1
                                                                    Exhibit 99.1

                       REPORT OF INDEPENDENT ACCOUNTANTS

                         ----------------------------

To the Directors and Shareholders,
The Goldman Sachs Group, Inc.:

We have audited the consolidated financial statements of The Goldman Sachs
Group, Inc. and Subsidiaries (the "firm") as of November 26, 1999 and November
27, 1998, and for each of the three fiscal years in the period ended November
26, 1999 and have issued our report thereon, which expresses an unqualified
opinion, dated January 21, 2000. Such consolidated statements and our report
thereon are incorporated by reference in Part II, Item 8, "Financial Statements
and Supplementary Data," of this Annual Report on Form 10-K.

We have also previously audited, in accordance with generally accepted auditing
standards, the consolidated statements of financial condition as of November
28, 1997, November 29, 1996 and November 24, 1995, and the related consolidated
statements of earnings, changes in partners' capital and cash flows for the
years ended November 29, 1996 and November 24, 1995 (none of which are
presented herein); and we expressed unqualified opinions on those consolidated
financial statements. In our opinion, the information set forth in the selected
consolidated financial data for each of the five years in the period ended
November 26, 1999, appearing on pages 25 to 26 of this Annual Report on Form
10-K, is fairly stated, in all material respects, in relation to the
consolidated financial statements from which it has been derived.


/s/ PRICEWATERHOUSECOOPERS LLP



New York, New York
January 21, 2000.