Goldman Sachs Group Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Goldman Sachs Group Inc. has submitted its comprehensive 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

GOLDMAN SACHS GROUP INC (GSCE) filed a Annual Report (10-K) with the SEC on February 23, 2024. Goldman Sachs Group Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 200 West Street, New York, NY 10282. Goldman Sachs Group Inc. is classified under SIC code 6211: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES. The report includes financial data and disclosures for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking GOLDMAN SACHS GROUP INC, this filing contains several important signals. This 10-K filing provides investors and stakeholders with a detailed overview of Goldman Sachs' financial health, strategic initiatives, and risk factors for the past fiscal year. The report is crucial for understanding the company's performance in the context of the financial markets and regulatory environment of 2023.

Risk Assessment

Risk Level: medium — GOLDMAN SACHS GROUP INC shows moderate risk based on this filing. The company operates in highly regulated and volatile financial markets, which can significantly impact its performance and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Goldman Sachs' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 6211 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• GOLDMAN SACHS GROUP INC (company) — FILER
• 200 WEST STREET (address) — BUSINESS ADDRESS
• NEW YORK (location) — BUSINESS ADDRESS CITY
• 10282 (zip_code) — BUSINESS ADDRESS ZIP
• 212-902-1000 (phone_number) — BUSINESS PHONE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-23 (date) — FILED AS OF DATE
• 0000886982-24-000006 (accession_number) — ACCESSION NUMBER

FAQ

Industry Context

Goldman Sachs Group Inc. operates within the financial services industry, specifically as a global investment banking, securities, and investment management firm.

Regulatory Implications

The company is subject to extensive regulation by various financial authorities in the United States and globally, including the Securities and Exchange Commission (SEC).

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the "Risk Factors" section for potential challenges and uncertainties.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Filing Documents

• gs-20231231.htm (10-K) — 9859KB
• gs-2023form10xkxex41descri.htm (EX-4.1) — 537KB
• a1031_formxofxnon-employee.htm (EX-10.31) — 56KB
• a1032_formxofxnon-employee.htm (EX-10.32) — 57KB
• a1033_formofone-timeslashy.htm (EX-10.33) — 181KB
• a1034_formxofxyear-endxrsu.htm (EX-10.34) — 157KB
• a1035_formxofxyear-endxrsu.htm (EX-10.35) — 196KB
• a1036_formxofxyear-endxrsu.htm (EX-10.36) — 195KB
• a1037_formxofxyear-endxsho.htm (EX-10.37) — 148KB
• a1041_formxofxfixedxallowa.htm (EX-10.41) — 109KB
• a1042_formxofxfixedxallowa.htm (EX-10.42) — 86KB
• a1044_formxofxperformance-.htm (EX-10.44) — 183KB
• a1045_formxofxperformance-.htm (EX-10.45) — 196KB
• a1047_formxofxsignaturexca.htm (EX-10.47) — 141KB
• gs-12312023exhibit211.htm (EX-21.1) — 54KB
• exhibit231.htm (EX-23.1) — 3KB
• gs-12312023x10kexhibit311.htm (EX-31.1) — 28KB
• gs-12312023x10kexhibit321.htm (EX-32.1) — 16KB
• gs-policyforrecoveryoferro.htm (EX-97.1) — 42KB
• gs-20231231_g1.jpg (GRAPHIC) — 33KB
• gs-20231231_g2.jpg (GRAPHIC) — 40KB
• gs-20231231_g3.jpg (GRAPHIC) — 29KB
• gs-20231231_g4.jpg (GRAPHIC) — 31KB
• 0000886982-24-000006.txt (&nbsp;) — 50004KB
• gs-20231231.xsd (EX-101.SCH) — 261KB
• gs-20231231_cal.xml (EX-101.CAL) — 222KB
• gs-20231231_def.xml (EX-101.DEF) — 1492KB
• gs-20231231_lab.xml (EX-101.LAB) — 2425KB
• gs-20231231_pre.xml (EX-101.PRE) — 1942KB
• gs-20231231_htm.xml (XML) — 10693KB

Business

Business 1 Introduction 1 Our Business Segments 1 Global Banking & Markets 1 Asset & Wealth Management 4 Platform Solutions 5 Business Continuity and Information Security 5 Human Capital Management 5 Sustainability 7 Competition 9 Regulation 10 Information about our Executive Officers 27 Available Information 28

Forward-Looking Statements 28

Forward-Looking Statements 28 Item 1A Risk Factors 31 Item 1B Unresolved Staff Comments 60 Item 1C Cybersecurity 60 Item 2 Properties 60 Item 3 Legal Proceedings 60 Item 4 Mine Safety Disclosures 60

61

PART II 61 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 Page No. Item 7

Management's Discussion and Analysis of Financial Condition

Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Introduction 62 Executive Overview 63 Business Environment 64 Critical Accounting Policies 64 Use of Estimates 66 Recent Accounting Developments 67 Results of Operations 68 Balance Sheet and Funding Sources 83 Capital Management and Regulatory Capital 86 Regulatory and Other Matters 92 Off-Balance Sheet Arrangements 92 Risk Management 93 Overview and Structure of Risk Management 93 Liquidity Risk Management 97 Market Risk Management 104 Credit Risk Management 109 Operational Risk Management 118 Cybersecurity Risk Management 120 Model Risk Management 121 Other Risk Management 122 Item 7A

Quantitative and Qualitative Disclosures About Market Risk 124

Quantitative and Qualitative Disclosures About Market Risk 124 Goldman Sachs 2023 Form 10-K THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES INDEX Page No. Item 8

Financial Statements a nd Supplementary Data

Financial Statements a nd Supplementary Data 124 Management's Report on Internal Control over Financial Reporting 124 Report of Independent Registered Public Accounting Firm 125 Consolidated Financial Statements 128 Consolidated Statements of Earnings 128 Consolidated Statements of Comprehensive Income 128 Consolidated Balance Sheets 129 Consolidated Statements of Changes in Shareholders' Equity 130 Consolidated Statements of Cash Flows 131

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 132 Note 1. Description of Business 132 Note 2. Basis of Presentation 133 Note 3. Significant Accounting Policies 133 Note 4. Fair Value Measurements 139 Note 5. Fair Value Hierarchy 144 Note 6. Trading Assets and Liabilities 158 Note 7. Derivatives and Hedging Activities 159 Note 8. Investments 165 Note 9. Loans 168 Note 10. Fair Value Option 177 Note 11. Collateralized Agreements and Financings 179 Note 12. Other Assets 183 Note 13. Deposits 187 Note 14. Unsecured Borrowings 188 Note 15. Other Liabilities 190 Note 16. Securitization Activities 191 Note 17. Variable Interest Entities 193 Note 18. Commitments, Contingencies and Guarantees 196 Note 19. Shareholders' Equity 201 Note 20. Regulation and Capital Adequacy 203 Note 21. Earnings Per Common Share 210 Note 22. Transactions with Affiliated Funds 210 Note 23. Interest Income and Interest Expense 211 Note 24. Income Taxes 211 Note 25. Business Segments 214 Note 26. Credit Concentrations 216 Note 27. Legal Proceedings 216 Note 28. Employee Benefit Plans 230 Note 29. Employee Incentive Plans 231 Note 30. Parent Company 233 Page No. Supplemental Financial Information 235 Common Stock Performance 235 Statistical Disclosures 235 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 240 Item 9A

Controls and Procedures

Controls and Procedures 240 Item 9B Other Information 240 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 240 PART III 240 Item 10 Directors, Executive Officers and Corporate Governance 240 Item 11

Executive Compensation

Executive Compensation 240 Item 12

Security Ownership of Certain Beneficial Owners and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 241 Item 13 Certain Relationships and Related Transactions, and Director Independence 241 Item 14 Principal Accountant Fees and Services 241 PART IV 241 Item 15 Exhibit and Financial Statement Schedules 241

SIGNATURES

SIGNATURES 246 Goldman Sachs 2023 Form 10-K THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES PART I

Business

Item 1. Business Introduction Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Our purpose is to advance sustainable economic growth and financial opportunity. Our goal, reflected in our One Goldman Sachs initiative, is to deliver the full range of our services and expertise to support our clients in a more accessible, comprehensive and efficient manner, across businesses and product areas. When we use the terms "Goldman Sachs," "we," "us," "our" and "the firm," we mean The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, and its consolidated subsidiaries. When we use the term "our subsidiaries," we mean the consolidated subsidiaries of Group Inc. References to "this Form 10-K" are to our Annual Report on Form 10-K for the year ended December 31, 2023. All references to 2023, 2022 and 2021 refer to our years ended, or the dates, as the context requires, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Group Inc. is a bank holding company (BHC) and a financial holding company (FHC) regulated by the Board of Governors of the Federal Reserve System (FRB). Our U.S. depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. Our Business Segments We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets generates revenues from investment banking fees, including advisory, and equity and debt underwriting fees, Fixed Income, Currency and Commodities (FICC) intermediation and financing activities and Equities intermediation and financing activities, as well as relationship lending and acquisition financing (and related hedges) and investing activities related to our Global Banking &

View Full Filing

View this 10-K filing on SEC EDGAR