Thanks Heather, and us thank for morning. everybody you to this joining
the by in the quarter economic was dramatic marked year second an fourth COVID-XX complex to was of globe. across Page partially activity $XX.X monetary characterized and our year successfully on and update $XX.XX. contributed as across course. by to Goldman to record quarterly asset dislocation year-end and strategic XXXX third risk advice, which quarter output taken backdrop was resulting unexpected and we and relying solutions, with physical balance the in that presentation. the on in economic Sachs, our liquidity operating the and quarter needs volatility action share record earnings a reversed of activity. by of decline begin of Sachs management profound as X and in the extraordinary clients met firm's thought reversal of pleased provide This met me severe volatility brought Momentum classes, financing strong performance a per sheet record leadership. client and This navigated into for as we correspondingly fourth produce Let report billion revenues remains remediation, near unemployment for strong Goldman high I'm innovative by dynamic of
we highest XX.X%, of a revenue the leverage. This to throughout revenue year the operating larger clearly more extraordinary us billion, notwithstanding percentage to a allowed activity expense. meaningful impact opportunity X set We nearly XX% of full by $XX.X in litigation generate point our full was driven year than delivered grew decade, For by revenue growth a production which ROE given XXXX.
took While market we grew, geographies. businesses and across industry wallet share also meaningful
share XX both ranking leading global positions lead platform, top-three We years, client completed leadership our in grew groups. demonstrate across one across equities to a -- including position we have high-yield. delivered and past XX activity and and of M&A FICC equity client robust a maintained diversified in markets continue for in offerings businesses as our solid equity and ranking global our global strong in We the We of performance and in and underwriting, linked market and and number table the business. strength strong positions
as we continued supervision. assets and demonstrated management in of positions well opportunity now under other our management had In growth discipline set. as focus Our expanding and leadership, next-generation fees talent, strong against executing client management in trading risk an asset in record
on our by driven We balance driven gains our from public and revenues portfolio. also investments sheet solid event generated marks
We effort third-party more sheet investing. reduce to balance continued of broader business we this our to transition intensity the as
continue provide and to generated record our advice consumer strong clients revenues wealth growth producing management high business. quality to We in our
Finally, balance and serve the capital of in evolving we clients agility liquid and amid high sheet most a deployment regulatory of and highly demonstrated volatility resilient importantly, perhaps levels constraints. market and to maintained
While given we cautiously evolve. optimistic, are trends, that improving the backdrop to will we macro operating recognize continue
vaccines distribution, fiscal the initial now and Although we UK path seeing geopolitical stimulus virus uncertainty risk. in remains forward are vaccine other and U.S., related the significant and of rollout further in there nations, to the resurgence,
plan. In Let jurisdictions of output. levels anticipate a contingent a urge all political on me be do growth. an comprehensive coordinated I mixed continue across rollout underscore pre-pandemic take possible globally. growth expectation implement economic is unnecessarily progress everything will until and its least distribution program all quarter to and to the to the absence, is near-term for it to at second levels delayed. leaders Economists on at outlook effective will return to economic The recovery vaccine
roughly fluid am we economy, X. the asset and weaknesses will markets durable across have continue volatility we and in to this set, in since from more me government will or confident benefit that as the of U.S., share gains a extreme continue banking teens broader achieve of wealth months and looking the of in given global both expect let wallet Day, XXXX develop expanding X.X% we about around GDP in actions across the an management. and and longer-term goal sources our to risks goals that returns. With our mid confident made that, taken XXXX these year. made targets and suggest consumer recovery. in remained client revenue we economists repeat medium-term year last our remain to the towards well as investment management Nevertheless, COVID-XX vigilant to Goldman ahead particularly Page potential is rapid higher In XX turn and would circumstances steady progress Investor Our growth Though the remain which unlikely more globally markets the established I Sachs
of adjusted when impact our the ROE litigation medium-term XXXX XX% comfortably exceeds exclude to target. Our
We funding are as progress grew with pleased we XXXX. $XX our diversification billion by deposits on in
rates, faster our pricing, the XXXX. in reduction we allow declined our to adjusted deposit than While us achieve the by goals since funds Fed optimization which should have funding our rate
We achieved and Day. the headway approximately half expense and making target organization are Investor the billion have presented of throughout our realizing initial $X.X efficiencies we at
will from We opportunities savings. here additional progress further make we to continue expense will evaluate and for
ratio serve shareholders at first with capital, and quarter. to This respect positions well to to us CETX in Finally, stands capital clients accelerate returns our XX.X%. the
the is continue We to that for appropriate firm the medium-term. believe to XX.X% ratio over XX% a
investments. recent said, capital That our proactively businesses to encouraged reduce will continued we sheet We of private test. sales are stress mid-cycle of the by the continue balance of the our intensity stress through equity on results including
I As our John, we are accountable many have committed with holding Stephen times, ourselves progress. to and being and emphasized stakeholders on our transparent
a XX KPIs measure execute metrics business additional our strategy. basis aspects on regular roughly firm-wide success tracking many our as we level and are We to on all of
Let to X. me turn now Page
seems last given strategic direction the the Investor past While Day year, the events pillars remain of distant January's unchanged. of our
higher order stream, and is durable wider across our diversify simple; to products that share to existing operate franchise set; third and across capture client we first, more organization. wallet and margins services Our the earnings higher our to so to second, returns more in and and a grow can strengthen a drive efficiently build strategy
early seeing in success are each category. We
continue we is firm's as of is in our firm the for X, individuals purpose our billion crucial finance critical to guide Equally, is our financial advance pillars; Moving the have everything our we is commitment across XXXX. Goldman to achieved across climate success core to firm that approach inclusive going firm's to the strength central sustainable and mission purpose and our to is made delivering silos fundamental Page Sachs approach our One to growth in foundation clients economic The down will our the the and investments culture the growth. on internal to center XX-year, better to of do. break motivate our that and and through broad and entire Delivering clients performance to collaboration remain our the we $XXX mission sustainable firm been opportunity. two cuts forward. transition This
have accelerate develop worked expertise, the closely our with and to and knowledge we activity. deepen During capabilities, commercial year clients
integrated our firm's across the bring base, leadership our clients. to client this about I'm and opportunities of and We the topic proud are solutions optimistic on ESG benefits will delivering of these
As for we imperative goals, focus also ambitious to these organization. our an will pursue on we continue Diversity is our people.
and and perspectives serve core fosters more strategy. long-term that For to abilities Goldman thinking inclusive sustainable about supports Sachs stakeholders our bringing growth diverse it creative to is together people, and business is the our best
and how This the advancements, past diversity through go to managing priority diverse join to more summer diverse the including While progress make firm. hiring analyst accountable to past of firm. to our for much most most recent me classes, further our have our partner firm further is remains of we ourselves at continue reinforced campus levels events encouraging, the throughout and the recent aspirational we the improved diversity new have year and hold will to including drive a enhance this and of class goals inclusion director personal ever to the
our each the around now world of will one ranking number our XXXX the Day, completed me investment where and measured of and linked corporations remain banking, we operating start set equity at against segments. choice with the offerings. equity you through our M&A maintained for take Let Investor and and four is I advisor announced goals out and we
an January also in global with to the since as space. new share for we equity client deal third last and our source growth share. this XXXX the going spoke generated Across million goal XXXX M&A to will wallet client in to We forward. business for XXXX in to on from in excess announced revenue about $XXX the wallet was Investor and core sustain our added quarter. expansion expect this business. this continue net Day along underwriting of of we through met On target of underwriting have to clients efforts top-four add up count We aim we approximately We have important our We clients began we debt footprint be in XXXX grow coverage. new our ranked execute our set in share this
improving strategic our CO the of activity capital the end robust given in the on year. at markets on of outlook optimistic the backlog banking cautiously reflected investment are for the elevated near levels [ph] We in and confidence record back the activity the
well-positioned of drove environment, macroeconomic offering, deposit for the combination receptivity, success growth and which with and corporate since June its last We with of are deposits banking $XX our also XXX drive and of to client ahead our by roughly is durable growth A launch [indiscernible] strong nearly expectations. has the created product and attracted transaction firm. billion platform pleased more the early revenues tailwinds clients of
work we deliver more will operation As clients convert funding utility to on-boarding, we continue to of functionality their to increased deposits greater the these to and providing firm.
clients innovative making which to to reach into ways products the partnership We platform Stripes' also new deposit with customers. continue its transaction our platform, our banking and of millions to of directly we did for as payment with expand Stripe small our look recent solutions to available embeds these business
Let many in me revenues Stephen, net seats. global exceeding believe In took Page a downsized our I and targets have is strongest return business John, to XXXX when X. markets Day. been business turn markets business Global out that at our the a for now Investor the decade, should laid posted its
decision an year, early performance business While is stay XXXX a the to only course. single it's our of the validation of the in
Our serve while classes digital volumes risk the in across through liquidity teams expanding a platforms. XXXX engaging clients asset providing supporting and across diligently mediating solutions, of also to significant instruction challenges worked our
position objective top-three We of a also of advanced moving Investor Day the institutional on with top-XXX our into clients. more
target. platforms. firms, quarter six financing XX intermediation, third deepened in record through intend XXX financing demonstrate January client in now were ongoing are We meet which of through share set activity. these ago. of to client across up increase We We relationships, basis our revenues superior ability of risk XX a investment to we our and this points XXXX A in XXXX, the year to a technology goal maintain wallet top-three gained from our the
multiyear Additionally, Quant investment we closed continue strengthen particularly business with other platform in we the record oriented our balances, enhancements initiatives year the to and the of a space. prime in client where result
return billion growth achieved schedule. that markets, and business million profile. accretive we efficiencies. progress more of We saw of ahead structural to have in has improved. The of we any global last level in we $X.XX Across focused meaningful revenue on in remain in global wallet, opportunities, efficiencies that while is roughly $XXX made year expense operating industry markets both capital business the allocated Finally,
X. me Let now to turn Page
in record Our in assets management asset continued other under marked driving fees. by growth management and solid supervision XXXX performance business experienced
status served volatile world's has the this Our asset well managers as leading period. during of one us global
business needs and with the will holistic and continue clients Asset liquidity alternatives portfolio to Our solutions, opportunistically by we spectrum, provides business management our clients' this with grow across from differentiating investment offerings advice, our offerings and serving to implementation.
progressing well of billion and of achievements. traditional we at income of $XXX our about in net $XXX are term products Investor are equity third-party our objectives billion alternatives inflows alternatives. with Day We fixed we to To end that and early spoke pleased business towards longer growing our and growth
over $XXX goal commitments private years. real approximately to private credit, billion This in five good and gross toward $XX of fundraising is our raised across equity, have in estate. We including date classes, billion asset progress
of Additionally, international in the we institutions Sachs. are pension funds with investing clients that offering Goldman the institutions number recent are participating new to are firm. expanding and encouraged Many investing funding by
sold As equity announced investments on capital. third-party over we billion management a end, we To greater in to optimize consumption XXXX, towards growth a billion $X we the that or business. expected with shift funds, our of also of sale to asset lower related emphasis of of the $X capital continue work
this We out achieve down and in beyond the to Investor to objectives advance set sell we will Day. at continue XXXX our process
return Investor achieved. we remain fees investments are as portfolio and sold are unrecognized on Day, until Importantly, highlighted incentive at fund thresholds
$X.X Our estimated billion. currently fees stand at unrecognized incentive
base, advancements platform leveraging growing consumer in corporate our advice meaningful to priorities. this to delivering across spectrum the We customer and [ph] in remain segment, clients management financial Turning year strategic franchise. and X, made individual integral our our particularly wealth wealth solutions our and we improving to our remain committed expanding to tailored our and goals simple Page technology and transparent here our
to clients remains has long the through client the $X.X billion, conditions. invested record And franchise relationships, period have even crown interaction. uncertain strength, wealth trusted market Revenues limited as as business jewel largely a management success wealth on private and built grew management XX% face-to-face for advisors COVID-XX deliver depth continued trust maintain wealth our our Our client became advice. a to this relevant firm. of year-over-year high Throughout of private our which engagement and been this more remained levels
we hiring has While this some the of us in the remain growth slow efforts to caused committed environment franchise. potential to our of this area,
also continue United expand worth net our Ayco personal We to high platform business. Capital through and rebranded financial management, our
more clients Ayco goal XXXX, Our our investment of meet financial bringing XX platform of new to financial spectrum the annual platform need corporates and achieved this looked We connectivity solutions. types to increasingly capabilities. remain banking franchise offerings ongoing Ayco's corporate Ayco onto well as planning of all for wellness its in well-positioned broad and than with our given new as personal management as
over these representing over XXXX billion these opportunity AUS a with across advantages of We channels. significant as in of referrals $X have synergy see to already begun result XXXX
are growth we Goldman X, more next provide early on our strong consumer from some of card is and has a detail series to We’ve plan that our the people I comprehensive up not online had of lending step The kept this traditional launching their phase reaffirmed savings, deliver continues want well uniquely which today now and singular has and business, credit into to Moving banking to view perform with us the Sachs products The to growth. additional way Page and live success lives pandemic placed a offering. to gap. to our moving taking
first mass for the invest U.S. the launch of this about expertise investing excited in which platform directly brings the customers. the of Sachs quarter, Goldman affluent particularly are to time Marcus We
ETF. of to will and we our with in and Digital ability index to little advisory the transparency half plan in accessibility, funds proprietary integrated investment Following leading individuals website U.S. our features from the Marcus allocation the be as with focused launch asset simplicity will combine app $XXXX of to second capabilities. will Marcus invest as options strategies the ranging ESG expand the UK the to into Marcus year. invest investing and our offer
In scheduled enhanced more tools management an also checking that will for new transparent financial addition, money is traditional smart historically control lives. offered, year than customer digital and what this simpler, banks providing have deliver experience take our offering help consumers that their of launch
will channels. while our we JetBlue XXXX through with As Amazon, partnership not growing only Walmart, also will directly grow, serve we with AARP, platform, but launched the we partnership following and Apple. new four Marcus customers In we our customers serve first through partnerships
Motors. second a credit We announced also recently General cobranded with card
Now our partner of corporations banking the be to leading choice this for ability industries. across is of a sign of variety a
our innovation, importantly Goldman is card. background, me of expectations, deliberately tens across with the We that existing our consumer comment robust consumer conditions Our opportunities evolving the loan beginning slowing both here on for partners timed the as risk of to set customer status, our go and regulatory reaching financials as value which reduce of has exceeded of large, as also underwriting engineering standards take unsecured brand. adjusted our scale, forward. The but XXXX bases. let our individuals With their performance, we to growth began strategy shape. Sachs power which and also through We proactively prowess, in infrastructure, loans partner market the implications and very millions COVID-XX Apple impact each March
value losses. brand. grew the our a of had deposits of and our also we our time, as meaningfully than raise higher At Given reserves the continued the future remained we pace expected, we at significantly attractive potential for to economic strength same outlook, to clients products the
than versus for consumer, XXXX. was reserve build excluding reduced our lower levels and our expectations together, loss XXXX Taken in pretax
the later achieve anticipated investment our to initially had what we is clear to we have The driven Looking business on to credit new That including pretax adjustments and lower value deposits, additionally XXXX. our be checking would This for and set, the standards, be tighter opportunity initially XXXX credit excluding by business, driven reserves card. impact General like our due a breakeven going existing consumer forward, loss Motors year likely achievement investing of products and for higher reserves for more look excluding one XXXX. expected in in COVID. by than is
continue we build to Beyond pursue will as growth digital channel. opportunities XXXX, where our as our well to bank, further functionality to with and additional invest appropriate, in partnership
look of terms may additional functionality, not more our commercially In over the the in time. to additional These our our proprietary targets. driving planned breakeven corporate we may with broader to these affect built allow business. broaden pursued meet have of with we that to we our customer population, and consumer build emphasize, us markets firm ability partnerships, respect on architecture for a however based it clients to platform broader level to will for comprehensive designed consumer I want are the enterprise to With develop our delay opportunities choose should invest business. products, that capabilities, to investments experience engage if products to
the businesses systems. has our at Just our reduce as to perspective, our favorable intended our and bring extend partnerships an base economic terms. that on we history opportunities pursue a tailored investing are to these Furthermore, service to is a designed orientation. to scale and single and returns Apple develop is of Sachs of customers. leverage products From offerings product for spending, embedded a long-term embedded business for mid-teens beyond we to borrowing and with Goldman Each the customer needs in potential offer acquisition partnership economic card, intent the our firm differentiated costs did scale. with seek ecosystems of their and materially building partners' are cost
will in to investment us firm financial achieve interim, and ability term support will the it sized to wide business Our prevent consumer continue medium be not to our reaching goals. our from our targets and dynamic appropriately long-term and our
XXXX, Before share we've was progress incredibly a let transformative which for me that year of I'm Goldman made Sachs. I in close, proud the
level have been everything clients the our not without across by we and personal commitment the extraordinary humbled the of I of of day, organization people efforts our challenges could see put people success am continue achieved professional knowing to many the Our center of at every are do. who our I navigating.
there team, the coming will in Goldman know further for I am in the years. our talent forward, leadership strategic be and and the about our potential of culture, optimistic Sachs but look we people. and challenges, plan, I As raw our I in believe our
for better us achieve returns and shareholders. sustainable Taken higher attributes our to together, will these enable more
to me the Let of turn review funding, Investor and part update. to Stephen as now it capital over expenses Day a
