1
                                                                    Exhibit 15.1





November 15, 2000


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

Re:      The Goldman Sachs Group, Inc.
         Registration Statement on Form S-3

Commissioners:

We are aware that (i) our report dated October 9, 2000 on our review of the
condensed consolidated statement of financial condition of The Goldman Sachs
Group, Inc. and Subsidiaries (the "Company") as of August 25, 2000, and the
related condensed consolidated statements of earnings for the three and nine
months ended August 25, 2000 and August 27, 1999, the condensed consolidated
statement of changes in stockholders' equity and partners' capital for the nine
months ended August 25, 2000, the condensed consolidated statements of cash
flows for the nine months ended August 25, 2000 and August 27, 1999, and the
condensed consolidated statements of comprehensive income for the three and nine
months ended August 25, 2000 and August 27, 1999, which was included in the
Company's Quarterly Report on Form 10-Q for the quarter ended August 25, 2000;
(ii) our report dated June 30, 2000 on our review of the condensed consolidated
statement of financial condition of the Company as of May 26, 2000, and the
related condensed consolidated statements of earnings for the three and six
months ended May 26, 2000 and May 28, 1999, the condensed consolidated statement
of changes in stockholders' equity and partners' capital for the six months
ended May 26, 2000, the condensed consolidated statements of cash flows for the
six months ended May 26, 2000 and May 28, 1999, and the condensed consolidated
statements of comprehensive income for the three and six months ended May 26,
2000 and May 28, 1999, which was included in the Company's Quarterly Report on
Form 10-Q for the quarter ended May 26, 2000; and (iii) our report dated April
5, 2000 on our review of the condensed consolidated statement of financial
condition of the Company as of February 25, 2000, and the related condensed
consolidated statements of earnings for the three months ended February 25, 2000
and February 26, 1999, the condensed consolidated statement of changes in
stockholders' equity and partners' capital for the three months ended February
25, 2000, the condensed consolidated statements of cash flows for the three
months ended February 25, 2000 and February 26, 1999, and the condensed
consolidated statements of comprehensive income for the three months ended
February 25, 2000 and February 26, 1999, which was included in the Company's
Quarterly Report on Form 10-Q for the quarter ended February 25, 2000 are
incorporated by reference into this Registration Statement on Form S-3. Pursuant
to Rule 436(c) under the Securities Act of 1933, such reports should not be
considered a part of such Registration Statement, and are not reports within the
meaning of Sections 7 and 11 of that Act.

Very truly yours,

/s/ PricewaterhouseCoopers LLP