The Goldman Sachs Group, Inc. (GS) 10-Q 10 May 10 2010 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information (USD $)
In Billions, except Share data	3 Months Ended Mar. 31, 2010	Apr. 23, 2010	Jun. 26, 2009
Document and Entity Information [Abstract]
Entity Registrant Name	GOLDMAN SACHS GROUP INC
Entity Central Index Key	0000886982
Document Type	10-Q
Document Period End Date	2010-03-31
Amendment Flag	false
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1
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		514,788,856

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) (USD $)
In Millions, except Per Share data	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 27, 2009
Revenues
Investment banking	$1,184	$823
Trading and principal investments	9,195	5,706
Asset management and securities services	978	989
Total non-interest revenues	11,357	7,518
Interest income	3,001	4,362
Interest expense	1,583	2,455
Net interest income	1,418	1,907
Net revenues, including net interest income	12,775	9,425
Operating expenses
Compensation and benefits	5,493	4,712
Brokerage, clearing, exchange and distribution fees	562	536
Market development	110	68
Communications and technology	176	173
Depreciation and amortization	372	549
Occupancy	256	241
Professional fees	182	135
Other expenses	465	382
Total non-compensation expenses	2,123	2,084
Total operating expenses	7,616	6,796
Pre-tax earnings	5,159	2,629
Provision for taxes	1,703	815
Net earnings	3,456	1,814
Preferred stock dividends	160	155
Net earnings applicable to common shareholders	$3,296	$1,659
Earnings per common share
Basic	6.02	3.48
Diluted	5.59	3.39
Dividends declared per common share	0.35		[1]
Average common shares outstanding
Basic	546	477.4
Diluted	590	489.2
[1]The firm declared a dividend of $0.4666666 per common share in December 2008, which was reflective of a four-month period (December 2008 through March 2009), due to the change in the firm's fiscal year-end.

1_Condensed Consolidated Statem

Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	12 Months Ended Dec. 31, 2009
Assets
Cash and cash equivalents	$27,064	$38,291
Cash and securities segregated for regulatory and other purposes (includes $27,312 and $18,853 at fair value as of March 2010 and December 2009, respectively)	43,053	36,663
Securities purchased under agreements to resell and federal funds sold (includes $166,368 and $144,279 at fair value as of March 2010 and December 2009, respectively)	166,368	144,279
Securities borrowed (includes $71,349 and $66,329 at fair value as of March 2010 and December 2009, respectively)	202,841	189,939
Receivables from brokers, dealers and clearing organizations	13,557	12,597
Receivables from customers and counterparties (includes $1,774 and $1,925 at fair value as of March 2010 and December 2009, respectively)	57,886	55,303
Trading assets, at fair value (includes $43,281 and $31,485 pledged as collateral as of March 2010 and December 2009, respectively)	339,435	342,402
Other assets	30,324	29,468
Total assets	880,528	848,942
Liabilities and shareholders' equity
Deposits (includes $2,014 and $1,947 at fair value as of March 2010 and December 2009, respectively)	38,431	39,418
Securities sold under agreements to repurchase, at fair value	153,517	128,360
Securities loaned (includes $3,108 and $6,194 at fair value as of March 2010 and December 2009, respectively)	14,841	15,207
Other secured financings (includes $15,986 and $15,228 at fair value as of March 2010 and December 2009, respectively)	24,037	24,134
Payables to brokers, dealers and clearing organizations	4,613	5,242
Payables to customers and counterparties	181,133	180,392
Trading liabilities, at fair value	140,081	129,019
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings (includes $19,594 and $18,403 at fair value as of March 2010 and December 2009, respectively)	40,784	37,516
Unsecured long-term borrowings (includes $20,187 and $21,392 at fair value as of March 2010 and December 2009, respectively)	180,414	185,085
Other liabilities and accrued expenses (includes $2,782 and $2,054 at fair value as of March 2010 and December 2009, respectively)	29,733	33,855
Total liabilities	807,584	778,228
Commitments, contingencies and guarantees
Shareholders' equity
Preferred stock, par value $0.01 per share; aggregate liquidation preference of $8,100 as of both March 2010 and December 2009	6,957	6,957
Common stock, par value $0.01 per share; 4,000,000,000 shares authorized, 765,392,931 and 753,412,247 shares issued as of March 2010 and December 2009, respectively, and 514,190,734 and 515,113,890 shares outstanding as of March 2010 and December 2009, respectively	8	8
Restricted stock units and employee stock options	5,934	6,245
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	41,444	39,770
Retained earnings	53,345	50,252
Accumulated other comprehensive loss	(356)	(362)
Common stock held in treasury, at cost, par value $0.01 per share; 251,202,197 and 238,298,357 shares as of March 2010 and December 2009, respectively	(34,388)	(32,156)
Total shareholders' equity	72,944	70,714
Total liabilities and shareholders' equity	$880,528	$848,942

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) (USD $)
In Millions, except Share data	Mar. 31, 2010	Dec. 31, 2009
Assets
Cash and securities segregated for regulatory and other purposes at fair value	$27,312	$18,853
Securities purchased under agreements to resell and federal funds sold at fair value	166,368	144,279
Securities borrowed at fair value	71,349	66,329
Receivables from customers and counterparties at fair value	1,774	1,925
Trading assets at fair value pledged as collateral	43,281	31,485
Liabilities and shareholders' equity
Deposits at fair value	2,014	1,947
Securities loaned at fair value	3,108	6,194
Other secured financings at fair value	15,986	15,228
Unsecured short-term borrowings, including the current portion of unsecured long-term borrowings, at fair value	19,594	18,403
Unsecured long-term borrowings at fair value	20,187	21,392
Other liabilities and accrued expenses at fair value	2,782	2,054
Shareholders' equity
Preferred stock, par value	0.01	0.01
Preferred stock, liquidation preference	$8,100	$8,100
Common stock, par value	0.01	0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	765,392,931	753,412,247
Common stock, shares outstanding	514,190,734	515,113,890
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	251,202,197	238,298,357

3_Condensed Consolidated Statem

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $)
In Millions	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 Dec. 26, 2008	$16,483	$7	$9,463	$31,070	$38,579	($372)	($32,176)
Accretion	48				(48)
Repurchased	(9,574)
Issued		1		5,750
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)
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)
Excess net tax benefit/(provision) related to share-based compensation				(793)
Cash settlement of share-based compensation				(2)
Net earnings					13,385
Dividends and dividend equivalents declared on common stock and restricted stock units					(588)
Dividends declared on preferred stock					(1,076)
Currency translation adjustment, net of tax						(70)
Pension and postretirement liability adjustments, net of tax						(17)
Net unrealized gains on available-for-sale securities, net of tax						97
Repurchased							(2)	[1]
Reissued							22
Balance at Dec. 31, 2009	6,957	8	6,245	39,770	50,252	(362)	(32,156)		70,714
Issuance and amortization of restricted stock units and employee stock options			2,186
Delivery of common stock underlying restricted stock units			(2,455)
Forfeiture of restricted stock units and employee stock options			(38)
Exercise of employee stock options			(4)
Delivery of common stock underlying restricted stock units and proceeds from the exercise of employee stock options				2,560
Cancellation of restricted stock units in satisfaction of withholding tax requirements				(962)
Excess net tax benefit/(provision) related to share-based compensation				76
Net earnings					3,456				3,456
Dividends and dividend equivalents declared on common stock and restricted stock units					(203)
Dividends declared on preferred stock					(160)
Currency translation adjustment, net of tax						(4)			(4)
Pension and postretirement liability adjustments, net of tax						6			6
Net unrealized gains on available-for-sale securities, net of tax						4			4
Repurchased							(2,269)
Reissued							37
Balance at Mar. 31, 2010	$6,957	$8	$5,934	$41,444	$53,345	($356)	($34,388)		$72,944
[1]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.

4_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 27, 2009
Cash flows from operating activities
Net earnings	$3,456	$1,814
Non-cash items included in net earnings
Depreciation and amortization	375	649
Share-based compensation	2,160	468
Changes in operating assets and liabilities
Cash and securities segregated for regulatory and other purposes	(6,378)	43,126
Net receivables from brokers, dealers and clearing organizations	(1,540)	8,140
Net payables to customers and counterparties	(1,793)	(17,879)
Securities borrowed, net of securities loaned	(13,269)	(27,552)
Securities sold under agreements to repurchase, net of securities purchased under agreements to resell and federal funds sold	3,068	(140,648)
Trading assets, at fair value	6,986	180,563
Trading liabilities, at fair value	11,056	(38,810)
Other, net	(11,625)	(6,674)
Net cash provided by/(used for) operating activities	(7,504)	3,197
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment	(278)	(278)
Proceeds from sales of property, leasehold improvements and equipment	28	28
Business acquisitions, net of cash acquired	(699)	(190)
Proceeds from sales of investments	173	75
Purchase of available-for-sale securities	(864)	(1,440)
Proceeds from sales of available-for-sale securities	674	892
Net cash used for investing activities	(966)	(913)
Cash flows from financing activities
Unsecured short-term borrowings, net	525	(4,680)
Other secured financings (short-term), net	(312)	5,222
Proceeds from issuance of other secured financings (long-term)	1,541	2,322
Repayment of other secured financings (long-term), including the current portion	(1,880)	(2,435)
Proceeds from issuance of unsecured long-term borrowings	6,081	14,689
Repayment of unsecured long-term borrowings, including the current portion	(5,584)	(8,325)
Derivative contracts with a financing element, net	110	670
Deposits, net	(987)	12,374
Common stock repurchased	(2,269)	(2)
Dividends and dividend equivalents paid on common stock, preferred stock and restricted stock units	(363)	(545)
Proceeds from issuance of common stock, including stock option exercises	138	27
Excess tax benefit related to share-based compensation	243	11
Net cash provided by/(used for) financing activities	(2,757)	19,328
Net increase/(decrease) in cash and cash equivalents	(11,227)	21,612
Cash and cash equivalents, beginning of year	38,291	13,805
Cash and cash equivalents, end of period	27,064	35,417
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest, net of capitalized interest	2,010	3,420
Cash payments for income taxes, net of refunds	778	256
Non-cash activities:
Debt assumed in connection with business acquisitions	90	16
Approximate increase in assets upon adoption of ASU No. 2009-17	3,000
Approximate increase in liabilities upon adoption of ASU No. 2009-17	$3,000

5_Condensed Consolidated Statem

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 27, 2009
Condensed Consolidated Statements of Comprehensive Income
Net earnings	$3,456	$1,814
Currency translation adjustment, net of tax	(4)	25
Pension and postretirement liability adjustments, net of tax	6	9
Net unrealized gains/(losses) on available-for-sale securities, net of tax	4	(19)
Comprehensive income	$3,462	$1,829

Description of Business

Description of Business
	3 Months Ended Mar. 31, 2010
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
	3 Months Ended Mar. 31, 2010
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note2. Significant Accounting Policies Basis of Presentation These condensed 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 or a variable interest entity (VIE) 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 power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. 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 provides the enterprise with (i)the power to direct the activities of the VIE that most significantly impact the VIEs economic performance and (ii)the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. 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 performing an analysis that principally considers: (i)the VIEs purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders, (ii)the VIEs capital structure, (iii)the terms between the VIE and its variable interest holders and other parties involved with the VIE, (iv)which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, (v)which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE and (vi)related party relationships. The firm reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. The firm reassesses its determination of whether the firm is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the firms assessment. See Recent Accounting Developments below for further information regarding accounting for VIEs. Equity-Method Investments.When the firm does not have a controlling financial interest in an entity but exerts significa

Financial Instruments

Financial Instruments
	3 Months Ended Mar. 31, 2010
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 March 2010 December 2009 Assets Liabilities Assets Liabilities (in millions) Commercial paper, certificates of deposit, time deposits and other money market instruments $ 11,735 (1) $ $ 9,111 (1) $ U.S.government and federal agency obligations 79,451 20,426 78,336 20,982 Non-U.S.government obligations 43,030 29,929 38,858 23,843 Mortgage and other asset-backed loansand securities: Loans and securities backed by commercial real estate 6,241 39 6,203 29 Loans and securities backed by residential real estate 5,657 9 6,704 74 Loan portfolios 1,338 (2) 1,370 (2) Bank loans and bridge loans 20,787 2,158 (5) 19,345 1,541 (5) Corporate debt securities 25,653 7,224 26,368 6,229 State and municipal obligations 2,942 6 2,759 36 Other debt obligations 2,919 2,914 Equities and convertible debentures 65,348 26,392 71,474 20,253 Physical commodities 3,761 37 3,707 23 Derivative contracts 70,573 (3) 53,861 (6) 75,253 (3) 56,009 (6) Total $ 339,435 (4) $ 140,081 $ 342,402 (4) $ 129,019 (1) Includes $4.03billion and $4.31billion as of March2010 and December2009, 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) Consists of acquired portfolios of distressed loans, primarily backed by commercial and residential real estate collateral. (3) Net of cash received pursuant to credit support agreements of $118.75billion and $124.60billion as of March2010 and December2009, respectively. (4) Includes $3.92billion and $3.86billion as of March2010 and December2009, respectively, of securities accounted for as available-for-sale, substantially all of which is held within the firms insurance subsidiaries. (5) Includes the fair value of unfunded commitments to extend credit. The fair value of partially funded commitments is included in trading assets, at fair value.

Securitization Activities and V

Securitization Activities and Variable Interest Entities
	3 Months Ended Mar. 31, 2010
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. The firm generally receives cash in exchange for the transferred assets. Net revenues related to 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; and retaining servicing rights. The firm may also purchase 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 condensed consolidated statements of financial condition and are generally classified within level2 of the fair value hierarchy. See Note2 for additional information regarding fair value measurement. During the three months ended March2010, the firm securitized $9.97billion of financial assets in which the firm had continuing involvement, including $9.96billion of residential mortgages, primarily in connection with government agency securitizations, and $14million of other financial assets. During the three months ended March2009, the firm securitized $3.57billion of financial assets, including $3.47billion of residential mortgages, primarily in connection with government agency securitizations, and $95million of other financial assets. Cash flows received on retained interests were $199million and $94million for the three months ended March2010 and March2009, 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 March2010 and 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. As of March 2010 As of December 2009 Outstanding Fair Value of Fair Value of Outstanding Fair Value of Fair Value of Principal Retained Purchased Principal Retained Purchased Amount Interests Interests(1) Amount Interests Interes

Deposits

Deposits
	3 Months Ended Mar. 31, 2010
Deposits [Abstract]
Deposits	Note5. Deposits The following table sets forth deposits as of March2010 and December2009: As of March December 2010 2009 (in millions) U.S.offices(1) $ 31,381 $ 32,797 Non-U.S.offices(2) 7,050 6,621 Total $ 38,431 $ 39,418 (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 $9.46billion and $9.30billion as of March2010 and December2009, respectively. The following table sets forth the maturities of time deposits as of March2010: As of March 2010 U.S. Non-U.S. Total (in millions) 2010 $ 1,416 $ 1,072 $ 2,488 2011 1,630 24 1,654 2012 886 886 2013 1,830 1,830 2014 484 484 2015-thereafter 2,121 2,121 Total $ 8,367 $ 1,096 $ 9,463

Short-Term Borrowings

Short-Term Borrowings
	3 Months Ended Mar. 31, 2010
Short-Term Borrowings [Abstract]
Short-Term Borrowings	Note6. Short-Term Borrowings As of March2010 and December2009, short-term borrowings were $51.62billion and $50.45billion, respectively, comprised of $10.84billion and $12.93billion, respectively, included in Other secured financings in the condensed consolidated statements of financial condition and $40.78billion and $37.52billion, 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 March December 2010 2009 (in millions) Current portion of unsecured long-term borrowings(1) $ 19,210 $ 17,928 Hybrid financial instruments 13,302 10,741 Promissory notes 2,402 2,119 Commercial paper 1,328 1,660 Other short-term borrowings 4,542 5,068 Total(2) $ 40,784 $ 37,516 (1) Includes $3.73billion and $1.73billion as of March2010 and December2009, respectively, guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program (TLGP). (2) The weighted average interest rates for these borrowings, after giving effect to hedging activities, were 1.71% and 1.31% as of March2010 and December2009, respectively, and excluded financial instruments accounted for at fair value under the fair value option.

Long-Term Borrowings

Long-Term Borrowings
	3 Months Ended Mar. 31, 2010
Long-Term Borrowings [Abstract]
Long-Term Borrowings	Note7. Long-Term Borrowings As of March2010 and December2009, long-term borrowings were $193.61billion and $196.29billion, respectively, comprised of $13.20billion and $11.20billion, respectively, included in Other secured financings in the condensed consolidated statements of financial condition and $180.41billion and $185.09billion, 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 March December 2010 2009 (in millions) Fixed rate obligations(1) $ 116,434 $ 117,413 Floating rate obligations(2) 63,980 67,672 Total(3) $ 180,414 $ 185,085 (1) As of March2010 and December2009, $77.54billion and $79.12billion, respectively, of the firms fixed rate debt obligations were denominated in U.S.dollars and interest rates ranged from 1.63% to 10.04% as of both March2010 and December2009. As of March2010 and December2009, $38.89billion and $38.29billion, respectively, of the firms fixed rate debt obligations were denominated in non-U.S.dollars and interest rates ranged from 0.80% to 8.64% and 0.80% to 7.45%, respectively. (2) As of March2010 and December2009, $31.92billion and $32.26billion, respectively, of the firms floating rate debt obligations were denominated in U.S.dollars. As of March2010 and December2009, $32.06billion and $35.41billion, 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 $16.96billion and $19.03billion as of March2010 and December2009, respectively, guaranteed by the FDIC under the TLGP. Unsecured long-term borrowings by maturity date are set forth below: As of March 2010 (in millions) 2011 $ 17,871 2012 25,695 2013 22,864 2014 17,872 2015 13,804 2016-thereafter 82,308 Total(1)(2)(3)(4) $ 180,414 (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 condensed consolidated statements of financial condition. (2) Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates. Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the dates such options become exercisable. (3) Amount includ

Commitments, Contingencies and

Commitments, Contingencies and Guarantees
	3 Months Ended Mar. 31, 2010
Commitments, Contingencies and Guarantees [Abstract]
Commitments, Contingencies and Guarantees	Note8. Commitments, Contingencies and Guarantees Commitments The following table summarizes the firms commitments as of March2010 and December2009: Commitment Amount by Period of Expiration as of March 2010 Total Commitments as of Remainder 2011- 2013- 2015- March December of 2010 2012 2014 Thereafter 2010 2009 (in millions) Commitments to extend credit(1) Commercial lending: Investment-grade $ 3,279 $ 6,185 $ 1,296 $ $ 10,760 $ 11,415 Non-investment-grade 4,664 3,953 2,133 1,493 12,243 8,153 William Street credit extension program 3,948 18,398 3,263 319 25,928 25,218 Warehouse financing 15 15 12 Total commitments to extend credit 11,906 28,536 6,692 1,812 48,946 44,798 Forward starting resale and securities borrowing agreements 58,751 58,751 34,844 Forward starting repurchase and securities lending agreements 15,975 15,975 10,545 Underwriting commitments 75 75 1,811 Letters of credit(2) 1,516 268 146 4 1,934 1,804 Investment commitments(3) 2,137 9,080 172 1,146 12,535 13,240 Other(4) 179 54 41 31 305 380 Total commitments $ 90,539 $ 37,938 $ 7,051 $ 2,993 $ 138,521 $ 107,422 (1) Commitments to extend credit are presented net of amounts syndicated to third parties. (2) Consists of commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements. (3) Consists of the firms commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages in connection with its merchant banking and other investing activities, consisting of $2.43billion and $2.46billion as of March2010 and December2009, respectively, related to real estate private investments and $10.11billion and $10.78billion as of March2010 and December2009, respectively, related to corporate and other private investments. Such commitments include $11.43billion and $11.38bill

Shareholders' Equity

Shareholders' Equity
	3 Months Ended Mar. 31, 2010
Shareholders' Equity [Abstract]
Shareholders' Equity	Note9. Shareholders Equity Common and Preferred Equity On April19,2010, the Board of Directors of GroupInc. (Board) declared a dividend of $0.35 per common share to be paid on June29,2010 to common shareholders of record on June1,2010. During the three months ended March2010, the firm repurchased 13.2million shares of its common stock at an average cost per share of $172.15, for a total cost of $2.27billion. In addition, to satisfy minimum statutory employee tax withholding requirements related to the delivery of common stock underlying RSUs, the firm cancelled 6.1million of RSUs with a total value of $962million during the three months ended March2010. The firms share repurchase program is intended to substantially offset increases in share count over time resulting from employee share-based compensation and to help maintain the appropriate level of common equity. The repurchase program is effected primarily through regular open-market purchases, the amounts and timing of which are determined primarily by the firms issuance of shares resulting from employee share-based compensation as well as its current and projected capital position (i.e.,comparisons of the firms desired level of capital to its actual level of capital), but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firms common stock. Any repurchase of the firms common stock requires approval by the Board of Governors of the Federal Reserve System (Federal Reserve Board). As of March2010, the firm had 174,000shares of perpetual preferred stock issued and outstanding as set forth in the following table: Redemption Dividend Shares Shares Earliest Value Series Preference Issued Authorized Dividend Rate Redemption Date (in millions) A Non-cumulative 30,000 50,000 3 month LIBOR + 0.75%, with floor of 3.75% per annum April25,2010 $ 750 B Non-cumulative 32,000 50,000 6.20% per annum October31,2010 800 C Non-cumulative 8,000 25,000 3 month LIBOR + 0.75%, with floor of 4.00% per annum October31,2010 200 D Non-cumulative 54,000 60,000 3 month LIBOR + 0.67%, with floor of 4.00% per annum May24,2011 1,350 G Cumulative 50,000 50,000 10.00% per annum October1,2008 5,500 174,000 235,000 $ 8,600 Each share of non-cumulative preferred stock issued and outstanding has a par value of $0.01, has a liquidation preference of $25,000, is represented by 1,000 depositary shares and is redeemable at the firms option, subjec

Earnings Per Common Share

Earnings Per Common Share
	3 Months Ended Mar. 31, 2010
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: Three Months Ended March 2010 2009 (in millions, except per share amounts) Numerator for basic and diluted EPS net earnings applicable to commonshareholders $ 3,296 $ 1,659 Denominator for basic EPS weighted average number of commonshares 546.0 477.4 Effect of dilutive securities(1) RSUs 12.3 9.3 Stock options and warrants 31.7 2.5 Dilutive potential common shares 44.0 11.8 Denominator for diluted EPS weighted average number of common sharesand dilutive potential common shares 590.0 489.2 Basic EPS(2) $ 6.02 $ 3.48 Diluted EPS 5.59 3.39 (1) The diluted EPS computations do not include the antidilutive effect of RSUs, stock options and warrants as follows: Three Months Ended March 2010 2009 (in millions) Number of antidilutive RSUs and common shares underlying antidilutive stock options andwarrants 6.0 92.7 (2) Unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating earnings per common share. The impact of applying this methodology was a reduction to basic earnings per common share of $0.02 for the three months ended March2010. There was no impact to basic earnings per common share for the three months ended March2009.

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets
	3 Months Ended Mar. 31, 2010
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 condensed consolidated statements of financial condition: As of March December 2010 2009 (in millions) Investment Banking Underwriting $ 125 $ 125 Trading and Principal Investments FICC 297 265 Equities(1) 2,389 2,389 Principal Investments 84 84 Asset Management and Securities Services Asset Management(2) 563 563 Securities Services 117 117 Total $ 3,575 $ 3,543 (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 March December 2010 2009 (in millions) Customer lists(1) Gross carrying amount $ 1,118 $ 1,117 Accumulated amortization (488 ) (472 ) Net carrying amount $ 630 $ 645 Broadcast Gross carrying amount $ 560 $ royalties(2) Accumulated amortization (15 ) Net carrying amount $ 545 $ Commodities-related Gross carrying amount $ 553 $ 40 intangibles(3) Accumulated amortization (10 ) (10 ) Net carrying amount $ 543 $ 30 NYSE DMM rights Gross carrying amount $ 714 $ 714 Accumulated amortization (304 ) (294 ) Net carrying amount $ 410 $ 420 Insurance-related Gross carrying amount $ 292 $ 292 intangibles(4) Accumulated amortization (140 ) (142 ) Net carrying amount $ 152 $ 150 Exchange-traded Gross carrying amount $ 138 $ 138 fund (ETF) lead Accumulated amortization (50 ) (48 ) market maker rights Net carrying amount $ 88 $ 90 Other(5) Gross carrying amount $ 120 $ 130 Accumulated amortization (80 ) (88 ) Net car

Other Assets and Other Liabilit

Other Assets and Other Liabilities
	3 Months Ended Mar. 31, 2010
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 March December 2010 2009 (in millions) Property, leasehold improvements and equipment(1)(2) $ 12,322 $ 11,380 Goodwill and identifiable intangible assets(3) 5,983 4,920 Income tax-related assets 6,751 7,937 Equity-method investments(4) 1,374 1,484 Miscellaneous receivables and other 3,894 3,747 Total $ 30,324 $ 29,468 (1) Net of accumulated depreciation and amortization of $7.50billion and $7.28billion as of March2010 and December2009, respectively. (2) Includes $5.99billion and $5.90billion as of March2010 and December2009, respectively, related to property, leasehold improvements and equipment that the firm uses in connection with its operations. The remainder is held by investment entities consolidated by the firm. The increase in property, leasehold improvements and equipment from December2009 to March2010 is primarily related to consolidated VIEs. (3) See Note11 for further information regarding the firms goodwill and identifiable intangible assets. (4) Excludes investments of $3.85billion and $2.95billion accounted for at fair value under the fair value option as of March2010 and December2009, respectively, which are included in Trading assets, at fair value in the condensed consolidated statements of financial condition. The increase in investments accounted for at fair value under the fair value option from December2009 to March2010 is primarily related to investments held by VIEs consolidated upon adoption of ASU No.2009-17. Other Liabilities The following table sets forth the firms other liabilities and accrued expenses by type: As of March December 2010 2009 (in millions) Compensation and benefits $ 6,497 $ 11,170 Insurance-related liabilities(1) 11,829 11,832 Noncontrolling interests(2) 984 960 Income tax-related liabilities 3,701 4,022 Employee interests in consolidated funds 466 416 Subordinated liabilities issued by consolidated VIEs 2,020 (3) 612 Accrued expenses and other 4,236 4,843 Total $ 29,733 $ 33,855 (1) Insurance-related liabilities are set forth in the table below: As of March December 2010 2009 (in millions) Separate account liabilities $ 4,202 $ 4,186 Liabilities for future benefits and unpaid claims 6,557 6,484 Contract holder account balances 814 874

Transactions with Affiliated Fu

Transactions with Affiliated Funds
	3 Months Ended Mar. 31, 2010
Transactions with Affiliated Funds [Abstract]
Transactions with Affiliated Funds	Note13. 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 $553million and $593million for the three months ended March2010 and March2009, respectively. As of March2010 and December2009, the fees receivable from these funds were $832million and $1.04billion, 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 $13.68billion and $13.84billion as of March2010 and December2009, 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
	3 Months Ended Mar. 31, 2010
Income Taxes [Abstract]
Income Taxes	Note14. Income Taxes The firm is subject to examination by the U.S.Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong, Korea and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect unrecognized tax benefits to change significantly during the twelve months subsequent to March2010. Below is a table of the earliest tax years that remain subject to examination by major jurisdiction: As of Jurisdiction March 2010 U.S.Federal 2005 (1) New York State and City 2004 (2) United Kingdom 2005 Japan 2005 (3) Hong Kong 2003 Korea 2003 (1) IRS examination of fiscal 2005, 2006 and 2007 began during 2008. IRS examination of fiscal 2003 and 2004 has been completed but the liabilities for those years are not yet final. (2) New York State and City examination of fiscal 2004, 2005 and 2006 began in 2008. (3) Japan National Tax Agency examination of fiscal 2005 through 2009 began during the first quarter of 2010. All years subsequent to the above years remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments. The resolution of tax matters is not expected to have a material effect on the firms financial condition but may be material to the firms operating results for a particular period, depending, in part, upon the operating results for that period.

Regulation And Capital Adequacy

Regulation And Capital Adequacy
	3 Months Ended Mar. 31, 2010
Regulation and Capital Adequacy [Abstract]
Regulation and Capital Adequacy	Note15. Regulation and Capital Adequacy The Federal Reserve Board is the primary U.S.regulator of GroupInc., a bank holding company and a financial holding company under the U.S.Bank Holding Company Act of 1956. 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 Goldman, Sachs Co. (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 March2010 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. As of March 2010 ($ in millions) Tier1 capital $ 68,472 Tier2 capital 13,541 Total capital 82,013 Risk-weighted assets 455,790 Tier1 capital ratio 15.0 % Total capital ratio 18.0 % Tier1 leverage ratio 8.1 % 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 are determined by reference to the firms VaR models, supplemented by other measures to capture risks not reflected in the firms VaR models. 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, depending on the nature of the collateral). The firms Tier1 leverage ratio is defined as Tier1 capital under Basel I divided by adjusted average total assets (which includes adjustments for disallowed goodwill and certain int

Business Segments

Business Segments
	3 Months Ended Mar. 31, 2010
Business Segments [Abstract]
Business Segments	Note16. 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. See Note18 to the consolidated financial statements in PartII, Item8 of the firms Annual Report on Form10-K for the fiscal year ended December2009 for a discussion of the basis of presentation for the firms business segments. 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 Three Months Ended March 2010 2009 (in millions) Investment Net revenues $ 1,184 $ 823 Banking Operating expenses 950 705 Pre-tax earnings $ 234 $ 118 Segment assets $ 1,541 $ 1,479 Trading and Net revenues $ 10,250 $ 7,150 Principal Operating expenses 5,565 4,873 Investments Pre-tax earnings $ 4,685 $ 2,277 Segment assets $ 685,937 $ 706,647 Asset Management Net revenues $ 1,341 $ 1,452 and Securities Operating expenses 1,080 1,205 Services Pre-tax earnings $ 261 $ 247 Segment assets $ 193,050 $ 217,164 Total Net revenues(1)(2) $ 12,775 $ 9,425 Operating expenses(3) 7,616 6,796 Pre-tax earnings(4) $ 5,159 $ 2,629 Total assets $ 880,528 $ 925,290 (1) Net revenues include net interest income as set forth in the table below: Three Months Ended March 2010 2009 (in millions) Investment Banking $ $ Trading and Principal Investments 1,055 1,444 Asset Management and Securities Services 363 463 Total net interest $ 1,418 $ 1,907 (2) Net revenues include non-interest revenues as set forth in the table below: Three Months Ended March 2010 2009 (in millions) Investment banking fees $ 1,184 $ 823 Equities commissions 881 974 Asset management and other fees 978 989 Trading and principal investments revenues 8,314 4,732

Interest Income and Interest Ex

Interest Income and Interest Expense
	3 Months Ended Mar. 31, 2010
Interest Income and Interest Expense [Abstract]
Interest Income and Interest Expense	Note17. Interest Income and Interest Expense The following table sets forth the details of the firms interest income and interest expense: Three Months Ended March 2010 2009 (in millions) Interest income(1) Deposits with banks $ 15 $ 22 Securities borrowed, securities purchased under agreements to resell and federal funds sold 79 551 Trading assets, at fair value 2,621 3,158 Other interest(2) 286 631 Total interest income $ 3,001 $ 4,362 Interest expense Deposits $ 68 $ 150 Securities loaned and securities sold under agreements to repurchase, at fair value 136 545 Trading liabilities, at fair value 495 463 Short-term borrowings(3) 118 240 Long-term borrowings(4) 746 949 Other interest(5) 20 108 Total interest expense $ 1,583 $ 2,455 Net interest income $ 1,418 $ 1,907 (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.