fees $3,216 Incentive $2,445 fees $2,452 Private banking and lending $59 $2,282 Equity $661 investments $88 Debt $682 $838 $53 investments $354 $222 $119 $345 $384 $408 1Q24 4Q23 1Q23 5

Asset & Wealth Management – Assets Under Supervision AUS Rollforward3 AUS by Asset Class3 $ in billions 1Q24 4Q23 1Q23 $ in billions 1Q24 4Q23 1Q23 Beginning balance $ 2,812 $ 2,680 $ 2,547 Alternative investments $ 296 $ 295 $ 268 Long-term AUS net inflows / (outflows) 24 51 8 Equity 713 658 597 Liquidity products (39) (37) 49 Fixed income 1,141 1,122 1,047 Total AUS net inflows / (outflows) (15) 14 57 Long-term AUS 2,150 2,075 1,912 Acquisitions / (dispositions) – (23) – Liquidity products 698 737 760 Net market appreciation / (depreciation) 51 141 68 Total AUS $ 2,848 $ 2,812 $ 2,672 Ending balance $ 2,848 $ 2,812 $ 2,672 AUS by Client Channel3 $ in billions 1Q24 4Q23 1Q23 AUS Highlights3 Institutional $ 1,048 $ 1,033 $ 939 Wealth management 845 798 745 During the quarter, AUS increased $36 billion to a record $2.85 trillion — Net market appreciation in equity assets Third-party distributed 955 981 988 Total AUS $ 2,848 $ 2,812 $ 2,672 — Net inflows in fixed income assets — Net outflows in liquidity products 1Q24 AUS by Region and Vehicle3 Total AUS net outflows of $15 billion during the quarter, of which: — $44 billion of net outflows in Third-party distributed client channel 7% 13% — $17 billion of net inflows in Wealth management client channel 23% — $12 billion of net inflows in Institutional client channel Region Vehicle 56% 31% 70%

Asset & Wealth Management – Alternative Investments Alternative Investments AUS and Effective Fees3 Alternative Investments Highlights3 1Q24 Management and other fees from alternative investments were $486 million, down 2% 1Q24 compared with 1Q23 $ in billions Average AUS Effective Fees (bps) During the quarter, alternative investments AUS increased $1 billion to $296 billion Corporate equity $ 109 78 1Q24 gross third-party alternatives fundraising across strategies was $14 billion, including: Credit 55 72 — $4 billion in corporate equity, $7 billion in credit, $1 billion in real estate and $2 billion in hedge Real estate 23 59 funds and other Hedge funds and other 66 62 — $265 billion raised since the end of 2019 Funds and discretionary accounts 253 71 During the quarter, on-balance sheet alternative investments declined by $2.2 billion to $44.0 billion Advisory accounts 42 17 — Historical principal investments5 declined by $1.5 billion to $14.8 billion and included $3.1 Total alternative investments AUS $ 295 63 billion of loans, $3.5 billion of debt securities, $3.8 billion of equity securities and $4.4 billion of CIE investments and other On-Balance Sheet Alternative Investments3 Historical Principal Investments Rollforward3,5 ($ in billions) $ in billions 1Q24 $ in billions 1Q24 Loans $ 12.1 Client co-invest $ 20.5 $16.3 $(0.1) $0.2 $(1.6) Debt securities 10.4 Firmwide initiatives / CRA investments 8.7 $14.8 Equity securities 13.1 Historical principal investments5 14.8 CIE investments and other7 8.4 Total On-B/S alternative investments $ 44.0 Total On-B/S alternative investments $ 44.0 Historical principal investments ($ in billions) $29.7 $9bn $16.3 $14.8 Attributed $6bn $5bn Equity Attributed Attributed Equity Equity YE22 YE23 1Q24 7

Platform Solutions Financial Results Platform Solutions Highlights 1Q24 net revenues were higher YoY vs. vs. — Consumer platforms primarily reflected higher average credit card balances and higher $ in millions 1Q24 4Q23 1Q23 average deposit balances Consumer platforms $ 618 23% 26% — Transaction banking and other reflected higher deposit spreads 1Q24 provision for credit losses of $244 million reflected net provisions related to the credit card Transaction banking and other 80 10% 8% portfolio (driven by net charge-offs) 1Q24 select data3: Net revenues 698 21% 24% — Total assets of $59 billion Provision for credit losses 244 (39)% (8)% — Loan balance of $17 billion — Net interest income of $674 million Operating expenses 571 1% (6)% Pre-tax earnings / (loss) $ (117) 70% 62% Platform Solutions Net Revenues ($ in millions) Net earnings / (loss) $ (92) 74% 63% Net earnings / (loss) to common $ (99) 73% 61% $698 Average common equity $ 4,734 30% 20% $577 $564 Return on average common equity (8.4)% 31.3pp 17.3pp Consumer platforms $618 Transaction $504 $490 banking and other $80 $73 $74 1Q24 4Q23 1Q23 8

Loans and Net Interest Income Loans by Segment3 ($ in billions) Loans by Type3 Metrics $184 $183 $178 $ in billions 1Q24 4Q23 1Q23 2.8% Corporate $ 36 $ 36 $ 40 ALLL to Total Gross Loans, at Commercial real estate 27 26 29 Amortized Cost Residential real estate 24 25 22 1.6% $122 $117 $109 Global Banking & Markets Securities-based lending 14 15 16 ALLL to Gross Wholesale Loans, at Other collateralized lending 67 62 53 Amortized Cost Asset & Wealth Management Installment – 3 6 13.7% Credit cards 19 19 15 ALLL to Gross $53 Platform Consumer Loans, at $45 $46 Solutions Other 2 2 2 Amortized Cost Allowance for loan losses (5) (5) (5) ~80% $17 $20 $16 Total loans $ 184 $ 183 $ 178 Gross Loans 1Q24 4Q23 1Q23 Secured Net Interest Income by Segment ($ in millions) Loans and Net Interest Income Highlights3 ??1Q24 loans increased slightly QoQ $1,781 — Gross loans by type: $178 billion—amortized cost, $6 billion—fair value, $5 billion—held for sale $1,608 — Average loans of $185 billion $243 $347 — Total allowance for loan losses and losses on lending commitments was $5.54 billion ($4.90 $1,339 billion for funded loans) $22 Global Banking o $3.18 billion for wholesale loans, $2.36 billion for consumer loans & Markets $691 — Net charge-offs of $380 million for an annualized net charge-off rate of 0.9% $697 $886 Asset & Wealth Management o 0.0% for wholesale loans, 8.4% for consumer loans ??1Q24 net interest income decreased 10% YoY, reflecting an increase in funding costs supporting Platform Solutions trading activities $674 $620 — 1Q24 average interest-earning assets of $1.53 trillion $548 1Q24 4Q23 1Q23 9

Commercial Real Estate (CRE) 1Q24 Firmwide Loans, Net of ALLL3 1Q24 AWM On-Balance Sheet Alternative Investments3 $ in billions 1Q24 $ in billions CRE-related Office-related Warehouse / other indirect $12 Loans (included in firmwide loans) $ 1.6 $ 0.2 Industrials $3 Multifamily $3 $26 Hospitality $2 Debt securities $ 0.5 $ 0.1 Mixed use $1 Office $1 Other $4 Equity securities $ 3.8 $ 0.3 CIE investments7 $ 4.7 / 2.0 $ 0.6 CRE loans Other loans gross / net net of financings of financings 14.1% 2.4% 0.3% CRE Loans to Past Due (30+ days) Ratio 1Q24 Annualized Total Loans, Net of on CRE Loans, at Net Charge-Off Ratio ALLL Amortized Cost on CRE Loans, at Amortized Cost 50% of the CRE loan portfolio was investment-grade, based on internally determined public Office-related exposures were primarily secured by Class A office properties rating agency equivalents ~36% of the CRE-related on-balance sheet alternative investments consisted of historical Office-related loans were primarily secured by Class A office properties principal investments, which the firm intends to exit over the medium term5 Additionally, the firm has $3.4 billion of CRE-related unfunded lending commitments, including $0.6 billion of office-related commitments 10

Expenses Financial Results Expense Highlights ??1Q24 total operating expenses were slightly higher YoY vs. vs. — Compensation and benefits expenses were higher, reflecting improved operating $ in millions 1Q24 4Q23 1Q23 performance Compensation and benefits $ 4,585 27% 12% — Non-compensation expenses were lower, reflecting: o Significantly lower impairments related to consolidated real estate investments (in Transaction based 1,497 3% 7% depreciation and amortization) o Partially offset by higher transaction based expenses and an incremental expense for the FDIC special assessment fee of $78 million (in other expenses) Market development 153 (13)% (11)% ??The effective income tax rate for 1Q24 was 21.1%, up from the full year rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by changes in the Communications and technology 470 (7)% 1% geographic mix of earnings Depreciation and amortization 627 (20)% (35)% Efficiency Ratio3 Occupancy 247 (8)% (7)% Professional fees 384 (18)% – 68.7% 60.9% Other expenses 695 (44)% 7% Total operating expenses $ 8,658 2% 3% Provision for taxes $ 1,105 349% 46% Effective Tax Rate 21.1% 1Q24 1Q23 11

Capital and Balance Sheet Capital3 Capital and Balance Sheet Highlights3 ??Standardized CET1 capital ratio increased QoQ, reflecting an increase in CET1 capital 1Q24 4Q23??Advanced CET1 capital ratio increased QoQ, primarily reflecting a decrease in credit RWAs and an increase in CET1 capital Standardized CET1 capital ratio 14.7% 14.4% ??Returned $2.43 billion of capital to common shareholders during the quarter Advanced CET1 capital ratio 15.9% 14.9% — 3.9 million common shares repurchased for a total cost of $1.50 billion — $929 million of common stock dividends Supplementary leverage ratio (SLR) 5.4% 5.5% ??Deposits of $441 billion consisted of consumer $174 billion, private bank $101 billion, transaction banking $64 billion, brokered CDs $42 billion, deposit sweep programs $31 billion and other $29 billion??BVPS increased 2.4% QoQ, driven by net earnings Selected Balance Sheet Data3 Book Value $ in billions 1Q24 4Q23 In millions, except per share amounts 1Q24 4Q23 Total assets $ 1,698 $ 1,642 Basic shares3 334.3 337.1 Deposits $ 441 $ 428 Book value per common share $ 321.10 $ 313.56 Unsecured long-term borrowings $ 234 $ 242 Tangible book value per common share1 $ 300.40 $ 292.52 Shareholders’ equity $ 118 $ 117 Average GCLA $ 423 $ 414 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, 2023. 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 and the achievability of 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, and the potential impact of changes to U.S. regulatory capital rules), (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 2024 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments and the firm’s ability to transition the GM credit card 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 and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively 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 (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, including due to, among other things, potential future changes to regulatory capital rules, which may not be what the firm expects. 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 tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or 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 those in Ukraine and the Middle East, 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 2024 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 and the impact of the conflict in the Middle East 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 or pending sales of Asset & Wealth Management historical principal investments 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 proposed and pending sales, and statements about the process to transition the GM credit card are subject to the risk that a transaction may not close on the anticipated timeline or at all, including due to a failure to obtain requisite regulatory approvals. 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 Unaudited, $ in millions MARCH 31, 2024 MARCH 31, 2024 DECEMBER 31, 2023 MARCH 31, 2023 Total shareholders’ equity $ 117,393 $ 118,546 $ 116,905 $ 117,509 Preferred stock (11,203) (11,203) (11,203) (10,703) Common shareholders’ equity 106,190 107,343 105,702 106,806 Goodwill (5,903) (5,897) (5,916) (6,439) Identifiable intangible assets (1,124) (1,021) (1,177) (1,965) Tangible common shareholders’ equity $ 99,163 $ 100,425 $ 98,609 $ 98,402 2. Dealogic – January 1, 2024 through March 31, 2024. 3. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2023: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets”, (ii) assets under supervision (AUS) – 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 II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 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.” Represents a preliminary estimate for the first quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2024. 4. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capital-intensive business. In 1Q24, the FDIC notified banks subject to the special assessment fee that the estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank has increased. As a result, the firm recognized an incremental pre-tax expense of $78 million. Net earnings reflects the effective income tax rate for the respective segment of each item. 14

Footnotes—Continued 5. 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). 6. Consists of AUS, brokerage assets and Marcus deposits. 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 $5 billion as of March 31, 2024 and $6 billion as of December 31, 2023 were funded with liabilities of approximately $3 billion as of both March 31, 2024 and December 31, 2023. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 15

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Document and Entity Information	Apr. 15, 2024
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	Apr. 15, 2024
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 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 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 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
Fixed Income Interest Rate [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
M 5.793 Fixed To Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Ii [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 Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Iii [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
Medium Term Notes Series F 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
Medium Term Notes Series F 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