UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 15, 2025

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965


Delaware 13-4019460
(State or other jurisdiction of (IRS Employer
incorporation) Identification No.)

200 West Street, New York, N.Y. 10282

(Address of principal executive offices) (Zip Code)

(212) 902-1000
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Exchange
Trading on which
Title of each class Symbol registered
Common stock, par value $.01 per share GS NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURE
Exhibit 99.1: PRESS RELEASE
Exhibit 99.2: PRESENTATION
Item 2.02 Results of Operations and Financial Condition.

On January 15, 2025, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the
fourth quarter and year ended December 31, 2024. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this
Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On January 15, 2025, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of
the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Group Inc. dated January 15, 2025 containing financial information for its fourth quarter and year ended
December 31, 2024.

The quotation on page 1 of Exhibit 99.1 and the information under the caption “Annual Highlights” on the following page (Excluded Sections)
shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act) or otherwise subject to the
liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of
1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Sections, shall be deemed “filed” for purposes
of the Exchange Act.

99.2 Presentation of Group Inc. dated January 15, 2025, for the conference call on January 15, 2025.

Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes
of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by
reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.

101 Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting
Language).

104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).
 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

THE GOLDMAN SACHS GROUP, INC.
(Registrant)

Date: January 15, 2025 By: /s/ Denis P. Coleman III

Name: Denis P. Coleman III
Title: Chief Financial Officer
 Exhibit 99.1

Full Year and

Fourth Quarter 2024
Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282
Full Year and Fourth Quarter 2024 Earnings Results
Goldman Sachs Reports Earnings Per Common Share of $40.54 for 2024
Fourth Quarter Earnings Per Common Share was $11.95

“We are very pleased with our strong results for the quarter and the year. I’m encouraged that we have met or
exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both
grown our revenues by nearly 50% and enhanced the durability of our franchise. With an improving operating
backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve
our clients with excellence and create further value for our shareholders.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues Net Earnings EPS

2024 $53.51 billion 2024 $14.28 billion 2024 $40.54
4Q24 $13.87 billion 4Q24 $4.11 billion 4Q24 $11.95

ROE1 ROTE1 Book Value Per Share

2024 12.7% 2024 13.5% 2024 $336.77
4Q24 14.6% 4Q24 15.5% 2024 Growth 7.4%

NEW YORK, January 15, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $53.51 billion
and net earnings of $14.28 billion for the year ended December 31, 2024. Net revenues were $13.87 billion and net earnings
were $4.11 billion for the fourth quarter of 2024.
Diluted earnings per common share (EPS) was $40.54 for the year ended December 31, 2024 compared with $22.87 for the
year ended December 31, 2023, and was $11.95 for the fourth quarter of 2024 compared with $5.48 for the fourth quarter of
2023 and $8.40 for the third quarter of 2024.
Return on average common shareholders’ equity (ROE)1 was 12.7% for 2024 and annualized ROE was 14.6% for the fourth
quarter of 2024. Return on average tangible common shareholders’ equity (ROTE)1 was 13.5% for 2024 and annualized ROTE
was 15.5% for the fourth quarter of 2024.

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Annual Highlights

During the year, the firm supported clients and continued to execute on strategic priorities, which contributed to net revenues
of $53.51 billion, net earnings of $14.28 billion and diluted EPS of $40.54, the second highest results for each.
Global Banking & Markets generated net revenues of $34.94 billion, driven by record net revenues in Equities and strong
performances in Investment banking fees and Fixed Income, Currency and Commodities (FICC). These results included
record net revenues in each of Equities financing and FICC financing.
The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.2
Asset & Wealth Management generated net revenues of $16.14 billion, including record Management and other fees and
record Private banking and lending net revenues.
Assets under supervision3 increased 12% during the year to a record $3.14 trillion.
Book value per common share increased by 7.4% during the year to $336.77.

Net Revenues

Full Year
Net revenues were $53.51 billion for 2024, 16% higher compared with 2023, primarily
2024 Net Revenues
reflecting higher net revenues in Global Banking & Markets and Asset & Wealth
Management. $53.51 billion

Fourth Quarter
Net revenues were $13.87 billion for the fourth quarter of 2024, 23% higher than the
4Q24 Net Revenues
fourth quarter of 2023 and 9% higher than the third quarter of 2024. The increase
compared with the fourth quarter of 2023 reflected higher net revenues across all $13.87 billion
segments, with significant growth in Global Banking & Markets.

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 Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Global Banking & Markets

Full Year
Net revenues in Global Banking & Markets were $34.94 billion for 2024, 16% higher 2024 Global Banking & Markets
than 2023.
Investment banking fees were $7.73 billion, 24% higher than 2023, primarily reflecting $34.94 billion
significantly higher net revenues in Debt underwriting, primarily driven by leveraged Advisory $ 3.53 billion
finance activity, and in Equity underwriting, primarily driven by secondary and initial Equity underwriting $ 1.68 billion
public offerings. In addition, net revenues in Advisory were higher, reflecting an
Debt underwriting $ 2.52 billion
increase in completed mergers and acquisitions transactions. The firm’s Investment
banking fees backlog3 increased compared with the end of 2023. Investment banking fees $ 7.73 billion

Net revenues in FICC were $13.20 billion, 9% higher than 2023, primarily reflecting FICC intermediation $ 9.56 billion
significantly higher net revenues in FICC financing, primarily driven by mortgages and
FICC financing $ 3.64 billion
structured lending. Net revenues in FICC intermediation were slightly higher, driven by
significantly higher net revenues in currencies, mortgages and credit products, largely FICC $13.20 billion
offset by lower net revenues in interest rate products and significantly lower net
Equities intermediation $ 7.94 billion
revenues in commodities.
Equities financing $ 5.49 billion
Net revenues in Equities were $13.43 billion, 16% higher than 2023, reflecting
Equities $13.43 billion
significantly higher net revenues in Equities intermediation, primarily driven by
derivatives, and higher net revenues in Equities financing, driven by prime financing. Other $ 576 million
Net revenues in Other were $576 million compared with $171 million for 2023, primarily
reflecting significantly lower net losses on hedges.

Fourth Quarter
Net revenues in Global Banking & Markets were $8.48 billion for the fourth quarter of 4Q24 Global Banking & Markets
2024, 33% higher than the fourth quarter of 2023 and essentially unchanged compared
with the third quarter of 2024. $8.48 billion

Investment banking fees were $2.05 billion, 24% higher than the fourth quarter of Advisory $ 960 million
2023, reflecting significantly higher net revenues in Equity underwriting, primarily Equity underwriting $ 499 million
driven by secondary and initial public offerings and private placements, and in Debt Debt underwriting $ 595 million
underwriting, primarily driven by leveraged finance activity. Net revenues in Advisory
Investment banking fees $ 2.05 billion
were slightly lower. The firm’s Investment banking fees backlog3 increased compared
with the end of the third quarter of 2024. FICC intermediation $ 1.75 billion
Net revenues in FICC were $2.74 billion, 35% higher than the fourth quarter of 2023, FICC financing $ 989 million
primarily reflecting significantly higher net revenues in FICC intermediation, driven by
FICC $ 2.74 billion
significantly higher net revenues in currencies and mortgages and higher net revenues
in credit products, partially offset by lower net revenues in commodities. Net revenues Equities intermediation $ 1.95 billion
in interest rate products were essentially unchanged. Net revenues in FICC financing Equities financing $ 1.50 billion
were also significantly higher, primarily driven by mortgages and structured lending.
Equities $ 3.45 billion
Net revenues in Equities were $3.45 billion, 32% higher than the fourth quarter of 2023,
due to significantly higher net revenues in Equities intermediation, primarily driven by Other $ 235 million
cash products, and in Equities financing, driven by significantly higher net revenues in
prime financing and portfolio financing.
Net revenues in Other were $235 million compared with $61 million for the fourth
quarter of 2023, reflecting significantly lower net losses on hedges.
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 Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Asset & Wealth Management

Full Year
Net revenues in Asset & Wealth Management were $16.14 billion for 2024, 16% higher
2024 Asset & Wealth Management
than 2023, primarily reflecting significantly higher net revenues in Equity investments
and higher Management and other fees. In addition, net revenues in Private banking $16.14 billion
and lending and Incentive fees were higher, while net revenues in Debt investments
Management and $10.43 billion
were lower.
other fees
The increase in Equity investments net revenues primarily reflected significantly higher Incentive fees $ 393 million
net gains from investments in private equities (largely reflecting the impact of net Private banking and
losses in real estate investments in the prior year). The increase in Management and $ 2.88 billion
lending
other fees primarily reflected the impact of higher average assets under supervision. Equity investments $ 1.36 billion
The increase in Private banking and lending net revenues primarily reflected the
Debt investments $ 1.08 billion
impact of the sale of the Marcus loan portfolio in 2023 (including net revenues of
approximately $(370) million related to the sale of substantially all of the portfolio) and
the impact of higher direct-to-consumer deposit balances. The increase in Incentive
fees was driven by harvesting. The decrease in Debt investments net revenues
reflected lower net interest income due to a reduction in the debt investments balance
sheet, partially offset by net gains in the current year compared with net losses
(particularly in real estate investments) in the prior year.

Fourth Quarter
Net revenues in Asset & Wealth Management were $4.72 billion for the fourth quarter
4Q24 Asset & Wealth Management
of 2024, 8% higher than the fourth quarter of 2023 and 26% higher than the third
quarter of 2024. The increase compared with the fourth quarter of 2023 primarily $4.72 billion
reflected higher Management and other fees, significantly higher Incentive fees and Management and $ 2.82 billion
higher net revenues in Private banking and lending, partially offset by significantly other fees
lower net revenues in Debt investments and lower net revenues in Equity investments. Incentive fees $ 174 million
The increase in Management and other fees primarily reflected the impact of higher Private banking and $ 736 million
average assets under supervision. The increase in Incentive fees was driven by lending
harvesting. The increase in Private banking and lending net revenues primarily Equity investments $ 729 million
reflected the impact of higher deposit balances. The decrease in Debt investments net Debt investments $ 264 million
revenues reflected lower net interest income due to a reduction in the debt investments
balance sheet. The decrease in Equity investments net revenues primarily reflected
the impact of the net gain related to the sale of Personal Financial Management in the
prior year period, partially offset by significantly higher mark-to-market net gains from
investments in public equities.

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 Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Platform Solutions
Full Year
Net revenues in Platform Solutions were $2.43 billion for 2024, 2% higher than 2023, 2024 Platform Solutions
reflecting slightly higher net revenues in Consumer platforms.
$2.43 billion
The increase in Consumer platforms net revenues reflected higher average credit card
Consumer platforms $ 2.15 billion
balances and higher average deposit balances, largely offset by the impact of the
Transaction banking
planned transition of the General Motors (GM) credit card program to another issuer. and other $280 million
Transaction banking and other net revenues were lower, primarily reflecting lower net
revenues related to the seller financing loan portfolio.

Fourth Quarter
Net revenues in Platform Solutions were $669 million for the fourth quarter of 2024, 4Q24 Platform Solutions
16% higher than the fourth quarter of 2023 and 71% higher than the third quarter of
2024. The increase compared with the fourth quarter of 2023 reflected higher net $669 million
revenues in Consumer platforms. Consumer platforms $ 597 million
Transaction banking
The increase in Consumer platforms net revenues primarily reflected the mark-downs and other $72 million
related to the GreenSky held for sale loan portfolio in the prior year period. Transaction
banking and other net revenues were essentially unchanged.

Provision for Credit Losses

Full Year
Provision for credit losses was $1.35 billion for 2024, compared with $1.03 billion for
2024 Provision for Credit Losses
2023. Provisions for 2024 reflected net provisions related to the credit card portfolio
(primarily driven by net charge-offs). Provisions for 2023 reflected net provisions related $1.35 billion
to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans
(primarily driven by impairments), partially offset by reserve reductions of $637 million
related to the transfer of the GreenSky loan portfolio to held for sale and $442 million
related to the sale of substantially all of the Marcus loan portfolio.

Fourth Quarter
Provision for credit losses was $351 million for the fourth quarter of 2024, compared
4Q24 Provision for Credit Losses
with $577 million for the fourth quarter of 2023 and $397 million for the third quarter of
2024. Provisions for the fourth quarter of 2024 reflected net provisions related to the $351 million
credit card portfolio (primarily driven by net charge-offs). Provisions for the fourth
quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily
driven by net charge-offs and portfolio growth, partially offset by a reserve reduction of
$160 million related to the transfer of the GM credit card portfolio to held for sale) and
wholesale loans (driven by impairments).

5
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Operating Expenses

Full Year
Operating expenses were $33.77 billion for 2024, 2% lower than 2023. The firm’s
2024 Operating Expenses
efficiency ratio3 was 63.1% for 2024, compared with 74.6% for 2023.
$33.77 billion
Operating expenses, compared with 2023, reflected decreases driven by significantly
lower expenses, including impairments, related to commercial real estate in
consolidated investment entities (CIEs) (largely in depreciation and amortization) and 2024 Efficiency Ratio
other significant expenses recognized in the prior year, including the write-down of
63.1%
intangibles related to GreenSky and an impairment of goodwill related to Consumer
platforms (both in depreciation and amortization), and the FDIC special assessment fee
(in other expenses). These decreases were partially offset by higher compensation and
benefits expenses (reflecting improved operating performance) and higher transaction
based expenses.

Net provisions for litigation and regulatory proceedings were $166 million for 2024
compared with $115 million for 2023.

Headcount increased 3% during 2024.

Fourth Quarter
Operating expenses were $8.26 billion for the fourth quarter of 2024, 3% lower than the
4Q24 Operating Expenses
fourth quarter of 2023 and essentially unchanged compared with the third quarter of
2024. $8.26 billion
The decrease in operating expenses compared with the fourth quarter of 2023 primarily
reflected the FDIC special assessment fee (in other expenses) in the prior year period
and significantly lower expenses, including impairments, related to commercial real
estate in CIEs (largely in depreciation and amortization), partially offset by higher
transaction based expenses.

Net provisions for litigation and regulatory proceedings were $(2) million for the fourth
quarter of 2024 compared with $9 million for the fourth quarter of 2023.

Provision for Taxes

The effective income tax rate for 2024 was 22.4%, down from 22.6% for the first nine
2024 Effective Tax Rate
months of 2024, primarily due to changes in the geographic mix of earnings. The 2024
effective income tax rate increased from 20.7% for 2023, primarily due to a decrease 22.4%
in the impact of permanent tax benefits for 2024 compared with 2023, partially offset by
changes in the geographic mix of earnings.

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Other Matters
On January 14, 2025, the Board of Directors of The Goldman Sachs Group, Inc. Declared Quarterly
declared a dividend of $3.00 per common share to be paid on March 28, 2025 to Dividend Per Common Share
common shareholders of record on February 28, 2025.
$3.00
During the year, the firm returned $11.80 billion of capital to common shareholders,
including $8.00 billion of common share repurchases (17.5 million shares at an
2024 Capital Returned
average cost of $457.82) and $3.80 billion of common stock dividends. This included
$2.97 billion of capital returned to common shareholders during the fourth quarter, $11.80 billion
including $2.00 billion of common share repurchases (3.5 million shares at an
average cost of $566.27) and $965 million of common stock dividends.3 2024 Average GCLA
Global core liquidassets3 averaged $429 billion for 2024, compared with an average $429 billion
of $407 billion for 2023. Global core liquid assets averaged $422 billion for the fourth
quarter of 2024, compared with an average of $447 billion for the third quarter of
2024.

7
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. 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. Founded in 1869,
the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions,
but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain
and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly
materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information
about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk
Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements.
Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net
revenues may not be realized or may be materially less than expected. Important factors that could have such a result include,
for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities,
including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to
the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain
adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory
approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk
Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be
open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.)
or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the
start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations
section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable
to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the
event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via
e-mail, at [email protected].

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
YEAR ENDED % CHANGE FROM
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2023 2023
GLOBAL BANKING & MARKETS
Advisory $ 3,534 $ 3,299 7%
Equity underwriting 1,677 1,153 45
Debt underwriting 2,521 1,764 43
Investment banking fees 7,732 6,216 24

FICC intermediation 9,564 9,318 3

FICC financing 3,640 2,742 33
FICC 13,204 12,060 9

Equities intermediation 7,937 6,489 22

Equities financing 5,494 5,060 9
Equities 13,431 11,549 16

Other 576 171 237

Net revenues 34,943 29,996 16

ASSET & WEALTH MANAGEMENT

Management and other fees 10,425 9,486 10
Incentive fees 393 161 144
Private banking and lending 2,881 2,576 12
Equity investments 1,359 342 297
Debt investments 1,084 1,315 (18)
Net revenues 16,142 13,880 16

PLATFORM SOLUTIONS
Consumer platforms 2,147 2,072 4
Transaction banking and other 280 306 (8)
Net revenues 2,427 2,378 2

Total net revenues $ 53,512 $ 46,254 16

Geographic Net Revenues (unaudited)3

$ in millions
YEAR ENDED
DECEMBER 31, DECEMBER 31,
2024 2023
Americas $ 34,448 $ 29,335
EMEA 12,250 11,744
Asia 6,814 5,175
Total net revenues $ 53,512 $ 46,254

Americas 64% 64%

EMEA 23% 25%
Asia 13% 11%
Total 100% 100%

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
THREE MONTHS ENDED % CHANGE FROM
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023 2024 2023
GLOBAL BANKING & MARKETS
Advisory $ 960 $ 875 $ 1,005 10 % (4) %
Equity underwriting 499 385 252 30 98
Debt underwriting 595 605 395 (2) 51
Investment banking fees 2,054 1,865 1,652 10 24

FICC intermediation 1,750 2,013 1,295 (13) 35

FICC financing 989 949 739 4 34
FICC 2,739 2,962 2,034 (8) 35

Equities intermediation 1,953 2,209 1,502 (12) 30

Equities financing 1,498 1,291 1,105 16 36
Equities 3,451 3,500 2,607 (1) 32

Other 235 227 61 4 285

Net revenues 8,479 8,554 6,354 (1) 33

ASSET & WEALTH MANAGEMENT

Management and other fees 2,818 2,619 2,445 8 15
Incentive fees 174 85 59 105 195
Private banking and lending 736 756 661 (3) 11
Equity investments 729 116 838 528 (13)
Debt investments 264 178 384 48 (31)
Net revenues 4,721 3,754 4,387 26 8

PLATFORM SOLUTIONS
Consumer platforms 597 333 504 79 18
Transaction banking and other 72 58 73 24 (1)
Net revenues 669 391 577 71 16

Total net revenues $ 13,869 $ 12,699 $ 11,318 9 23

Geographic Net Revenues (unaudited)3

$ in millions
THREE MONTHS ENDED
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
Americas $ 9,097 $ 8,045 $ 7,770
EMEA 2,773 3,076 2,481
Asia 1,999 1,578 1,067
Total net revenues $ 13,869 $ 12,699 $ 11,318

Americas 66% 63% 69%

EMEA 20% 24% 22%
Asia 14% 13% 9%
Total 100% 100% 100%

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)4
In millions, except per share amounts
YEAR ENDED % CHANGE FROM
DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2023 2023
REVENUES
Investment banking $ 7,738 $ 6,218 24 %
Investment management 10,596 9,532 11
Commissions and fees 4,086 3,789 8
Market making 18,390 18,238 1
Other principal transactions 4,646 2,126 119
Total non-interest revenues 45,456 39,903 14

Interest income 81,397 68,515 19

Interest expense 73,341 62,164 18
Net interest income 8,056 6,351 27

Total net revenues 53,512 46,254 16

Provision for credit losses 1,348 1,028 31

OPERATING EXPENSES
Compensation and benefits 16,706 15,499 8
Transaction based 6,724 5,698 18
Market development 646 629 3
Communications and technology 1,991 1,919 4
Depreciation and amortization 2,392 4,856 (51)
Occupancy 973 1,053 (8)
Professional fees 1,652 1,623 2
Other expenses 2,683 3,210 (16)
Total operating expenses 33,767 34,487 (2)

Pre-tax earnings 18,397 10,739 71

Provision for taxes 4,121 2,223 85
Net earnings 14,276 8,516 68
Preferred stock dividends 751 609 23
Net earnings applicable to common shareholders $ 13,525 $ 7,907 71

EARNINGS PER COMMON SHARE

Basic3 $ 41.07 $ 23.05 78 %
Diluted $ 40.54 $ 22.87 77

AVERAGE COMMON SHARES

Basic 328.1 340.8 (4)
Diluted 333.6 345.8 (4)

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Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)4
In millions, except per share amounts and headcount
THREE MONTHS ENDED % CHANGE FROM
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023 2024 2023
REVENUES
Investment banking $ 2,056 $ 1,864 $ 1,653 10 % 24 %
Investment management 2,923 2,649 2,478 10 18
Commissions and fees 1,085 873 925 24 17
Market making 3,833 4,127 3,496 (7) 10
Other principal transactions 1,627 839 1,427 94 14
Total non-interest revenues 11,524 10,352 9,979 11 15

Interest income 19,954 21,448 18,484 (7) 8

Interest expense 17,609 19,101 17,145 (8) 3
Net interest income 2,345 2,347 1,339 – 75

Total net revenues 13,869 12,699 11,318 9 23

Provision for credit losses 351 397 577 (12) (39)

OPERATING EXPENSES
Compensation and benefits 3,759 4,122 3,602 (9) 4
Transaction based 1,872 1,701 1,456 10 29
Market development 181 159 175 14 3
Communications and technology 523 498 503 5 4
Depreciation and amortization 498 621 780 (20) (36)
Occupancy 240 242 268 (1) (10)
Professional fees 475 400 471 19 1
Other expenses 713 572 1,232 25 (42)
Total operating expenses 8,261 8,315 8,487 (1) (3)

Pre-tax earnings 5,257 3,987 2,254 32 133

Provision for taxes 1,146 997 246 15 366
Net earnings 4,111 2,990 2,008 37 105
Preferred stock dividends 188 210 141 (10) 33
Net earnings applicable to common shareholders $ 3,923 $ 2,780 $ 1,867 41 110

EARNINGS PER COMMON SHARE

Basic3 $ 12.13 $ 8.52 $ 5.52 42 % 120 %
Diluted $ 11.95 $ 8.40 $ 5.48 42 118
AVERAGE COMMON SHARES
Basic 322.4 324.8 335.7 (1) (4)
Diluted 328.4 330.8 340.9 (1) (4)

SELECTED DATA AT PERIOD-END

Common shareholders’ equity $ 108,743 $ 107,947 $ 105,702 1 3
Basic shares3 322.9 324.2 337.1 – (4)
Book value per common share $ 336.77 $ 332.96 $ 313.56 1 7

Headcount 46,500 46,400 45,300 – 3

12
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
ASSETS
Cash and cash equivalents $ 182 $ 155 $ 242
Collateralized agreements 369 417 423
Customer and other receivables 134 145 132
Trading assets 571 601 478
Investments 185 183 147
Loans 196 192 183
Other assets 34 35 37
Total assets $ 1,671 $ 1,728 $ 1,642

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits $ 433 $ 445 $ 428
Collateralized financings 353 347 324
Customer and other payables 223 251 231
Trading liabilities 203 215 200
Unsecured short-term borrowings 70 76 76
Unsecured long-term borrowings 243 250 242
Other liabilities 24 23 24
Total liabilities 1,549 1,607 1,525
Shareholders’ equity 122 121 117
Total liabilities and shareholders’ equity $ 1,671 $ 1,728 $ 1,642

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
Common equity tier 1 capital $ 103.0 $ 102.3 $ 99.4

STANDARDIZED CAPITAL RULES

Risk-weighted assets $ 686 $ 698 $ 693
Common equity tier 1 capital ratio 15.0% 14.6% 14.4%

ADVANCED CAPITAL RULES

Risk-weighted assets $ 671 $ 658 $ 665
Common equity tier 1 capital ratio 15.4% 15.5% 14.9%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio 5.5% 5.5% 5.5%

Average Daily VaR (unaudited)3

$ in millions
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2024 2023 2024 2023
RISK CATEGORIES
Interest rates $ 83 $ 75 $ 87 $ 81 $ 96
Equity prices 49 39 29 37 29
Currency rates 31 26 18 26 24
Commodity prices 19 20 19 19 19
Diversification effect (86) (68) (62) (71) (69)
Total $ 96 $ 92 $ 91 $ 92 $ 99

13
Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3
$ in billions
AS OF
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2024 2024 2023
ASSET CLASS
Alternative investments $ 336 $ 328 $ 295
Equity 772 780 658
Fixed income 1,184 1,220 1,122
Total long-term AUS 2,292 2,328 2,075
Liquidity products 845 775 737
Total AUS $ 3,137 $ 3,103 $ 2,812

THREE MONTHS ENDED YEAR ENDED

DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2024 2024 2023 2024 2023
Beginning balance $ 3,103 $ 2,934 $ 2,680 $ 2,812 $ 2,547
Net inflows / (outflows):
Alternative investments 11 9 23 38 25
Equity 4 4 2 15 (3)
Fixed income 7 16 26 53 52
Total long-term AUS net inflows / (outflows) 22 29 51 106 74
Liquidity products 70 37 (37) 108 27
Total AUS net inflows / (outflows) 92 66 14 214 101
Acquisitions / (dispositions) – – (23) – (23)
Net market appreciation / (depreciation) (58) 103 141 111 187
Ending balance $ 3,137 $ 3,103 $ 2,812 $ 3,137 $ 2,812

14
 Goldman Sachs Reports
Full Year and Fourth Quarter 2024 Earnings Results

Footnotes
1. ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly
common shareholders’ equity. ROTE is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common
shareholders by average monthly tangible common shareholders’ equity (tangible common shareholders’ equity is calculated as total shareholders’ equity
less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of
businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a
measure that the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity are non-GAAP measures and may
not be comparable to similar non-GAAP measures used by other companies.
The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:

AVERAGE FOR THE

YEAR ENDED THREE MONTHS ENDED
Unaudited, $ in millions DECEMBER 31, 2024 DECEMBER 31, 2024
Total shareholders’ equity $ 119,204 $ 121,083
Preferred stock (12,430) (13,253)
Common shareholders’ equity 106,774 107,830
Goodwill (5,895) (5,880)
Identifiable intangible assets (1,003) (886)
Tangible common shareholders’ equity $ 99,876 $ 101,064

2. Dealogic – January 1, 2024 through December 31, 2024.

3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets
Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management
and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares –
see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on
Form 10-Q for the period ended September 30, 2024: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and
Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights
to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”
Represents a preliminary estimate for the fourth quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary
leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Annual Report on Form 10-K for the year ended
December 31, 2024.
4. Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency swaps used in connection with the firm’s funding strategy
are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were
included within net interest income ($234 million for the first quarter of 2024, $252 million for the second quarter of 2024 and $276 million for the third quarter
of 2024). This change has no impact to total net revenues of the firm. Amounts previously reported for the first, second and third quarters of 2024 have
been conformed to the current presentation. Revenues related to such swaps were not material for 2023, and therefore no adjustments have been made
to prior year amounts.
Net interest income for the fourth quarter of 2024 included $869 million in Global Banking & Markets, $713 million in Asset & Wealth Management and $763
million in Platform Solutions, and for 2024 included $2.41 billion in Global Banking & Markets, $2.80 billion in Asset & Wealth Management and $2.86 billion
in Platform Solutions.

15
Exhibit 99.2 Full Year and Fourth Quarter 2024 Earnings Results Presentation January 15, 2025
Our culture and leading client franchise are the foundation of our strategy S TRA TE G I C Client Service OBJ EC T I VES Harness One GS to Serve Our Clients with Excellence Partnership Run World-Class, Differentiated, Durable Businesses Integrity Invest to Operate at Scale Excellence 1
World-class and interconnected franchises positioned to deliver mid-teens returns Leading Global Active 1 #1 M&A Advisor 3 Asset Manager One Global Banking & Asset & Wealth Goldman Top 5 Alternative 2 #1 Equities Franchise Markets Management 3 Sachs Asset Manager Leading FICC Premier Ultra High Net 2 Franchise Worth franchise 4 2024 SHAREHOLDER VALUE CREATION +48% +7% +9% +52% Growth in Book Value Growth in Quarterly Stock Price Total Shareholder Return per Share Dividend 2
Exceptional talent underpinned by a culture of excellence 875k+ ~380 Experienced hire applicants, with <1% hire rate Boomerang hires Compelling for Experienced Talent >40% <1% Aspirational Invested Selection rate from ~320k applicants for of the firm’s Partners were campus hires for Campus in Our People 2024 summer internship program Recruits 275+ Ranked #1 Unparalleled Brand of Excellence Alumni in C-suite roles (including Managing Partners) by Vault for most prestigious banking firm of organizations valued at >$1bn or with AUM >$5bn 3
Strong progress on execution priorities in 2024 Global Banking & Markets Asset & Wealth Management Exceptional client franchise Grew more durable revenues Record Management and other fees of $10.4bn in 2024, up 10% YoY; 1; #1 M&A, #3 ECM, #2 Leveraged Loans, #3 High-Yield Debt Alts management and other fees CAGR of 13% from 2019-2024 5 Top 3 with 119 of the Top 150 FICC & Equities clients in 1H24 vs. 77 in 2019 Record Private banking and lending revenues of $2.9bn in 2024, 2 +340bps wallet share gains in GBM since 2019 up 12% YoY 6,7 Increased financing revenues in FICC and Equities Positive momentum in fundraising and reduced HPI Alternatives fundraising of $72bn in 2024; $323bn since 2019YE Record financing revenues of $9.1bn in 2024 CAGR of 15% from 2019-2024 HPI reduction of $6.9bn to $9.4bn in 2024 Strong execution on narrowed strategic focus Sold GreenSky Sold seller financing loan portfolio Signed agreement to transition General Motors (GM) credit card program 4
Global Banking & Markets: Increased wallet share and financing driving attractive returns Leading diversified franchise ($bn) Forward Catalysts Advisory FICC financing Equity underwriting Equities intermediation Debt underwriting Equities financing Constructive Economic Outlook FICC intermediation Other Average revenues: $33bn Average ROE: 16% Improving CEO Confidence $37 $35 $32 $30 $30 Increasing Sponsor Activity Focus on Scale and Innovation Improving Regulatory Backdrop Financing: Capital Solutions Group 2020 2021 2022 2023 2024 5
Asset & Wealth Management: Delivering strong growth in AUS and more durable revenues 7,8 Firmwide investment platform (4Q24) Growth in more durable revenues ($bn) Liquidity Management and other fees ~$850bn Private banking and lending Brokerage ~$500bn $13.3 Alternatives ~$525bn $12.1 $11.2 $2.9 $3.8tn $2.6 $9.4 $2.5 $8.1 Equity $1.7 $7.7 ~$775bn $1.4 $1.5 Fixed Income ~$1.175tn $10.4 $9.5 $8.8 3 $7.8 Leading Global Active Asset Manager $6.8 $6.1 28 Consecutive Quarters of Long-Term Fee-Based Net Inflows 3 Top 5 Alternative Asset Manager ~$525bn Total Alts Assets 2019 2020 2021 2022 2023 2024 6 Premier Ultra High Net Worth Franchise Expect to drive high-single-digit annual growth in medium-term 9 ~$1.6tn Total Wealth Mgmt. Client Assets 6
Path forward to mid-teens returns AWM pre-tax margin improvement Investing for Growth Wealth Management 28% Serve more clients via tailored and differentiated offerings ~4pp impact 6 of HPI Deliver unique lending solutions Elevate client experience through digital capabilities Alternatives Scale established flagship programs 10% Innovate new products Deepen institutional relationships and grow wealth channel Solutions 2023 2024 Provide customized solutions at scale Serve corporate and institutional clients and third-party wealth providers 6 Achieved medium-term mid-twenties margin target ; focused on driving towards mid-teens returns Deliver offerings across Outsourced CIO, Insurance, SMAs, Direct indexing 7
~70% of 2024 revenues driven from a growing baseline and more durable sources 10 GS revenue breakdown ($bn) Baseline revenues Solid foundation from More durable revenues baseline revenues with Other incremental revenues 1 opportunity for continued growth $59.3 $53.5 3 $47.4 $46.3 $44.6 $16.5 Growing contribution from $30.4 $12.3 $15.4 more durable revenue 2 $36.5 sources $19.4 2 $11.4 $22.4 $19.9 $18.4 $15.3 $12.2 $12.3 Power of diversification and 1 consistent ability to capture 3 $14.6 $14.1 $13.6 $13.6 $12.9 $12.9 upside 2019 2020 2021 2022 2023 2024 8
Investing to operate at scale with resilience and enhanced productivity O P E RATI NG E FFI CI E NCI E S 1 2 3 Organizational Spend Automation Structure Management n Expand presence in key n Optimize transaction based n Simplify and modernize strategic locations expenses technology stack n Optimize pyramid footprintn Drive efficient management n Productivity enhancements of consultants and vendors n Streamline functions and n Leverage AI solutions to processesn Reduction of expenses accelerate and transform associated with business technology consolidated investment entity (CIE) dispositions 9
Driving the firm to mid-teens returns through-the-cycle Mid-Teens Global Banking & Asset & Wealth Platform Markets Management Solutions Demonstrated mid-teens 2024 ROE of 12.8%; 12 Achieve pre-tax breakeven 11 returns clear path to mid-teens returns 12.7% 2024 ROE Through-the-Cycle 10
Results Snapshot Net Revenues Net Earnings EPS 2024 $53.51 billion 2024 $14.28 billion 2024 $40.54 4Q24 $ 1 3 . 87 billion 4Q24 $ 4 . 1 1 billion 4Q24 $11. 95 13 13 ROE ROTE Book Value Per Share 2024 12.7% 2024 13.5% 2024 $336.77 4Q24 14.6% 4Q24 15.5% 2024 Growth 7.4% 14 Annual Highlights Selected Items and FDIC Special Assessment Fee nd 2 highest net revenues, net earnings and diluted EPS $ in millions, except per share amounts 2024 4Q24 Pre-tax earnings: 1 6 #1 in announced and completed M&A $ 939 $ 472 AWM historical principal investments (668) (71) GM Card / Seller financing / GreenSky Record Equities net revenues, including record financing; (71) 9 FDIC special assessment fee Record FICC financing $ 200 $ 410 Total impact to pre-tax earnings Record Management and other fees; $ 156 $ 320 Impact to net earnings Record Private banking and lending net revenues $ 0.47 $ 0.98 Impact to EPS 7 Record AUS of $3.14 trillion; th 0.2pp 1.2pp Impact to ROE 28 consecutive quarter of long-term fee-based net inflows 11
Financial
expenses 7Overview
59.6% (5.9)pp
Financial
(15.4)pp
Results
63.1%
Financial
(11.5)pp
Overview
Efficiency
Highlights
Ratio 12
vs. vs. vs.n 4Q24 results included EPS of $11.95 and ROE of 14.6% $ in millions, except per share amounts 4Q24 3Q24 4Q23 2024 2023 — 4Q24 net revenues were significantly higher YoY reflecting higher net revenues across all segments, with significant growth in Global Banking & Markets $ 8,479 (1)% 33% $ 34,943 16% Global Banking & Markets — 4Q24 provision for credit losses was $351 million, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs) Asset & Wealth Management 4,721 26% 8% 16,142 16% — 4Q24 operating expenses were slightly lower YoY primarily reflecting the FDIC special 669 71% 16% 2,427 2% assessment fee in 4Q23 and significantly lower expenses, including impairments, related to Platform Solutions commercial real estate in CIEs, partially offset by higher transaction based expenses 13,869 9% 23% 53,512 16% Net revenues 351 (12)% (39)% 1,348 31% Provision for credit losses 8,261 (1)% (3)% 33,767 (2)% Operating expenses 5,257 32% 133% $ 18,397 71% Pre-tax earnings $ n 2024 results included EPS of $40.54 and ROE of 12.7% $ 4,111 37% 105% $ 14,276 68% Net earnings — 2024 net revenues were higher YoY primarily reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management $ 3,923 41% 110% $ 13,525 71% Net earnings to common — 2024 provision for credit losses was $1.35 billion, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs) $ 11.95 42% 118% $ 40.54 77% Diluted EPS — 2024 operating expenses were slightly lower YoY reflecting decreases driven by significantly lower expenses, including impairments, related to commercial real estate in CIEs and other 13 ROE 14.6% 4.2pp 7.5pp 12.7% 5.2pp significant expenses recognized in the prior year, including the write-down of intangibles related to GreenSky, an impairment of goodwill related to Consumer platforms and the FDIC 13 special assessment fee. These decreases were partially offset by higher compensation and ROTE 15.5% 4.4pp 7.9pp 13.5% 5.4pp benefits expenses and higher transaction based
Global Banking & Markets Financial Results Global Banking & Markets Highlights n 4Q24 net revenues were significantly higher YoY vs. vs. vs. $ in millions — Investment banking fees reflected significantly higher net revenues in Equity underwriting and 4Q24 3Q24 4Q23 2024 2023 Debt underwriting Investment banking fees $ 2,054 10% 24% $ 7,732 24% — FICC reflected significantly higher net revenues in intermediation and financing — Equities reflected significantly higher net revenues in intermediation and financing FICC 2,739 (8)% 35% 13,204 9% 7 n Investment banking fees backlog increased QoQ, primarily driven by Equity underwriting 7 n 4Q24 select data : 3,451 (1)% 32% 13,431 16% Equities — Total assets of $1.41 trillion 235 4% 285% 576 237% — Loan balance of $130 billion Other — Net interest income of $869 million 8,479 (1)% 33% 34,943 16% Net revenues (55) N.M. N.M. 40 (90)% Provision for credit losses Operating expenses 4,783 (4)% 10% 19,980 11% n 2024 net revenues were higher YoY — Investment banking fees reflected significantly higher net revenues in Debt underwriting and Pre-tax earnings $ 3,751 6% 105% $ 14,923 29% Equity underwriting and higher net revenues in Advisory — FICC reflected significantly higher net revenues in financing and slightly higher net revenues Net earnings $ 2,937 11% 72% $ 11,580 26% in intermediation — Equities reflected significantly higher net revenues in intermediation and higher net revenues Net earnings to common $ 2,793 12% 75% $ 10,998 26% in financing 7 n Investment banking fees backlog increased YoY, primarily driven by Advisory Average common equity $ 76,604 1% 3% $ 75,796 5% Return on average common equity 14.6% 1.5pp 6.0pp 14.5% 2.4pp 13
Global
productsBanking
and significantly
& Marketslower
– Netnet
Revenues
revenuesNet
in Revenues
commodities
Global
Other
Banking
235 4%&285%
Markets
576Net
237%
Revenues
— Record
Highlights
FICC financing
n 4Q24 Investment
reflected significantly
banking feeshigher
were net
significantly
revenues from
highermortgages
YoY vs. vs.
andvs.
structured
— Advisory
lending
net revenues
n 2024 Equities
were slightly
net revenues
lower $were
in millions
a record4Q24
and higher
3Q24 YoY
4Q23Net
2024
revenues
2023 —$ Equity
8,479 (1)%
underwriting
33% $ 34,943
primarily
16%reflected
— Equities
an increase
intermediation
in secondary
primarily
andreflected
initial public
significantly
offeringshigher
and private
net revenues
placements
in derivatives
Advisory — $ 960
Record
10%Equities
(4)% $ 3,534
financing
7% — reflected
Debt underwriting
higher net revenues
primarily
inreflected
prime financing
an increase
n 2024
in leveraged
Other netfinance
revenues
activity
YoY primarily
n 4Q24 FICC
reflected
net revenues
significantly
werelower
significantly
net losses
higher
on hedges
YoY Equity
14 underwriting 499 30% 98% 1,677 45% — FICC intermediation reflected significantly higher net revenues in currencies and mortgages and higher net revenues in credit products, partially offset by lower net revenues in commodities. Net revenues in interest rate products were essentially unchanged 595 (2)% 51% 2,521 43% Debt underwriting — Record FICC financing primarily reflected significantly higher net revenues from mortgages and structured lending 2,054 10% 24% 7,732 24% Investment banking fees n 4Q24 Equities net revenues were significantly higher YoY — Equities intermediation primarily reflected significantly higher net revenues in cash products 1,750 (13)% 35% 9,564 3% FICC intermediation — Record Equities financing reflected significantly higher net revenues in prime financing and portfolio financing 989 4% 34% 3,640 33% FICC financing n 4Q24 Other net revenues YoY reflected significantly lower net losses on hedges FICC 2,739 (8)% 35% 13,204 9% n 2024 Investment banking fees were significantly higher YoY — Advisory reflected an increase in completed mergers and acquisitions transactions Equities intermediation 1,953 (12)% 30% 7,937 22% — Equity underwriting primarily reflected an increase in secondary and initial public offerings — Debt underwriting primarily reflected an increase in leveraged finance activity Equities financing 1,498 16% 36% 5,494 9% n 2024 FICC net revenues were higher YoY — FICC intermediation reflected significantly higher net revenues in currencies, mortgages and Equities 3,451 (1)% 32% 13,431 16% credit products, largely offset by lower net revenues in interest rate
equities
Asset & (largely
Wealth Management
reflecting theFinancial
impact ofResults
net losses
Asset
in real
& Wealth
estate Management
investments inHighlights
the prior year)
n 4Q24Netnet
earnings
revenues
to common
were higher
$ 1,333
YoY 83%
vs. vs.110%
vs. —
$ 3,386
Record256%
Management
— Debt investments
and other fees
reflected
primarily
lower
reflected
net interest
the impact
income
of due
higher
to aaverage
reduction
assets
in the
$ indebt
millions
investments
4Q24 3Q24
balance
4Q23
sheet,
2024partially
2023 under
offsetsupervision
by net gains—inIncentive
2024 compared
fees were
withdriven
net losses
by harvesting
(particularly
Management
in real estate
andinvestments)
other fees: —inPrivate
2023 $banking
26,593 –and
(4)%
lending
$ 26,405
primarily
(12)%reflected
Average the
common
impactequity
of higher
n 2024
deposit
pre-tax
balances
marginAsset
of 28%
management
(including$the
1,185
positive
1% 8% impact
$ 4,576
of 4pp
9% from
— Equity
the results
investments
of historical
primarily
6 principal
reflected
investments
the impact)of
Return
the net
ongain
average
related
common
to the sale
equity
of Personal
20.1% 9.1pp
Financial
11.0ppManagement
12.8% 9.6ppin154Q23, partially offset by significantly higher mark-to- 1,633 13% 21% 5,849 11% Wealth management market net gains from investments in public equities — Debt investments reflected lower net interest income due to a reduction in the debt Total Management and other fees 2,818 8% 15% 10,425 10% investments balance sheet 7 n 4Q24 select data : 174 105% 195% 393 144% Incentive fees — Total assets of $194 billion — Loan balance of $47 billion, of which $38 billion related to Private banking and lending Private banking and lending 736 (3)% 11% 2,881 12% — Net interest income of $713 million 9 — Total Wealth management client assets of ~$1.6 trillion 729 528% (13)% 1,359 297% Equity investments Debt investments 264 48% (31)% 1,084 (18)% n 2024 net revenues were higher YoY Net revenues 4,721 26% 16,142 16% 8% — Record Management and other fees primarily reflected the impact of higher average assets under supervision Provision for credit losses (43) 61% (378)% (232) 54% — Incentive fees were driven by harvesting — Record Private banking and lending net revenues; YoY increase reflected the impact of the 3,006 6% (16)% 11,825 (9)% Operating expenses sale of the Marcus loan portfolio in 2023 (including net revenues of approximately $(370) million related to the sale of substantially all of the portfolio) and the impact of higher direct- Pre-tax earnings $ 1,758 73% 116% $ 4,549 235% to-consumer deposit balances — Equity investments primarily reflected significantly higher net gains from investments in $ 1,371 79% 107% $ 3,530 227% Net earnings private
Asset & Wealth Management – Assets Under Supervision 7 7 AUS Highlights AUS by Asset Class n During the year, AUS increased $325 billion to a record $3.14 trillion $ in billions 4Q24 3Q24 4Q23 — Net inflows across all asset classes $ 336 $ 328 $ 295 Alternative investments — Net market appreciation primarily in equity assets Equity 772 780 658 n During the quarter, AUS increased $34 billion Fixed income 1,184 1,220 1,122 — Net inflows primarily in liquidity products and alternative investment assets Long-term AUS 2,292 2,328 2,075 — Net market depreciation primarily in fixed income and equity assets Liquidity products 845 775 737 n Total AUS net inflows of $92 billion during the quarter, of which: 3,137 3,103 2,812 Total AUS $ $ $ — $78 billion of net inflows in Third-party distributed client channel — $18 billion of net inflows in Wealth management client channel 7 AUS by Client Channel — $4 billion of net outflows in Institutional client channel $ in billions 4Q24 3Q24 4Q23 Institutional $ 1,078 $ 1,126 $ 1,033 7 AUS Rollforward 929 913 798 Wealth management $ in billions 4Q24 3Q24 4Q23 2024 2023 Third-party distributed 1,130 1,064 981 Beginning balance $ 3,103 $ 2,934 $ 2,680 $ 2,812 $ 2,547 Total AUS $ 3,137 $ 3,103 $ 2,812 22 51 106 74 Long-term AUS net inflows / (outflows) 29 7 Liquidity products 70 (37) 108 27 4Q24 AUS by Region and Vehicle 37 Total AUS net inflows / (outflows) 92 66 14 214 101 7% 14% Acquisitions / (dispositions) (23) – (23) – – Americas Separate accounts 22% Net market appreciation / (depreciation) (58) 103 141 111 187 Vehicle Region EMEA Public funds 54% 32% $ 3,137 $ $ 2,812 $ 3,137 $ 2,812 71% Ending balance 3,103 Asia Private funds and other 16
Asset & Wealth Management – Alternative Investments 7 7 Alternative Investments Highlights On-Balance Sheet Alternative Investments n 2024 Management and other fees from alternative investments were $2.18 billion (including $ in billions 4Q24 $620 million in 4Q24), up 2% from 2023 Loans $ 8.5 n During the year, alternative investments AUS increased $41 billion to $336 billion Debt securities 9.0 n 2024 gross third-party alternatives fundraising across strategies was $72 billion, including: Equity securities 13.4 — $28 billion in corporate equity, $19 billion in credit, $6 billion in real estate and $19 billion in 15 Other 5.6 hedge funds and other Total On-B/S alternative investments $ 36.5 — $323 billion raised since 2019 n During the year, on-balance sheet alternative investments declined by $9.7 billion to $36.5 billion $ in billions 4Q24 6 — Historical principal investments declined by $6.9 billion to $9.4 billion (attributed equity of Client co-invest $ 18.4 $4 billion) and included $1.6 billion of loans, $2.6 billion of debt securities, $3.5 billion of 15 equity securities and $1.7 billion of CIE investments Firmwide initiatives / CRA investments 8.7 6 Historical principal investments 9.4 Total On-B/S alternative investments $ 7 36.5 Alternative Investments AUS and Effective Fees 4Q24 $ in billions Average AUS Effective Fees (bps) Historical Principal Investments Rollforward Corporate equity $ 127 75 $ in billions 2024 64 72 Credit Beginning balance $ 16.3 Real estate 30 56 Additions 0.7 16 75 58 Hedge funds and other Dispositions / paydowns (7.9) Funds and discretionary accounts 296 68 Net mark-ups / (mark-downs) 0.3 Net change $ (6.9) 37 16 Advisory accounts Ending balance $ 9.4 Total alternative investments AUS $ 333 62 17
Platform Solutions Financial Results Platform Solutions Highlights vs. vs. vs.n 4Q24 net revenues were higher YoY $ in millions 4Q24 3Q24 4Q23 2024 2023 — Consumer platforms primarily reflected the mark-downs related to the GreenSky held for sale loan portfolio in 4Q23 $ 597 79% 18% $ 2,147 4% Consumer platforms — Transaction banking and other net revenues were essentially unchanged n 4Q24 provision for credit losses of $449 million reflected net provisions related to the credit card 72 24% (1)% 280 (8)% Transaction banking and other portfolio (primarily driven by net charge-offs) 7 n 4Q24 select data : Net revenues 669 71% 16% 2,427 2% — Total assets of $63 billion 449 (1)% 13% 1,540 36% Provision for credit losses — Loan balance of $19 billion — Net interest income of $763 million 472 (5)% (17)% 1,962 (43)% Operating expenses Pre-tax earnings / (loss) $ (252) 55% 35% $ (1,075) 51% n 2024 net revenues were slightly higher compared with 2023 Net earnings / (loss) $ (197) 54% 45% $ (834) 52% — Consumer platforms reflected higher average credit card balances and higher average deposit balances, largely offset by the impact of the planned transition of the GM credit card Net earnings / (loss) to common $ (203) 54% 44% $ (859) 51% program to another issuer — Transaction banking and other primarily reflected lower net revenues related to the seller Average common equity $ 4,633 3% 27% $ 4,573 18% financing loan portfolio n 2024 provision for credit losses of $1.54 billion reflected net provisions related to the credit card Return on average common equity (17.5)% 21.3pp 22.2pp (18.8)% 26.4pp portfolio (primarily driven by net charge-offs) 18
Loans and Net Interest Income 7 7 Loans by Segment ($ in billions) Loans and Net Interest Income Highlights n During the year, total loans increased $13 billion, up 7% $196 $192 $183 — Gross loans by type: $192 billion - amortized cost, $5 billion - fair value, $4 billion - held for sale — Average loans of $188 billion Global Banking $130 $129 $117 — Total allowance for loan losses and losses on lending commitments was $5.34 billion & Markets ($4.67 billion for funded loans) Asset & Wealth Management o $2.77 billion for wholesale loans, $2.57 billion for consumer loans Platform n Net charge-offs for 2024 of $1.42 billion for a net charge-off rate of 0.8% (0.0% for wholesale Solutions $46 $47 $45 loans, 7.6% for consumer loans), down 10bps YoY — Net charge-offs for 4Q24 of $377 million for an annualized net charge-off rate of 0.8% $19 $20 $18 (0.1% for wholesale loans, 7.1% for consumer loans), up 10bps QoQ 4Q24 3Q24 4Q23 n Net interest income for 2024 was $8.06 billion, 27% higher YoY, reflecting an increase in 7 interest-earning assets. Average interest-earning assets were $1.57 trillion 7 Loans by Type Metrics — Net interest income for 4Q24 was $2.35 billion, 75% higher YoY, reflecting a shift towards higher-yielding assets, and was essentially unchanged QoQ. Average interest-earning $ in billions 4Q24 3Q24 4Q23 2.4% 7 assets were $1.59 trillion ALLL to Total Corporate $ 30 $ 33 $ 36 Gross Loans, at Amortized Cost Commercial real estate 30 28 26 Residential real estate 26 25 25 1.2% ALLL to Gross Securities-based lending 17 16 15 Wholesale Loans, at Other collateralized lending 75 73 62 Amortized Cost Installment – – 3 13.1% ALLL to Gross Credit cards 21 20 19 Consumer Loans, at Other 2 2 2 Amortized Cost Allowance for loan losses (5) (5) (5) ~85% Gross Loans Total loans $ $ $ 196 192 183 Secured 19
Expenses Financial Results Expense Highlights n 2024 total operating expenses decreased YoY vs. vs. vs. — Decreases driven by significantly lower expenses, including impairments, related to 4Q24 3Q24 4Q23 2024 2023 $ in millions commercial real estate in CIEs (largely in depreciation and amortization) and other significant expenses recognized in 2023, including the write-down of intangibles related to Compensation and benefits $ 3,759 (9)% 4% $ 16,706 8% GreenSky and an impairment of goodwill related to Consumer platforms (both in depreciation and amortization), and the FDIC special assessment fee (in other expenses) Transaction based 1,872 10% 29% 6,724 18% — Partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses 181 14% 3% 646 3% Market development n 2024 effective income tax rate was 22.4%, up from 20.7% for 2023, primarily due to a decrease in the impact of permanent tax benefits for 2024 compared with 2023, partially offset by changes in the geographic mix of earnings Communications and technology 523 5% 4% 1,991 4% 498 (20)% (36)% 2,392 (51)% Depreciation and amortization 7 Efficiency Ratio Occupancy 240 (1)% (10)% 973 (8)% 74.6% Professional fees 475 19% 1% 1,652 2% 63.1% 713 25% (42)% 2,683 (16)% Other expenses Total operating expenses $ 8,261 (1)% (3)% $ 33,767 (2)% 1,146 15% 366% $ 4,121 85% Provision for taxes $ Effective Tax Rate 22.4% 1.7pp 2024 2023 20
Capital and Balance Sheet 7 7 Capital and Balance Sheet Highlights Selected Balance Sheet Data n Standardized CET1 capital ratio increased YoY, driven by an increase in CET1 capital and a decrease in credit RWAs, partially offset by an increase in market RWAs $ in billions 4Q24 3Q24 4Q23 n Advanced CET1 capital ratio increased YoY, primarily driven by an increase in CET1 capital, Total assets $ 1,671 $ 1,728 $ 1, 642 partially offset by an increase in market RWAs n Returned $11.80 billion of capital to common shareholders during the year Deposits $ 433 $ 445 $ 428 7 — 17.5 million common shares repurchased for a total cost of $8.00 billion (including $2.00 billion repurchased during 4Q24) Unsecured long-term borrowings $ 243 $ 250 $ 242 — $3.80 billion of common stock dividends Shareholders’ equity $ 122 $ 121 $ 117 n Deposits of $433 billion consisted of consumer $181 billion, private bank $96 billion, transaction banking $63 billion, brokered CDs $41 billion, deposit sweep programs $31 billion and other $21 Average GCLA $ 422 $ 447 $ 414 billion n BVPS increased 7.4% YoY, driven by net earnings 7 Capital Book Value In millions, except per share amounts 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 7 Standardized CET1 capital ratio Basic shares 322.9 324.2 337.1 15.0% 14.6% 14.4% Advanced CET1 capital ratio Book value per common share $ 336.77 $ 332.96 $ 313.56 15.4% 15.5% 14.9% 13 Supplementary leverage ratio (SLR) 5.5% 5.5% 5.5% Tangible book value per common share $ 316.02 $ 311.88 $ 292.52 21
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of intangibles,equity
and for
(ROTE)
seller financing,
is calculated
net by
impairments
dividing net
in earnings
provision(or
forannualized
credit losses
netand
earnings
a mark-down
for annualized
in net revenues
ROTE) applicable
related to to
thecommon
transfer shareholders
of the portfolio
by to
average
held for
monthly
sale. Intangible
the firstcommon
half of 2024,
shareholders’
the FDICequity.
notified
Tangible
banks subject
common to the
shareholders’
special assessment
equity is fee
calculated
that theasestimated
total shareholders’
cost to the equity
Depositless
Insurance
preferred
Fund
stock,
resulting
goodwill
from
andthe
identifiable
closures inintangible
2023 of Silicon
assets. Valley
Tangible
Bank
book
and
value
Signature
per common
Bank had
share
increased
(TBVPS)andisthe
calculated
firm recognized
by dividing
an incremental
tangible common
pre-taxshareholders’
expense. In 3Q24
equityand
by 4Q24,
basic shares.
based on
Management
additional information
believes thatreceived
tangible from
common
the FDIC,
shareholders’
the firmequity
recognized
and TBVPS
a reduction
are meaningful
in the estimated
because
costthey
of the
are FDIC
measures
special
thatassessment
the firm and
fee.
investors
Net earnings
use to reflects
assess capital
the 2024
adequacy
and 4Q24
andeffective
that ROTEincome
is meaningful
tax rate for
because
the respective
it measures
segment
the performance
of each item.of15.
businesses
Other on-balance
consistently,
sheetwhether
alternative
they investments
were acquired
include
or developed
tax creditinternally.
investments
Tangible
(accounted
common
for shareholders’
under the proportional
equity, ROTE
amortization
and TBVPSmethod
are of
non-GAAP
accounting)
measures
of $3.2and
billion
mayand
notassets
be comparable
held by CIEs
to similar
(generally
non-GAAP
accounted
measures
for at historical
used by other
cost companies.
less depreciation)
The table
of $2.4
below
billion,
presents
botha as
reconciliation
of Decemberof31,
average
2024.and
Theending
assets held
common
by CIEs
shareholders’
were funded
equity
withtoliabilities
average and
of $1.2
ending
billion
tangible
as of common
December
shareholders’
31, 2024, which
equity:
areAVERAGE
substantially
FOR
all nonrecourse
THE AS OF thereby
YEAR ENDED
reducingTHREE
the firm’s
MONTHS
equity at ENDED
risk. Substantially
Unaudited,all$ of
in the
millions
firm’sDECEMBER
CIEs are engaged
31, 2024
in commercial
DECEMBER real31,
estate
2024investment
DECEMBER activities.
31, 2024
16. Includes
SEPTEMBERapproximately
30, 2024 $0.4
DECEMBER
billion of 31,
investments
2023 Total
that
shareholders’
were transferred
equityfrom
$ 119,204
historical
$ 121,083
principal
$ 121,996
investments
$ 121,200
to client
$ 116,905
co-invest.
Preferred
24 stock (12,430) (13,253) (13,253) (13,253) (11,203) Common shareholders’ equity 106,774 107,830 108,743 107,947 105,702 Goodwill (5,895) (5,880) (5,853) (5,909) (5,916) Identifiable intangible assets (1,003) (886) (847) (925) (1,177) Tangible common shareholders’ equity $ 99,876 $ 101,064 $ 102,043 $ 101,113 $ 98,609 14. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset