1
                                                                    Exhibit 15.1

June 29, 2001

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


     Re:  The Goldman Sachs Group, Inc.
          Registration Statements on Form S-8
          (No. 333-80839)
          (No. 333-42068)
          Registration Statements on Form S-3
          (No. 333-34042)
          (No. 333-90677)
          (No. 333-75213)
          (No. 333-36178)
          (No. 333-49958)
          (No. 333-63082)


Commissioners:

We are aware that our report dated June 28, 2001 on our review of the condensed
consolidated statement of financial condition of The Goldman Sachs Group, Inc.
and Subsidiaries (the "Company") as of May 25, 2001, the related condensed
consolidated statements of earnings for the three and six months ended May 25,
2001 and May 26, 2000, the condensed consolidated statements of cash flows for
the six months ended May 25, 2001 and May 26, 2000, and the condensed
consolidated statements of comprehensive income for the three and six months
ended May 25, 2001 and May 26, 2000, included in the Company's quarterly report
on Form 10-Q for the quarter ended May 25, 2001 is incorporated by reference in
the registration statements referred to above. Pursuant to Rule 436(c) under
the Securities Act of 1933, such report should not be considered a part of such
registration statements, and is not a report within the meaning of Sections 7
and 11 of that Act.

Very truly yours,

/s/ PricewaterhouseCoopers LLP