For the fiscal year ended December 31, | Commission File Number: 001-14965 |
Delaware | 13-4019460 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
200 West Street, | |||
New York, N.Y. | 10282 | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | 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 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 Non-Cumulative Preferred Stock, Series K | GS PrK | NYSE | ||||
5.793% Fixed-to-Floating | GS/43PE | NYSE | ||||
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | GS/43PF | NYSE | ||||
Medium-Term Notes, Series | NYSE | |||||
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
Form 10-K Item Number | Page No. | |||
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Goldman Sachs |
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Goldman Sachs |
Goldman Sachs 2021 Form 10-K | 1 |
2 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 3 |
4 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | ||
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Goldman Sachs |
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Goldman Sachs |
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Goldman Sachs |
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Goldman Sachs |
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Goldman Sachs |
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Goldman Sachs |
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Goldman Sachs |
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52 | Goldman Sachs 2021 Form 10-K |
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Goldman Sachs 2021 Form 10-K | 55 |
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Maximum Shares That May Yet Be Purchased Under the Program | Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Maximum Shares That May Yet Be Purchased Under the Program | |||||||||||||||||||||||||
October | 5,607,574 | $206.69 | 5,607,574 | 62,411,047 | 1,214,611 | $411.65 | 1,214,611 | 34,390,960 | ||||||||||||||||||||||||
November | 4,560,133 | $220.03 | 4,560,133 | 57,850,914 | – | – | – | 34,390,960 | ||||||||||||||||||||||||
December | – | – | – | 57,850,914 | – | – | – | 34,390,960 | ||||||||||||||||||||||||
Total | 10,167,707 | 10,167,707 | 1,214,611 | 1,214,611 |
Goldman Sachs 2021 Form 10-K | ||
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
58 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 59 |
60 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 61 |
62 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 63 |
Year Ended December | ||||||||||||
$ in millions, except per share amounts | 2019 | 2018 | 2017 | |||||||||
Net revenues | $36,546 | $36,616 | $32,730 | |||||||||
Pre-tax earnings | $10,583 | $12,481 | $11,132 | |||||||||
Net earnings | $ 8,466 | $10,459 | $ 4,286 | |||||||||
Net earnings to common | $ 7,897 | $ 9,860 | $ 3,685 | |||||||||
Diluted earnings per common share | $ 21.03 | $ 25.27 | $ 9.01 | |||||||||
ROE | 10.0% | 13.3% | 4.9% | |||||||||
ROTE | 10.6% | 14.1% | 5.2% | |||||||||
Net earnings to average total assets | 0.9% | 1.1% | 0.5% | |||||||||
Return on average total shareholders’ equity | 9.4% | 12.3% | 5.0% | |||||||||
Average equity to average assets | 9.3% | 8.8% | 9.5% | |||||||||
Dividend payout ratio | 19.7% | 12.5% | 32.2% |
Year Ended December | ||||||||||||
$ in millions, except per share amounts | 2021 | 2020 | 2019 | |||||||||
Net revenues | $59,339 | $44,560 | $36,546 | |||||||||
Pre-tax earnings | $27,044 | $12,479 | $10,583 | |||||||||
Net earnings | $21,635 | $ 9,459 | $ 8,466 | |||||||||
Net earnings to common | $21,151 | $ 8,915 | $ 7,897 | |||||||||
Diluted EPS | $ 59.45 | $ 24.74 | $ 21.03 | |||||||||
ROE | 23.0% | 11.1% | 10.0% | |||||||||
ROTE | 24.3% | 11.8% | 10.6% | |||||||||
Net earnings to average assets | 1.6% | 0.8% | 0.9% | |||||||||
Return on average shareholders’ equity | 21.3% | 10.3% | 9.4% | |||||||||
Average equity to average assets | 7.4% | 8.2% | 9.3% | |||||||||
Dividend payout ratio | 10.9% | 20.2% | 19.7% |
Average for the Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Total shareholders’ equity | $ 90,297 | $ 85,238 | $ 85,959 | |||||||||
Preferred stock | (11,203 | ) | (11,253 | ) | (11,238 | ) | ||||||
Common shareholders’ equity | $ 79,094 | $ 73,985 | $ 74,721 | |||||||||
Goodwill and identifiable intangible assets | (4,464 | ) | (4,090 | ) | (4,065 | ) | ||||||
Tangible common shareholders’ equity | $ 74,630 | $ 69,895 | $ 70,656 |
Year Ended December | ||||||||
in millions, except per share amounts | 2018 | 2017 | ||||||
Net earnings to common, as reported | $9,860 | $3,685 | ||||||
Impact of Tax Legislation | (487 | ) | 4,400 | |||||
Net earnings to common, excluding the impact of Tax Legislation | $9,373 | $8,085 | ||||||
Divided by average diluted common shares | 390.2 | 409.1 | ||||||
Diluted earnings per common share, excluding the impact of Tax Legislation | $24.02 | $19.76 |
Average for the Year Ended December | ||||||||
$ in millions | 2018 | 2017 | ||||||
Common shareholders’ equity, as reported | $73,985 | $74,721 | ||||||
Impact of Tax Legislation | (42 | ) | 338 | |||||
Common shareholders’ equity, excluding the impact of Tax Legislation | $73,943 | $75,059 | ||||||
Goodwill and identifiable intangible assets | (4,090 | ) | (4,065 | ) | ||||
Tangible common shareholders’ equity, excluding the impact of Tax Legislation | $69,853 | $70,994 |
Average for the Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Total shareholders’ equity | $101,705 | $ 91,779 | $ 90,297 | |||||||||
Preferred stock | (9,876 | ) | (11,203 | ) | (11,203 | ) | ||||||
Common shareholders’ equity | 91,829 | 80,576 | 79,094 | |||||||||
Goodwill | (4,327 | ) | (4,238 | ) | (3,965 | ) | ||||||
Identifiable intangible assets | (536 | ) | (617 | ) | (499 | ) | ||||||
Tangible common shareholders equity | $ 86,966 | $ 75,721 | $ 74,630 |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Investment banking | $ 6,798 | $ 7,430 | $ 7,076 | |||||||||
Investment management | 6,189 | 6,590 | 5,867 | |||||||||
Commissions and fees | 2,988 | 3,199 | 3,051 | |||||||||
Market making | 10,157 | 9,724 | 7,853 | |||||||||
Other principal transactions | 6,052 | 5,906 | 5,951 | |||||||||
Total non-interest revenues | 32,184 | 32,849 | 29,798 | |||||||||
Interest income | 21,738 | 19,679 | 13,113 | |||||||||
Interest expense | 17,376 | 15,912 | 10,181 | |||||||||
Net interest income | 4,362 | 3,767 | 2,932 | |||||||||
Total net revenues | $36,546 | $36,616 | $32,730 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Investment banking | $14,168 | $ 9,141 | $ 6,798 | |||||||||
Investment management | 8,059 | 6,923 | 6,189 | |||||||||
Commissions and fees | 3,619 | 3,548 | 2,988 | |||||||||
Market making | 15,352 | 15,546 | 10,157 | |||||||||
Other principal transactions | 11,671 | 4,651 | 6,052 | |||||||||
Total non-interest revenues | 52,869 | 39,809 | 32,184 | |||||||||
Interest income | 12,120 | 13,689 | 21,738 | |||||||||
Interest expense | 5,650 | 8,938 | 17,376 | |||||||||
Net interest income | 6,470 | 4,751 | 4,362 | |||||||||
Total net revenues | $59,339 | $44,560 | $36,546 |
64 | ||
Goldman Sachs |
Goldman Sachs 2021 Form 10-K | ||
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Provision for credit losses | $ 1,065 | $ 674 | $ 657 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Provision for credit losses | $357 | $3,098 | $1,065 |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Compensation and benefits | $12,353 | $12,328 | $11,653 | |||||||||
Brokerage, clearing, exchange and distribution fees | 3,252 | 3,200 | 2,876 | |||||||||
Market development | 739 | 740 | 588 | |||||||||
Communications and technology | 1,167 | 1,023 | 897 | |||||||||
Depreciation and amortization | 1,704 | 1,328 | 1,152 | |||||||||
Occupancy | 1,029 | 809 | 733 | |||||||||
Professional fees | 1,316 | 1,214 | 1,165 | |||||||||
Other expenses | 3,338 | 2,819 | 1,877 | |||||||||
Total operating expenses | $24,898 | $23,461 | $20,941 | |||||||||
Headcount at period-end | 38,300 | 36,600 | 33,600 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Compensation and benefits | $17,719 | $13,309 | $12,353 | |||||||||
Transaction based | 4,710 | 4,141 | 3,513 | |||||||||
Market development | 553 | 401 | 739 | |||||||||
Communications and technology | 1,573 | 1,347 | 1,167 | |||||||||
Depreciation and amortization | 2,015 | 1,902 | 1,704 | |||||||||
Occupancy | 981 | 960 | 1,029 | |||||||||
Professional fees | 1,648 | 1,306 | 1,316 | |||||||||
Other expenses | 2,739 | 5,617 | 3,077 | |||||||||
Total operating expenses | $31,938 | $28,983 | $24,898 | |||||||||
Headcount at period-end | 43,900 | 40,500 | 38,300 |
66 | ||
Goldman Sachs |
$ in millions | Investment Banking | Global Markets | Asset Management | Consumer & Wealth Management | Total | |||||||||||||||
As of December 2019 | ||||||||||||||||||||
Cash and cash equivalents | $25,301 | $ 82,819 | $ 6,756 | $18,670 | $133,546 | |||||||||||||||
Collateralized agreements | 13,376 | �� | 196,278 | 3,433 | 8,675 | 221,762 | ||||||||||||||
Customer and other receivables | 3,576 | 63,277 | 1,579 | 6,173 | 74,605 | |||||||||||||||
Trading assets | 20,737 | 316,242 | 5,266 | 13,087 | 355,332 | |||||||||||||||
Investments | 854 | 25,937 | 37,096 | 50 | 63,937 | |||||||||||||||
Loans | 26,565 | 31,111 | 17,101 | 34,127 | 108,904 | |||||||||||||||
Other assets | 1,600 | 9,396 | 20,871 | 3,015 | 34,882 | |||||||||||||||
Total assets | $92,009 | $725,060 | $92,102 | $83,797 | $992,968 | |||||||||||||||
As of December 2018 | ||||||||||||||||||||
Cash and cash equivalents | $24,007 | $ 82,521 | $ 8,357 | $15,662 | $130,547 | |||||||||||||||
Collateralized agreements | 18,619 | 238,682 | 6,481 | 10,761 | 274,543 | |||||||||||||||
Customer and other receivables | 4,199 | 60,201 | 1,486 | 6,569 | 72,455 | |||||||||||||||
Trading assets | 14,925 | 250,512 | 4,949 | 9,809 | 280,195 | |||||||||||||||
Investments | 493 | 14,249 | 32,435 | 47 | 47,224 | |||||||||||||||
Loans | 26,020 | 28,876 | 13,956 | 28,985 | 97,837 | |||||||||||||||
Other assets | 1,188 | 8,661 | 17,339 | 1,807 | 28,995 | |||||||||||||||
Total assets | $89,451 | $683,702 | $85,003 | $73,640 | $931,796 |
As of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
Investment Banking | $ | $ | ||||||
Global Markets | 1,082,378 | 844,606 | ||||||
Asset Management | 91,115 | 95,751 | ||||||
Consumer & Wealth Management | 146,338 | 106,429 | ||||||
Total | $1,463,988 | $1,163,028 |
Year Ended December | Year Ended December | |||||||||||||||||||||||
$ in millions | 2019 | 2018 | 2017 | 2021 | 2020 | 2019 | ||||||||||||||||||
Investment Banking | ||||||||||||||||||||||||
Net revenues | $ 7,599 | $ 8,178 | $ 7,459 | $14,876 | $ 9,423 | $ 7,599 | ||||||||||||||||||
Provision for credit losses | 333 | 124 | 34 | (298 | ) | 1,624 | 333 | |||||||||||||||||
Operating expenses | 4,685 | 4,473 | 3,613 | 6,705 | 6,134 | 4,685 | ||||||||||||||||||
Pre-tax earnings | $ 2,581 | $ 3,581 | $ 3,812 | $ 8,469 | $ 1,665 | $ 2,581 | ||||||||||||||||||
Net earnings to common | $ 1,996 | $ 2,924 | $ 1,394 | $ 6,705 | $ 1,193 | $ 1,996 | ||||||||||||||||||
Average common equity | $11,167 | $ 8,737 | $ 8,753 | $10,341 | $11,313 | $11,167 | ||||||||||||||||||
Return on average common equity | 17.9% | 33.5% | 15.9% | 64.8% | 10.5% | 17.9% | ||||||||||||||||||
Global Markets | ||||||||||||||||||||||||
Net revenues | $14,779 | $14,438 | $12,295 | $22,077 | $21,157 | $14,779 | ||||||||||||||||||
Provision for credit losses | 35 | 52 | 178 | 45 | 274 | 35 | ||||||||||||||||||
Operating expenses | 10,851 | 10,585 | 9,981 | 12,969 | 12,806 | 10,851 | ||||||||||||||||||
Pre-tax earnings | $ 3,893 | $ 3,801 | $ 2,136 | $ 9,063 | $ 8,077 | $ 3,893 | ||||||||||||||||||
Net earnings to common | $ 2,729 | $ 2,796 | $ 397 | $ 6,973 | $ 5,766 | $ 2,729 | ||||||||||||||||||
Average common equity | $40,060 | $41,237 | $44,448 | $45,497 | $40,760 | $40,060 | ||||||||||||||||||
Return on average common equity | 6.8% | 6.8% | 0.9% | 15.3% | 14.1% | 6.8% | ||||||||||||||||||
Asset Management | ||||||||||||||||||||||||
Net revenues | $ 8,965 | $ 8,835 | $ 8,530 | $14,916 | $ 7,984 | $ 8,965 | ||||||||||||||||||
Provision for credit losses | 274 | 160 | 322 | 18 | 442 | 274 | ||||||||||||||||||
Operating expenses | 4,817 | 4,179 | 3,773 | 5,970 | 5,142 | 4,817 | ||||||||||||||||||
Pre-tax earnings | $ 3,874 | $ 4,496 | $ 4,435 | $ 8,928 | $ 2,400 | $ 3,874 | ||||||||||||||||||
Net earnings to common | $ 3,013 | $ 3,668 | $ 1,639 | $ 7,046 | $ 1,740 | $ 3,013 | ||||||||||||||||||
Average common equity | $21,575 | $19,061 | $16,904 | $25,195 | $20,491 | $21,575 | ||||||||||||||||||
Return on average common equity | 14.0% | 19.2% | 9.7% | 28.0% | 8.5% | 14.0% | ||||||||||||||||||
Consumer & Wealth Management | Consumer & Wealth Management | |||||||||||||||||||||||
Net revenues | $ 5,203 | $ 5,165 | $ 4,446 | $ 7,470 | $ 5,996 | $ 5,203 | ||||||||||||||||||
Provision for credit losses | 423 | 338 | 123 | 592 | 758 | 423 | ||||||||||||||||||
Operating expenses | 4,545 | 4,224 | 3,574 | 6,294 | 4,901 | 4,545 | ||||||||||||||||||
Pre-tax earnings | $ | $ 603 | $ 749 | $ | $ | $ | ||||||||||||||||||
Net earnings to common | $ | $ 472 | $ 255 | $ | $ | $ | ||||||||||||||||||
Average common equity | $ 6,292 | $ 4,950 | $ 4,616 | $10,796 | $ 8,012 | $ 6,292 | ||||||||||||||||||
Return on average common equity | 2.5% | 9.5% | 5.5% | 4.0% | 2.7% | 2.5% | ||||||||||||||||||
Total net revenues | $36,546 | $36,616 | $32,730 | $59,339 | $44,560 | $36,546 | ||||||||||||||||||
Total provision for credit losses | 1,065 | 674 | 657 | 357 | 3,098 | 1,065 | ||||||||||||||||||
Total operating expenses | 24,898 | 23,461 | 20,941 | 31,938 | 28,983 | 24,898 | ||||||||||||||||||
Total pre-tax earnings | $10,583 | $12,481 | $11,132 | $27,044 | $12,479 | $10,583 | ||||||||||||||||||
Net earnings to common | $ 7,897 | $ 9,860 | $ 3,685 | $21,151 | $ 8,915 | $ 7,897 | ||||||||||||||||||
Average common equity | $79,094 | $73,985 | $74,721 | $91,829 | $80,576 | $79,094 | ||||||||||||||||||
Return on average common equity | 10.0% | 13.3% | 4.9% | 23.0% | 11.1% | 10.0% |
Goldman Sachs 2021 Form 10-K | 67 |
As of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
Cash and cash equivalents | $ 64,437 | $ 34,730 | ||||||
Collateralized agreements | 21,354 | 20,242 | ||||||
Customer and other receivables | 5,248 | 2,465 | ||||||
Trading assets | 20,338 | 29,493 | ||||||
Investments | 1,053 | 1,078 | ||||||
Loans | 29,555 | 26,544 | ||||||
Other assets | 2,172 | 1,690 | ||||||
Total | $144,157 | $116,242 |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Financial advisory | $ 3,197 | $3,444 | $3,161 | |||||||||
Equity underwriting | 1,482 | 1,628 | 1,235 | |||||||||
Debt underwriting | 2,119 | 2,358 | 2,680 | |||||||||
Underwriting | 3,601 | 3,986 | 3,915 | |||||||||
Corporate lending | 801 | 748 | 383 | |||||||||
Net revenues | 7,599 | 8,178 | 7,459 | |||||||||
Provision for credit losses | 333 | 124 | 34 | |||||||||
Operating expenses | 4,685 | 4,473 | 3,613 | |||||||||
Pre-tax earnings | 2,581 | 3,581 | 3,812 | |||||||||
Provision for taxes | 516 | 580 | 2,344 | |||||||||
Net earnings | 2,065 | 3,001 | 1,468 | |||||||||
Preferred stock dividends | 69 | 77 | 74 | |||||||||
Net earnings to common | $ 1,996 | $2,924 | $1,394 | |||||||||
Average common equity | $11,167 | $8,737 | $8,753 | |||||||||
Return on average common equity | 17.9% | 33.5% | 15.9% |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Financial advisory | $ 5,653 | $ 3,065 | $ 3,197 | |||||||||
Equity underwriting | 5,011 | 3,406 | 1,482 | |||||||||
Debt underwriting | 3,504 | 2,670 | 2,119 | |||||||||
Underwriting | 8,515 | 6,076 | 3,601 | |||||||||
Corporate lending | 708 | 282 | 801 | |||||||||
Net revenues | 14,876 | 9,423 | 7,599 | |||||||||
Provision for credit losses | (298 | ) | 1,624 | 333 | ||||||||
Operating expenses | 6,705 | 6,134 | 4,685 | |||||||||
Pre-tax earnings | 8,469 | 1,665 | 2,581 | |||||||||
Provision for taxes | 1,694 | 403 | 516 | |||||||||
Net earnings | 6,775 | 1,262 | 2,065 | |||||||||
Preferred stock dividends | 70 | 69 | 69 | |||||||||
Net earnings to common | $ 6,705 | $ 1,193 | $ 1,996 | |||||||||
Average common equity | $10,341 | $11,313 | $11,167 | |||||||||
Return on average common equity | 64.8% | 10.5% | 17.9% |
Year Ended December | ||||||||||||
$ in billions | 2019 | 2018 | 2017 | |||||||||
Announced mergers and acquisitions | $ 1,401 | $1,274 | $ 869 | |||||||||
Completed mergers and acquisitions | $ 1,256 | $1,168 | $ 942 | |||||||||
Equity and equity-related offerings | $ 68 | $ 67 | $ 69 | |||||||||
Debt offerings | $ | $ 256 | $ 289 |
Year Ended December | ||||||||||||
$ in billions | 2021 | 2020 | 2019 | |||||||||
Announced mergers and acquisitions | $ 1,851 | $ | $ 1,350 | |||||||||
Completed mergers and acquisitions | $ 1,581 | $ 1,033 | $ 1,270 | |||||||||
Equity and equity-related offerings | $ | $ | $ | |||||||||
Debt offerings | $ | $ | $ |
68 | ||
Goldman Sachs |
Goldman Sachs 2021 Form 10-K | 69 |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
FICC intermediation | $ 6,009 | $ 5,737 | $ 5,067 | |||||||||
FICC financing | 1,379 | 1,248 | 1,151 | |||||||||
FICC | 7,388 | 6,985 | 6,218 | |||||||||
Equities intermediation | 4,374 | 4,681 | 4,000 | |||||||||
Equities financing | 3,017 | 2,772 | 2,077 | |||||||||
Equities | 7,391 | 7,453 | 6,077 | |||||||||
Net revenues | 14,779 | 14,438 | 12,295 | |||||||||
Provision for credit losses | 35 | 52 | 178 | |||||||||
Operating expenses | �� | 10,851 | 10,585 | 9,981 | ||||||||
Pre-tax earnings | 3,893 | 3,801 | 2,136 | |||||||||
Provision for taxes | 779 | 616 | 1,313 | |||||||||
Net earnings | 3,114 | 3,185 | 823 | |||||||||
Preferred stock dividends | 385 | 389 | 426 | |||||||||
Net earnings to common | $ 2,729 | $ 2,796 | $ 397 | |||||||||
Average common equity | $40,060 | $41,237 | $44,448 | |||||||||
Return on average common equity | 6.8% | 6.8% | 0.9% |
70 | ||
Goldman Sachs |
As of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
Cash and cash equivalents | $ | $ 86,663 | ||||||
Collateralized agreements | 343,535 | 212,711 | ||||||
Customer and other receivables | 142,547 | 110,473 | ||||||
Trading assets | 337,040 | 339,349 | ||||||
Investments | 55,285 | 52,929 | ||||||
Loans | 60,916 | 33,214 | ||||||
Other assets | 11,665 | 9,267 | ||||||
Total | $1,082,378 | $844,606 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
FICC intermediation | $ 8,647 | $ 9,991 | $ 6,009 | |||||||||
FICC financing | 1,937 | 1,593 | 1,379 | |||||||||
FICC | 10,584 | 11,584 | 7,388 | |||||||||
Equities intermediation | 7,574 | 6,989 | 4,374 | |||||||||
Equities financing | 3,919 | 2,584 | 3,017 | |||||||||
Equities | 11,493 | 9,573 | 7,391 | |||||||||
Net revenues | 22,077 | 21,157 | 14,779 | |||||||||
Provision for credit losses | 45 | 274 | 35 | |||||||||
Operating expenses | 12,969 | 12,806 | 10,851 | |||||||||
Pre-tax earnings | 9,063 | 8,077 | 3,893 | |||||||||
Provision for taxes | 1,813 | 1,955 | 779 | |||||||||
Net earnings | 7,250 | 6,122 | 3,114 | |||||||||
Preferred stock dividends | 277 | 356 | 385 | |||||||||
Net earnings to common | $ 6,973 | $ 5,766 | $ 2,729 | |||||||||
Average common equity | $45,497 | $40,760 | $40,060 | |||||||||
Return on average common equity | 15.3% | 14.1% | 6.8% |
$ in millions | FICC | Equities | Global Markets | |||||||||
Year Ended December 2019 | ||||||||||||
Market making | $5,813 | $4,344 | $10,157 | |||||||||
Commissions and fees | – | 2,900 | 2,900 | |||||||||
Other principal transactions | 1 | 51 | 52 | |||||||||
Net interest income | 1,574 | 96 | 1,670 | |||||||||
Total net revenues | $7,388 | $7,391 | $14,779 | |||||||||
Year Ended December 2018 | ||||||||||||
Market making | $5,531 | $4,193 | $ 9,724 | |||||||||
Commissions and fees | – | 3,055 | 3,055 | |||||||||
Other principal transactions | 19 | 33 | 52 | |||||||||
Net interest income | 1,435 | 172 | 1,607 | |||||||||
Total net revenues | $6,985 | $7,453 | $14,438 | |||||||||
Year Ended December 2017 | ||||||||||||
Market making | $4,612 | $3,241 | $ 7,853 | |||||||||
Commissions and fees | – | 2,920 | 2,920 | |||||||||
Other principal transactions | 60 | 20 | 80 | |||||||||
Net interest income | 1,546 | (104 | ) | 1,442 | ||||||||
Total net revenues | $6,218 | $6,077 | $12,295 |
$ in millions | FICC | Equities | | Global Markets | | |||||||
Year Ended December 2021 | ||||||||||||
Market making | $ 7,584 | $ 7,768 | $15,352 | |||||||||
Commissions and fees | – | 3,543 | 3,543 | |||||||||
Other principal transactions | 358 | 56 | 414 | |||||||||
Net interest income | 2,642 | 126 | 2,768 | |||||||||
Total | $10,584 | $11,493 | $22,077 | |||||||||
Year Ended December 2020 | ||||||||||||
Market making | $ 8,972 | $ 6,574 | $15,546 | |||||||||
Commissions and fees | – | 3,347 | 3,347 | |||||||||
Other principal transactions | 53 | (18 | ) | 35 | ||||||||
Net interest income | 2,559 | (330 | ) | 2,229 | ||||||||
Total | $11,584 | $ 9,573 | $21,157 | |||||||||
Year Ended December 2019 | ||||||||||||
Market making | $ 5,813 | $ 4,344 | $10,157 | |||||||||
Commissions and fees | – | 2,900 | 2,900 | |||||||||
Other principal transactions | 1 | 51 | 52 | |||||||||
Net interest income | 1,574 | 96 | 1,670 | |||||||||
Total | $ 7,388 | $ 7,391 | $14,779 |
Goldman Sachs 2021 Form 10-K | ||
As of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
Cash and cash equivalents | $16,636 | $ 8,635 | ||||||
Collateralized agreements | 5,227 | 4,749 | ||||||
Customer and other receivables | 946 | 1,261 | ||||||
Trading assets | 5,000 | 6,819 | ||||||
Investments | 32,318 | 34,386 | ||||||
Loans | 13,698 | 16,558 | ||||||
Other assets | 17,290 | 23,343 | ||||||
Total | $91,115 | $95,751 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Management and other fees | $ 2,883 | $ 2,785 | $ 2,600 | |||||||||
Incentive fees | 438 | 287 | 130 | |||||||||
Equity investments | 9,189 | 4,095 | 4,765 | |||||||||
Lending and debt investments | 2,406 | 817 | 1,470 | |||||||||
Net revenues | 14,916 | 7,984 | 8,965 | |||||||||
Provision for credit losses | 18 | 442 | 274 | |||||||||
Operating expenses | 5,970 | 5,142 | 4,817 | |||||||||
Pre-tax earnings | 8,928 | 2,400 | 3,874 | |||||||||
Provision for taxes | 1,785 | 581 | 775 | |||||||||
Net earnings | 7,143 | 1,819 | 3,099 | |||||||||
Preferred stock dividends | 97 | 79 | 86 | |||||||||
Net earnings to common | $ 7,046 | $ 1,740 | $ 3,013 | |||||||||
Average common equity | $25,195 | $20,491 | $21,575 | |||||||||
Return on average common equity | 28.0% | 8.5% | 14.0% |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Equity Type | ||||||||||||
Private equity | $ 9,266 | $ 2,417 | $ 4,288 | |||||||||
Public equity | (77 | ) | 1,678 | 477 | ||||||||
Total | $ 9,189 | $ 4,095 | $ 4,765 | |||||||||
Asset Class | ||||||||||||
Real estate | $ 2,489 | $ 1,621 | $ 2,384 | |||||||||
Corporate | 6,700 | 2,474 | 2,381 | |||||||||
Total | $ 9,189 | $ 4,095 | $ 4,765 |
72 | ||
Goldman Sachs |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Management and other fees | $ 2,600 | $ 2,612 | $ 2,329 | |||||||||
Incentive fees | 130 | 384 | 296 | |||||||||
Equity investments | 4,765 | 4,207 | 4,405 | |||||||||
Lending | 1,470 | 1,632 | 1,500 | |||||||||
Net revenues | 8,965 | 8,835 | 8,530 | |||||||||
Provision for credit losses | 274 | 160 | 322 | |||||||||
Operating expenses | 4,817 | 4,179 | 3,773 | |||||||||
Pre-tax earnings | 3,874 | 4,496 | 4,435 | |||||||||
Provision for taxes | 775 | 729 | 2,728 | |||||||||
Net earnings | 3,099 | 3,767 | 1,707 | |||||||||
Preferred stock dividends | 86 | 99 | 68 | |||||||||
Net earnings to common | $ 3,013 | $ 3,668 | $ 1,639 | |||||||||
Average common equity | $21,575 | $19,061 | $16,904 | |||||||||
Return on average common equity | 14.0% | 19.2% | 9.7% |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Fair value net gains/(losses) | $1,155 | $ (228 | ) | $ | ||||||||
Net interest income | 1,251 | 1,045 | 1,136 | |||||||||
Total | $2,406 | $ | $1,470 |
Goldman Sachs 2021 Form 10-K | 73 |
Year Ended December | ||||||||||||
$ in millions | 2019 | 2018 | 2017 | |||||||||
Management and other fees | $3,475 | $3,282 | $3,156 | |||||||||
Incentive fees | 81 | 446 | 121 | |||||||||
Private banking and lending | 783 | 826 | 790 | |||||||||
Wealth management | 4,339 | 4,554 | 4,067 | |||||||||
Consumer banking | 864 | 611 | 379 | |||||||||
Net revenues | 5,203 | 5,165 | 4,446 | |||||||||
Provision for credit losses | 423 | 338 | 123 | |||||||||
Operating expenses | 4,545 | 4,224 | 3,574 | |||||||||
Pre-tax earnings | 235 | 603 | 749 | |||||||||
Provision for taxes | 47 | 97 | 461 | |||||||||
Net earnings | 188 | 506 | 288 | |||||||||
Preferred stock dividends | 29 | 34 | 33 | |||||||||
Net earnings to common | $ 159 | $ 472 | $ 255 | |||||||||
Average common equity | $6,292 | $4,950 | $4,616 | |||||||||
Return on average common equity | 2.5% | 9.5% | 5.5% |
As of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
Cash and cash equivalents | $ 48,573 | $ 25,814 | ||||||
Collateralized agreements | 14,358 | 12,518 | ||||||
Customer and other receivables | 11,932 | 7,132 | ||||||
Trading assets | 13,538 | 17,969 | ||||||
Investments | 63 | 52 | ||||||
Loans | 54,393 | 39,799 | ||||||
Other assets | 3,481 | 3,145 | ||||||
Total | $146,338 | $106,429 |
Year Ended December | ||||||||||||
$ in millions | 2021 | 2020 | 2019 | |||||||||
Management and other fees | $ 4,691 | $3,889 | $3,475 | |||||||||
Incentive fees | 178 | 114 | 81 | |||||||||
Private banking and lending | 1,109 | 780 | 783 | |||||||||
Wealth management | 5,978 | 4,783 | 4,339 | |||||||||
Consumer banking | 1,492 | 1,213 | 864 | |||||||||
Net revenues | 7,470 | 5,996 | 5,203 | |||||||||
Provision for credit losses | 592 | 758 | 423 | |||||||||
Operating expenses | 6,294 | 4,901 | 4,545 | |||||||||
Pre-tax earnings | 584 | 337 | 235 | |||||||||
Provision for taxes | 117 | 81 | 47 | |||||||||
Net earnings | 467 | 256 | 188 | |||||||||
Preferred stock dividends | 40 | 40 | 29 | |||||||||
Net earnings to common | $ | $ 216 | $ 159 | |||||||||
Average common equity | $10,796 | $8,012 | $6,292 | |||||||||
Return on average common equity | 4.0% | 2.7% | 2.5% |
74 | ||
Goldman Sachs |
As of December | ||||||||||||
$ in billions | 2019 | 2018 | 2017 | |||||||||
Segment | ||||||||||||
Asset Management | $1,298 | $1,087 | $1,036 | |||||||||
Consumer & Wealth Management | 561 | 455 | 458 | |||||||||
Total AUS | $1,859 | $1,542 | $1,494 | |||||||||
Asset Class | ||||||||||||
Alternative investments | $ | $ | $ | |||||||||
Equity | 423 | 301 | 321 | |||||||||
Fixed income | 789 | 677 | 660 | |||||||||
Total long-term AUS | 1,397 | 1,145 | 1,149 | |||||||||
Liquidity products | 462 | 397 | 345 | |||||||||
Total AUS | $1,859 | $1,542 | $1,494 | |||||||||
Distribution Channel | ||||||||||||
Institutional | $ | $ | $ | |||||||||
Wealth management | 561 | 455 | 458 | |||||||||
Third-party distributed | 614 | 512 | 460 | |||||||||
Total AUS | $1,859 | $1,542 | $1,494 | |||||||||
Region | ||||||||||||
Americas | $1,408 | $1,151 | $1,120 | |||||||||
EMEA | 279 | 239 | 229 | |||||||||
Asia | 172 | 152 | 145 | |||||||||
Total AUS | $1,859 | $1,542 | $1,494 | |||||||||
Vehicle | ||||||||||||
Separate accounts | $1,069 | $ | $ | |||||||||
Public funds | 603 | 506 | 482 | |||||||||
Private funds and other | 187 | 169 | 155 | |||||||||
Total AUS | $1,859 | $1,542 | $1,494 |
As of December | ||||||||||||
$ in billions | 2021 | 2020 | 2019 | |||||||||
Segment | ||||||||||||
Asset Management | $1,719 | $1,530 | $1,298 | |||||||||
Consumer & Wealth Management | 751 | 615 | 561 | |||||||||
Total AUS | $2,470 | $2,145 | $1,859 | |||||||||
Asset Class | ||||||||||||
Alternative investments | $ | $ | $ | |||||||||
Equity | 613 | 475 | 423 | |||||||||
Fixed income | 940 | 896 | 789 | |||||||||
Total long-term AUS | 1,789 | 1,562 | 1,397 | |||||||||
Liquidity products | 681 | 583 | 462 | |||||||||
Total AUS | $2,470 | $2,145 | $1,859 | |||||||||
Distribution Channel | ||||||||||||
Institutional | $ | $ | $ | |||||||||
Wealth management | 751 | 615 | 561 | |||||||||
Third-party distributed | 895 | 769 | 614 | |||||||||
Total AUS | $2,470 | $2,145 | $1,859 | |||||||||
Region | ||||||||||||
Americas | $1,930 | $1,656 | $1,408 | |||||||||
EMEA | 354 | 318 | 279 | |||||||||
Asia | 186 | 171 | 172 | |||||||||
Total AUS | $2,470 | $2,145 | $1,859 | |||||||||
Vehicle | ||||||||||||
Separate accounts | $1,347 | $1,186 | $1,069 | |||||||||
Public funds | 811 | 707 | 603 | |||||||||
Private funds and other | 312 | 252 | 187 | |||||||||
Total AUS | $2,470 | $2,145 | $1,859 |
Year Ended December | ||||||||||||
$ in billions | 2021 | 2020 | 2019 | |||||||||
Asset Management | ||||||||||||
Beginning balance | $1,530 | $1,298 | $1,087 | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 15 | (3 | ) | 2 | ||||||||
Equity | 5 | (12 | ) | 34 | ||||||||
Fixed income | 54 | 53 | 35 | |||||||||
Total long-term AUS net inflows/(outflows) | 74 | 38 | 71 | |||||||||
Liquidity products | 76 | 107 | 52 | |||||||||
Total AUS net inflows/(outflows) | 150 | 145 | 123 | |||||||||
Net market appreciation/(depreciation) | 39 | 87 | 88 | |||||||||
Ending balance | $1,719 | $1,530 | $1,298 | |||||||||
Consumer & Wealth Management | ||||||||||||
Beginning balance | $ | $ | $ | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 18 | 2 | 9 | |||||||||
Equity | 36 | 8 | 11 | |||||||||
Fixed income | 2 | (6 | ) | 17 | ||||||||
Total long-term AUS net inflows/(outflows) | 56 | 4 | 37 | |||||||||
Liquidity products | 22 | 14 | 13 | |||||||||
Total AUS net inflows/(outflows) | 78 | 18 | 50 | |||||||||
Net market appreciation/(depreciation) | 58 | 36 | 56 | |||||||||
Ending balance | $ | $ | $ | |||||||||
Firmwide | ||||||||||||
Beginning balance | $2,145 | $1,859 | $1,542 | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 33 | (1 | ) | 11 | ||||||||
Equity | 41 | (4 | ) | 45 | ||||||||
Fixed income | 56 | 47 | 52 | |||||||||
Total long-term AUS net inflows/(outflows) | 130 | 42 | 108 | |||||||||
Liquidity products | 98 | 121 | 65 | |||||||||
Total AUS net inflows/(outflows) | 228 | 163 | 173 | |||||||||
Net market appreciation/(depreciation) | 97 | 123 | 144 | |||||||||
Ending balance | $2,470 | $2,145 | $1,859 |
Goldman Sachs 2021 Form 10-K | 75 |
Average for the Year Ended December | ||||||||||||
$ in billions | 2021 | 2020 | 2019 | |||||||||
Segment | ||||||||||||
Asset Management | $1,628 | $1,429 | $1,182 | |||||||||
Consumer & Wealth Management | 674 | 565 | 505 | |||||||||
Total AUS | $2,302 | $1,994 | $1,687 | |||||||||
Asset Class | ||||||||||||
Alternative investments | $ | $ | $ | |||||||||
Equity | 547 | 409 | 364 | |||||||||
Fixed income | 919 | 829 | 746 | |||||||||
Total long-term AUS | 1,677 | 1,421 | 1,286 | |||||||||
Liquidity products | 625 | 573 | 401 | |||||||||
Total AUS | $2,302 | $1,994 | $1,687 |
Year Ended December | ||||||||||||
Effective fees (bps) | 2021 | 2020 | 2019 | |||||||||
Asset Class | ||||||||||||
Alternative investments | 63 | 61 | 61 | |||||||||
Equity | 60 | 58 | 61 | |||||||||
Fixed income | 17 | 18 | 19 | |||||||||
Liquidity products | 5 | 14 | 16 | |||||||||
Total average effective fee | 29 | 29 | 32 |
$ in billions | | Direct Strategies | | | Fund of Funds | | Total | |||||
Year Ended December 2021 | ||||||||||||
Average AUS | ||||||||||||
Corporate equity | $ 20 | $59 | $ 79 | |||||||||
Credit | 19 | 1 | 20 | |||||||||
Real estate | 8 | 7 | 15 | |||||||||
Hedge funds and other | 51 | 11 | 62 | |||||||||
Funds and discretionary accounts | $ 98 | $78 | $176 | |||||||||
Advisory accounts | 35 | |||||||||||
Total average AUS for alternative investments | $211 | |||||||||||
Effective Fees (bps) | ||||||||||||
Corporate equity | 117 | 57 | 72 | |||||||||
Credit | 102 | 54 | 98 | |||||||||
Real estate | 93 | 56 | 76 | |||||||||
Hedge funds and other | 61 | 66 | 62 | |||||||||
Funds and discretionary accounts | 83 | 58 | 72 | |||||||||
Advisory accounts | 17 | |||||||||||
Total average effective fee | 63 | |||||||||||
Year Ended December 2020 | ||||||||||||
Average AUS | ||||||||||||
Corporate equity | $ 15 | $58 | $ 73 | |||||||||
Credit | 13 | 2 | 15 | |||||||||
Real estate | 7 | 6 | 13 | |||||||||
Hedge funds and other | 44 | 10 | 54 | |||||||||
Funds and discretionary accounts | $ 79 | $76 | $155 | |||||||||
Advisory accounts | 28 | |||||||||||
Total average AUS for alternative investments | $183 | |||||||||||
Effective Fees (bps) | ||||||||||||
Corporate equity | 131 | 57 | 73 | |||||||||
Credit | 95 | 53 | 89 | |||||||||
Real estate | 87 | 63 | 75 | |||||||||
Hedge funds and other | 59 | 65 | 60 | |||||||||
Funds and discretionary accounts | 81 | 59 | 70 | |||||||||
Advisory accounts | 13 | |||||||||||
Total average effective fee | 61 | |||||||||||
Year Ended December 2019 | ||||||||||||
Average AUS | ||||||||||||
Corporate equity | $ 16 | $51 | $ 67 | |||||||||
Credit | 10 | 2 | 12 | |||||||||
Real estate | 6 | 4 | 10 | |||||||||
Hedge funds and other | 47 | 11 | 58 | |||||||||
Funds and discretionary accounts | $ 79 | $68 | $147 | |||||||||
Advisory accounts | 29 | |||||||||||
Total average AUS for alternative investments | $176 | |||||||||||
Effective Fees (bps) | ||||||||||||
Corporate equity | 134 | 52 | 73 | |||||||||
Credit | 108 | 48 | 99 | |||||||||
Real estate | 88 | 59 | 76 | |||||||||
Hedge funds and other | 61 | 61 | 61 | |||||||||
Funds and discretionary accounts | 84 | 54 | 70 | |||||||||
Advisory accounts | 13 | |||||||||||
Total average effective fee | 61 |
76 | ||
Goldman Sachs |
Year Ended December | ||||||||||||
$ in billions | 2019 | 2018 | 2017 | |||||||||
Asset Management | ||||||||||||
Beginning balance | $1,087 | $1,036 | $ | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 2 | 6 | 16 | |||||||||
Equity | 34 | 6 | 2 | |||||||||
Fixed income | 35 | 14 | 7 | |||||||||
Total long-term AUS net inflows/(outflows) | 71 | 26 | 25 | |||||||||
Liquidity products | 52 | 51 | (12 | ) | ||||||||
Total AUS net inflows/(outflows) | 123 | 77 | 13 | |||||||||
Net market appreciation/(depreciation) | 88 | (26 | ) | 57 | ||||||||
Ending balance | $1,298 | $1,087 | $1,036 | |||||||||
Consumer & Wealth Management | ||||||||||||
Beginning balance | $ | $ | $ | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 9 | (5 | ) | (1 | ) | |||||||
Equity | 11 | 7 | – | |||||||||
Fixed income | 17 | 9 | 18 | |||||||||
Total long-term AUS net inflows/(outflows) | 37 | 11 | 17 | |||||||||
Liquidity products | 13 | 1 | (1 | ) | ||||||||
Total AUS net inflows/(outflows) | 50 | 12 | 16 | |||||||||
Net market appreciation/(depreciation) | 56 | (15 | ) | 29 | ||||||||
Ending balance | $ | $ | $ | |||||||||
Firmwide | ||||||||||||
Beginning balance | $1,542 | $1,494 | $1,379 | |||||||||
Net inflows/(outflows): | ||||||||||||
Alternative investments | 11 | 1 | 15 | |||||||||
Equity | 45 | 13 | 2 | |||||||||
Fixed income | 52 | 23 | 25 | |||||||||
Total long-term AUS net inflows/(outflows) | 108 | 37 | 42 | |||||||||
Liquidity products | 65 | 52 | (13 | ) | ||||||||
Total AUS net inflows/(outflows) | 173 | 89 | 29 | |||||||||
Net market appreciation/(depreciation) | 144 | (41 | ) | 86 | ||||||||
Ending balance | $1,859 | $1,542 | $1,494 |
$ in billions | AUS | | Non-fee-earning alternative assets | | | Total alternative assets | | |||||
As of December 2021 | ||||||||||||
Corporate equity | $ 87 | $ 79 | $166 | |||||||||
Credit | 25 | 69 | 94 | |||||||||
Real estate | 16 | 39 | 55 | |||||||||
Hedge funds and other | 70 | 2 | 72 | |||||||||
Funds and discretionary accounts | 198 | 189 | 387 | |||||||||
Advisory accounts | 38 | 1 | 39 | |||||||||
Total alternative investments | $236 | $190 | $426 | |||||||||
As of December 2020 | ||||||||||||
Corporate equity | $ 74 | $ 51 | $125 | |||||||||
Credit | 18 | 72 | 90 | |||||||||
Real estate | 13 | 43 | 56 | |||||||||
Hedge funds and other | 56 | 2 | 58 | |||||||||
Funds and discretionary accounts | 161 | 168 | 329 | |||||||||
Advisory accounts | 30 | 1 | 31 | |||||||||
Total alternative investments | $191 | $169 | $360 | |||||||||
As of December 2019 | ||||||||||||
Corporate equity | $ 76 | $ 38 | $114 | |||||||||
Credit | 14 | 51 | 65 | |||||||||
Real estate | 8 | 43 | 51 | |||||||||
Hedge funds and other | 58 | 2 | 60 | |||||||||
Funds and discretionary accounts | 156 | 134 | 290 | |||||||||
Advisory accounts | 29 | – | 29 | |||||||||
Total alternative investments | $185 | $134 | $319 |
Average for the Year Ended December | ||||||||||||
$ in billions | 2019 | 2018 | 2017 | |||||||||
Segment | ||||||||||||
Asset Management | $1,182 | $1,050 | $ | |||||||||
Consumer & Wealth Management | 505 | 467 | 438 | |||||||||
Total AUS | $1,687 | $1,517 | $1,417 | |||||||||
Asset Class | ||||||||||||
Alternative investments | $ | $ | $ | |||||||||
Equity | 364 | 329 | 292 | |||||||||
Fixed income | 746 | 665 | 633 | |||||||||
Total long-term AUS | 1,286 | 1,165 | 1,087 | |||||||||
Liquidity products | 401 | 352 | 330 | |||||||||
Total AUS | $1,687 | $1,517 | $1,417 |
$ in billions | AUS | Non-fee-earning alternative assets | Total alternative assets | |||||||||
As of December 2019 | ||||||||||||
Private equity | $ 81 | $ 38 | $119 | |||||||||
Credit | 14 | 51 | 65 | |||||||||
Real estate | 13 | 43 | 56 | |||||||||
Hedge funds and multi-asset | 77 | 1 | 78 | |||||||||
Other | – | 1 | 1 | |||||||||
Total | $185 | $134 | $319 | |||||||||
As of December 2018 | ||||||||||||
Private equity | $ 72 | $ 35 | $107 | |||||||||
Credit | 11 | 47 | 58 | |||||||||
Real estate | 10 | 38 | 48 | |||||||||
Hedge funds and multi-asset | 74 | 1 | 75 | |||||||||
Other | – | 1 | 1 | |||||||||
Total | $167 | $122 | $289 | |||||||||
As of December 2017 | ||||||||||||
Private equity | $ 74 | $ 35 | $109 | |||||||||
Credit | 7 | 37 | 44 | |||||||||
Real estate | 10 | 28 | 38 | |||||||||
Hedge funds and multi-asset | 77 | 1 | 78 | |||||||||
Other | – | 1 | 1 | |||||||||
Total | $168 | $102 | $270 |
As of December 2021 | ||||
Included in AUS | $ 64 | |||
Included in non-fee-earning | 43 | |||
Third-party commitments raised | $107 |
$ in billions | Loans and debt securities | Equity | Other assets | Total | Loans | | Debt securities | | | Equity securities | | | CIE investments and other | | Total | |||||||||||||||||||||
As of December 2019 | ||||||||||||||||||||||||||||||||||||
Private equity | $ | $17 | $ | $17 | ||||||||||||||||||||||||||||||||
As of December 2021 | ||||||||||||||||||||||||||||||||||||
Corporate equity | $ | $ | $15 | $ | $15 | |||||||||||||||||||||||||||||||
Credit | 20 | – | – | 20 | 7 | 11 | – | – | 18 | |||||||||||||||||||||||||||
Real estate | 11 | 5 | 17 | 33 | 7 | 2 | 4 | 14 | 27 | |||||||||||||||||||||||||||
Other | – | – | 1 | 1 | – | – | – | 1 | 1 | |||||||||||||||||||||||||||
Total | $31 | $22 | $18 | $71 | $14 | $13 | $19 | $15 | $61 | |||||||||||||||||||||||||||
As of December 2018 | ||||||||||||||||||||||||||||||||||||
Private equity | $ | $17 | $ | $17 | ||||||||||||||||||||||||||||||||
As of December 2020 | ||||||||||||||||||||||||||||||||||||
Corporate equity | $ | $ | $16 | $ | $16 | |||||||||||||||||||||||||||||||
Credit | 14 | – | – | 14 | 8 | 11 | – | – | 19 | |||||||||||||||||||||||||||
Real estate | 10 | 4 | 13 | 27 | 9 | 2 | 4 | 19 | 34 | |||||||||||||||||||||||||||
Other | – | – | 1 | 1 | – | – | – | 1 | 1 | |||||||||||||||||||||||||||
Total | $24 | $21 | $14 | $59 | $17 | $13 | $20 | $20 | $70 | |||||||||||||||||||||||||||
As of December 2017 | ||||||||||||||||||||||||||||||||||||
Private equity | $ | $18 | $ | $18 | ||||||||||||||||||||||||||||||||
As of December 2019 | ||||||||||||||||||||||||||||||||||||
Corporate equity | $ | $ | $17 | $ | $17 | |||||||||||||||||||||||||||||||
Credit | 13 | – | – | 13 | 8 | 12 | – | – | 20 | |||||||||||||||||||||||||||
Real estate | 9 | 4 | 9 | 22 | 9 | 2 | 5 | 17 | 33 | |||||||||||||||||||||||||||
Other | – | – | 1 | 1 | – | – | – | 1 | 1 | |||||||||||||||||||||||||||
Total | $22 | $22 | $10 | $54 | $17 | $14 | $22 | $18 | $71 |
As of December | ||||||||
$ in billions | 2021 | 2020 | ||||||
Loans | $14 | $ 17 | ||||||
Debt securities | 13 | 13 | ||||||
Total | $27 | $ 30 | ||||||
Accounting Classification | ||||||||
Debt securities at fair value | 48% | 44% | ||||||
Loans at amortized cost | 40% | 43% | ||||||
Loans at fair value | 12% | 13% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 44% | 45% | ||||||
EMEA | 34% | 33% | ||||||
Asia | 22% | 22% | ||||||
Total | 100% | 100% | ||||||
Industry | ||||||||
Consumers | 4% | 5% | ||||||
Financial Institutions | 8% | 7% | ||||||
Healthcare | 11% | 9% | ||||||
Industrials | 14% | 15% | ||||||
Natural Resources & Utilities | 3% | 4% | ||||||
Real Estate | 33% | 36% | ||||||
Technology, Media & Telecommunications | 17% | 14% | ||||||
Other | 10% | 10% | ||||||
Total | 100% | 100% |
Goldman Sachs 2021 Form 10-K | 77 |
As of December | ||||||||
$ in billions | 2021 | 2020 | ||||||
Equity securities | $19 | $20 | ||||||
Region | ||||||||
Americas | 57% | 51% | ||||||
EMEA | 23% | 18% | ||||||
Asia | 20% | 31% | ||||||
Total | 100% | 100% | ||||||
Industry | ||||||||
Consumers | 6% | 2% | ||||||
Financial Institutions | 11% | 25% | ||||||
Healthcare | 11% | 8% | ||||||
Industrials | 7% | 5% | ||||||
Natural Resources & Utilities | 10% | 7% | ||||||
Real Estate | 22% | 18% | ||||||
Technology, Media & Telecommunications | 30% | 31% | ||||||
Other | 3% | 4% | ||||||
Total | 100% | 100% |
Vintage | ||||
As of December 2021 | ||||
2014 or earlier | 21% | |||
2015 - 2017 | 31% | |||
2018 - thereafter | 48% | |||
Total | 100% | |||
As of December 2020 | ||||
2013 or earlier | 33% | |||
2014 - 2016 | 34% | |||
2017 - thereafter | 33% | |||
Total | 100% |
$ in billions | Total Equity | |||
Beginning balance | $ 22 | |||
Additions | 6 | |||
Dispositions | (18 | ) | ||
Mark-ups | 9 | |||
Ending balance | $ 19 |
As of December | ||||||||
$ in billions | 2021 | 2020 | ||||||
CIE assets, net of financings | $7 | $9 | ||||||
Region | ||||||||
Americas | 63% | 63% | ||||||
EMEA | 25% | 22% | ||||||
Asia | 12% | 15% | ||||||
Total | 100% | 100% | ||||||
Asset Class | ||||||||
Hospitality | 4% | 4% | ||||||
Industrials | 10% | 10% | ||||||
Multifamily | 23% | 23% | ||||||
Office | 24% | 28% | ||||||
Retail | 5% | 6% | ||||||
Senior Housing | 16% | 13% | ||||||
Student Housing | 6% | 7% | ||||||
Other | 12% | 9% | ||||||
Total | 100% | 100% |
Vintage | |||||
Total | 100% | ||||
As of December 2020 | |||||
2013 or earlier | 1% | ||||
2014 - 2016 | 17% | ||||
2017 - thereafter | 82% | ||||
Total | 100% |
78 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 79 |
As of December | As of December | |||||||||||||||
$ in millions | 2019 | 2018 | 2021 | 2020 | ||||||||||||
Total assets | $992,968 | $931,796 | $1,463,988 | $1,163,028 | ||||||||||||
Unsecured long-term borrowings | $207,076 | $224,149 | $ | $ | ||||||||||||
Total shareholders’ equity | $ 90,265 | $ 90,185 | $ | $ | ||||||||||||
Leverage ratio | 11.0x | 10.3x | 13.3x | 12.1x | ||||||||||||
Debt to equity ratio | 2.3x | 2.5x | ||||||||||||||
Debt-to-equity | 2.3x | 2.2x |
As of December | ||||||||
$ in millions, except per share amounts | 2019 | 2018 | ||||||
Total shareholders’ equity | $ 90,265 | $ 90,185 | ||||||
Preferred stock | (11,203 | ) | (11,203 | ) | ||||
Common shareholders’ equity | 79,062 | 78,982 | ||||||
Goodwill and identifiable intangible assets | (4,837 | ) | (4,082 | ) | ||||
Tangible common shareholders’ equity | $ 74,225 | $ 74,900 | ||||||
Book value per common share | $ 218.52 | $ 207.36 | ||||||
Tangible book value per common share | $ 205.15 | $ 196.64 |
As of December | ||||||||
$ in millions, except per share amounts | 2021 | 2020 | ||||||
Total shareholders’ equity | $109,926 | $ 95,932 | ||||||
Preferred stock | (10,703 | ) | (11,203 | ) | ||||
Common shareholders’ equity | 99,223 | 84,729 | ||||||
Goodwill | (4,285 | ) | (4,332 | ) | ||||
Identifiable intangible assets | (418 | ) | (630 | ) | ||||
Tangible common shareholders’ equity | $ 94,520 | $ 79,767 | ||||||
Book value per common share | $ 284.39 | $ 236.15 | ||||||
Tangible book value per common share | $ 270.91 | $ 222.32 |
80 | Goldman Sachs 2021 Form 10-K |
As of December | ||||||||||||||||
$ in millions | 2019 | 2018 | ||||||||||||||
Deposits | $190,019 | 28% | $158,257 | 25% | ||||||||||||
Collateralized financings | 152,018 | 22% | 111,964 | 18% | ||||||||||||
Unsecured short-term borrowings | 48,287 | 7% | 40,502 | 7% | ||||||||||||
Unsecured long-term borrowings | 207,076 | 30% | 224,149 | 36% | ||||||||||||
Total shareholders’ equity | 90,265 | 13% | 90,185 | 14% | ||||||||||||
Total funding sources | $687,665 | 100% | $625,057 | 100% |
As of December | ||||||||||||||||
$ in millions | 2021 | 2020 | ||||||||||||||
Deposits | $ | 36% | $259,962 | 33% | ||||||||||||
Collateralized financings | 230,932 | 23% | 173,947 | 22% | ||||||||||||
Unsecured short-term borrowings | 46,955 | 5% | 52,870 | 6% | ||||||||||||
Unsecured long-term borrowings | 254,092 | 25% | 213,481 | 27% | ||||||||||||
Total shareholders’ equity | 109,926 | 11% | 95,932 | 12% | ||||||||||||
Total | $1,006,132 | 100% | $796,192 | 100% |
Goldman Sachs 2021 Form 10-K | 81 |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2021 | $5,174 | $5,354 | $7,896 | $7,913 | $ 26,337 | |||||||||||||||
2022 | $6,409 | $6,327 | $6,406 | $6,145 | 25,287 | |||||||||||||||
2023 | $9,629 | $4,558 | $8,029 | $4,476 | 26,692 | |||||||||||||||
2024 | $5,983 | $4,186 | $5,842 | $3,133 | 19,144 | |||||||||||||||
2025 - thereafter | 109,616 | |||||||||||||||||||
Total | $207,076 |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
As of December 2021 | ||||||||||||||||||||
2023 | $15,373 | $7,271 | $8,939 | $11,628 | $ 43,211 | |||||||||||||||
2024 | $ 8,622 | $8,948 | $8,869 | $ 7,297 | 33,736 | |||||||||||||||
2025 | $ 6,855 | $9,732 | $5,671 | $ 6,545 | 28,803 | |||||||||||||||
2026 | $ 6,174 | $3,773 | $3,485 | $ 8,725 | 22,157 | |||||||||||||||
2027 - thereafter | 126,185 | |||||||||||||||||||
Total | $254,092 |
82 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 83 |
84 | Goldman Sachs 2021 Form 10-K |
As of December | ||||||||
2021 | 2020 | |||||||
TLAC to RWAs | 21.5% | 22.0% | ||||||
TLAC to leverage exposure | 9.5% | 9.5% | ||||||
External long-term debt to RWAs | 8.5% | 8.5% | ||||||
External long-term debt to leverage exposure | 4.5% | 4.5% |
For the Three Months Ended or as of December | ||||||||
$ in millions | 2021 | 2020 | ||||||
TLAC | $ | $ | ||||||
External long-term debt | $ | $ | ||||||
RWAs | $ | $ | ||||||
Leverage exposure | $1,910,521 | $1,332,937 | ||||||
TLAC to RWAs | 44.0% | 39.8% | ||||||
TLAC to leverage exposure | 15.6% | 18.2% | ||||||
External long-term debt to RWAs | 25.8% | 22.8% | ||||||
External long-term debt to leverage exposure | 9.1% | 10.4% |
Goldman Sachs 2021 Form 10-K | 85 |
As of December | ||||||||
2019 | 2018 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.8% | 8.1% | ||||||
Tier 1 capital ratio | 10.8% | 10.1% | ||||||
Total capital ratio | 13.4% | 12.7% |
As of December | ||||||||
2021 | 2020 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.1% | 8.1% | ||||||
Tier 1 capital ratio | 9.9% | 10.0% | ||||||
Total capital ratio | 12.4% | 12.5% |
As of December | As of December | |||||||||||||||
$ in millions | 2019 | 2018 | 2021 | 2020 | ||||||||||||
Risk-based capital and risk-weighted assets (RWAs) | ||||||||||||||||
Risk-based capital and risk-weighted assets | ||||||||||||||||
CET1 capital | $ 24,142 | $ 23,956 | $ 28,810 | $ 26,962 | ||||||||||||
Tier 1 capital | $ 32,442 | $ 32,256 | $ 37,110 | $ 35,262 | ||||||||||||
Tier 2 capital | $ 5,374 | $ 5,377 | $ 5,377 | $ 5,377 | ||||||||||||
Total capital | $ 37,816 | $ 37,633 | $ 42,487 | $ 40,639 | ||||||||||||
RWAs | $ 206,669 | $200,089 | $269,762 | $252,355 | ||||||||||||
Risk-based capital ratios | ||||||||||||||||
CET1 capital ratio | 11.7% | 12.0% | 10.7% | 10.7% | ||||||||||||
Tier 1 capital ratio | 15.7% | 16.1% | 13.8% | 14.0% | ||||||||||||
Total capital ratio | 18.3% | 18.8% | 15.7% | 16.1% |
86 | Goldman Sachs 2021 Form 10-K |
As of December | ||||||||
$ in millions | 2019 | 2018 | ||||||
TLAC | $ 236,850 | $ 254,836 | ||||||
External long-term debt | $ 141,770 | $ 160,493 | ||||||
RWAs | $ 563,575 | $ 558,111 | ||||||
Leverage exposure | $1,375,467 | $1,342,906 | ||||||
TLAC to RWAs | 42.0% | 45.7% | ||||||
TLAC to leverage exposure | 17.2% | 19.0% | ||||||
External long-term debt to RWAs | 25.2% | 28.8% | ||||||
External long-term debt to leverage exposure | 10.3% | 12.0% |
Goldman Sachs 2021 Form 10-K | ||
88 | ||
Goldman Sachs |
Disclosure in Form 10-K | ||||||
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated variable interest entities (VIEs) | See Note 17 to the consolidated financial statements. | |||||
Guarantees, | See Note 18 to the consolidated financial statements. | |||||
Derivatives | See “Risk Management — Credit Risk Management — Credit Exposures — OTC Derivatives” and Notes 4, 5, 7 and 18 to the consolidated financial statements. |
As of December | ||||||||
$ in millions | 2019 | 2018 | ||||||
Time deposits | $ 32,273 | $ 28,413 | ||||||
Financings and borrowings: | ||||||||
Secured long-term | $ 11,953 | $ 11,878 | ||||||
Unsecured long-term | $207,076 | $224,149 | ||||||
Interest payments | $ 47,649 | $ 54,594 | ||||||
Operating lease payments | $ 3,980 | $ 2,399 |
As of December 2019 | ||||||||||||||||
$ in millions | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 - Thereafter | ||||||||||||
Time deposits | $ | $17,340 | $10,351 | $ 4,582 | ||||||||||||
Financings and borrowings: | ||||||||||||||||
Secured long-term | $ | $ 5,525 | $ 2,757 | $ 3,671 | ||||||||||||
Unsecured long-term | $ | $51,624 | $45,836 | $109,616 | ||||||||||||
Interest payments | $6,024 | $10,648 | $ 7,289 | $ 23,688 | ||||||||||||
Operating lease payments | $ 384 | $ 576 | $ 454 | $ 2,566 |
Goldman Sachs 2021 Form 10-K | ||
90 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | ||
92 | ||
Goldman Sachs |
Goldman Sachs 2021 Form 10-K | ||
94 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 95 |
96 | Goldman Sachs 2021 Form 10-K |
Goldman Sachs 2021 Form 10-K | 97 |
98 | Goldman Sachs 2021 Form 10-K |
Average for the Year Ended December | ||||||||
$ in millions | 2019 | 2018 | ||||||
Denomination | ||||||||
U.S. dollar | $146,751 | $155,348 | ||||||
Non-U.S. dollar | 86,899 | 77,995 | ||||||
Total | $233,650 | $233,343 | ||||||
Asset Class | ||||||||
Overnight cash deposits | $ 68,733 | $ 98,811 | ||||||
U.S. government obligations | 94,500 | 79,810 | ||||||
U.S. agency obligations | 14,005 | 12,171 | ||||||
Non-U.S. government obligations | 56,412 | 42,551 | ||||||
Total | $233,650 | $233,343 | ||||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ 40,043 | $ 40,920 | ||||||
Major broker-dealer subsidiaries | 95,281 | 104,364 | ||||||
Major bank subsidiaries | 98,326 | 88,059 | ||||||
Total | $233,650 | $233,343 |
Average for the | ||||||||||||||||||||
Three Months Ended December | Year Ended December | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Denomination | ||||||||||||||||||||
U.S. dollar | $230,720 | $190,735 | $217,797 | $181,949 | ||||||||||||||||
Non-U.S. dollar | 122,401 | 107,106 | 116,723 | 101,182 | ||||||||||||||||
Total | $353,121 | $297,841 | $334,520 | $283,131 | ||||||||||||||||
Asset Class | ||||||||||||||||||||
Overnight cash deposits | $188,223 | $108,345 | $173,000 | $100,489 | ||||||||||||||||
U.S. government obligations | 107,898 | 125,060 | 108,260 | 113,531 | ||||||||||||||||
U.S. agency obligations | 13,154 | 7,059 | 10,183 | 12,017 | ||||||||||||||||
Non-U.S. government obligations | 43,846 | 57,377 | 43,077 | 57,094 | ||||||||||||||||
Total | $353,121 | $297,841 | $334,520 | $283,131 | ||||||||||||||||
Entity Type | ||||||||||||||||||||
Group Inc. and Funding IHC | $ 54,489 | $ 36,737 | $ 53,205 | $ 41,705 | ||||||||||||||||
Major broker-dealer subsidiaries | 107,279 | 100,891 | 104,326 | 99,798 | ||||||||||||||||
Major bank subsidiaries | 191,353 | 160,213 | 176,989 | 141,628 | ||||||||||||||||
Total | $353,121 | $297,841 | $334,520 | $283,131 |
Goldman Sachs 2021 Form 10-K | 99 |
Average for the Three Months Ended | ||||||||||||
$ in millions | December 2019 | September 2019 | December 2018 | |||||||||
Total HQLA | $229,029 | $233,620 | $226,473 | |||||||||
Eligible HQLA | $170,371 | $175,937 | $160,016 | |||||||||
Net cash outflows | $134,436 | $131,227 | $126,511 | |||||||||
LCR | 127% | 134% | 127% |
Average for the Three Months Ended | ||||||||||||
$ in millions | December 2021 | | September 2021 | | | December 2020 | | |||||
Total HQLA | $342,047 | $344,351 | $291,393 | |||||||||
Eligible HQLA | $248,570 | $249,915 | $212,614 | |||||||||
Net cash outflows | $203,623 | $196,664 | $166,551 | |||||||||
LCR | 122% | 127% | 128% |
100 | Goldman Sachs 2021 Form 10-K |
As of December 2021 | |||||||||||||||||||||||||||
DBRS | |||||||||||||||||||||||||||
Fitch | Moody’s | R&I | S&P | ||||||||||||||||||||||||
Short-term debt | R-1 (middle) | F1 | P-1 | a-1 | A-2 | ||||||||||||||||||||||
Long-term debt | A (high) | A | A2 | A | BBB+ | ||||||||||||||||||||||
Subordinated debt | A | BBB+ | Baa2 | A- | BBB | ||||||||||||||||||||||
Trust preferred | A | BBB- | Baa3 | N/A | BB+ | ||||||||||||||||||||||
Preferred stock | BBB (high) | BBB- | Ba1 | N/A | |||||||||||||||||||||||
Ratings outlook | Stable | Stable | Stable | Stable | Stable |
As of December 2021 | |||||||||||||||
Fitch | |||||||||||||||
Moody’s | S&P | ||||||||||||||
GS Bank USA | |||||||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||||||
Long-term debt | A+ | A1 | A+ | ||||||||||||
Short-term bank deposits | F1+ | P-1 | N/A | ||||||||||||
Long-term bank deposits | AA- | A1 | N/A | ||||||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||||||
GSIB | |||||||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||||||
Long-term debt | A+ | A1 | A+ | ||||||||||||
Short-term bank deposits | F1 | P-1 | N/A | ||||||||||||
Long-term bank deposits | A+ | A1 | N/A | ||||||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||||||
GSBE | |||||||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||||||
Long-term debt | A | A1 | A+ | ||||||||||||
Short-term bank deposits | N/A | P-1 | N/A | ||||||||||||
Long-term bank deposits | N/A | A1 | N/A | ||||||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||||||
GS&Co. | |||||||||||||||
Short-term debt | F1 | N/A | A-1 | ||||||||||||
Long-term debt | A+ | N/A | A+ | ||||||||||||
Ratings outlook | Stable | N/A | Stable | ||||||||||||
GSI | |||||||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||||||
Long-term debt | A+ | A1 | A+ | ||||||||||||
Ratings outlook | Stable | Stable | Stable |
Goldman Sachs 2021 Form 10-K | 101 |