GOLDMAN SACHS GROUP INC (GS)

Goldman Sachs (The Goldman Sachs Group, Inc.) is a leading global financial institution that provides a broad range of financial services to a large and diversified client base of corporations, financial institutions, governments and individuals. Its stated purpose is to advance sustainable economic growth and financial opportunity, and its One Goldman Sachs initiative aims to deliver the firm's full range of services and expertise to clients across businesses and product areas. Group Inc. is a Delaware corporation and a bank holding company and financial holding company regulated by the Federal Reserve Board. Its U.S. depository institution subsidiary, Goldman Sachs Bank USA, is a New York State-chartered bank.

The firm reports three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets earns revenue from investment banking fees (advisory, equity underwriting and debt underwriting), Fixed Income, Currency and Commodities (FICC) intermediation and financing, and Equities intermediation and financing. It also earns revenue from relationship lending and acquisition financing, related investing activities and transaction banking. FICC intermediation covers interest rate products, credit products, mortgages, currencies and commodities. FICC financing includes structured secured lending, resale agreements and commodity financing. Equities intermediation covers market making in equity and equity-related products such as ETFs, convertible securities, options, futures and OTC derivatives. Asset & Wealth Management earns management and other fees, incentive fees, and revenues from private banking and lending and from investments. It is moving from direct balance sheet investments toward a scaled, third-party funds-driven business. Substantially all Platform Solutions revenues come from issuing credit cards to, and raising deposits from, Apple Card customers, along with exited businesses. Beginning in the fourth quarter of 2025, the firm changed its segment reporting as it narrowed its strategic focus on consumer-related activities. Transaction banking moved into Global Banking & Markets, and Urban Investment Group results, tied to Community Reinvestment Act requirements, are now allocated across all three segments.

Global Banking & Markets serves public and private sector institutional clients, including corporations, governments, states and municipalities. These include companies raising capital or pursuing mergers, divestitures, restructurings and spin-offs, professional market participants, and investment entities whose ultimate clients are individual investors. Advisory and underwriting activities are the main initial point of contact. Asset & Wealth Management serves clients through its management, private banking and investment activities, and Platform Solutions serves Apple Card customers. The firm acts as a market maker across thousands of products in major asset classes worldwide, and also makes markets in and clears client transactions on major stock, options and futures exchanges globally. It executes both high-volume trades in liquid markets and trades in less liquid markets, and structures customized products for clients' risk and investment needs.

The firm serves clients through a global sales force and technology platforms, including Marquee, which gives institutional investors market intelligence, risk analytics, proprietary datasets and trade execution across asset classes. Its Global Investment Research business supports these activities, covering about 3,000 companies, about 50 national economies, and industries, currencies and commodities as of December 2025. In market making, the firm commits capital and holds inventory positions, typically for short periods, in response to or in anticipation of client demand.