The Goldman Sachs Group, Inc. (GS) 10-K 1 Mar 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Billions, except Share data	12 Months Ended Dec. 31, 2009	Feb. 12, 2010	Jun. 26, 2009
Document and Company Information [Abstract]
Entity Registrant Name	GOLDMAN SACHS GROUP INC
Entity Central Index Key	0000886982
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			73.9
Entity Common Stock, Shares Outstanding		526,251,090

Consolidated Statements of Earn

Consolidated Statements of Earnings (USD $)
In Millions, except Per Share data	1 Months Ended Dec. 26, 2008		12 Months Ended Dec. 31, 2009	12 Months Ended Nov. 28, 2008	12 Months Ended Nov. 30, 2007
Revenues
Investment banking	$135		$4,797	$5,179	$7,555
Trading and principal investments	(964)		28,879	8,095	29,714
Asset management and securities services	327		4,090	4,672	4,731
Total non-interest revenues	(502)		37,766	17,946	42,000
Interest income	1,687		13,907	35,633	45,968
Interest expense	1,002		6,500	31,357	41,981
Net interest income	685		7,407	4,276	3,987
Net revenues, including net interest income	183		45,173	22,222	45,987
Operating expenses
Compensation and benefits	744		16,193	10,934	20,190
Brokerage, clearing, exchange and distribution fees	165		2,298	2,998	2,758
Market development	16		342	485	601
Communications and technology	62		709	759	665
Depreciation and amortization	111		1,734	1,262	819
Occupancy	82		950	960	975
Professional fees	58		678	779	714
Other expenses	203		2,440	1,709	1,661
Total non-compensation expenses	697		9,151	8,952	8,193
Total operating expenses	1,441		25,344	19,886	28,383
Pre-tax earnings/(loss)	(1,258)		19,829	2,336	17,604
Provision/(Benefit) for taxes	(478)		6,444	14	6,005
Net earnings/(loss)	(780)		13,385	2,322	11,599
Preferred stock dividends	248		1,193	281	192
Net earnings/(loss) applicable to common shareholders	($1,028)		$12,192	$2,041	$11,407
Earnings (loss) per common share
Basic	-2.15		23.74	4.67	26.34
Diluted	-2.15		22.13	4.47	24.73
Dividends declared per common share	0.47	[1]
Average common shares outstanding
Basic	485.5		512.3	437	433
Diluted	485.5		550.9	456.2	461.2
[1]Rounded to the nearest penny. Exact dividend amount was $0.4666666 per common share and was reflective of a four-month period (December 2008 through March 2009), due to the change in the firm's fiscal year-end.

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (USD $)
In Millions	Dec. 31, 2009	Nov. 28, 2008
Assets
Cash and cash equivalents	$38,291	$15,740
Cash and securities segregated for regulatory and other purposes (includes $18,853 and $78,830 at fair value as of December 2009 and November 2008, respectively)	36,663	106,664
Securities purchased under agreements to resell and federal funds sold (includes $144,279 and $116,671 at fair value as of December 2009 and November 2008, respectively)	144,279	122,021
Securities borrowed (includes $66,329 and $59,810 at fair value as of December 2009 and November 2008, respectively)	189,939	180,795
Receivables from brokers, dealers and clearing organizations	12,597	25,899
Receivables from customers and counterparties (includes $1,925 and $1,598 at fair value as of December 2009 and November 2008, respectively)	55,303	64,665
Trading assets, at fair value (includes $31,485 and $26,313 pledged as collateral as of December 2009 and November 2008, respectively)	342,402	338,325
Other assets	29,468	30,438
Total assets	848,942	884,547
Liabilities and shareholders' equity
Deposits (includes $1,947 and $4,224 at fair value as of December 2009 and November 2008, respectively)	39,418	27,643
Securities sold under agreements to repurchase, at fair value	128,360	62,883
Securities loaned (includes $6,194 and $7,872 at fair value as of December 2009 and November 2008, respectively)	15,207	17,060
Other secured financings (includes $15,228 and $20,249 at fair value as of December 2009 and November 2008, respectively)	24,134	38,683
Payables to brokers, dealers and clearing organizations	5,242	8,585
Payables to customers and counterparties	180,392	245,258
Trading liabilities, at fair value	129,019	175,972
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $18,403 and $23,075 at fair value as of December 2009 and November 2008, respectively)	37,516	52,658
Unsecured long-term borrowings (includes $21,392 and $17,446 at fair value as of December 2009 and November 2008, respectively)	185,085	168,220
Other liabilities and accrued expenses (includes $2,054 and $978 at fair value as of December 2009 and November 2008, respectively)	33,855	23,216
Total liabilities	778,228	820,178
Shareholders' equity
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $8,100 and $18,100 as of December 2009 and November 2008, respectively	6,957	16,471
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 753,412,247 and 680,953,836 shares issued as of December 2009 and November 2008, respectively, and 515,113,890 and 442,537,317 shares outstanding as of December 2009 and November 2008, respectively	8	7
Restricted stock units and employee stock options	6,245	9,284
Nonvoting common stock, par value $0.01 per share; 200,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	39,770	31,071
Retained earnings	50,252	39,913
Accumulated other comprehensive loss	(362)	(202)
Common stock held in treasury, at cost, par value $0.01 per share; 238,298,357 and 238,416,519 shares as of December 2009 and November 2008, respectively	(32,156)	(32,175)
Total shareholders' equity	70,714	64,369
Total liabilities and shareholders' equity	$848,942	$884,547

1_Consolidated Statements of Fi

Consolidated Statements of Financial Condition (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Nov. 28, 2008
Assets
Cash and securities segregated for regulatory and other purposes at fair value	$18,853	$78,830
Securities purchased under agreements to resell and federal funds sold at fair value	144,279	116,671
Securities borrowed at fair value	66,329	59,810
Receivables from customers and counterparties at fair value	1,925	1,598
Trading assets at fair value pledged as collateral	31,485	26,313
Liabilities and shareholders' equity
Deposits at fair value	1,947	4,224
Securities loaned at fair value	6,194	7,872
Other secured financings at fair value	15,228	20,249
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value	18,403	23,075
Unsecured long-term borrowings at fair value	21,392	17,446
Other liabilities and accrued expenses at fair value	2,054	978
Shareholders' equity
Preferred stock, par value	0.01	0.01
Preferred stock, liquidation preference	$8,100	$18,100
Common stock, par value	0.01	0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	753,412,247	680,953,836
Common stock, shares outstanding	515,113,890	442,537,317
Nonvoting common stock, par value	0.01	0.01
Nonvoting common stock, shares authorized	200,000,000	200,000,000
Treasury stock, par value	0.01	0.01
Treasury stock, shares	238,298,357	238,416,519

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders Equity (USD $)
In Millions	Previously reported Retained earnings	Preferred Stock		Common Stock		Restricted Stock Units and Employee Stock Options		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income/(loss)		Common stock held in treasury, at cost		Total
Balance at Nov. 25, 2005												$0
Cumulative effect from adoption of amended principles related to accounting for uncertainty in income taxes										0
Cumulative effect of adjustment from adoption of amended accounting principles related to fair value measurements, net of tax										51
Cumulative effect of adjustment from adoption of amended accounting principles related to the fair value option, net of tax										(45)
Balance at Nov. 24, 2006	27,868	3,100		6		6,290		19,731		27,874		21		(21,230)
Cumulative effect from adoption of amended principles related to accounting for uncertainty in income taxes										(201)
Cumulative effect of adjustment from adoption of amended accounting principles related to fair value measurements, net of tax										0
Cumulative effect of adjustment from adoption of amended accounting principles related to the fair value option, net of tax										0
Accretion		0								0
Repurchased		0
Issuance and amortization of restricted stock units and employee stock options						4,684
Delivery of common stock underlying restricted stock units						(1,548)
Forfeiture of restricted stock units and employee stock options						(113)
Exercise of employee stock options						(11)
Repurchased														(8,956)
Reissued														27
Issued		0		0				0
Issuance of common stock warrants								0
Repurchase of common stock warrants								0
Delivery of common stock underlying restricted stock units and proceeds from the exercise of employee stock options								2,338
Cancellation of restricted stock units in satisfaction of withholding tax requirements								(929)
Stock purchase contract fee related to automatic preferred enhanced capital securities								(20)
Preferred and common stock issuance costs								0
Excess net tax benefit/(provision) related to share-based compensation								908
Cash settlement of share-based compensation								(1)
Adjustment from adoption of amended accounting principles related to employers' accounting for defined benefit pension and other postretirement plans, net of tax												(194)
Currency translation adjustment, net of tax												39				39
Pension and postretirement liability adjustments, net of tax												38				38
Net gains/(losses) on cash flow hedges, net of tax												(2)				(2)
Net unrealized gains/(losses) on available-for-sale securities, net of tax												(12)				(12)
Reclassification to retained earnings from adoption of amended accounting principles related to the fair value option, net of tax												(8)
Dividends declared on preferred stock										(192)
Net earnings/(loss)										11,599						11,599
Dividends and dividend equivalents declared on common stock and restricted stock units										(639)
Balance at Nov. 30, 2007	38,642	3,100		6		9,302		22,027		38,441		(118)		(30,159)		42,800
Cumulative effect from adoption of amended principles related to accounting for uncertainty in income taxes										0
Cumulative effect of adjustment from adoption of amended accounting principles related to fair value measurements, net of tax										0
Cumulative effect of adjustment from adoption of amended accounting principles related to the fair value option, net of tax										0
Accretion		4								(4)
Repurchased		0
Issuance and amortization of restricted stock units and employee stock options						2,254
Delivery of common stock underlying restricted stock units						(1,995)
Forfeiture of restricted stock units and employee stock options						(274)
Exercise of employee stock options						(3)
Repurchased														(2,037)
Reissued														21
Issued		13,367		1				5,750
Issuance of common stock warrants								1,633
Repurchase of common stock warrants								0
Delivery of common stock underlying restricted stock units and proceeds from the exercise of employee stock options								2,331
Cancellation of restricted stock units in satisfaction of withholding tax requirements								(1,314)
Stock purchase contract fee related to automatic preferred enhanced capital securities								0
Preferred and common stock issuance costs								(1)
Excess net tax benefit/(provision) related to share-based compensation								645
Cash settlement of share-based compensation								0
Adjustment from adoption of amended accounting principles related to employers' accounting for defined benefit pension and other postretirement plans, net of tax												0
Currency translation adjustment, net of tax												(98)				(98)
Pension and postretirement liability adjustments, net of tax												69				69
Net gains/(losses) on cash flow hedges, net of tax												0				0
Net unrealized gains/(losses) on available-for-sale securities, net of tax												(55)				(55)
Reclassification to retained earnings from adoption of amended accounting principles related to the fair value option, net of tax												0
Dividends declared on preferred stock										(204)
Net earnings/(loss)										2,322						2,322
Dividends and dividend equivalents declared on common stock and restricted stock units										(642)
Balance at Nov. 28, 2008		16,471		7		9,284		31,071		39,913		(202)		(32,175)		64,369
Balance at Dec. 26, 2008	38,579	16,483	[1]	7	[1]	9,463	[1]	31,070	[1]	38,579	[1]	(372)	[1]	(32,176)	[1]
Accretion		48								(48)
Repurchased		(9,574)
Issuance and amortization of restricted stock units and employee stock options						2,064
Delivery of common stock underlying restricted stock units						(5,206)
Forfeiture of restricted stock units and employee stock options						(73)
Exercise of employee stock options						(3)
Repurchased														(2)	[2]
Reissued														22
Issued		0		1				5,750
Issuance of common stock warrants								0
Repurchase of common stock warrants								(1,100)
Delivery of common stock underlying restricted stock units and proceeds from the exercise of employee stock options								5,708
Cancellation of restricted stock units in satisfaction of withholding tax requirements								(863)
Stock purchase contract fee related to automatic preferred enhanced capital securities								0
Preferred and common stock issuance costs								0
Excess net tax benefit/(provision) related to share-based compensation								(793)
Cash settlement of share-based compensation								(2)
Adjustment from adoption of amended accounting principles related to employers' accounting for defined benefit pension and other postretirement plans, net of tax												0
Currency translation adjustment, net of tax												(70)				(70)
Pension and postretirement liability adjustments, net of tax												(17)				(17)
Net gains/(losses) on cash flow hedges, net of tax												0				0
Net unrealized gains/(losses) on available-for-sale securities, net of tax												97				97
Reclassification to retained earnings from adoption of amended accounting principles related to the fair value option, net of tax												0
Dividends declared on preferred stock										(1,076)
Net earnings/(loss)										13,385						13,385
Dividends and dividend equivalents declared on common stock and restricted stock units										(588)
Balance at Dec. 31, 2009		$6,957		$8		$6,245		$39,770		$50,252		($362)		($32,156)		$70,714
[1]In connection with becoming a bank holding company, the firm was required to change its fiscal year-end from November to December. The beginning of the year ended December 2009 is December 27, 2008.
[2]Relates primarily to repurchases of common stock by a broker-dealer subsidiary to facilitate customer transactions in the ordinary course of business and shares withheld to satisfy withholding tax requirements.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	1 Months Ended Dec. 26, 2008	12 Months Ended Dec. 31, 2009	12 Months Ended Nov. 28, 2008	12 Months Ended Nov. 30, 2007
Cash flows from operating activities
Net earnings/(loss)	($780)	$13,385	$2,322	$11,599
Non-cash items included in net earnings/(loss)
Depreciation and amortization	143	1,943	1,625	1,167
Deferred income taxes	0	(431)	(1,763)	129
Share-based compensation	180	2,009	1,611	4,465
Changes in operating assets and liabilities
Cash and securities segregated for regulatory and other purposes	(5,835)	76,531	12,995	(39,079)
Net receivables from brokers, dealers and clearing organizations	3,693	6,265	(6,587)	(3,811)
Net payables to customers and counterparties	(7,635)	(47,414)	(50)	53,857
Securities borrowed, net of securities loaned	(18,030)	7,033	85,054	(51,655)
Securities sold under agreements to repurchase, net of securities purchased under agreements to resell and federal funds sold	190,027	(146,807)	(130,999)	6,845
Trading assets, at fair value	(192,883)	186,295	97,723	(118,864)
Trading liabilities, at fair value	10,059	(57,010)	(39,051)	57,938
Other, net	7,156	7,076	(20,986)	7,962
Net cash provided by/(used for) operating activities	(13,905)	48,875	1,894	(69,447)
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment	(61)	(1,556)	(2,027)	(2,130)
Proceeds from sales of property, leasehold improvements and equipment	4	82	121	93
Business acquisitions, net of cash acquired	(59)	(221)	(2,613)	(1,900)
Proceeds from sales of investments	141	303	624	4,294
Purchase of available-for-sale securities	(95)	(2,722)	(3,851)	(872)
Proceeds from sales of available-for-sale securities	26	2,553	3,409	911
Net cash provided by/(used for) investing activities	(44)	(1,561)	(4,337)	396
Cash flows from financing activities
Unsecured short-term borrowings, net	2,816	(9,790)	(19,295)	12,262
Other secured financings (short-term), net	(1,068)	(10,451)	(8,727)	2,780
Proceeds from issuance of other secured financings (long-term)	437	4,767	12,509	21,703
Repayment of other secured financings (long-term), including the current portion	(349)	(6,667)	(20,653)	(7,355)
Proceeds from issuance of unsecured long-term borrowings	9,310	25,363	37,758	57,516
Repayment of unsecured long-term borrowings, including the current portion	(3,686)	(29,018)	(25,579)	(14,823)
Preferred stock repurchased	0	(9,574)	0	0
Repurchase of common stock warrants	0	(1,100)	0	0
Derivative contracts with a financing element, net	66	2,168	781	4,814
Deposits, net	4,487	7,288	12,273	4,673
Common stock repurchased	(1)	(2)	(2,034)	(8,956)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units	0	(2,205)	(850)	(831)
Proceeds from issuance of common stock, including stock option exercises	2	6,260	6,105	791
Proceeds from issuance of preferred stock, net of issuance costs	0	0	13,366	0
Proceeds from issuance of common stock warrants	0	0	1,633	0
Excess tax benefit related to share-based compensation	0	135	614	817
Cash settlement of share-based compensation	0	(2)	0	(1)
Net cash provided by/(used for) financing activities	12,014	(22,828)	7,901	73,390
Net increase/(decrease) in cash and cash equivalents	(1,935)	24,486	5,458	4,339
Cash and cash equivalents, beginning of year	15,740		10,282	5,943
Cash and cash equivalents, end of year	13,805	38,291	15,740	10,282
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest, net of capitalized interest	459	7,320	32,370	40,740
Cash payments for income taxes, net of refunds	171	4,780	3,470	5,780
Non-cash activities:
Debt assumed in connection with business acquisitions	$0	$16	$790	$409

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (USD $)
In Millions	1 Months Ended Dec. 26, 2008	12 Months Ended Dec. 31, 2009	12 Months Ended Nov. 28, 2008	12 Months Ended Nov. 30, 2007
Consolidated Statements of Comprehensive Income
Net earnings/(loss)	($780)	$13,385	$2,322	$11,599
Currency translation adjustment, net of tax	(32)	(70)	(98)	39
Pension and postretirement liability adjustments, net of tax	(175)	(17)	69	38
Net gains/(losses) on cash flow hedges, net of tax		0	0	(2)
Net unrealized gains/(losses) on available-for-sale securities, net of tax	37	97	(55)	(12)
Comprehensive income/(loss)	($950)	$13,395	$2,238	$11,662

Description of Business

Description of Business
	12 Months Ended Dec. 31, 2009 USD / shares
Description of Business [Abstract]
Description of Business	Note1. Description of Business The Goldman Sachs Group, Inc. (GroupInc.), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. The firms activities are divided into three segments: Investment Banking.The firm provides a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds, governments and individuals. Trading and Principal Investments.The firm facilitates client transactions with a diverse group of corporations, financial institutions, investment funds, governments and individuals through market making in, trading of and investing in fixed income and equity products, currencies, commodities and derivatives on these products. The firm also takes proprietary positions on certain of these products. In addition, the firm engages in market-making activities on equities and options exchanges, and the firm clears client transactions on major stock, options and futures exchanges worldwide. In connection with the firms merchant banking and other investing activities, the firm makes principal investments directly and through funds that the firm raises and manages. Asset Management and Securities Services.The firm provides investment and wealth advisory services and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse group of institutions and individuals worldwide and provides prime brokerage services, financing services and securities lending services to institutional clients, including hedge funds, mutual funds, pension funds and foundations, and to high-net-worth individuals worldwide.

Significant Accounting Policies

Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note2. Significant Accounting Policies Basis of Presentation These consolidated financial statements include the accounts of GroupInc. and all other entities in which the firm has a controlling financial interest. All material intercompany transactions and balances have been eliminated. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity, a variable interest entity (VIE) or a qualifying special-purpose entity (QSPE) under generally accepted accounting principles (GAAP). Voting Interest Entities.Voting interest entities are entities in which (i)the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii)the equity holders have the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entitys activities. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. Accordingly, the firm consolidates voting interest entities in which it has a majority voting interest. Variable Interest Entities.VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has a variable interest, or a combination of variable interests, that will absorb a majority of the VIEs expected losses, receive a majority of the VIEs expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by first performing a qualitative analysis of the VIEs expected losses and expected residual returns. This analysis includes a review of, among other factors, the VIEs capital structure, contractual terms, which interests create or absorb variability, related party relationships and the design of the VIE. Where qualitative analysis is not conclusive, the firm performs a quantitative analysis. For purposes of allocating a VIEs expected losses and expected residual returns to its variable interest holders, the firm utilizes the top down method. Under this method, the firm calculates its share of the VIEs expected losses and expected residual returns using the specific cash flows that would be allocated to it, based on contractual arrangements and/or the firms position in the capital structure of the VIE, under various probability-weighted scenarios. The firm reassesses its initial evaluation of an entity as a VIE and its initial determination of whether the firm is the primary beneficiary of a VIE upon the occurrence of certain reconsideration events. See Recent Accounting Developments below for information regarding amendments to accounting for VIEs. QSPEs.QSPEs are passive entities that are commonly used in mortgage and other securitization transactions. To be considered a QSPE, an entity must satisfy certain criteria. These criteria include the types of assets a QSPE may hold, limits on as

Financial Instruments

Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Financial Instruments [Abstract]
Financial Instruments	Note3. Financial Instruments Fair Value of Financial Instruments The following table sets forth the firms trading assets, at fair value, including those pledged as collateral, and trading liabilities, at fair value. At any point in time, the firm may use cash instruments as well as derivatives to manage a long or short risk position. As of December 2009 November 2008 Assets Liabilities Assets Liabilities (in millions) Commercial paper, certificates of deposit, time deposits and other money market instruments $ 9,111 (1) $ $ 8,662 (1) $ Government and U.S.federal agency obligations 117,194 44,825 69,653 37,000 Mortgage and other asset-backed loans and securities 14,277 103 22,393 340 Bank loans and bridge loans 19,345 1,541 (4) 21,839 3,108 (4) Corporate debt securities and other debt obligations 32,041 6,265 27,879 5,711 Equities and convertible debentures 71,474 20,253 57,049 12,116 Physical commodities 3,707 23 513 2 Derivative contracts 75,253 (2) 56,009 (5) 130,337 (2) 117,695 (5) Total $ 342,402 (3) $ 129,019 $ 338,325 (3) $ 175,972 (1) Includes $4.31billion and $4.40billion as of December2009 and November2008, respectively, of money market instruments held by William Street Funding Corporation (Funding Corp.) to support the William Street credit extension program. See Note8 for further information regarding the William Street credit extension program. (2) Net of cash received pursuant to credit support agreements of $124.60billion and $137.16billion as of December2009 and November2008, respectively. (3) Includes $3.86billion and $1.68billion as of December2009 and November2008, respectively, of securities held within the firms insurance subsidiaries which are accounted for as available-for-sale. (4) Consists of the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is included in trading assets, at fair value. (5) Net of cash paid pursuant to credit support agreements of $14.74billion and $34.01billion as of December2009 and November2008, respectively. Fair Value Hierarchy The firms financial assets at fair value classified within level3 of the fair value hierarchy are summarized below: As of December November 2009 2008 ($ in millions) Total level3 assets $ 46,475 $ 66,190 Level3 assets for which the firm bears economic exposure(1) 43,348 59,574 Total assets 848,942 884,547 Total financia

Securitization Activities and V

Securitization Activities and Variable Interest Entities
	12 Months Ended Dec. 31, 2009 USD / shares
Securitization Activities and Variable Interest Entities [Abstract]
Securitization Activities and Variable Interest Entities	Note4. Securitization Activities and Variable Interest Entities Securitization Activities The firm securitizes residential and commercial mortgages, corporate bonds and other types of financial assets. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm derecognizes financial assets transferred in securitizations, provided it has relinquished control over such assets. Transferred assets are accounted for at fair value prior to securitization. Net revenues related to these underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors. The firm may have continuing involvement with transferred assets, including: retaining interests in securitized financial assets, primarily in the form of senior or subordinated securities; retaining servicing rights; and purchasing senior or subordinated securities in connection with secondary market-making activities. Retained interests and other interests related to the firms continuing involvement are accounted for at fair value and are included in Trading assets, at fair value in the consolidated statements of financial condition. See Note2 for additional information regarding fair value measurement. During the year ended December2009, the firm securitized $48.58billion of financial assets in which the firm had continuing involvement, including $47.89billion of residential mortgages, primarily in connection with government agency securitizations, and $691million of other financial assets. During the year ended November2008, the firm securitized $14.46billion of financial assets, including $6.67billion of residential mortgages, $773million of commercial mortgages, and $7.01billion of other financial assets, primarily in connection with CLOs. During the year ended November2007, the firm securitized $81.40billion of financial assets, including $24.95billion of residential mortgages, $19.50billion of commercial mortgages, and $36.95billion of other financial assets, primarily in connection with CDOs and CLOs. During the one month ended December2008, the firm securitized $604million of financial assets, including $557million of residential mortgages and $47million of other financial assets. Cash flows received on retained interests were $507million, $505million, $705million and $26million for the years ended December2009, November2008 and November2007 and one month ended December2008, respectively. The following table sets forth certain information related to the firms continuing involvement in securitization entities to which the firm sold assets, as well as the total outstanding principal amount of transferred assets in which the firm has continuing involvement, as of December2009. The outstanding principal amount set forth in the table below is presented for the purpose of providing information about the size of the securitization entities in which the firm has continuing involvement, and is not representative of the firms risk of loss. For retained or purchased interests, the firms risk of loss is limited to the fair value of these interests.

Deposits

Deposits
	12 Months Ended Dec. 31, 2009 USD / shares
Deposits [Abstract]
Deposits	Note5. Deposits The following table sets forth deposits as of December2009 and November2008: As of December November 2009 2008 (in millions) U.S.offices(1) $ 32,797 $ 23,018 Non-U.S.offices(2) 6,621 4,625 Total $ 39,418 $ 27,643 (1) Substantially all U.S.deposits were interest-bearing and were held at GS Bank USA. (2) Substantially all non-U.S.deposits were interest-bearing and were held at Goldman Sachs Bank (Europe) PLC (GSBank Europe). Included in the above table are time deposits of $9.30billion and $8.49billion as of December2009 and November2008, respectively. The following table sets forth the maturities of time deposits as of December2009: As of December 2009 U.S. Non-U.S. Total (in millions) 2010 $ 1,777 $ 737 $ 2,514 2011 1,603 1,603 2012 871 871 2013 1,720 1,720 2014 531 531 2015-thereafter 2,058 2,058 Total $ 8,560 (1) $ 737 (2) $ 9,297 (1) Includes $242million greater than $100,000, of which $111million matures within three months, $58million matures within three to six months, $32million matures within six to twelve months, and $41million matures after twelve months. (2) Substantially all were greater than $100,000.

Short Term Borrowings

Short Term Borrowings
	12 Months Ended Dec. 31, 2009 USD / shares
Short-Term Borrowings [Abstract]
Short-Term Borrowings	Note6. Short-Term Borrowings As of December2009 and November2008, short-term borrowings were $50.45billion and $73.89billion, respectively, comprised of $12.93billion and $21.23billion, respectively, included in Other secured financings in the consolidated statements of financial condition and $37.52billion and $52.66billion, respectively, of unsecured short-term borrowings. See Note3 for information on other secured financings. Unsecured short-term borrowings include the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. The firm accounts for promissory notes, commercial paper and certain hybrid financial instruments at fair value under the fair value option. Short-term borrowings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, and such amounts approximate fair value due to the short-term nature of the obligations. Unsecured short-term borrowings are set forth below: As of December November 2009 2008 (in millions) Current portion of unsecured long-term borrowings(1)(2) $ 17,928 $ 26,281 Hybrid financial instruments 10,741 12,086 Promissory notes(3) 2,119 6,944 Commercial paper(4) 1,660 1,125 Other short-term borrowings 5,068 6,222 Total(5) $ 37,516 $ 52,658 (1) Includes $1.73billion as of December2009, guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP). (2) Includes $17.05billion and $25.12billion as of December2009 and November2008, respectively, issued by GroupInc. (3) Includes $0 and $3.42billion as of December2009 and November2008, respectively, guaranteed by the FDIC under the TLGP. (4) Includes $0 and $751million as of December2009 and November2008, respectively, guaranteed by the FDIC under the TLGP. (5) The weighted average interest rates for these borrowings, after giving effect to hedging activities, were 1.31% and 3.37% as of December2009 and November2008, respectively, and excluded financial instruments accounted for at fair value under the fair value option.

Long Term Borrowings

Long Term Borrowings
	12 Months Ended Dec. 31, 2009 USD / shares
Long-Term Borrowings [Abstract]
Long-Term Borrowings	Note7. Long-Term Borrowings As of December2009 and November2008, long-term borrowings were $196.29billion and $185.68billion, respectively, comprised of $11.20billion and $17.46billion, respectively, included in Other secured financings in the consolidated statements of financial condition and $185.09billion and $168.22billion, respectively, of unsecured long-term borrowings. See Note3 for information regarding other secured financings. The firms unsecured long-term borrowings extend through 2043 and consist principally of senior borrowings. Unsecured long-term borrowings are set forth below: As of December November 2009 2008 (in millions) Fixed rate obligations(1) GroupInc. $ 114,695 $ 101,454 Subsidiaries 2,718 2,371 Floating rate obligations(2) GroupInc. 60,390 57,018 Subsidiaries 7,282 7,377 Total(3) $ 185,085 $ 168,220 (1) As of December2009 and November2008, $79.12billion and $70.08billion, respectively, of the firms fixed rate debt obligations were denominated in U.S.dollars and interest rates ranged from 1.63% to 10.04% and from 3.87% to 10.04%, respectively. As of December2009 and November2008, $38.29billion and $33.75billion, respectively, of the firms fixed rate debt obligations were denominated in non-U.S.dollars and interest rates ranged from 0.80% to 7.45% and from 0.67% to 8.88%, respectively. (2) As of December2009 and November2008, $32.26billion and $32.41billion, respectively, of the firms floating rate debt obligations were denominated in U.S.dollars. As of December2009 and November2008, $35.41billion and $31.99billion, respectively, of the firms floating rate debt obligations were denominated in non-U.S.dollars. Floating interest rates generally are based on LIBOR or the federal funds target rate. Equity-linked and indexed instruments are included in floating rate obligations. (3) Includes $19.03billion as of December2009, guaranteed by the FDIC under the TLGP. Unsecured long-term borrowings by maturity date are set forth below: As of December 2009 GroupInc. Subsidiaries Total (in millions) 2011 $ 22,302 $ 1,234 $ 23,536 2012 25,749 1,665 27,414 2013 23,305 33 23,338 2014 18,303 33 18,336 2015-thereafter 85,426 7,035 92,461 Total(1)(2) $ 175,085 $ 10,000 $ 185,085 (1) Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are included as unsecured short-term borrowings in the consolidated

Commitments, Contingencies and

Commitments, Contingencies and Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments, Contingencies and Guarantees [Abstract]
Commitments, Contingencies and Guarantees	Note8. Commitments, Contingencies and Guarantees Commitments The following table summarizes the firms commitments as of December2009 and November2008: Commitment Amount by Period of Expiration as of December 2009 Total Commitments as of 2011- 2013- 2015- December November 2010 2012 2014 Thereafter 2009 2008 (in millions) Commitments to extend credit(1) Commercial lending: Investment-grade $ 4,665 $ 5,175 $ 1,000 $ 575 $ 11,415 $ 8,007 Non-investment-grade(2) 1,425 4,379 2,105 244 8,153 9,318 William Street credit extension program 4,850 18,112 2,256 25,218 22,610 Warehouse financing 12 12 1,101 Total commitments to extend credit 10,952 27,666 5,361 819 44,798 41,036 Forward starting resale and securities borrowing agreements 34,844 34,844 61,455 Forward starting repurchase and securities lending agreements 10,545 10,545 6,948 Underwriting commitments 1,811 1,811 241 Letters of credit(3) 1,621 33 146 4 1,804 7,251 Investment commitments(4) 2,686 9,153 128 1,273 13,240 14,266 Construction-related commitments(5) 142 142 483 Other 109 58 38 33 238 260 Total commitments $ 62,710 $ 36,910 $ 5,673 $ 2,129 $ 107,422 $ 131,940 (1) Commitments to extend credit are presented net of amounts syndicated to third parties. (2) Included within non-investment-grade commitments as of December2009 and November2008 were $1.20billion and $2.07billion, respectively, related to leveraged lending capital market transactions; $40million and $164million, respectively, related to commercial real estate transactions; and $6.91billion and $7.09billion, respectively, arising from other unfunded credit facilities. Including funded loans, the total notional amount of the firms leveraged lending capital market transactions was $4.45billion and $7.97billion as of December2009 and November2008, respectively. (3) Consists of commitments under letters of credit issued by various bank

Shareholders Equity

Shareholders Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Shareholders' Equity [Abstract]
Shareholders' Equity	Note9. Shareholders Equity Common and Preferred Equity During 2009, common shares outstanding increased by 72.6 million shares, which included 46.7million common shares issued through a public offering at $123.00 per share for total proceeds of $5.75billion during the second quarter of 2009. In June2009, GroupInc. repurchased from the U.S.Department of the Treasury (U.S.Treasury) the 10.0million shares of the Companys Fixed Rate Cumulative Perpetual Preferred Stock, SeriesH (SeriesH Preferred Stock), that were issued to the U.S.Treasury pursuant to the U.S.Treasurys TARP Capital Purchase Program. The repurchase resulted in a one-time preferred dividend of $426million, which is included in the consolidated statement of earnings for the year ended December2009. This one-time preferred dividend represented the difference between the carrying value and the redemption value of the SeriesH Preferred Stock. In connection with the issuance of the SeriesH Preferred Stock in October2008, the firm issued a 10-year warrant to the U.S.Treasury to purchase up to 12.2million shares of common stock at an exercise price of $122.90 per share. The firm repurchased this warrant in full in July2009 for $1.1billion. This amount was recorded as a reduction to additional paid-in capital. The firms cumulative payments to the U.S.Treasury related to the U.S.Treasurys TARP Capital Purchase Program totaled $11.42billion, including the return of the U.S.Treasurys $10.0billion investment (inclusive of the $426million described above), $318million in preferred dividends and $1.1billion related to the warrant repurchase. Dividends declared per common share were $1.05 in 2009, $1.40 in 2008 and $1.40 in 2007. On January19,2010, the Board declared a dividend of $0.35 per common share to be paid on March30,2010 to common shareholders of record on March2,2010. On December15,2008, the Board declared a dividend of $0.4666666 per common share to be paid on March26,2009 to common shareholders of record on February24,2009. The dividend of $0.4666666 per common share is reflective of a four-month period (December2008 through March2009), due to the change in the firms fiscal year-end. During 2009 and 2008, the firm repurchased 19,578 and 10.5million shares of its common stock at an average cost per share of $80.83 and $193.18, for a total cost of $2million and $2.04billion, respectively. Shares repurchased during 2009 primarily related to repurchases made by GSCo. to facilitate customer transactions in the ordinary course of business. In addition, to satisfy minimum statutory employee tax withholding requirements related to the delivery of common stock underlying RSUs, the firm cancelled 11.2million and 6.7million of RSUs with a total value of $863million and $1.31billion in 2009 and 2008, respectively. The firms share repurchase program is intended to help maintain the appropriate level of common equity and to substantially offset increases in share count over time resulting from employee share-based compensation. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determin

Earnings Per Common Share

Earnings Per Common Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Common Share [Abstract]
Earnings Per Common Share	Note10. Earnings Per Common Share The computations of basic and diluted earnings per common share are set forth below: Year Ended One Month Ended December November November December 2009 2008 2007 2008 (in millions, except per share amounts) Numerator for basic and diluted EPS net earnings/(loss) applicable to common shareholders $ 12,192 $ 2,041 $ 11,407 $ (1,028 ) Denominator for basic EPS weighted average number of common shares 512.3 437.0 433.0 485.5 Effect of dilutive securities(1) Restricted stock units 15.7 10.2 13.6 Stock options and warrants 22.9 9.0 14.6 Dilutive potential common shares 38.6 19.2 28.2 Denominator for diluted EPS weighted average number of common shares and dilutive potential common shares 550.9 456.2 461.2 485.5 Basic EPS(2) $ 23.74 $ 4.67 $ 26.34 $ (2.15 ) Diluted EPS(2) 22.13 4.47 24.73 (2.15 ) (1) The diluted EPS computations do not include the antidilutive effect of RSUs, stock options and warrants as follows: Year Ended One Month Ended December November November December 2009 2008 2007 2008 (in millions) Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants 24.7 60.5 157.2 (2) In the first quarter of fiscal 2009, the firm adopted amended accounting principles which require that unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents be treated as a separate class of securities in calculating earnings per common share. The impact of applying these amended principles for the year ended December2009 and one month ended December2008 was a reduction in basic earnings per common share of $0.06 and an increase in basic and diluted loss per common share of $0.03, respectively. There was no impact on diluted earnings per common share for the year ended December2009. Prior periods have not been restated due to immateriality.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Identifiable Intangible Assets [Abstract]
Goodwill and Identifiable Intangible Assets	Note11. Goodwill and Identifiable Intangible Assets Goodwill The following table sets forth the carrying value of the firms goodwill by operating segment, which is included in Other assets in the consolidated statements of financial condition: As of December November 2009 2008 (in millions) Investment Banking Underwriting $ 125 $ 125 Trading and Principal Investments FICC 265 247 Equities(1) 2,389 2,389 Principal Investments 84 80 Asset Management and Securities Services Asset Management(2) 563 565 Securities Services 117 117 Total $ 3,543 $ 3,523 (1) Primarily related to SLK LLC (SLK). (2) Primarily related to The Ayco Company, L.P. (Ayco). Identifiable Intangible Assets The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of the firms identifiable intangible assets: As of December November 2009 2008 (in millions) Customer lists(1) Gross carrying amount $ 1,117 $ 1,160 Accumulated amortization (472 ) (436 ) Net carrying amount $ 645 $ 724 NYSE DMM rights Gross carrying amount $ 714 $ 714 Accumulated amortization (294 ) (252 ) Net carrying amount $ 420 $ 462 Insurance-related Gross carrying amount $ 292 $ 292 assets(2) Accumulated amortization (142 ) (137 ) Net carrying amount $ 150 $ 155 Exchange-traded Gross carrying amount $ 138 $ 138 fund (ETF) lead Accumulated amortization (48 ) (43 ) market maker rights Net carrying amount $ 90 $ 95 Other(3) Gross carrying amount $ 170 $ 178 Accumulated amortization (98 ) (85 ) Net carrying amount $ 72 $ 93 Total Gross carrying amount $ 2,431 $ 2,482 Accumulated amortization (1,054 ) (953 ) Net carrying amount $ 1,377 $ 1,529 (1) Primarily includes the firms clearance and execution and NASDAQ customer lists related to SLK and financial counseling customer lists related to Ayco. (2) Primarily inclu

Other Assets and Other Liabilit

Other Assets and Other Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Other Assets and Other Liabilities [Abstract]
Other Assets and Other Liabilities	Note12. Other Assets and Other Liabilities Other Assets Other assets are generally less liquid, non-financial assets. The following table sets forth the firms other assets by type: As of December November 2009 2008 (in millions) Property, leasehold improvements and equipment(1) $ 11,380 $ 10,793 Goodwill and identifiable intangible assets(2) 4,920 5,052 Income tax-related assets 7,937 8,359 Equity-method investments(3) 1,484 1,454 Miscellaneous receivables and other 3,747 4,780 Total $ 29,468 $ 30,438 (1) Net of accumulated depreciation and amortization of $7.28billion and $6.55billion as of December2009 and November2008, respectively. (2) See Note11 for further information regarding the firms goodwill and identifiable intangible assets. (3) Excludes investments of $2.95billion and $3.45billion accounted for at fair value under the fair value option as of December2009 and November2008, respectively, which are included in Trading assets, at fair value in the consolidated statements of financial condition. Other Liabilities The following table sets forth the firms other liabilities and accrued expenses by type: As of December November 2009 2008 (in millions) Compensation and benefits $ 11,170 $ 4,646 Insurance-related liabilities(1) 11,832 9,673 Noncontrolling interests(2) 960 1,127 Income tax-related liabilities 4,022 2,865 Employee interests in consolidated funds 416 517 Accrued expenses and other payables 5,455 4,388 Total $ 33,855 $ 23,216 (1) Insurance-related liabilities are set forth in the table below: As of December November 2009 2008 (in millions) Separate account liabilities $ 4,186 $ 3,628 Liabilities for future benefits and unpaid claims 6,484 4,778 Contract holder account balances 874 899 Reserves for guaranteed minimum death and income benefits 288 368 Total insurance-related liabilities $ 11,832 $ 9,673 Separate account liabilities are supported by separate account assets, representing segregated contract holder funds under variable annuity and life insurance contracts. Separate account assets are included in Cash and securities segregated for regulatory and other purposes in the consolidated statements of financial condition. Liabilities for future benefits and unpaid claims include liabilities arising from reinsurance provided by the firm to other insurers. The firm had a receivable of

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note13. Employee Benefit Plans The firm sponsors various pension plans and certain other postretirement benefit plans, primarily healthcare and life insurance. The firm also provides certain benefits to former or inactive employees prior to retirement. Defined Benefit Pension Plans and Postretirement Plans Employees of certain non-U.S.subsidiaries participate in various defined benefit pension plans. These plans generally provide benefits based on years of credited service and a percentage of the employees eligible compensation. The firm maintains a defined benefit pension plan for most U.K. employees. As of April2008, the U.K. defined benefit plan was closed to new participants, but will continue to accrue benefits for existing participants. The firm also maintains a defined benefit pension plan for substantially all U.S.employees hired prior to November1,2003. As of November2004, this plan was closed to new participants and frozen such that existing participants would not accrue any additional benefits. In addition, the firm maintains unfunded postretirement benefit plans that provide medical and life insurance for eligible retirees and their dependents covered under these programs. On November30,2007, the firm adopted amended principles related to employers accounting for defined benefit pension and other postretirement plans which require an entity to recognize in its statement of financial condition the funded status of its defined benefit pension and postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation. Upon adoption, these amended accounting principles required an entity to recognize previously unrecognized actuarial gains and losses, prior service costs, and transition obligations and assets within Accumulated other comprehensive income/(loss) in the consolidated statements of changes in shareholders equity, and to derecognize additional minimum pension liabilities. As a result of adopting these amended accounting principles, the firm recorded in 2007 increases of $59million and $253million to Other assets and Other liabilities and accrued expenses, respectively, and a $194million loss, net of taxes, within Accumulated other comprehensive income/(loss). The following table provides a summary of the changes in the plans benefit obligations and the fair value of plan assets for the years ended December2009 and November2008, as well as a statement of the funded status of the plans as of December2009 and November2008: As of or for the Year Ended December 2009 November 2008 U.S. Non-U.S. Post- U.S. Non-U.S. Post- Pension Pension retirement Pension Pension retirement (in millions) Benefit obligation Balance, beginning of year $ 485 $ 513 $ 569 $ 399 $ 748 $ 445 Service cost 52 18 84 26

Employee Incentive Plans

Employee Incentive Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Incentive Plans [Abstract]
Employee Incentive Plans	Note14. Employee Incentive Plans Stock Incentive Plan The firm sponsors a stock incentive plan, The Goldman Sachs Amended and Restated Stock Incentive Plan (SIP), which provides for grants of incentive stock options, nonqualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, RSUs, awards with performance conditions and other share-based awards. In the second quarter of 2003, the SIP was approved by the firms shareholders, effective for grants after April1,2003, and was further amended and restated, effective December31,2008. The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP through the end of our 2008 fiscal year could not exceed 250million shares. The total number of shares of common stock that may be delivered pursuant to awards granted under the SIP in our 2009 fiscal year and each fiscal year thereafter cannot exceed 5% of the issued and outstanding shares of common stock, determined as of the last day of the immediately preceding fiscal year, increased by the number of shares available for awards in previous years but not covered by awards granted in such years. As of December2009 and November2008, 140.6million and 162.4million shares, respectively, were available for grant under the SIP. Other Compensation Arrangements The firm has maintained deferred compensation plans for eligible employees. In general, under the plans, participants were able to defer payment of a portion of their cash year-end compensation. During the deferral period, participants were able to notionally invest their deferrals in certain alternatives available under the plans. Generally, under current tax law, participants are not subject to income tax on amounts deferred or on any notional investment earnings until the returns are distributed, and the firm is not entitled to a corresponding tax deduction until the amounts are distributed. Beginning with the 2008year, these deferred compensation plans were frozen with respect to new contributions and the plans were terminated. Participants generally received distributions of their benefits in 2009 except that no payments were accelerated for certain senior executives. The firm has recognized compensation expense for the amounts deferred under these plans. As of December2009 and November2008, $9million and $220million, respectively, related to these plans was included in Other liabilities and accrued expenses in the consolidated statements of financial condition. The firm has a discount stock program through which Participating Managing Directors may be permitted to acquire RSUs at an effective 25% discount (for 2009 and 2008year-end compensation, the program was suspended, and no individual was permitted to acquire discounted RSUs thereunder). In prior years, the 25% discount was effected by an additional grant of RSUs equal to one-third of the number of RSUs purchased by qualifying participants. The purchased RSUs were 100% vested when granted, but the shares underlying them generally were subject to certain transfer restrictions (which were waived in December2008 except for

Transactions with Affiliated Fu

Transactions with Affiliated Funds
	12 Months Ended Dec. 31, 2009 USD / shares
Transactions with Affiliated Funds [Abstract]
Transactions with Affiliated Funds	Note15. Transactions with Affiliated Funds The firm has formed numerous nonconsolidated investment funds with third-party investors. The firm generally acts as the investment manager for these funds and, as such, is entitled to receive management fees and, in certain cases, advisory fees, incentive fees or overrides from these funds. These fees amounted to $2.52billion, $3.14billion, $3.62billion and $206million for the years ended December2009, November2008 and November2007 and one month ended December2008, respectively. As of December2009 and November2008, the fees receivable from these funds were $1.04billion and $861million, respectively. Additionally, the firm may invest alongside the third-party investors in certain funds. The aggregate carrying value of the firms interests in these funds was $13.84billion and $14.45billion as of December2009 and November2008, respectively. In the ordinary course of business, the firm may also engage in other activities with these funds, including, among others, securities lending, trade execution, trading, custody, and acquisition and bridge financing. See Note8 for the firms commitments related to these funds.

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	Note16. Income Taxes The components of the net tax expense reflected in the consolidated statements of earnings are set forth below: Year Ended One Month Ended December November November December 2009 2008 2007 2008 (in millions) Current taxes U.S.federal $ 4,039 $ (278 ) $ 2,934 $ 157 State and local 594 91 388 10 Non-U.S. 2,242 1,964 2,554 287 Total current tax expense 6,875 1,777 5,876 454 Deferred taxes U.S.federal (763 ) (880 ) 118 (857 ) State and local (130 ) (92 ) 100 (26 ) Non-U.S. 462 (791 ) (89 ) (49 ) Total deferred tax (benefit)/expense (431 ) (1,763 ) 129 (932 ) Net tax expense $ 6,444 $ 14 $ 6,005 $ (478 ) Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the firms deferred tax assets and liabilities are set forth below: As of December November 2009 2008 (in millions) Deferred tax assets Compensation and benefits $ 3,338 $ 3,732 Unrealized losses 1,754 375 ASC 740 asset 1,004 625 Non-U.S.operations 807 657 Foreign tax credits 277 334 Net operating losses 184 212 Occupancy related 159 137 Other, net 427 194 7,950 6,266 Valuation allowance(1) (74 ) (93 ) Total deferred tax assets(2) $ 7,876 $ 6,173 Total deferred tax liabilities(2)(3) $ 1,611 $ 1,558 (1) Relates primarily to the ability to utilize losses in various tax jurisdictions. (2) Before netting within tax jurisdictions. (3) Relates to depreciation and amortization. The firm permanently reinvests eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U.S.income taxes that would arise if such ea

Regulation And Capital Adequacy

Regulation And Capital Adequacy
	12 Months Ended Dec. 31, 2009 USD / shares
Regulation and Capital Adequacy [Abstract]
Regulation and Capital Adequacy	Note17. Regulation and Capital Adequacy The Federal Reserve Board is the primary U.S.regulator of GroupInc., a bank holding company that in August2009 also became a financial holding company under the U.S.Gramm-Leach-Bliley Act of 1999. As a bank holding company, the firm is subject to consolidated regulatory capital requirements administered by the Federal Reserve Board. The firms bank depository institution subsidiaries, including GS Bank USA, are subject to similar capital requirements. Under the Federal Reserve Boards capital adequacy requirements and the regulatory framework for prompt corrective action (PCA) that is applicable to GS Bank USA, the firm and its bank depository institution subsidiaries must meet specific capital requirements that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory reporting practices. The firm and its bank depository institution subsidiaries capital amounts, as well as GS Bank USAs PCA classification, are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Many of the firms subsidiaries, including GSCo. and the firms other broker-dealer subsidiaries, are subject to separate regulation and capital requirements as described below. The following table sets forth information regarding GroupInc.s capital ratios as of December2009 calculated in accordance with the Federal Reserve Boards regulatory capital requirements currently applicable to bank holding companies, which are based on the Capital Accord of the Basel Committee on Banking Supervision (Basel I). These ratios are used by the Federal Reserve Board and other U.S.federal banking agencies in the supervisory review process, including the assessment of the firms capital adequacy. The calculation of these ratios includes certain market risk measures that are under review by the Federal Reserve Board. The calculation of these ratios has not been reviewed with the Federal Reserve Board and, accordingly, these ratios may be revised in subsequent filings. As of December 2009 ($ in millions) Tier1 capital $ 64,642 Tier2 capital 13,828 Total capital 78,470 Risk-weighted assets 431,890 Tier1 capital ratio 15.0 % Total capital ratio 18.2 % Tier1 leverage ratio 7.6 % Risk-Weighted Assets (RWAs) under the Federal Reserve Boards risk-based capital guidelines are calculated based on the amount of market risk and credit risk. RWAs for market risk include certain measures that are under review by the Federal Reserve Board. Credit risk for on-balance sheet assets is based on the balance sheet value. For off-balance sheet exposures, including OTC derivatives and commitments, a credit equivalent amount is calculated based on the notional of each trade. All such assets and amounts are then assigned a risk weight depending on, among other things, whether the counterparty is a sovereign, bank or qualifying securities firm, or other entity (or if collateral is held, dep

Business Segments

Business Segments
	12 Months Ended Dec. 31, 2009 USD / shares
Business Segments [Abstract]
Business Segments	Note18. Business Segments In reporting to management, the firms operating results are categorized into the following three business segments: Investment Banking, Trading and Principal Investments, and Asset Management and Securities Services. Basis of Presentation In reporting segments, certain of the firms business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i)the nature of the services they provide, (ii)their methods of distribution, (iii)the types of clients they serve and (iv)the regulatory environments in which they operate. The cost drivers of the firm taken as a whole compensation, headcount and levels of business activity are broadly similar in each of the firms business segments. Compensation and benefits expenses within the firms segments reflect, among other factors, the overall performance of the firm as well as the performance of individual business units. Consequently, pre-tax margins in one segment of the firms business may be significantly affected by the performance of the firms other business segments. The firm allocates revenues and expenses among the three business segments. Due to the integrated nature of these segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. Total operating expenses include corporate items that have not been allocated to individual business segments. The allocation process is based on the manner in which management views the business of the firm. The segment information presented in the table below is prepared according to the following methodologies: Revenues and expenses directly associated with each segment are included in determining pre-tax earnings. Net revenues in the firms segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions. Net interest is included within segment net revenues as it is consistent with the way in which management assesses segment performance. Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses. Segment Operating Results Management believes that the following information provides a reasonable representation of each segments contribution to consolidated pre-tax earnings and total assets: As of or for the Year Ended One Month Ended December November November December 2009 2008 2007 2008 (in millions) Investment Net revenues $ 4,797 $ 5,185 $ 7,555 $ 135 Banking Operating expenses 3,527 3,143 4,985 169 Pre-tax earnings/(loss) $ 1,270 $ 2,042

Interest Income and Interest Ex

Interest Income and Interest Expense
	12 Months Ended Dec. 31, 2009 USD / shares
Interest Income and Interest Expense [Abstract]
Interest Income and Interest Expense	Note19. Interest Income and Interest Expense The following table sets forth the details of the firms interest income and interest expense: Year Ended One Month Ended December November November December 2009 2008 2007 2008 (in millions) Interest income(1) Deposits with banks $ 65 $ 188 $ 119 $ 2 Securities borrowed, securities purchased under agreements to resell and federal funds sold 951 11,746 18,013 301 Trading assets, at fair value 11,106 13,150 13,120 1,172 Other interest(2) 1,785 10,549 14,716 212 Total interest income $ 13,907 $ 35,633 $ 45,968 $ 1,687 Interest expense Deposits $ 415 $ 756 $ 677 $ 51 Securities loaned and securities sold under agreements to repurchase, at fair value 1,317 7,414 12,612 229 Trading liabilities, at fair value 1,854 2,789 3,866 174 Short-term borrowings(3) 623 1,864 3,398 107 Long-term borrowings(4) 2,585 6,975 6,830 297 Other interest(5) (294 ) 11,559 14,598 144 Total interest expense $ 6,500 $ 31,357 $ 41,981 $ 1,002 Net interest income $ 7,407 $ 4,276 $ 3,987 $ 685 (1) Interest income is recorded on an accrual basis based on contractual interest rates. (2) Primarily includes interest income on customer debit balances and other interest-earning assets. (3) Includes interest on unsecured short-term borrowings and short-term other secured financings. (4) Includes interest on unsecured long-term borrowings and long-term other secured financings. (5) Primarily includes interest expense on customer credit balances and other interest-bearing liabilities.

Parent Company

Parent Company
	12 Months Ended Dec. 31, 2009 USD / shares
Parent Company [Abstract]
Parent Company	Note20. Parent Company GroupInc. Condensed Statements of Earnings One Month Year Ended Ended December November November December (in millions) 2009 2008 2007 2008 Revenues Dividends from bank subsidiary $ $ 2,922 $ 18 $ 5 Dividends from nonbank subsidiaries 8,793 3,716 4,273 130 Undistributed earnings/(loss) of subsidiaries 5,884 (3,971 ) 6,708 (1,115 ) Other revenues (1,018 ) (2,886 ) 2,062 (1,004 ) Interest income 4,565 7,167 9,049 462 Total revenues 18,224 6,948 22,110 (1,522 ) Interest expense 3,112 8,229 8,914 448 Revenues, net of interest expense 15,112 (1,281 ) 13,196 (1,970 ) Operating expenses Compensation and benefits 637 122 780 (94 ) Other expenses 1,034 471 281 32 Total operating expenses 1,671 593 1,061 (62 ) Pre-tax earnings/(loss) 13,441 (1,874 ) 12,135 (1,908 ) Provision/(benefit) for taxes 56 (4,196 ) 536 (1,128 ) Net earnings/(loss) 13,385 2,322 11,599 (780 ) Preferred stock dividends 1,193 281 192 248 Net earnings/(loss) applicable to common shareholders $ 12,192 $ 2,041 $ 11,407 $ (1,028 ) GroupInc. Condensed Statements of Financial Condition As of December November (in millions) 2009 2008 Assets Cash and cash equivalents $ 1,140 $ 1,035 Loans to and receivables from subsidiaries Bank subsidiary 5,564 19,247 Nonbank subsidiaries 177,952 157,086 Investments in subsidiaries and associates Bank subsidiary 17,318 13,322 Nonbank subsidiaries and associates 48,421 38,375 Trading assets, at fair value 23,977 40,171 Other assets 11,254 10,414 Total assets $ 285,626 $ 279,650 Liabilities and shareholders equity Unsecured short-term borrowings(1) With third parties $ 24,604 $ 37,941 With subsidiaries 4,208 7,462 Payables to subsidiaries 509 754 Trading l