☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the quarterly period ended September 30, |
☐ | |||||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Delaware | 13-4019460 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
200 West Street, New York, | 10282 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Exchange on which 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 | ||||||||
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Non-Cumulative Preferred Stock, Series J | GS PrJ | NYSE | ||||||||
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K | GS PrK | NYSE | ||||||||
5.793% Fixed-to-Floating | 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 | GS/31X | NYSE |
Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Form 10-Q Item Number | Page No. | |||||||
PART I | ||||||||
Item 1 | ||||||||
Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment banking | $ | 1,541 | $ | 3,548 | $ | 5,457 | $ | 10,564 | |||||||||||||||
Investment management | 2,276 | 2,139 | 6,733 | 5,840 | |||||||||||||||||||
Commissions and fees | 995 | 860 | 3,079 | 2,766 | |||||||||||||||||||
Market making | 4,642 | 3,929 | 15,561 | 13,096 | |||||||||||||||||||
Other principal transactions | 478 | 1,568 | 338 | 9,759 | |||||||||||||||||||
Total non-interest revenues | 9,932 | 12,044 | 31,168 | 42,025 | |||||||||||||||||||
Interest income | 8,550 | 3,117 | 16,613 | 9,110 | |||||||||||||||||||
Interest expense | 6,507 | 1,553 | 11,009 | 4,435 | |||||||||||||||||||
Net interest income | 2,043 | 1,564 | 5,604 | 4,675 | |||||||||||||||||||
Total net revenues | 11,975 | 13,608 | 36,772 | 46,700 | |||||||||||||||||||
Provision for credit losses | 515 | 175 | 1,743 | 13 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Compensation and benefits | 3,606 | 3,167 | 11,384 | 14,473 | |||||||||||||||||||
Transaction based | 1,317 | 1,139 | 3,878 | 3,520 | |||||||||||||||||||
Market development | 199 | 165 | 596 | 360 | |||||||||||||||||||
Communications and technology | 459 | 397 | 1,327 | 1,143 | |||||||||||||||||||
Depreciation and amortization | 666 | 509 | 1,728 | 1,527 | |||||||||||||||||||
Occupancy | 255 | 239 | 765 | 727 | |||||||||||||||||||
Professional fees | 465 | 433 | 1,392 | 1,137 | |||||||||||||||||||
Other expenses | 737 | 542 | 2,003 | 1,781 | |||||||||||||||||||
Total operating expenses | 7,704 | 6,591 | 23,073 | 24,668 | |||||||||||||||||||
Pre-tax earnings | 3,756 | 6,842 | 11,956 | 22,019 | |||||||||||||||||||
Provision for taxes | 687 | 1,464 | 2,021 | 4,319 | |||||||||||||||||||
Net earnings | 3,069 | 5,378 | 9,935 | 17,700 | |||||||||||||||||||
Preferred stock dividends | 107 | 94 | 356 | 358 | |||||||||||||||||||
Net earnings applicable to common shareholders | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 | |||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | 8.35 | $ | 15.14 | $ | 27.03 | $ | 49.23 | |||||||||||||||
Diluted | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 | |||||||||||||||
Average common shares | |||||||||||||||||||||||
Basic | 352.8 | 348.3 | 353.0 | 351.8 | |||||||||||||||||||
Diluted | 359.2 | 353.9 | 358.6 | 356.9 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Revenues | ||||||||||||||||||
Investment banking | $ 3,548 | $ 1,934 | $10,564 | $ 6,409 | ||||||||||||||
Investment management | 2,139 | 1,689 | 5,840 | 5,092 | ||||||||||||||
Commissions and fees | 860 | 804 | 2,766 | 2,699 | ||||||||||||||
Market making | 3,929 | 3,327 | 13,096 | 12,796 | ||||||||||||||
Other principal transactions | 1,568 | 1,943 | 9,759 | 2,482 | ||||||||||||||
Total non-interest revenues | 12,044 | 9,697 | 42,025 | 29,478 | ||||||||||||||
Interest income | 3,117 | 2,932 | 9,110 | 10,716 | ||||||||||||||
Interest expense | 1,553 | 1,848 | 4,435 | 7,375 | ||||||||||||||
Net interest income | 1,564 | 1,084 | 4,675 | 3,341 | ||||||||||||||
Total net revenues | 13,608 | 10,781 | 46,700 | 32,819 | ||||||||||||||
Provision for credit losses | 175 | 278 | 13 | 2,805 | ||||||||||||||
Operating expenses | ||||||||||||||||||
Compensation and benefits | 3,167 | 3,117 | 14,473 | 10,830 | ||||||||||||||
Transaction based | 1,139 | 1,011 | 3,520 | 3,055 | ||||||||||||||
Market development | 165 | 70 | 360 | 312 | ||||||||||||||
Communications and technology | 397 | 340 | 1,143 | 1,006 | ||||||||||||||
Depreciation and amortization | 509 | 468 | 1,527 | 1,404 | ||||||||||||||
Occupancy | 239 | 235 | 727 | 706 | ||||||||||||||
Professional fees | 433 | 298 | 1,137 | 956 | ||||||||||||||
Other expenses | 542 | 665 | 1,781 | 4,807 | ||||||||||||||
Total operating expenses | 6,591 | 6,204 | 24,668 | 23,076 | ||||||||||||||
Pre-tax earnings | 6,842 | 4,299 | 22,019 | 6,938 | ||||||||||||||
Provision for taxes | 1,464 | 932 | 4,319 | 1,985 | ||||||||||||||
Net earnings | 5,378 | 3,367 | 17,700 | 4,953 | ||||||||||||||
Preferred stock dividends | 94 | 134 | 358 | 400 | ||||||||||||||
Net earnings applicable to common shareholders | $ 5,284 | $ 3,233 | $17,342 | $ 4,553 | ||||||||||||||
Earnings per common share | ||||||||||||||||||
Basic | $ 15.14 | $ 9.07 | $ 49.23 | $ 12.71 | ||||||||||||||
Diluted | $ 14.93 | $ 8.98 | $ 48.59 | $ 12.65 | ||||||||||||||
Average common shares | ||||||||||||||||||
Basic | 348.3 | 355.9 | 351.8 | 356.5 | ||||||||||||||
Diluted | 353.9 | 359.9 | 356.9 | 360.0 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 | |||||||||||||||
Other comprehensive income/(loss) adjustments, net of tax: | |||||||||||||||||||||||
Currency translation | 26 | (20) | (5) | (36) | |||||||||||||||||||
Debt valuation adjustment | 673 | 67 | 2,601 | 165 | |||||||||||||||||||
Pension and postretirement liabilities | (2) | — | 10 | 7 | |||||||||||||||||||
Available-for-sale securities | (615) | (114) | (2,410) | (658) | |||||||||||||||||||
Other comprehensive income/(loss) | 82 | (67) | 196 | (522) | |||||||||||||||||||
Comprehensive income | $ | 3,151 | $ | 5,311 | $ | 10,131 | $ | 17,178 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net earnings | $ 5,378 | $ 3,367 | $17,700 | $ 4,953 | ||||||||||||||
Other comprehensive income/(loss) adjustments, net of tax: | ||||||||||||||||||
Currency translation | (20 | ) | (13 | ) | (36 | ) | (74 | ) | ||||||||||
Debt valuation adjustment | 67 | (268 | ) | 165 | 428 | |||||||||||||
Pension and postretirement liabilities | 0 | (2 | ) | 7 | 1 | |||||||||||||
Available-for-sale | (114 | ) | (11 | ) | (658 | ) | 494 | |||||||||||
Other comprehensive income/(loss) | (67 | ) | (294 | ) | (522 | ) | 849 | |||||||||||
Comprehensive income | $ 5,311 | $ 3,073 | $17,178 | $ 5,802 |
1 | Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 284,251 | $ | 261,036 | ||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (at fair value) | 182,502 | 205,703 | ||||||
Securities borrowed (includes $42,506 and $39,955 at fair value) | 196,968 | 178,771 | ||||||
Customer and other receivables (includes $25 and $42 at fair value) | 165,421 | 160,673 | ||||||
Trading assets (at fair value and includes $77,130 and $68,208 pledged as collateral) | 383,975 | 375,916 | ||||||
Investments (includes $77,580 and $83,427 at fair value, and $20,375 and $12,840 pledged as collateral) | 126,963 | 88,719 | ||||||
Loans (net of allowance of $4,846 and $3,573, and includes $8,250 and $10,769 at fair value) | 176,669 | 158,562 | ||||||
Other assets | 39,245 | 34,608 | ||||||
Total assets | $ | 1,555,994 | $ | 1,463,988 | ||||
Liabilities and shareholders’ equity | ||||||||
Deposits (includes $23,587 and $35,425 at fair value) | $ | 394,733 | $ | 364,227 | ||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | 159,690 | 165,883 | ||||||
Securities loaned (includes $7,444 and $9,170 at fair value) | 43,822 | 46,505 | ||||||
Other secured financings (includes $14,240 and $17,074 at fair value) | 15,595 | 18,544 | ||||||
Customer and other payables | 278,457 | 251,931 | ||||||
Trading liabilities (at fair value) | 231,713 | 181,424 | ||||||
Unsecured short-term borrowings (includes $32,470 and $29,832 at fair value) | 51,850 | 46,955 | ||||||
Unsecured long-term borrowings (includes $65,358 and $52,390 at fair value) | 239,965 | 254,092 | ||||||
Other liabilities (includes $462 and $359 at fair value) | 20,879 | 24,501 | ||||||
Total liabilities | 1,436,704 | 1,354,062 | ||||||
Commitments, contingencies and guarantees | ||||||||
Shareholders’ equity | ||||||||
Preferred stock; aggregate liquidation preference of $10,703 and $10,703 | 10,703 | 10,703 | ||||||
Common stock; 917,804,656 and 906,430,314 shares issued, and 339,103,013 and 333,573,254 shares outstanding | 9 | 9 | ||||||
Share-based awards | 5,479 | 4,211 | ||||||
Nonvoting common stock; no shares issued and outstanding | — | — | ||||||
Additional paid-in capital | 59,031 | 56,396 | ||||||
Retained earnings | 139,067 | 131,811 | ||||||
Accumulated other comprehensive loss | (1,872) | (2,068) | ||||||
Stock held in treasury, at cost; 578,701,645 and 572,857,062 shares | (93,127) | (91,136) | ||||||
Total shareholders’ equity | 119,290 | 109,926 | ||||||
Total liabilities and shareholders’ equity | $ | 1,555,994 | $ | 1,463,988 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Assets | ||||||||
Cash and cash equivalents | $ | $ 155,842 | ||||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (at fair value) | 213,062 | 108,060 | ||||||
Securities borrowed (includes $34,437 at fair value) | 186,671 | 142,160 | ||||||
Customer and other receivables (includes $46 | 171,780 | 121,331 | ||||||
Trading assets (at fair value and includes $66,754 | 392,998 | 393,630 | ||||||
Investments (includes $80,969 $14,515 | 86,708 | 88,445 | ||||||
Loans (net of allowance of $3,332 $12,104 | 143,624 | 116,115 | ||||||
Other assets | 36,557 | 37,445 | ||||||
Total assets | $1,443,230 | $1,163,028 | ||||||
Liabilities and shareholders’ equity | ||||||||
Deposits (includes $34,078 | $ | $ 259,962 | ||||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | 167,339 | 126,571 | ||||||
Securities loaned (includes $7,298 | 41,534 | 21,621 | ||||||
Other secured financings (includes $18,208 | 19,685 | 25,755 | ||||||
Customer and other payables | 252,120 | 190,658 | ||||||
Trading liabilities (at fair value) | 204,269 | 153,727 | ||||||
Unsecured short-term borrowings (includes $30,447 | 48,990 | 52,870 | ||||||
Unsecured long-term borrowings (includes $47,880 | 242,780 | 213,481 | ||||||
Other liabilities (includes $166 | 27,178 | 22,451 | ||||||
Total liabilities | 1,336,933 | 1,067,096 | ||||||
Commitments, contingencies and guarantees | 0 | 0 | ||||||
Shareholders’ equity | ||||||||
Preferred stock; aggregate liquidation preference of $9,953 | 9,953 | 11,203 | ||||||
Common stock; 906,430,049 334,792,980 | 9 | 9 | ||||||
Share-based awards | 3,896 | 3,468 | ||||||
Nonvoting common stock; no shares issued and outstanding | 0 | 0 | ||||||
Additional paid-in capital | 56,398 | 55,679 | ||||||
Retained earnings | 128,631 | 112,947 | ||||||
Accumulated other comprehensive loss | (1,956 | ) | (1,434 | ) | ||||
Stock held in treasury, at cost; 571,637,071 | (90,634 | ) | (85,940 | ) | ||||
Total shareholders’ equity | 106,297 | 95,932 | ||||||
Total liabilities and shareholders’ equity | $1,443,230 | $1,163,028 |
Goldman Sachs September | 2 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Preferred stock | ||||||||||||||||||
Beginning balance | $ 9,203 | $ 11,203 | $ 11,203 | $ 11,203 | ||||||||||||||
Issued | 750 | 0 | 1,425 | 350 | ||||||||||||||
Redeemed | 0 | 0 | (2,675 | ) | (350 | ) | ||||||||||||
Ending balance | 9,953 | 11,203 | 9,953 | 11,203 | ||||||||||||||
Common stock | ||||||||||||||||||
Beginning balance | 9 | 9 | 9 | 9 | ||||||||||||||
Issued | 0 | 0 | 0 | 0 | ||||||||||||||
Ending balance | 9 | 9 | 9 | 9 | ||||||||||||||
Share-based awards | ||||||||||||||||||
Beginning balance | 3,759 | 3,203 | 3,468 | 3,195 | ||||||||||||||
Issuance and amortization of share-based awards | 202 | 176 | 2,180 | 1,770 | ||||||||||||||
Delivery of common stock underlying share-based awards | (21 | ) | (33 | ) | (1,625 | ) | (1,597 | ) | ||||||||||
Forfeiture of share-based awards | (44 | ) | (38 | ) | (127 | ) | (60 | ) | ||||||||||
Ending balance | 3,896 | 3,308 | 3,896 | 3,308 | ||||||||||||||
Additional paid-in capital | ||||||||||||||||||
Beginning balance | 56,390 | 55,637 | 55,679 | 54,883 | ||||||||||||||
Delivery of common stock underlying share-based awards | 23 | 34 | 1,676 | 1,607 | ||||||||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (14 | ) | (9 | ) | (983 | ) | (828 | ) | ||||||||||
Issuance costs of redeemed preferred stock | (1 | ) | 0 | 25 | 0 | |||||||||||||
Other | 0 | 0 | 1 | 0 | ||||||||||||||
Ending balance | 56,398 | 55,662 | 56,398 | 55,662 | ||||||||||||||
Retained earnings | ||||||||||||||||||
Beginning balance, as previously reported | 124,051 | 106,248 | 112,947 | 106,465 | ||||||||||||||
Cumulative effect of change in accounting principle for current expected credit losses, net of tax | 0 | 0 | 0 | (638 | ) | |||||||||||||
Beginning balance, adjusted | 124,051 | 106,248 | 112,947 | 105,827 | ||||||||||||||
Net earnings | 5,378 | 3,367 | 17,700 | 4,953 | ||||||||||||||
Accretion of redeemable noncontrolling interests | (4 | ) | 0 | (69 | ) | 0 | ||||||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (700 | ) | (448 | ) | (1,589 | ) | (1,347 | ) | ||||||||||
Dividends declared on preferred stock | (94 | ) | (134 | ) | (317 | ) | (399 | ) | ||||||||||
Preferred stock redemption premium | 0 | 0 | (41 | ) | (1 | ) | ||||||||||||
Ending balance | 128,631 | 109,033 | 128,631 | 109,033 | ||||||||||||||
Accumulated other comprehensive income/(loss) | ||||||||||||||||||
Beginning balance | (1,889 | ) | (341 | ) | (1,434 | ) | (1,484 | ) | ||||||||||
Other comprehensive income/(loss) | (67 | ) | (294 | ) | (522 | ) | 849 | |||||||||||
Ending balance | (1,956 | ) | (635 | ) | (1,956 | ) | (635 | ) | ||||||||||
Stock held in treasury, at cost | ||||||||||||||||||
Beginning balance | (89,633 | ) | (85,930 | ) | (85,940 | ) | (84,006 | ) | ||||||||||
Repurchased | (1,000 | ) | 0 | (4,700 | ) | (1,928 | ) | |||||||||||
Reissued | 1 | 1 | 11 | 11 | ||||||||||||||
Other | (2 | ) | (1 | ) | (5 | ) | (7 | ) | ||||||||||
Ending balance | (90,634 | ) | (85,930 | ) | (90,634 | ) | (85,930 | ) | ||||||||||
Total shareholders’ equity | $106,297 | $ 92,650 | $106,297 | $ 92,650 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
Beginning balance | $ | 10,703 | $ | 9,203 | $ | 10,703 | $ | 11,203 | |||||||||||||||
Issued | — | 750 | — | 1,425 | |||||||||||||||||||
Redeemed | — | — | — | (2,675) | |||||||||||||||||||
Ending balance | 10,703 | 9,953 | 10,703 | 9,953 | |||||||||||||||||||
Common stock | |||||||||||||||||||||||
Beginning balance | 9 | 9 | 9 | 9 | |||||||||||||||||||
Issued | — | — | — | — | |||||||||||||||||||
Ending balance | 9 | 9 | 9 | 9 | |||||||||||||||||||
Share-based awards | |||||||||||||||||||||||
Beginning balance | 5,245 | 3,759 | 4,211 | 3,468 | |||||||||||||||||||
Issuance and amortization of share-based awards | 311 | 202 | 3,811 | 2,180 | |||||||||||||||||||
Delivery of common stock underlying share-based awards | (44) | (21) | (2,463) | (1,625) | |||||||||||||||||||
Forfeiture of share-based awards | (33) | (44) | (80) | (127) | |||||||||||||||||||
Ending balance | 5,479 | 3,896 | 5,479 | 3,896 | |||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Beginning balance | 58,993 | 56,390 | 56,396 | 55,679 | |||||||||||||||||||
Delivery of common stock underlying share-based awards | 61 | 23 | 2,494 | 1,676 | |||||||||||||||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (23) | (14) | (1,587) | (983) | |||||||||||||||||||
Issuance costs of redeemed preferred stock | — | (1) | — | 25 | |||||||||||||||||||
Issuance of common stock in connection with acquisition | — | — | 1,730 | — | |||||||||||||||||||
Other | — | — | (2) | 1 | |||||||||||||||||||
Ending balance | 59,031 | 56,398 | 59,031 | 56,398 | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Beginning balance | 136,998 | 124,051 | 131,811 | 112,947 | |||||||||||||||||||
Net earnings | 3,069 | 5,378 | 9,935 | 17,700 | |||||||||||||||||||
Accretion of redeemable noncontrolling interests | — | (4) | — | (69) | |||||||||||||||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (893) | (700) | (2,323) | (1,589) | |||||||||||||||||||
Dividends declared on preferred stock | (107) | (94) | (356) | (317) | |||||||||||||||||||
Preferred stock redemption premium | — | — | — | (41) | |||||||||||||||||||
Ending balance | 139,067 | 128,631 | 139,067 | 128,631 | |||||||||||||||||||
Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||
Beginning balance | (1,954) | (1,889) | (2,068) | (1,434) | |||||||||||||||||||
Other comprehensive income/(loss) | 82 | (67) | 196 | (522) | |||||||||||||||||||
Ending balance | (1,872) | (1,956) | (1,872) | (1,956) | |||||||||||||||||||
Stock held in treasury, at cost | |||||||||||||||||||||||
Beginning balance | (92,123) | (89,633) | (91,136) | (85,940) | |||||||||||||||||||
Repurchased | (1,000) | (1,000) | (2,000) | (4,700) | |||||||||||||||||||
Reissued | 1 | 1 | 20 | 11 | |||||||||||||||||||
Other | (5) | (2) | (11) | (5) | |||||||||||||||||||
Ending balance | (93,127) | (90,634) | (93,127) | (90,634) | |||||||||||||||||||
Total shareholders’ equity | $ | 119,290 | $ | 106,297 | $ | 119,290 | $ | 106,297 |
3 | Goldman Sachs September |
Nine Months Ended September | |||||||||||
$ in millions | 2022 | 2021 | |||||||||
Cash flows from operating activities | |||||||||||
Net earnings | $ | 9,935 | $ | 17,700 | |||||||
Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | |||||||||||
Depreciation and amortization | 1,728 | 1,527 | |||||||||
Share-based compensation | 3,811 | 2,141 | |||||||||
Provision for credit losses | 1,743 | 13 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Customer and other receivables and payables, net | 21,453 | 11,010 | |||||||||
Collateralized transactions (excluding other secured financings), net | (3,872) | (88,832) | |||||||||
Trading assets | (39,764) | (1,815) | |||||||||
Trading liabilities | 48,411 | 50,065 | |||||||||
Loans held for sale, net | 2,041 | (1,780) | |||||||||
Other, net | (21,781) | (14,005) | |||||||||
Net cash provided by/(used for) operating activities | 23,705 | (23,976) | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property, leasehold improvements and equipment | (2,994) | (3,548) | |||||||||
Proceeds from sales of property, leasehold improvements and equipment | 1,272 | 3,111 | |||||||||
Net cash used for business acquisitions | (2,113) | — | |||||||||
Purchase of investments | (52,989) | (31,998) | |||||||||
Proceeds from sales and paydowns of investments | 8,080 | 40,127 | |||||||||
Loans (excluding loans held for sale), net | (20,924) | (24,219) | |||||||||
Net cash used for investing activities | (69,668) | (16,527) | |||||||||
Cash flows from financing activities | |||||||||||
Unsecured short-term borrowings, net | 2,451 | 1,342 | |||||||||
Other secured financings (short-term), net | (1,415) | (635) | |||||||||
Proceeds from issuance of other secured financings (long-term) | 1,499 | 3,661 | |||||||||
Repayment of other secured financings (long-term), including the current portion | (2,677) | (4,922) | |||||||||
Proceeds from issuance of unsecured long-term borrowings | 69,620 | 68,798 | |||||||||
Repayment of unsecured long-term borrowings, including the current portion | (35,328) | (38,370) | |||||||||
Derivative contracts with a financing element, net | 1,749 | 477 | |||||||||
Deposits, net | 39,174 | 74,612 | |||||||||
Preferred stock redemption | — | (2,675) | |||||||||
Common stock repurchased | (2,000) | (4,700) | |||||||||
Settlement of share-based awards in satisfaction of withholding tax requirements | (1,591) | (984) | |||||||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (2,669) | (1,903) | |||||||||
Proceeds from issuance of preferred stock, net of issuance costs | — | 1,423 | |||||||||
Other financing, net | 365 | 367 | |||||||||
Net cash provided by financing activities | 69,178 | 96,491 | |||||||||
Net increase in cash and cash equivalents | 23,215 | 55,988 | |||||||||
Cash and cash equivalents, beginning balance | 261,036 | 155,842 | |||||||||
Cash and cash equivalents, ending balance | $ | 284,251 | $ | 211,830 | |||||||
Supplemental disclosures: | |||||||||||
Cash payments for interest, net of capitalized interest | $ | 9,882 | $ | 4,394 | |||||||
Cash payments for income taxes, net | $ | 3,046 | $ | 4,769 |
Nine Months Ended September | ||||||||
$ in millions | 2021 | 2020 | ||||||
Cash flows from operating activities | ||||||||
Net earnings | $ 17,700 | $ 4,953 | ||||||
Adjustments to reconcile net earnings to net cash used for operating activities: | ||||||||
Depreciation and amortization | 1,527 | 1,404 | ||||||
Share-based compensation | 2,141 | 1,737 | ||||||
Gain related to extinguishment of unsecured borrowings | 0 | (1 | ) | |||||
Provision for credit losses | 13 | 2,805 | ||||||
Changes in operating assets and liabilities: | ||||||||
Customer and other receivables and payables, net | 11,010 | (24,045 | ) | |||||
Collateralized transactions (excluding other secured financings), net | (88,832 | ) | (21,080 | ) | ||||
Trading assets | (1,815 | ) | (50,937 | ) | ||||
Trading liabilities | 50,065 | 53,306 | ||||||
Loans held for sale, net | (1,780 | ) | 2,264 | |||||
Other, net | (14,005 | ) | (148 | ) | ||||
Net cash used for operating activities | (23,976 | ) | (29,742 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of property, leasehold improvements and equipment | (3,548 | ) | (4,906 | ) | ||||
Proceeds from sales of property, leasehold improvements and equipment | 3,111 | 1,272 | ||||||
Net cash used for business acquisitions | 0 | (226 | ) | |||||
Purchase of investments | (31,998 | ) | (37,516 | ) | ||||
Proceeds from sales and paydowns of investments | 40,127 | 23,200 | ||||||
Loans (excluding loans held for sale), net | (24,219 | ) | (7,257 | ) | ||||
Net cash used for investing activities | (16,527 | ) | (25,433 | ) | ||||
Cash flows from financing activities | ||||||||
Unsecured short-term borrowings, net | 1,342 | 6,567 | ||||||
Other secured financings (short-term), net | (635 | ) | 1,629 | |||||
Proceeds from issuance of other secured financings (long-term) | 3,661 | 6,016 | ||||||
Repayment of other secured financings (long-term), including the current portion | (4,922 | ) | (2,019 | ) | ||||
Purchase of Trust Preferred securities | 0 | (11 | ) | |||||
Proceeds from issuance of unsecured long-term borrowings | 68,798 | 36,120 | ||||||
Repayment of unsecured long-term borrowings, including the current portion | (38,370 | ) | (41,042 | ) | ||||
Derivative contracts with a financing element, net | 477 | 1,022 | ||||||
Deposits, net | 74,612 | 70,654 | ||||||
Preferred stock redemption | (2,675 | ) | (350 | ) | ||||
Common stock repurchased | (4,700 | ) | (1,928 | ) | ||||
Settlement of share-based awards in satisfaction of withholding tax requirements | (984 | ) | (829 | ) | ||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (1,903 | ) | (1,744 | ) | ||||
Proceeds from issuance of preferred stock, net of issuance costs | 1,423 | 349 | ||||||
Other financing, net | 367 | 396 | ||||||
Net cash provided by financing activities | 96,491 | 74,830 | ||||||
Net increase in cash and cash equivalents | 55,988 | 19,655 | ||||||
Cash and cash equivalents, beginning balance | 155,842 | 133,546 | ||||||
Cash and cash equivalents, ending balance | $211,830 | $153,201 | ||||||
Supplemental disclosures: | ||||||||
Cash payments for interest, net of capitalized interest | $ 4,394 | $ 7,648 | ||||||
Cash payments for income taxes, net | $ 4,769 | $ 1,904 |
Goldman Sachs September | 4 |
5 | Goldman Sachs September |
Fair Value Measurements | Note 4 | |||||
Trading Assets and Liabilities | Note 5 | |||||
Trading Cash Instruments | Note 6 | |||||
Derivatives and Hedging Activities | Note 7 | |||||
Investments | Note 8 | |||||
Note | ||||||
Fair Value Option | Note 10 | |||||
Collateralized Agreements and Financings | Note 11 | |||||
Other Assets | Note 12 | |||||
Note | ||||||
Unsecured Borrowings | Note 14 | |||||
Note | ||||||
Securitization Activities | Note 16 | |||||
Variable Interest Entities | Note 17 | |||||
Commitments, Contingencies and Guarantees | Note 18 | |||||
Shareholders’ Equity | Note 19 | |||||
Regulation and Capital Adequacy | Note 20 | |||||
Earnings Per Common Share | Note 21 | |||||
Transactions with Affiliated Funds | Note 22 | |||||
Interest Income and Interest Expense | Note 23 | |||||
Income Taxes | Note 24 | |||||
Note | ||||||
Credit Concentrations | Note 26 | |||||
Legal Proceedings | Note 27 |
Goldman Sachs September | 6 |
7 | Goldman Sachs September |
Goldman Sachs September | 8 |
9 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 10 |
11 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 12 |
13 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 14 |
As of | |||||||||||
September | June | December | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Total level 1 financial assets | $ | 249,307 | $ | 249,974 | $ | 255,774 | |||||
Total level 2 financial assets | 490,992 | 526,910 | 498,527 | ||||||||
Total level 3 financial assets | 29,275 | 28,884 | 24,083 | ||||||||
Investments in funds at NAV | 2,971 | 3,045 | 3,469 | ||||||||
Counterparty and cash collateral netting | (77,707) | (70,198) | (66,041) | ||||||||
Total financial assets at fair value | $ | 694,838 | $ | 738,615 | $ | 715,812 | |||||
Total assets | $ | 1,555,994 | $ | 1,601,224 | $ | 1,463,988 | |||||
Total level 3 financial assets divided by: | |||||||||||
Total assets | 1.9 | % | 1.8% | 1.6% | |||||||
Total financial assets at fair value | 4.2 | % | 3.9% | 3.4% | |||||||
Total level 1 financial liabilities | $ | 137,956 | $ | 168,941 | $ | 110,030 | |||||
Total level 2 financial liabilities | 434,313 | 435,827 | 403,627 | ||||||||
Total level 3 financial liabilities | 23,268 | 24,470 | 29,169 | ||||||||
Counterparty and cash collateral netting | (60,573) | (50,926) | (51,269) | ||||||||
Total financial liabilities at fair value | $ | 534,964 | $ | 578,312 | $ | 491,557 | |||||
Total liabilities | $ | 1,436,704 | $ | 1,483,353 | $ | 1,354,062 | |||||
Total level 3 financial liabilities divided by: | |||||||||||
Total liabilities | 1.6 | % | 1.6% | 2.2% | |||||||
Total financial liabilities at fair value | 4.3 | % | 4.2% | 5.9% |
As of | ||||||||||||
$ in millions | September 2021 | June 2021 | December 2020 | | ||||||||
Total level 1 financial assets | $ 264,245 | $ 256,699 | $ 263,999 | |||||||||
Total level 2 financial assets | 508,809 | 446,055 | 410,275 | |||||||||
Total level 3 financial assets | 23,437 | 25,623 | 26,305 | |||||||||
Investments in funds at NAV | 3,917 | 3,988 | 3,664 | |||||||||
Counterparty and cash collateral netting | (66,792 | ) | (63,655 | ) | (77,170 | ) | ||||||
Total financial assets at fair value | $ 733,616 | $ 668,710 | $ 627,073 | |||||||||
Total assets | $1,443,230 | $1,387,922 | $1,163,028 | |||||||||
Total level 3 financial assets divided by: | ||||||||||||
Total assets | 1.6% | 1.8% | 2.3% | |||||||||
Total financial assets at fair value | 3.2% | 3.8% | 4.2% | |||||||||
Total level 1 financial liabilities | $ 130,725 | $ 133,781 | $ 85,120 | |||||||||
Total level 2 financial liabilities | 404,273 | 378,188 | 331,824 | |||||||||
Total level 3 financial liabilities | 29,869 | 33,405 | 32,930 | |||||||||
Counterparty and cash collateral netting | (55,182 | ) | (52,129 | ) | (60,297 | ) | ||||||
Total financial liabilities at fair value | $ 509,685 | $ 493,245 | $ 389,577 | |||||||||
Total liabilities | $1,336,933 | $1,286,032 | $1,067,096 | |||||||||
Total level 3 financial liabilities divided by: | ||||||||||||
Total liabilities | 2.2% | 2.6% | 3.1% | |||||||||
Total financial liabilities at fair value | 5.9% | 6.8% | 8.5% |
15 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||||||
$ in millions | September 2021 | June 2021 | | December 2020 | | |||||||
Trading assets: | ||||||||||||
Trading cash instruments | $ 1,516 | $ 1,304 | $ 1,237 | |||||||||
Derivatives | 6,043 | 5,758 | 5,967 | |||||||||
Investments | 13,679 | 16,332 | 16,423 | |||||||||
Loans | 2,199 | 2,229 | 2,678 | |||||||||
Total | $ 23,437 | $ 25,623 | $ 26,305 |
As of | |||||||||||
September | June | December | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Trading assets: | |||||||||||
Trading cash instruments | $ | 1,828 | $ | 2,080 | $ | 1,889 | |||||
Derivatives | 8,435 | 8,348 | 5,938 | ||||||||
Investments | 16,954 | 16,109 | 13,902 | ||||||||
Loans | 2,058 | 2,347 | 2,354 | ||||||||
Total | $ | 29,275 | $ | 28,884 | $ | 24,083 |
Trading | Trading | ||||||||||
$ in millions | Assets | Liabilities | |||||||||
As of September 2022 | |||||||||||
Trading cash instruments | $ | 303,854 | $ | 160,944 | |||||||
Derivatives | 80,121 | 70,769 | |||||||||
Total | $ | 383,975 | $ | 231,713 | |||||||
As of December 2021 | |||||||||||
Trading cash instruments | $ | 311,956 | $ | 129,471 | |||||||
Derivatives | 63,960 | 51,953 | |||||||||
Total | $ | 375,916 | $ | 181,424 |
$ in millions | Trading Assets | | Trading Liabilities | | ||||
As of September 2021 | ||||||||
Trading cash instruments | $321,415 | $150,763 | ||||||
Derivatives | 71,583 | 53,506 | ||||||
Total | $392,998 | $204,269 | ||||||
As of December 2020 | ||||||||
Trading cash instruments | $324,049 | $ 95,136 | ||||||
Derivatives | 69,581 | 58,591 | ||||||
Total | $393,630 | $153,727 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest rates | $ | (3,043) | $ | (1,249) | $ | (7,705) | $ | (1,572) | |||||||||||||||
Credit | (286) | 162 | 1,380 | 1,324 | |||||||||||||||||||
Currencies | 5,769 | 1,779 | 13,997 | 4,521 | |||||||||||||||||||
Equities | 1,464 | 2,521 | 6,064 | 6,839 | |||||||||||||||||||
Commodities | 738 | 716 | 1,825 | 1,984 | |||||||||||||||||||
Total | $ | 4,642 | $ | 3,929 | $ | 15,561 | $ | 13,096 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Interest rates | $(1,249 | ) | $1,732 | $ (1,572 | ) | $ 3,784 | ||||||||||||
Credit | 162 | 578 | 1,324 | 3,571 | ||||||||||||||
Currencies | 1,779 | (981 | ) | 4,521 | (1,674 | ) | ||||||||||||
Equities | 2,521 | 1,391 | 6,839 | 5,022 | ||||||||||||||
Commodities | 716 | 607 | 1,984 | 2,093 | ||||||||||||||
Total | $ 3,929 | $3,327 | $13,096 | $12,796 |
Goldman Sachs September | 16 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2022 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | 62,481 | $ | 28,001 | $ | — | $ | 90,482 | ||||||
Non-U.S. | 52,260 | 17,548 | 38 | 69,846 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | — | 1,435 | 55 | 1,490 | ||||||||||
Residential real estate | — | 9,445 | 110 | 9,555 | ||||||||||
Corporate debt instruments | 282 | 33,347 | 1,352 | 34,981 | ||||||||||
State and municipal obligations | — | 563 | 32 | 595 | ||||||||||
Other debt obligations | 254 | 3,387 | 135 | 3,776 | ||||||||||
Equity securities | 83,569 | 1,947 | 102 | 85,618 | ||||||||||
Commodities | — | 7,507 | 4 | 7,511 | ||||||||||
Total | $ | 198,846 | $ | 103,180 | $ | 1,828 | $ | 303,854 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | (24,009) | $ | (19) | $ | — | $ | (24,028) | ||||||
Non-U.S. | (37,453) | (2,672) | — | (40,125) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | — | (31) | (1) | (32) | ||||||||||
Residential real estate | — | (10) | (1) | (11) | ||||||||||
Corporate debt instruments | (32) | (19,229) | (79) | (19,340) | ||||||||||
Other debt obligations | — | (143) | — | (143) | ||||||||||
Equity securities | (76,423) | (786) | (30) | (77,239) | ||||||||||
Commodities | — | (26) | — | (26) | ||||||||||
Total | $ | (137,917) | $ | (22,916) | $ | (111) | $ | (160,944) | ||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | 63,388 | $ | 27,427 | $ | — | $ | 90,815 | ||||||
Non-U.S. | 35,284 | 13,511 | 19 | 48,814 | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | — | 1,717 | 137 | 1,854 | ||||||||||
Residential real estate | — | 13,083 | 152 | 13,235 | ||||||||||
Corporate debt instruments | 590 | 36,874 | 1,318 | 38,782 | ||||||||||
State and municipal obligations | — | 568 | 36 | 604 | ||||||||||
Other debt obligations | 69 | 1,564 | 66 | 1,699 | ||||||||||
Equity securities | 105,233 | 2,958 | 156 | 108,347 | ||||||||||
Commodities | — | 7,801 | 5 | 7,806 | ||||||||||
Total | $ | 204,564 | $ | 105,503 | $ | 1,889 | $ | 311,956 | ||||||
Liabilities | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | (21,002) | $ | (25) | $ | — | $ | (21,027) | ||||||
Non-U.S. | (39,983) | (2,602) | — | (42,585) | ||||||||||
Loans and securities backed by: | ||||||||||||||
Commercial real estate | — | (40) | (2) | (42) | ||||||||||
Residential real estate | — | (5) | — | (5) | ||||||||||
Corporate debt instruments | (23) | (15,781) | (71) | (15,875) | ||||||||||
Equity securities | (48,991) | (915) | (31) | (49,937) | ||||||||||
Total | $ | (109,999) | $ | (19,368) | $ | (104) | $ | (129,471) |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ 76,579 | $ 23,883 | $ 17 | $ 100,479 | ||||||||||||
Non-U.S. | 40,510 | 15,600 | 16 | 56,126 | ||||||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | – | 1,049 | 136 | 1,185 | ||||||||||||
Residential real estate | – | 10,160 | 122 | 10,282 | ||||||||||||
Corporate debt instruments | 588 | 38,493 | 1,096 | 40,177 | ||||||||||||
State and municipal obligations | – | 752 | 1 | 753 | ||||||||||||
Other debt obligations | 72 | 2,145 | 53 | 2,270 | ||||||||||||
Equity securities | 99,930 | 2,755 | 75 | 102,760 | ||||||||||||
Commodities | – | 7,383 | – | 7,383 | ||||||||||||
Total | $ 217,679 | $102,220 | $1,516 | $ 321,415 | ||||||||||||
Liabilities | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ (28,554 | ) | $ | ) | $ – | $ (28,584 | ) | |||||||||
Non-U.S. | (39,190 | ) | (2,886 | ) | – | (42,076 | ) | |||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | – | (42 | ) | (1 | ) | (43 | ) | |||||||||
Residential real estate | – | – | (11 | ) | (11 | ) | ||||||||||
Corporate debt instruments | (72 | ) | (16,380 | ) | (99 | ) | (16,551 | ) | ||||||||
Equity securities | (62,824 | ) | (639 | ) | (27 | ) | (63,490 | ) | ||||||||
Commodities | – | (8 | ) | – | (8 | ) | ||||||||||
Total | $(130,640 | ) | $ | ) | $ | ) | $(150,763 | ) | ||||||||
As of December 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ | $ 44,863 | $ | $ | ||||||||||||
Non-U.S. | 46,147 | 11,261 | 15 | 57,423 | ||||||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | – | 597 | 203 | 800 | ||||||||||||
Residential real estate | – | 6,948 | 131 | 7,079 | ||||||||||||
Corporate debt instruments | 915 | 29,639 | 797 | 31,351 | ||||||||||||
State and municipal obligations | – | 200 | – | 200 | ||||||||||||
Other debt obligations | 338 | 1,055 | 19 | 1,412 | ||||||||||||
Equity securities | 75,300 | 2,505 | 72 | 77,877 | ||||||||||||
Commodities | – | 9,374 | – | 9,374 | ||||||||||||
Total | $ | $106,442 | $1,237 | $ | ||||||||||||
Liabilities | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ (16,880 | ) | $ (13 | ) | $ | $ | ) | |||||||||
Non-U.S. | (22,092 | ) | (1,792 | ) | – | (23,884 | ) | |||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | – | (17 | ) | (1 | ) | (18 | ) | |||||||||
Residential real estate | – | (1 | ) | – | (1 | ) | ||||||||||
Corporate debt instruments | (2 | ) | (7,970 | ) | (50 | ) | (8,022 | ) | ||||||||
State and municipal obligations | – | (5 | ) | – | (5 | ) | ||||||||||
Other debt obligations | – | – | (2 | ) | (2 | ) | ||||||||||
Equity securities | (45,734 | ) | (550 | ) | (27 | ) | (46,311 | ) | ||||||||
Total | $ | ) | $ (10,348 | ) | $ (80 | ) | $ (95,136 | ) |
As of September 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Loans and securities backed by commercial real estate | |||||||||||||||||
Level 3 assets | $ | 55 | $ | 137 | |||||||||||||
Yield | 6.8% to 34.0% | 20.2 | % | 2.8% to 28.5% | 12.3 | % | |||||||||||
Recovery rate | 47.0% to 61.7% | 53.1 | % | 5.1% to 86.5% | 55.0 | % | |||||||||||
Duration (years) | 1.2 to 3.7 | 2.1 | 0.1 to 4.3 | 1.8 | |||||||||||||
Loans and securities backed by residential real estate | |||||||||||||||||
Level 3 assets | $ | 110 | $ | 152 | |||||||||||||
Yield | 1.0% to 23.0% | 9.7 | % | 0.4% to 26.6% | 7.0 | % | |||||||||||
Cumulative loss rate | 11.0% to 35.0% | 20.8 | % | 0.1% to 43.4% | 17.7 | % | |||||||||||
Duration (years) | 1.1 to 10.8 | 6.5 | 1.2 to 17.2 | 6.5 | |||||||||||||
Corporate debt instruments | |||||||||||||||||
Level 3 assets | $ | 1,352 | $ | 1,318 | |||||||||||||
Yield | 1.2% to 33.0% | 6.6 | % | 0.0% to 18.0% | 7.1 | % | |||||||||||
Recovery rate | 17.0% to 70.0% | 51.6 | % | 9.0% to 69.9% | 52.0 | % | |||||||||||
Duration (years) | 0.5 to 21.4 | 4.7 | 2.0 to 28.5 | 4.5 | |||||||||||||
Other | |||||||||||||||||
Level 3 assets | $ | 311 | $ | 282 | |||||||||||||
Yield | 4.0% to 41.6% | 11.5 | % | 1.1% to 44.8% | 9.4 | % | |||||||||||
Multiples | 3.9x to 4.2x | 4.0x | N/A | N/A | |||||||||||||
Duration (years) | 0.8 to 13.0 | 5.0 | 0.9 to 5.2 | 2.4 |
As of September 2021 | As of December 2020 | |||||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | | |||||||||||||||
Loans and securities backed by commercial real estate | ||||||||||||||||||||
Level 3 assets | $136 | $203 | ||||||||||||||||||
Yield | 3.5% to 27.1% | 13.1% | 1.7% to 22.0% | 9.0% | ||||||||||||||||
Recovery rate | 7.9% to 97.0% | 61.7% | 5.1% to 94.9% | 57.7% | ||||||||||||||||
Duration (years) | 0.4 to 4.6 | 1.9 | 1.1 to 9.1 | 5.0 | ||||||||||||||||
Loans and securities backed by residential real estate | ||||||||||||||||||||
Level 3 assets | $122 | $131 | ||||||||||||||||||
Yield | 1.0% to 27.2% | 8.9% | 0.6% to 15.7% | 6.3% | ||||||||||||||||
Cumulative loss rate | 1.1% to 37.5% | 16.2% | 3.4% to 45.6% | 20.8% | ||||||||||||||||
Duration (years) | 0.2 to 16.6 | 6.6 | 0.9 to 16.1 | 6.5 | ||||||||||||||||
Corporate debt instruments | ||||||||||||||||||||
Level 3 assets | $1,096 | $797 | ||||||||||||||||||
Yield | 0.2% to 15.5% | 5.8% | 0.6% to 30.6% | 9.5% | ||||||||||||||||
Recovery rate | 9.0% to 80.0% | 64.4% | 0.0% to 73.6% | 58.7% | ||||||||||||||||
Duration (years) | 1.5 to 28.8 | 4.7 | 0.3 to 25.5 | 4.0 |
17 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Total trading cash instrument assets | |||||||||||||||||
Beginning balance | $ | 2,080 | $ | 1,304 | $ | 1,889 | $ | 1,237 | |||||||||
Net realized gains/(losses) | 40 | 27 | 85 | 63 | |||||||||||||
Net unrealized gains/(losses) | (124) | 11 | (1,496) | 64 | |||||||||||||
Purchases | 359 | 223 | 1,294 | 793 | |||||||||||||
Sales | (248) | (133) | (635) | (455) | |||||||||||||
Settlements | (78) | (113) | (206) | (287) | |||||||||||||
Transfers into level 3 | 326 | 358 | 1,277 | 306 | |||||||||||||
Transfers out of level 3 | (527) | (161) | (380) | (205) | |||||||||||||
Ending balance | $ | 1,828 | $ | 1,516 | $ | 1,828 | $ | 1,516 | |||||||||
Total trading cash instrument liabilities | |||||||||||||||||
Beginning balance | $ | (182) | $ | (78) | $ | (104) | $ | (80) | |||||||||
Net realized gains/(losses) | (4) | 2 | (42) | 5 | |||||||||||||
Net unrealized gains/(losses) | 53 | (2) | 47 | (1) | |||||||||||||
Purchases | 100 | 22 | 198 | 35 | |||||||||||||
Sales | (40) | (55) | (121) | (86) | |||||||||||||
Settlements | 5 | — | (2) | 8 | |||||||||||||
Transfers into level 3 | (86) | (32) | (103) | (22) | |||||||||||||
Transfers out of level 3 | 43 | 5 | 16 | 3 | |||||||||||||
Ending balance | $ | (111) | $ | (138) | $ | (111) | $ | (138) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total trading cash instrument assets | ||||||||||||||||||
Beginning balance | $1,304 | $1,804 | $1,237 | $1,242 | ||||||||||||||
Net realized gains/(losses) | 27 | 15 | 63 | 59 | ||||||||||||||
Net unrealized gains/(losses) | 11 | 34 | 64 | (146 | ) | |||||||||||||
Purchases | 223 | 244 | 793 | 685 | ||||||||||||||
Sales | (133 | ) | (701 | ) | (455 | ) | (438 | ) | ||||||||||
Settlements | (113 | ) | (124 | ) | (287 | ) | (264 | ) | ||||||||||
Transfers into level 3 | 358 | 157 | 306 | 313 | ||||||||||||||
Transfers out of level 3 | (161 | ) | (164 | ) | (205 | ) | (186 | ) | ||||||||||
Ending balance | $1,516 | $1,265 | $1,516 | $1,265 | ||||||||||||||
Total trading cash instrument liabilities | ||||||||||||||||||
Beginning balance | $ | ) | $ (156 | ) | $ | ) | $ (273 | ) | ||||||||||
Net realized gains/(losses) | 2 | – | 5 | – | ||||||||||||||
Net unrealized gains/(losses) | (2 | ) | (79 | ) | (1 | ) | 18 | |||||||||||
Purchases | 22 | 13 | 35 | 50 | ||||||||||||||
Sales | (55 | ) | (20 | ) | (86 | ) | (35 | ) | ||||||||||
Settlements | – | (3 | ) | 8 | (2 | ) | ||||||||||||
Transfers into level 3 | (32 | ) | (34 | ) | (22 | ) | (28 | ) | ||||||||||
Transfers out of level 3 | 5 | 11 | 3 | 2 | ||||||||||||||
Ending balance | $ | ) | $ (268 | ) | $ | ) | $ (268 | ) |
Goldman Sachs September | 18 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Loans and securities backed by commercial real estate | |||||||||||||||||
Beginning balance | $ | 74 | $ | 96 | $ | 137 | $ | 203 | |||||||||
Net realized gains/(losses) | 7 | 2 | 7 | 6 | |||||||||||||
Net unrealized gains/(losses) | (10) | (4) | (10) | (7) | |||||||||||||
Purchases | 2 | 28 | 11 | 54 | |||||||||||||
Sales | (1) | (2) | (54) | (39) | |||||||||||||
Settlements | (8) | (7) | (15) | (13) | |||||||||||||
Transfers into level 3 | 16 | 31 | 11 | 15 | |||||||||||||
Transfers out of level 3 | (25) | (8) | (32) | (83) | |||||||||||||
Ending balance | $ | 55 | $ | 136 | $ | 55 | $ | 136 | |||||||||
Loans and securities backed by residential real estate | |||||||||||||||||
Beginning balance | $ | 110 | $ | 130 | $ | 152 | $ | 131 | |||||||||
Net realized gains/(losses) | 2 | 2 | 10 | 6 | |||||||||||||
Net unrealized gains/(losses) | (5) | 5 | (12) | 16 | |||||||||||||
Purchases | 5 | 11 | 33 | 29 | |||||||||||||
Sales | (7) | (4) | (57) | (48) | |||||||||||||
Settlements | (4) | (25) | (14) | (36) | |||||||||||||
Transfers into level 3 | 23 | 14 | 15 | 39 | |||||||||||||
Transfers out of level 3 | (14) | (11) | (17) | (15) | |||||||||||||
Ending balance | $ | 110 | $ | 122 | $ | 110 | $ | 122 | |||||||||
Corporate debt instruments | |||||||||||||||||
Beginning balance | $ | 1,440 | $ | 891 | $ | 1,318 | $ | 797 | |||||||||
Net realized gains/(losses) | 13 | 24 | 44 | 48 | |||||||||||||
Net unrealized gains/(losses) | (43) | 12 | (115) | 57 | |||||||||||||
Purchases | 313 | 152 | 558 | 634 | |||||||||||||
Sales | (126) | (88) | (363) | (327) | |||||||||||||
Settlements | (51) | (67) | (131) | (195) | |||||||||||||
Transfers into level 3 | 201 | 292 | 339 | 187 | |||||||||||||
Transfers out of level 3 | (395) | (120) | (298) | (105) | |||||||||||||
Ending balance | $ | 1,352 | $ | 1,096 | $ | 1,352 | $ | 1,096 | |||||||||
Other | |||||||||||||||||
Beginning balance | $ | 456 | $ | 187 | $ | 282 | $ | 106 | |||||||||
Net realized gains/(losses) | 18 | (1) | 24 | 3 | |||||||||||||
Net unrealized gains/(losses) | (66) | (2) | (1,359) | (2) | |||||||||||||
Purchases | 39 | 32 | 692 | 76 | |||||||||||||
Sales | (114) | (39) | (161) | (41) | |||||||||||||
Settlements | (15) | (14) | (46) | (43) | |||||||||||||
Transfers into level 3 | 86 | 21 | 912 | 65 | |||||||||||||
Transfers out of level 3 | (93) | (22) | (33) | (2) | |||||||||||||
Ending balance | $ | 311 | $ | 162 | $ | 311 | $ | 162 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Loans and securities backed by commercial real estate | ||||||||||||||||||
Beginning balance | $ | $ 430 | $ | $ 191 | ||||||||||||||
Net realized gains/(losses) | 2 | 2 | 6 | 15 | ||||||||||||||
Net unrealized gains/(losses) | (4 | ) | (2 | ) | (7 | ) | (36 | ) | ||||||||||
Purchases | 28 | 7 | 54 | 77 | ||||||||||||||
Sales | (2 | ) | (228 | ) | (39 | ) | (19 | ) | ||||||||||
Settlements | (7 | ) | (3 | ) | (13 | ) | (55 | ) | ||||||||||
Transfers into level 3 | 31 | 7 | 15 | 30 | ||||||||||||||
Transfers out of level 3 | (8 | ) | (17 | ) | (83 | ) | (7 | ) | ||||||||||
Ending balance | $ | $ 196 | $ | $ 196 | ||||||||||||||
Loans and securities backed by residential real estate | ||||||||||||||||||
Beginning balance | $ | $ 307 | $ | $ 231 | ||||||||||||||
Net realized gains/(losses) | 2 | 4 | 6 | 7 | ||||||||||||||
Net unrealized gains/(losses) | 5 | 5 | 16 | 17 | ||||||||||||||
Purchases | 11 | 78 | 29 | 97 | ||||||||||||||
Sales | (4 | ) | (177 | ) | (48 | ) | (79 | ) | ||||||||||
Settlements | (25 | ) | (11 | ) | (36 | ) | (33 | ) | ||||||||||
Transfers into level 3 | 14 | 4 | 39 | 22 | ||||||||||||||
Transfers out of level 3 | (11 | ) | (30 | ) | (15 | ) | (82 | ) | ||||||||||
Ending balance | $ | $ 180 | $ | $ 180 | ||||||||||||||
Corporate debt instruments | ||||||||||||||||||
Beginning balance | $ | $ 764 | $ | $ 692 | ||||||||||||||
Net realized gains/(losses) | 24 | 10 | 48 | 28 | ||||||||||||||
Net unrealized gains/(losses) | 12 | 25 | 57 | (102 | ) | |||||||||||||
Purchases | 152 | 139 | 634 | 455 | ||||||||||||||
Sales | (88 | ) | (89 | ) | (327 | ) | (256 | ) | ||||||||||
Settlements | (67 | ) | (103 | ) | (195 | ) | (157 | ) | ||||||||||
Transfers into level 3 | 292 | 129 | 187 | 214 | ||||||||||||||
Transfers out of level 3 | (120 | ) | (93 | ) | (105 | ) | (92 | ) | ||||||||||
Ending balance | $1,096 | $ 782 | $1,096 | $ 782 | ||||||||||||||
Other | ||||||||||||||||||
Beginning balance | $ | $ 303 | $ | $ 128 | ||||||||||||||
Net realized gains/(losses) | (1 | ) | (1 | ) | 3 | 9 | ||||||||||||
Net unrealized gains/(losses) | (2 | ) | 6 | (2 | ) | (25 | ) | |||||||||||
Purchases | 32 | 20 | 76 | 56 | ||||||||||||||
Sales | (39 | ) | (207 | ) | (41 | ) | (84 | ) | ||||||||||
Settlements | (14 | ) | (7 | ) | (43 | ) | (19 | ) | ||||||||||
Transfers into level 3 | 21 | 17 | 65 | 47 | ||||||||||||||
Transfers out of level 3 | (22 | ) | (24 | ) | (2 | ) | (5 | ) | ||||||||||
Ending balance | $ | $ 107 | $ | $ 107 |
19 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September | 20 |
As of September 2021 | As of December 2020 | |||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | | Derivative Liabilities | | ||||||||||||
Not accounted for as hedges | ||||||||||||||||||
Exchange-traded | $ | $ | $ 665 | $ 660 | ||||||||||||||
OTC-cleared | 14,960 | 13,847 | 18,832 | 16,809 | ||||||||||||||
Bilateral OTC | 239,708 | 213,612 | 337,998 | 304,370 | ||||||||||||||
Total interest rates | 254,963 | 227,919 | 357,495 | 321,839 | ||||||||||||||
OTC-cleared | 4,789 | 5,200 | 4,137 | 4,517 | ||||||||||||||
Bilateral OTC | 12,287 | 11,180 | 12,418 | 11,551 | ||||||||||||||
Total credit | 17,076 | 16,380 | 16,555 | 16,068 | ||||||||||||||
Exchange-traded | 208 | 18 | 133 | 22 | ||||||||||||||
OTC-cleared | 446 | 325 | 401 | 631 | ||||||||||||||
Bilateral OTC | 77,690 | 74,705 | 101,830 | 102,676 | ||||||||||||||
Total currencies | 78,344 | 75,048 | 102,364 | 103,329 | ||||||||||||||
Exchange-traded | 10,803 | 11,538 | 4,476 | 4,177 | ||||||||||||||
OTC-cleared | 489 | 456 | 195 | 187 | ||||||||||||||
Bilateral OTC | 36,707 | 30,745 | 9,320 | 13,691 | ||||||||||||||
Total commodities | 47,999 | 42,739 | 13,991 | 18,055 | ||||||||||||||
Exchange-traded | 42,055 | 41,626 | 29,006 | 31,944 | ||||||||||||||
OTC-cleared | 8 | 7 | – | – | ||||||||||||||
Bilateral OTC | 41,624 | 49,790 | 47,867 | 49,072 | ||||||||||||||
Total equities | 83,687 | 91,423 | 76,873 | 81,016 | ||||||||||||||
Subtotal | 482,069 | 453,509 | 567,278 | 540,307 | ||||||||||||||
Accounted for as hedges | ||||||||||||||||||
OTC-cleared | 5 | – | 1 | – | ||||||||||||||
Bilateral OTC | 1,000 | – | 1,346 | – | ||||||||||||||
Total interest rates | 1,005 | – | 1,347 | – | ||||||||||||||
OTC-cleared | 66 | 17 | – | 87 | ||||||||||||||
Bilateral OTC | 195 | 122 | 4 | 372 | ||||||||||||||
Total currencies | 261 | 139 | 4 | 459 | ||||||||||||||
Subtotal | 1,266 | 139 | 1,351 | 459 | ||||||||||||||
Total gross fair value | $ 483,335 | $ 453,648 | $ 568,629 | $ 540,766 | ||||||||||||||
Offset in the consolidated balance sheets | ||||||||||||||||||
Exchange-traded | $ (46,978 | ) | $ (46,978 | ) | $ (29,549 | ) | $ (29,549 | ) | ||||||||||
OTC-cleared | (19,180 | ) | (19,180 | ) | (21,315 | ) | (21,315 | ) | ||||||||||
Bilateral OTC | (281,429 | ) | (281,429 | ) | (372,142 | ) | (372,142 | ) | ||||||||||
Counterparty netting | (347,587 | ) | (347,587 | ) | (423,006 | ) | (423,006 | ) | ||||||||||
OTC-cleared | (1,151 | ) | (430 | ) | (1,926 | ) | (720 | ) | ||||||||||
Bilateral OTC | (63,014 | ) | (52,125 | ) | (74,116 | ) | (58,449 | ) | ||||||||||
Cash collateral netting | (64,165 | ) | (52,555 | ) | (76,042 | ) | (59,169 | ) | ||||||||||
Total amounts offset | $(411,752 | ) | $(400,142 | ) | $(499,048 | ) | $(482,175 | ) | ||||||||||
Included in the consolidated balance sheets | ||||||||||||||||||
Exchange-traded | $ 6,383 | $ 6,664 | $ 4,731 | $ 7,254 | ||||||||||||||
OTC-cleared | 432 | 242 | 325 | 196 | ||||||||||||||
Bilateral OTC | 64,768 | 46,600 | 64,525 | 51,141 | ||||||||||||||
Total | $ 71,583 | $ 53,506 | $ 69,581 | $ 58,591 | ||||||||||||||
Not offset in the consolidated balance sheets | ||||||||||||||||||
Cash collateral | $ (1,092 | ) | $ (1,857 | ) | $ (979 | ) | $ (2,427 | ) | ||||||||||
Securities collateral | (15,932 | ) | (7,606 | ) | (17,297 | ) | (9,943 | ) | ||||||||||
Total | $ 54,559 | $ 44,043 | $ 51,305 | $ 46,221 |
As of September 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||
Not accounted for as hedges | |||||||||||||||||
Exchange-traded | $ | 1,048 | $ | 1,952 | $ | 256 | $ | 557 | |||||||||
OTC-cleared | 71,562 | 71,135 | 13,795 | 12,692 | |||||||||||||
Bilateral OTC | 206,352 | 184,457 | 232,595 | 205,073 | |||||||||||||
Total interest rates | 278,962 | 257,544 | 246,646 | 218,322 | |||||||||||||
OTC-cleared | 1,736 | 1,902 | 3,665 | 4,053 | |||||||||||||
Bilateral OTC | 12,479 | 10,831 | 12,591 | 11,702 | |||||||||||||
Total credit | 14,215 | 12,733 | 16,256 | 15,755 | |||||||||||||
Exchange-traded | 50 | 25 | 417 | 10 | |||||||||||||
OTC-cleared | 1,485 | 1,097 | 423 | 338 | |||||||||||||
Bilateral OTC | 147,357 | 147,099 | 86,076 | 85,795 | |||||||||||||
Total currencies | 148,892 | 148,221 | 86,916 | 86,143 | |||||||||||||
Exchange-traded | 13,519 | 13,615 | 6,534 | 6,189 | |||||||||||||
OTC-cleared | 853 | 1,019 | 652 | 373 | |||||||||||||
Bilateral OTC | 52,013 | 39,930 | 28,359 | 25,969 | |||||||||||||
Total commodities | 66,385 | 54,564 | 35,545 | 32,531 | |||||||||||||
Exchange-traded | 31,258 | 33,610 | 33,840 | 35,518 | |||||||||||||
OTC-cleared | 14 | 14 | 8 | 5 | |||||||||||||
Bilateral OTC | 35,209 | 42,826 | 39,718 | 44,750 | |||||||||||||
Total equities | 66,481 | 76,450 | 73,566 | 80,273 | |||||||||||||
Subtotal | 574,935 | 549,512 | 458,929 | 433,024 | |||||||||||||
Accounted for as hedges | |||||||||||||||||
OTC-cleared | — | 7 | 1 | — | |||||||||||||
Bilateral OTC | 323 | 10 | 945 | — | |||||||||||||
Total interest rates | 323 | 17 | 946 | — | |||||||||||||
OTC-cleared | 85 | 25 | 34 | 27 | |||||||||||||
Bilateral OTC | 831 | 134 | 60 | 139 | |||||||||||||
Total currencies | 916 | 159 | 94 | 166 | |||||||||||||
Subtotal | 1,239 | 176 | 1,040 | 166 | |||||||||||||
Total gross fair value | $ | 576,174 | $ | 549,688 | $ | 459,969 | $ | 433,190 | |||||||||
Offset in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | (39,580) | $ | (39,580) | $ | (35,724) | $ | (35,724) | |||||||||
OTC-cleared | (73,326) | (73,326) | (16,979) | (16,979) | |||||||||||||
Bilateral OTC | (309,469) | (309,469) | (279,189) | (279,189) | |||||||||||||
Counterparty netting | (422,375) | (422,375) | (331,892) | (331,892) | |||||||||||||
OTC-cleared | (1,559) | (154) | (1,033) | (361) | |||||||||||||
Bilateral OTC | (72,119) | (56,390) | (63,084) | (48,984) | |||||||||||||
Cash collateral netting | (73,678) | (56,544) | (64,117) | (49,345) | |||||||||||||
Total amounts offset | $ | (496,053) | $ | (478,919) | $ | (396,009) | $ | (381,237) | |||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Exchange-traded | $ | 6,295 | $ | 9,622 | $ | 5,323 | $ | 6,550 | |||||||||
OTC-cleared | 850 | 1,719 | 566 | 148 | |||||||||||||
Bilateral OTC | 72,976 | 59,428 | 58,071 | 45,255 | |||||||||||||
Total | $ | 80,121 | $ | 70,769 | $ | 63,960 | $ | 51,953 | |||||||||
Not offset in the consolidated balance sheets | |||||||||||||||||
Cash collateral | $ | (595) | $ | (2,475) | $ | (1,008) | $ | (1,939) | |||||||||
Securities collateral | (17,908) | (4,887) | (15,751) | (7,349) | |||||||||||||
Total | $ | 61,618 | $ | 63,407 | $ | 47,201 | $ | 42,665 |
Notional Amounts as of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ 2,802,116 | $ 3,722,558 | ||||||
OTC-cleared | 16,154,313 | 13,789,571 | ||||||
Bilateral OTC | 11,610,308 | 11,076,460 | ||||||
Total interest rates | 30,566,737 | 28,588,589 | ||||||
Exchange-traded | 44 | – | ||||||
OTC-cleared | 580,846 | 515,197 | ||||||
Bilateral OTC | 595,708 | 558,813 | ||||||
Total credit | 1,176,598 | 1,074,010 | ||||||
Exchange-traded | 17,031 | 7,413 | ||||||
OTC-cleared | 195,425 | 157,687 | ||||||
Bilateral OTC | 6,667,786 | 6,041,663 | ||||||
Total currencies | 6,880,242 | 6,206,763 | ||||||
Exchange-traded | 354,299 | 242,193 | ||||||
OTC-cleared | 2,596 | 2,315 | ||||||
Bilateral OTC | 242,751 | 206,253 | ||||||
Total commodities | 599,646 | 450,761 | ||||||
Exchange-traded | 1,291,539 | 948,937 | ||||||
OTC-cleared | 258 | – | ||||||
Bilateral OTC | 1,318,136 | 1,126,572 | ||||||
Total equities | 2,609,933 | 2,075,509 | ||||||
Subtotal | 41,833,156 | 38,395,632 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | 208,439 | 182,311 | ||||||
Bilateral OTC | 5,021 | 6,641 | ||||||
Total interest rates | 213,460 | 188,952 | ||||||
OTC-cleared | 3,178 | 1,767 | ||||||
Bilateral OTC | 19,514 | 14,055 | ||||||
Total currencies | 22,692 | 15,822 | ||||||
Exchange-traded | 986 | – | ||||||
Total commodities | 986 | – | ||||||
Subtotal | 237,138 | 204,774 | ||||||
Total notional amounts | $42,070,294 | $38,600,406 |
Notional Amounts as of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ | 4,112,393 | $ | 2,630,915 | ||||
OTC-cleared | 16,663,199 | 17,874,504 | ||||||
Bilateral OTC | 10,483,366 | 11,122,871 | ||||||
Total interest rates | 31,258,958 | 31,628,290 | ||||||
Exchange-traded | 13 | — | ||||||
OTC-cleared | 531,824 | 463,477 | ||||||
Bilateral OTC | 644,885 | 616,095 | ||||||
Total credit | 1,176,722 | 1,079,572 | ||||||
Exchange-traded | 9,312 | 14,617 | ||||||
OTC-cleared | 183,609 | 194,124 | ||||||
Bilateral OTC | 6,094,304 | 6,606,927 | ||||||
Total currencies | 6,287,225 | 6,815,668 | ||||||
Exchange-traded | 421,737 | 308,917 | ||||||
OTC-cleared | 3,492 | 3,647 | ||||||
Bilateral OTC | 270,884 | 234,322 | ||||||
Total commodities | 696,113 | 546,886 | ||||||
Exchange-traded | 1,243,432 | 1,149,777 | ||||||
OTC-cleared | 301 | 198 | ||||||
Bilateral OTC | 1,118,371 | 1,173,103 | ||||||
Total equities | 2,362,104 | 2,323,078 | ||||||
Subtotal | 41,781,122 | 42,393,494 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | 263,785 | 219,083 | ||||||
Bilateral OTC | 3,426 | 4,499 | ||||||
Total interest rates | 267,211 | 223,582 | ||||||
OTC-cleared | 1,885 | 2,758 | ||||||
Bilateral OTC | 17,988 | 18,658 | ||||||
Total currencies | 19,873 | 21,416 | ||||||
Exchange-traded | 652 | 1,050 | ||||||
Total commodities | 652 | 1,050 | ||||||
Subtotal | 287,736 | 246,048 | ||||||
Total notional amounts | $ | 42,068,858 | $ | 42,639,542 |
21 | Goldman Sachs September |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2022 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | 62 | $ | 276,914 | $ | 2,309 | $ | 279,285 | ||||||
Credit | — | 11,404 | 2,811 | 14,215 | ||||||||||
Currencies | — | 149,107 | 701 | 149,808 | ||||||||||
Commodities | — | 64,227 | 2,158 | 66,385 | ||||||||||
Equities | 124 | 64,862 | 1,495 | 66,481 | ||||||||||
Gross fair value | 186 | 566,514 | 9,474 | 576,174 | ||||||||||
Counterparty netting in levels | (417,307) | (1,039) | (418,346) | |||||||||||
Subtotal | $ | 186 | $ | 149,207 | $ | 8,435 | $ | 157,828 | ||||||
Cross-level counterparty netting | (4,029) | |||||||||||||
Cash collateral netting | (73,678) | |||||||||||||
Net fair value | $ | 80,121 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | (14) | $ | (256,711) | $ | (836) | $ | (257,561) | ||||||
Credit | — | (11,588) | (1,145) | (12,733) | ||||||||||
Currencies | — | (147,804) | (576) | (148,380) | ||||||||||
Commodities | — | (53,923) | (641) | (54,564) | ||||||||||
Equities | (25) | (74,292) | (2,133) | (76,450) | ||||||||||
Gross fair value | (39) | (544,318) | (5,331) | (549,688) | ||||||||||
Counterparty netting in levels | 417,307 | 1,039 | 418,346 | |||||||||||
Subtotal | $ | (39) | $ | (127,011) | $ | (4,292) | $ | (131,342) | ||||||
Cross-level counterparty netting | 4,029 | |||||||||||||
Cash collateral netting | 56,544 | |||||||||||||
Net fair value | $ | (70,769) | ||||||||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | 2 | $ | 246,525 | $ | 1,065 | $ | 247,592 | ||||||
Credit | — | 12,823 | 3,433 | 16,256 | ||||||||||
Currencies | — | 86,773 | 237 | 87,010 | ||||||||||
Commodities | — | 34,501 | 1,044 | 35,545 | ||||||||||
Equities | 33 | 72,570 | 963 | 73,566 | ||||||||||
Gross fair value | 35 | 453,192 | 6,742 | 459,969 | ||||||||||
Counterparty netting in levels | — | (329,164) | (804) | (329,968) | ||||||||||
Subtotal | $ | 35 | $ | 124,028 | $ | 5,938 | $ | 130,001 | ||||||
Cross-level counterparty netting | (1,924) | |||||||||||||
Cash collateral netting | (64,117) | |||||||||||||
Net fair value | $ | 63,960 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | (2) | $ | (217,438) | $ | (882) | $ | (218,322) | ||||||
Credit | — | (14,176) | (1,579) | (15,755) | ||||||||||
Currencies | — | (85,925) | (384) | (86,309) | ||||||||||
Commodities | — | (31,925) | (606) | (32,531) | ||||||||||
Equities | (29) | (77,393) | (2,851) | (80,273) | ||||||||||
Gross fair value | (31) | (426,857) | (6,302) | (433,190) | ||||||||||
Counterparty netting in levels | — | 329,164 | 804 | 329,968 | ||||||||||
Subtotal | $ | (31) | $ | (97,693) | $ | (5,498) | $ | (103,222) | ||||||
Cross-level counterparty netting | 1,924 | |||||||||||||
Cash collateral netting | 49,345 | |||||||||||||
Net fair value | $ | (51,953) |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Interest rates | $ | $ 254,940 | $ | $ | ||||||||||||
Credit | – | 13,868 | 3,208 | 17,076 | ||||||||||||
Currencies | – | 78,350 | 255 | 78,605 | ||||||||||||
Commodities | – | 46,708 | 1,291 | 47,999 | ||||||||||||
Equities | 90 | 82,363 | 1,234 | 83,687 | ||||||||||||
Gross fair value | 186 | 476,229 | 6,920 | 483,335 | ||||||||||||
Counterparty netting in levels | – | (344,083 | ) | (877 | ) | (344,960 | ) | |||||||||
Subtotal | $ | $ 132,146 | $ 6,043 | $ | ||||||||||||
Cross-level counterparty netting | (2,627 | ) | ||||||||||||||
Cash collateral netting | (64,165 | ) | ||||||||||||||
Net fair value | $ 71,583 | |||||||||||||||
Liabilities | ||||||||||||||||
Interest rates | $ | ) | $(227,231 | ) | $ | ) | $(227,919 | ) | ||||||||
Credit | – | (14,891 | ) | (1,489 | ) | (16,380 | ) | |||||||||
Currencies | – | (74,813 | ) | (374 | ) | (75,187 | ) | |||||||||
Commodities | – | (41,961 | ) | (778 | ) | (42,739 | ) | |||||||||
Equities | (82 | ) | (88,396 | ) | (2,945 | ) | (91,423 | ) | ||||||||
Gross fair value | (85 | ) | (447,292 | ) | (6,271 | ) | (453,648 | ) | ||||||||
Counterparty netting in levels | – | 344,083 | 877 | 344,960 | ||||||||||||
Subtotal | $ (85 | ) | $(103,209 | ) | $(5,394 | ) | $(108,688 | ) | ||||||||
Cross-level counterparty netting | 2,627 | |||||||||||||||
Cash collateral netting | 52,555 | |||||||||||||||
Net fair value | $ (53,506 | ) | ||||||||||||||
As of December 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Interest rates | $ 297 | $ | $ | $ | ||||||||||||
Credit | – | 13,104 | 3,451 | 16,555 | ||||||||||||
Currencies | – | 102,221 | 147 | 102,368 | ||||||||||||
Commodities | – | 13,285 | 706 | 13,991 | ||||||||||||
Equities | 75 | 75,054 | 1,744 | 76,873 | ||||||||||||
Gross fair value | 372 | 561,232 | 7,025 | 568,629 | ||||||||||||
Counterparty netting in levels | (135 | ) | (420,685 | ) | (1,058 | ) | (421,878 | ) | ||||||||
Subtotal | $ 237 | $ | $ | $ | ||||||||||||
Cross-level counterparty netting | (1,128 | ) | ||||||||||||||
Cash collateral netting | (76,042 | ) | ||||||||||||||
Net fair value | $ 69,581 | |||||||||||||||
Liabilities | ||||||||||||||||
Interest rates | $(229 | ) | $ | ) | $ (710 | ) | $ (321,839 | ) | ||||||||
Credit | – | (14,395 | ) | (1,673 | ) | (16,068 | ) | |||||||||
Currencies | – | (103,303 | ) | (485 | ) | (103,788 | ) | |||||||||
Commodities | – | (17,649 | ) | (406 | ) | (18,055 | ) | |||||||||
Equities | (318 | ) | (78,122 | ) | (2,576 | ) | (81,016 | ) | ||||||||
Gross fair value | (547 | ) | (534,369 | ) | (5,850 | ) | (540,766 | ) | ||||||||
Counterparty netting in levels | 135 | 420,685 | 1,058 | 421,878 | ||||||||||||
Subtotal | $(412 | ) | $ | ) | $ | ) | $ | ) | ||||||||
Cross-level counterparty netting | 1,128 | |||||||||||||||
Cash collateral netting | 59,169 | |||||||||||||||
Net fair value | $ (58,591 | ) |
As of September 2022 | As of December 2021 | ||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | |||||||||||||
Interest rates, net | $ | 1,473 | $ | 183 | |||||||||||||
Correlation | 25% to 81% | 64%/63% | 25% to 81% | 63%/62% | |||||||||||||
Volatility (bps) | 31 to 100 | 63/61 | 31 to 100 | 59/54 | |||||||||||||
Credit, net | $ | 1,666 | $ | 1,854 | |||||||||||||
Credit spreads (bps) | 4 to 1,040 | 188/117 | 1 to 568 | 136/107 | |||||||||||||
Upfront credit points | 0 to 100 | 41/34 | 2 to 100 | 34/26 | |||||||||||||
Recovery rates | 20% to 50% | 41%/40% | 20% to 50% | 37%/40% | |||||||||||||
Currencies, net | $ | 125 | $ | (147) | |||||||||||||
Correlation | 20% to 71% | 39%/23% | 20% to 71% | 40%/41% | |||||||||||||
Volatility | 20% to 21% | 21%/21% | 19% to 19% | 19%/19% | |||||||||||||
Commodities, net | $ | 1,517 | $ | 438 | |||||||||||||
Volatility | 25% to 148% | 56%/47% | 15% to 93% | 32%/29% | |||||||||||||
Natural gas spread | $(3.59) to $8.59 | $(0.16)/ $(0.20) | $(1.33) to $2.60 | $(0.11)/ $(0.07) | |||||||||||||
Oil spread | $(5.50) to $48.91 | $20.75/ $20.07 | $8.64 to $22.68 | $13.36/ $12.69 | |||||||||||||
Electricity price | $2.60 to $309.83 | $54.13/ $48.43 | $1.50 to $289.96 | $37.42/ $32.20 | |||||||||||||
Equities, net | $ | (638) | $ | (1,888) | |||||||||||||
Correlation | (70)% to 100% | 64%/66% | (70)% to 99% | 59%/62% | |||||||||||||
Volatility | 2% to 89% | 16%/13% | 3% to 150% | 17%/17% |
As of September 2021 | As of December 2020 | |||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | ||||||||||||||
Interest rates, net | $247 | $267 | ||||||||||||||||
Correlation | 25% to 81% | 63%/62% | (8)% to 81% | 56%/60% | ||||||||||||||
Volatility (bps) | 31 to 150 | 65/54 | 31 to 150 | 65/53 | ||||||||||||||
Credit, net | $1,719 | $1,778 | ||||||||||||||||
Credit spreads (bps) | 1 to 576 | 113/87 | 2 to 699 | 109/74 | ||||||||||||||
Upfront credit points | 2 to 100 | 40/30 | 7 to 90 | 40/30 | ||||||||||||||
Recovery rates | 20% to 90% | 47%/40% | 25% to 90% | 46%/40% | ||||||||||||||
Currencies, net | $(119) | $(338) | ||||||||||||||||
Correlation | 20% to 70% | 39%/41% | 20% to 70% | 39%/41% | ||||||||||||||
Volatility | 20% to 20% | 20%/20% | 18% to 18% | 18%/18% | ||||||||||||||
Commodities, net | $513 | $300 | ||||||||||||||||
Volatility | 15% to 152% | 37%/33% | 15% to 87% | 32%/30% | ||||||||||||||
Natural gas spread | $(1.39) to $4.36 | $(0.07)/ $(0.03) | $(1.00) to $2.13 | $(0.13)/ $(0.09) | ||||||||||||||
Oil spread | $(0.93) to $(0.74) | $(0.84)/ $(0.84) | $8.30 to $11.20 | $9.73/ $9.55 | ||||||||||||||
Electricity price | $9.95 to $55.76 | $34.19/ $35.69 | N/A | N/A | ||||||||||||||
Equities, net | $(1,711) | $(832) | ||||||||||||||||
Correlation | (70)% to 99% | 62%/71% | (70)% to 100% | 52%/55% | ||||||||||||||
Volatility | 4% to 153% | 18%/19% | 3% to 129% | 14%/7% |
Goldman Sachs September | 22 |
23 | Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Total level 3 derivatives, net | |||||||||||||||||
Beginning balance | $ | 3,174 | $ | 567 | $ | 440 | $ | 1,175 | |||||||||
Net realized gains/(losses) | (16) | (33) | 456 | 73 | |||||||||||||
Net unrealized gains/(losses) | 1,167 | 453 | 4,413 | 34 | |||||||||||||
Purchases | 156 | 92 | 216 | 439 | |||||||||||||
Sales | (232) | (366) | (1,004) | (1,058) | |||||||||||||
Settlements | 491 | (264) | 50 | 99 | |||||||||||||
Transfers into level 3 | 105 | (112) | (130) | (79) | |||||||||||||
Transfers out of level 3 | (702) | 312 | (298) | (34) | |||||||||||||
Ending balance | $ | 4,143 | $ | 649 | $ | 4,143 | $ | 649 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Total level 3 derivatives, net | ||||||||||||||||||||
Beginning balance | $ 567 | $3,060 | $ 1,175 | $ 25 | ||||||||||||||||
Net realized gains/(losses) | (33 | ) | (8 | ) | 73 | 142 | ||||||||||||||
Net unrealized gains/(losses) | 453 | (315 | ) | 34 | 1,465 | |||||||||||||||
Purchases | 92 | 93 | 439 | 345 | ||||||||||||||||
Sales | (366 | ) | (288 | ) | (1,058 | ) | 181 | |||||||||||||
Settlements | (264 | ) | (189 | ) | 99 | 182 | ||||||||||||||
Transfers into level 3 | (112 | ) | – | (79 | ) | (74 | ) | |||||||||||||
Transfers out of level 3 | 312 | (199 | ) | (34 | ) | (112 | ) | |||||||||||||
Ending balance | $ 649 | $2,154 | $ | $2,154 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest rates, net | |||||||||||||||||
Beginning balance | $ | 1,035 | $ | 308 | $ | 183 | $ | 267 | |||||||||
Net realized gains/(losses) | (27) | (60) | (98) | (11) | |||||||||||||
Net unrealized gains/(losses) | 411 | (56) | 1,370 | 38 | |||||||||||||
Purchases | 8 | — | 55 | 67 | |||||||||||||
Sales | (1) | (24) | (27) | (72) | |||||||||||||
Settlements | 64 | 101 | 111 | 23 | |||||||||||||
Transfers into level 3 | (15) | (20) | (7) | (1) | |||||||||||||
Transfers out of level 3 | (2) | (2) | (114) | (64) | |||||||||||||
Ending balance | $ | 1,473 | $ | 247 | $ | 1,473 | $ | 247 | |||||||||
Credit, net | |||||||||||||||||
Beginning balance | $ | 2,164 | $ | 1,750 | $ | 1,854 | $ | 1,778 | |||||||||
Net realized gains/(losses) | (11) | (22) | 36 | (33) | |||||||||||||
Net unrealized gains/(losses) | 24 | 11 | 92 | 129 | |||||||||||||
Purchases | 64 | 18 | 2 | 62 | |||||||||||||
Sales | (8) | (35) | (40) | (62) | |||||||||||||
Settlements | (144) | (22) | (105) | (9) | |||||||||||||
Transfers into level 3 | 16 | 15 | 11 | (60) | |||||||||||||
Transfers out of level 3 | (439) | 4 | (184) | (86) | |||||||||||||
Ending balance | $ | 1,666 | $ | 1,719 | $ | 1,666 | $ | 1,719 | |||||||||
Currencies, net | |||||||||||||||||
Beginning balance | $ | (239) | $ | (234) | $ | (147) | $ | (338) | |||||||||
Net realized gains/(losses) | 28 | 9 | 66 | (29) | |||||||||||||
Net unrealized gains/(losses) | 199 | 43 | 225 | (7) | |||||||||||||
Purchases | 1 | 1 | 2 | 41 | |||||||||||||
Sales | (2) | (5) | (7) | (12) | |||||||||||||
Settlements | 122 | 36 | 62 | 235 | |||||||||||||
Transfers into level 3 | 2 | (4) | (81) | (20) | |||||||||||||
Transfers out of level 3 | 14 | 35 | 5 | 11 | |||||||||||||
Ending balance | $ | 125 | $ | (119) | $ | 125 | $ | (119) | |||||||||
Commodities, net | |||||||||||||||||
Beginning balance | $ | 1,435 | $ | 266 | $ | 438 | $ | 300 | |||||||||
Net realized gains/(losses) | (53) | (23) | (29) | (76) | |||||||||||||
Net unrealized gains/(losses) | 209 | 196 | 1,264 | 348 | |||||||||||||
Purchases | 5 | 16 | 4 | 38 | |||||||||||||
Sales | (16) | (4) | (23) | (34) | |||||||||||||
Settlements | (14) | 6 | (87) | (56) | |||||||||||||
Transfers into level 3 | 78 | 25 | 172 | 16 | |||||||||||||
Transfers out of level 3 | (127) | 31 | (222) | (23) | |||||||||||||
Ending balance | $ | 1,517 | $ | 513 | $ | 1,517 | $ | 513 | |||||||||
Equities, net | |||||||||||||||||
Beginning balance | $ | (1,221) | $ | (1,523) | $ | (1,888) | $ | (832) | |||||||||
Net realized gains/(losses) | 47 | 63 | 481 | 222 | |||||||||||||
Net unrealized gains/(losses) | 324 | 259 | 1,462 | (474) | |||||||||||||
Purchases | 78 | 57 | 153 | 231 | |||||||||||||
Sales | (205) | (298) | (907) | (878) | |||||||||||||
Settlements | 463 | (385) | 69 | (94) | |||||||||||||
Transfers into level 3 | 24 | (128) | (225) | (14) | |||||||||||||
Transfers out of level 3 | (148) | 244 | 217 | 128 | |||||||||||||
Ending balance | $ | (638) | $ | (1,711) | $ | (638) | $ | (1,711) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Interest rates, net | ||||||||||||||||||||
Beginning balance | $ 308 | $ 311 | $ 267 | $ 89 | ||||||||||||||||
Net realized gains/(losses) | (60 | ) | 3 | (11 | ) | 12 | ||||||||||||||
Net unrealized gains/(losses) | (56 | ) | 54 | 38 | 201 | |||||||||||||||
Purchases | – | 11 | 67 | 18 | ||||||||||||||||
Sales | (24 | ) | 1 | (72 | ) | (15 | ) | |||||||||||||
Settlements | 101 | (59 | ) | 23 | (40 | ) | ||||||||||||||
Transfers into level 3 | (20 | ) | (53 | ) | (1 | ) | (14 | ) | ||||||||||||
Transfers out of level 3 | (2 | ) | (13 | ) | (64 | ) | 4 | |||||||||||||
Ending balance | $ 247 | $ 255 | $ | $ 255 | ||||||||||||||||
Credit, net | ||||||||||||||||||||
Beginning balance | $ 1,750 | $2,327 | $ 1,778 | $ 1,877 | ||||||||||||||||
Net realized gains/(losses) | (22 | ) | (1 | ) | (33 | ) | 6 | |||||||||||||
Net unrealized gains/(losses) | 11 | (124 | ) | 129 | 175 | |||||||||||||||
Purchases | 18 | 16 | 62 | 35 | ||||||||||||||||
Sales | (35 | ) | (8 | ) | (62 | ) | (23 | ) | ||||||||||||
Settlements | (22 | ) | (189 | ) | (9 | ) | (38 | ) | ||||||||||||
Transfers into level 3 | 15 | 26 | (60 | ) | 4 | |||||||||||||||
Transfers out of level 3 | 4 | (61 | ) | (86 | ) | (50 | ) | |||||||||||||
Ending balance | $ 1,719 | $1,986 | $ 1,719 | $ 1,986 | ||||||||||||||||
Currencies, net | ||||||||||||||||||||
Beginning balance | $ | ) | $ (94 | ) | $ | ) | $ (211 | ) | ||||||||||||
Net realized gains/(losses) | 9 | 18 | (29 | ) | 8 | |||||||||||||||
Net unrealized gains/(losses) | 43 | (143 | ) | (7 | ) | (118 | ) | |||||||||||||
Purchases | 1 | 5 | 41 | 5 | ||||||||||||||||
Sales | (5 | ) | (12 | ) | (12 | ) | (7 | ) | ||||||||||||
Settlements | 36 | (34 | ) | 235 | 77 | |||||||||||||||
Transfers into level 3 | (4 | ) | (1 | ) | (20 | ) | (2 | ) | ||||||||||||
Transfers out of level 3 | 35 | 6 | 11 | (7 | ) | |||||||||||||||
Ending balance | $ | ) | $ (255 | ) | $ | ) | $ (255 | ) | ||||||||||||
Commodities, net | ||||||||||||||||||||
Beginning balance | $ | $ 331 | $ | $ 247 | ||||||||||||||||
Net realized gains/(losses) | (23 | ) | 16 | (76 | ) | 65 | ||||||||||||||
Net unrealized gains/(losses) | 196 | (84 | ) | 348 | 38 | |||||||||||||||
Purchases | 16 | 1 | 38 | 2 | ||||||||||||||||
Sales | (4 | ) | (7 | ) | (34 | ) | (20 | ) | ||||||||||||
Settlements | 6 | (20 | ) | (56 | ) | (64 | ) | |||||||||||||
Transfers into level 3 | 25 | (12 | ) | 16 | (24 | ) | ||||||||||||||
Transfers out of level 3 | 31 | (30 | ) | (23 | ) | (49 | ) | |||||||||||||
Ending balance | $ | $ 195 | $ | $ 195 | ||||||||||||||||
Equities, net | ||||||||||||||||||||
Beginning balance | $(1,523 | ) | $ 185 | $ | ) | $(1,977 | ) | |||||||||||||
Net realized gains/(losses) | 63 | (44 | ) | 222 | 51 | |||||||||||||||
Net unrealized gains/(losses) | 259 | (18 | ) | (474 | ) | 1,169 | ||||||||||||||
Purchases | 57 | 60 | 231 | 285 | ||||||||||||||||
Sales | (298 | ) | (262 | ) | (878 | ) | 246 | |||||||||||||
Settlements | (385 | ) | 113 | (94 | ) | 247 | ||||||||||||||
Transfers into level 3 | (128 | ) | 40 | (14 | ) | (38 | ) | |||||||||||||
Transfers out of level 3 | 244 | (101 | ) | 128 | (10 | ) | ||||||||||||||
Ending balance | $(1,711 | ) | $ (27 | ) | $(1,711 | ) | $ (27 | ) |
Goldman Sachs September 2022 Form 10-Q | 24 |
25 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Less than 1 Year | 1 - 5 Years | Greater than 5 Years | Total | ||||||||||
As of September 2022 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | 12,714 | $ | 17,175 | $ | 53,692 | $ | 83,581 | ||||||
Credit | 971 | 2,908 | 2,678 | 6,557 | ||||||||||
Currencies | 25,586 | 10,152 | 8,154 | 43,892 | ||||||||||
Commodities | 17,378 | 15,744 | 2,163 | 35,285 | ||||||||||
Equities | 7,903 | 5,795 | 3,674 | 17,372 | ||||||||||
Counterparty netting in tenors | (4,306) | (3,971) | (4,572) | (12,849) | ||||||||||
Subtotal | $ | 60,246 | $ | 47,803 | $ | 65,789 | $ | 173,838 | ||||||
Cross-tenor counterparty netting | (26,334) | |||||||||||||
Cash collateral netting | (73,678) | |||||||||||||
Total OTC derivative assets | $ | 73,826 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | 17,883 | $ | 24,168 | $ | 18,904 | $ | 60,955 | ||||||
Credit | 1,459 | 2,013 | 1,603 | 5,075 | ||||||||||
Currencies | 20,944 | 11,134 | 10,412 | 42,490 | ||||||||||
Commodities | 11,761 | 10,555 | 1,049 | 23,365 | ||||||||||
Equities | 13,020 | 8,807 | 3,162 | 24,989 | ||||||||||
Counterparty netting in tenors | (4,306) | (3,971) | (4,572) | (12,849) | ||||||||||
Subtotal | $ | 60,761 | $ | 52,706 | $ | 30,558 | $ | 144,025 | ||||||
Cross-tenor counterparty netting | (26,334) | |||||||||||||
Cash collateral netting | (56,544) | |||||||||||||
Total OTC derivative liabilities | $ | 61,147 | ||||||||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Interest rates | $ | 6,076 | $ | 11,655 | $ | 61,380 | $ | 79,111 | ||||||
Credit | 1,800 | 2,381 | 3,113 | 7,294 | ||||||||||
Currencies | 13,366 | 6,642 | 6,570 | 26,578 | ||||||||||
Commodities | 10,178 | 7,348 | 770 | 18,296 | ||||||||||
Equities | 11,075 | 6,592 | 2,100 | 19,767 | ||||||||||
Counterparty netting in tenors | (3,624) | (3,357) | (2,673) | (9,654) | ||||||||||
Subtotal | $ | 38,871 | $ | 31,261 | $ | 71,260 | $ | 141,392 | ||||||
Cross-tenor counterparty netting | (18,638) | |||||||||||||
Cash collateral netting | (64,117) | |||||||||||||
Total OTC derivative assets | $ | 58,637 | ||||||||||||
Liabilities | ||||||||||||||
Interest rates | $ | 3,929 | $ | 10,932 | $ | 34,676 | $ | 49,537 | ||||||
Credit | 1,695 | 3,257 | 1,841 | 6,793 | ||||||||||
Currencies | 14,122 | 6,581 | 5,580 | 26,283 | ||||||||||
Commodities | 7,591 | 6,274 | 1,763 | 15,628 | ||||||||||
Equities | 8,268 | 12,944 | 3,587 | 24,799 | ||||||||||
Counterparty netting in tenors | (3,624) | (3,357) | (2,673) | (9,654) | ||||||||||
Subtotal | $ | 31,981 | $ | 36,631 | $ | 44,774 | $ | 113,386 | ||||||
Cross-tenor counterparty netting | (18,638) | |||||||||||||
Cash collateral netting | (49,345) | |||||||||||||
Total OTC derivative liabilities | $ | 45,403 |
$ in millions | Less than 1 Year | | 1 - 5 Years | | Greater than 5 Years | | Total | |||||||||
As of September 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Interest rates | $ 6,226 | $12,817 | $60,548 | $ 79,591 | ||||||||||||
Credit | 1,779 | 2,253 | 3,298 | 7,330 | ||||||||||||
Currencies | 13,252 | 6,038 | 6,822 | 26,112 | ||||||||||||
Commodities | 12,428 | 9,757 | 1,107 | 23,292 | ||||||||||||
Equities | 10,156 | 6,449 | 2,790 | 19,395 | ||||||||||||
Counterparty netting in tenors | (2,824 | ) | (2,854 | ) | (2,789 | ) | (8,467 | ) | ||||||||
Subtotal | $41,017 | $34,460 | $71,776 | $147,253 | ||||||||||||
Cross-tenor counterparty netting | (17,888 | ) | ||||||||||||||
Cash collateral netting | (64,165 | ) | ||||||||||||||
Total OTC derivative assets | $ 65,200 | |||||||||||||||
Liabilities | ||||||||||||||||
Interest rates | $ 4,705 | $10,129 | $36,542 | $ 51,376 | ||||||||||||
Credit | 1,758 | 2,573 | 2,303 | 6,634 | ||||||||||||
Currencies | 11,988 | 5,898 | 4,999 | 22,885 | ||||||||||||
Commodities | 7,996 | 6,465 | 2,835 | 17,296 | ||||||||||||
Equities | 10,555 | 13,658 | 3,348 | 27,561 | ||||||||||||
Counterparty netting in tenors | (2,824 | ) | (2,854 | ) | (2,789 | ) | (8,467 | ) | ||||||||
Subtotal | $34,178 | $35,869 | $47,238 | $117,285 | ||||||||||||
Cross-tenor counterparty netting | (17,888 | ) | ||||||||||||||
Cash collateral netting | (52,555 | ) | ||||||||||||||
Total OTC derivative liabilities | $ 46,842 | |||||||||||||||
As of December 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Interest rates | $ 8,913 | $20,145 | $74,893 | $103,951 | ||||||||||||
Credit | 822 | 3,270 | 3,302 | 7,394 | ||||||||||||
Currencies | 13,887 | 7,400 | 9,303 | 30,590 | ||||||||||||
Commodities | 2,998 | 1,466 | 488 | 4,952 | ||||||||||||
Equities | 12,182 | 12,590 | 1,807 | 26,579 | ||||||||||||
Counterparty netting in tenors | (3,963 | ) | (4,458 | ) | (3,182 | ) | (11,603 | ) | ||||||||
Subtotal | $34,839 | $40,413 | $86,611 | $161,863 | ||||||||||||
Cross-tenor counterparty netting | (20,971 | ) | ||||||||||||||
Cash collateral netting | (76,042 | ) | ||||||||||||||
Total OTC derivative assets | $ 64,850 | |||||||||||||||
Liabilities | ||||||||||||||||
Interest rates | $ 5,687 | $11,967 | $49,301 | $ 66,955 | ||||||||||||
Credit | 1,268 | 3,462 | 2,177 | 6,907 | ||||||||||||
Currencies | 18,770 | 7,575 | 5,775 | 32,120 | ||||||||||||
Commodities | 3,455 | 1,545 | 4,315 | 9,315 | ||||||||||||
Equities | 9,702 | 14,095 | 3,986 | 27,783 | ||||||||||||
Counterparty netting in tenors | (3,963 | ) | (4,458 | ) | (3,182 | ) | (11,603 | ) | ||||||||
Subtotal | $34,919 | $34,186 | $62,372 | $131,477 | ||||||||||||
Cross-tenor counterparty netting | (20,971 | ) | ||||||||||||||
Cash collateral netting | (59,169 | ) | ||||||||||||||
Total OTC derivative liabilities | $ 51,337 |
Goldman Sachs September | 26 |
Credit Spread on Underlier (basis points) | |||||||||||||||||
$ in millions | 0 - 250 | 251 - 500 | 501 - 1,000 | Greater than 1,000 | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | 114,156 | $ | 2,562 | $ | 17,059 | $ | 4,569 | $ | 138,346 | |||||||
1 - 5 years | 263,129 | 33,493 | 20,948 | 12,831 | 330,401 | ||||||||||||
Greater than 5 years | 69,694 | 12,411 | 5,345 | 1,417 | 88,867 | ||||||||||||
Total | $ | 446,979 | $ | 48,466 | $ | 43,352 | $ | 18,817 | $ | 557,614 | |||||||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | 356,426 | $ | 42,279 | $ | 29,204 | $ | 16,637 | $ | 444,546 | |||||||
Other | $ | 152,001 | $ | 7,669 | $ | 12,077 | $ | 2,815 | $ | 174,562 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | 3,459 | $ | 335 | $ | 85 | $ | 39 | $ | 3,918 | |||||||
Liability | 2,493 | 1,813 | 2,408 | 3,478 | 10,192 | ||||||||||||
Net asset/(liability) | $ | 966 | $ | (1,478) | $ | (2,323) | $ | (3,439) | $ | (6,274) | |||||||
As of December 2021 | |||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | |||||||||||||||||
Less than 1 year | $ | 120,456 | $ | 6,173 | $ | 1,656 | $ | 4,314 | $ | 132,599 | |||||||
1 - 5 years | 305,255 | 14,328 | 12,754 | 3,814 | 336,151 | ||||||||||||
Greater than 5 years | 35,558 | 3,087 | 2,529 | 311 | 41,485 | ||||||||||||
Total | $ | 461,269 | $ | 23,588 | $ | 16,939 | $ | 8,439 | $ | 510,235 | |||||||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | |||||||||||||||||
Offsetting | $ | 381,715 | $ | 17,210 | $ | 12,806 | $ | 6,714 | $ | 418,445 | |||||||
Other | $ | 138,214 | $ | 7,780 | $ | 3,576 | $ | 1,322 | $ | 150,892 | |||||||
Fair Value of Written Credit Derivatives | |||||||||||||||||
Asset | $ | 9,803 | $ | 924 | $ | 318 | $ | 137 | $ | 11,182 | |||||||
Liability | 941 | 123 | 1,666 | 1,933 | 4,663 | ||||||||||||
Net asset/(liability) | $ | 8,862 | $ | 801 | $ | (1,348) | $ | (1,796) | $ | 6,519 |
Credit Spread on Underlier (basis points) | ||||||||||||||||||||
$ in millions | 0 - 250 | 251 - 500 | | 501 - 1,000 | | | Greater than 1,000 | | Total | |||||||||||
As of September 2021 | ||||||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | ||||||||||||||||||||
Less than 1 year | $105,584 | $10,289 | $ 807 | $ 4,042 | $120,722 | |||||||||||||||
1 – 5 years | 332,858 | 24,819 | 4,838 | 3,563 | 366,078 | |||||||||||||||
Greater than 5 years | 68,202 | 6,816 | 2,504 | 613 | 78,135 | |||||||||||||||
Total | $506,644 | $41,924 | $8,149 | $ 8,218 | $564,935 | |||||||||||||||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | ||||||||||||||||||||
Offsetting | $440,512 | $28,582 | $6,350 | $ 6,376 | $481,820 | |||||||||||||||
Other | $108,898 | $19,072 | $2,218 | $ 870 | $131,058 | |||||||||||||||
Fair Value of Written Credit Derivatives | ||||||||||||||||||||
Asset | $ 10,165 | $ 1,430 | $ 295 | $ 228 | $ 12,118 | |||||||||||||||
Liability | 894 | 991 | 597 | 1,608 | 4,090 | |||||||||||||||
Net asset/(liability) | $ 9,271 | $ 439 | $ (302 | ) | $(1,380 | ) | $ 8,028 | |||||||||||||
As of December 2020 | ||||||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | ||||||||||||||||||||
Less than 1 year | $ 96,049 | $ 5,826 | $ 450 | $ | $104,728 | |||||||||||||||
1 – 5 years | 331,145 | 17,913 | 8,801 | 4,932 | 362,791 | |||||||||||||||
Greater than 5 years | 44,132 | 3,839 | 272 | 88 | 48,331 | |||||||||||||||
Total | $471,326 | $27,578 | $9,523 | $ | $515,850 | |||||||||||||||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | ||||||||||||||||||||
Offsetting | $407,315 | $19,822 | $8,679 | $ | $442,907 | |||||||||||||||
Other | $103,604 | $ 7,272 | $3,619 | $776 | $115,271 | |||||||||||||||
Fair Value of Written Credit Derivatives | ||||||||||||||||||||
Asset | $ 10,302 | $ 638 | $ 256 | $ | $ 11,314 | |||||||||||||||
Liability | 1,112 | 1,119 | 387 | 2,001 | 4,619 | |||||||||||||||
Net asset/(liability) | $ 9,190 | $ (481 | ) | $ (131 | ) | $ | ) | $ 6,695 |
27 | Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
CVA, net of hedges | $ | 223 | $ | 49 | $ | 523 | $ | (14) | |||||||||
FVA, net of hedges | (74) | 17 | (465) | 54 | |||||||||||||
Total | $ | 149 | $ | 66 | $ | 58 | $ | 40 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
CVA, net of hedges | $49 | $103 | $(14 | ) | $ 52 | |||||||||||||
FVA, net of hedges | 17 | 101 | 54 | (78 | ) | |||||||||||||
Total | $66 | $204 | $ 40 | $(26 | ) |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Fair value of assets | $ | 283 | $ | 845 | ||||
Fair value of liabilities | (263) | (124) | ||||||
Net asset/(liability) | $ | 20 | $ | 721 | ||||
Notional amount | $ | 8,856 | $ | 10,743 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Fair value of assets | $ 881 | $ 1,450 | ||||||
Fair value of liabilities | (1,389 | ) | (1,220 | ) | ||||
Net asset/(liability) | $ (508 | ) | $ 230 | |||||
Notional amount | $11,765 | $12,548 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Net derivative liabilities under bilateral agreements | $ | 36,526 | $ | 34,315 | ||||
Collateral posted | $ | 26,751 | $ | 29,214 | ||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ | 352 | $ | 345 | ||||
Two-notch downgrade | $ | 1,283 | $ | 1,536 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Net derivative liabilities under bilateral agreements | $36,431 | $43,368 | ||||||
Collateral posted | $30,647 | $35,296 | ||||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ 331 | $ 481 | ||||||
Two-notch downgrade | $ 1,353 | $ 1,388 |
Goldman Sachs September | 28 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Investments | |||||||||||||||||
Interest rate hedges | $ | 427 | $ | — | $ | 372 | $ | — | |||||||||
Hedged investments | (409) | — | (357) | — | |||||||||||||
Gains/(losses) | $ | 18 | $ | — | $ | 15 | $ | — | |||||||||
Borrowings and deposits | |||||||||||||||||
Interest rate hedges | $ | (7,820) | $ | (1,528) | $ | (22,629) | $ | (5,459) | |||||||||
Hedged borrowings and deposits | 7,741 | 1,365 | 22,279 | 4,991 | |||||||||||||
Gains/(losses) | $ | (79) | $ | (163) | $ | (350) | $ | (468) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Interest rate hedges | $(1,528 | ) | $(1,111 | ) | $(5,459 | ) | $ 5,829 | |||||||||||
Hedged borrowings and deposits | $ 1,365 | $ 916 | $ 4,991 | $(6,327 | ) | |||||||||||||
Interest expense | $ 1,553 | $ 1,848 | $ 4,435 | $ 7,375 |
$ in millions | Carrying Value | Cumulative Hedging Adjustment | ||||||
As of September 2022 | ||||||||
Assets | ||||||||
Investments | $ | 10,174 | $ | (358) | ||||
Liabilities | ||||||||
Deposits | $ | 7,391 | $ | (297) | ||||
Unsecured short-term borrowings | $ | 7,553 | $ | (59) | ||||
Unsecured long-term borrowings | $ | 150,553 | $ | (15,395) | ||||
As of December 2021 | ||||||||
Liabilities | ||||||||
Deposits | $ | 14,131 | $ | 246 | ||||
Unsecured short-term borrowings | $ | 2,167 | $ | 5 | ||||
Unsecured long-term borrowings | $ | 144,934 | $ | 6,169 |
$ in millions | Carrying Value | | | Cumulative Hedging Adjustment | | |||
As of September 2021 | ||||||||
Deposits | $ 15,266 | $ 387 | ||||||
Unsecured short-term borrowings | $ 3,221 | $ 10 | ||||||
Unsecured long-term borrowings | $136,905 | $ 7,062 | ||||||
As of December 2020 | ||||||||
Deposits | $ 17,303 | $ 649 | ||||||
Unsecured short-term borrowings | $ 5,976 | $ 53 | ||||||
Unsecured long-term borrowings | $115,242 | $11,624 |
29 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Hedges: | |||||||||||||||||
Foreign currency forward contract | $ | 1,097 | $ | 373 | $ | 2,310 | $ | 600 | |||||||||
Foreign currency-denominated debt | $ | 551 | $ | 31 | $ | 1,147 | $ | 290 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Hedges: | ||||||||||||||||||
Foreign currency forward contract | $373 | $(255 | ) | $600 | $ 387 | |||||||||||||
Foreign currency-denominated debt | $ 31 | $(102 | ) | $290 | $(132 | ) |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Equity securities, at fair value | $ | 15,359 | $ | 18,937 | ||||
Debt instruments, at fair value | 14,096 | 15,558 | ||||||
Available-for-sale securities, at fair value | 48,125 | 48,932 | ||||||
Investments, at fair value | 77,580 | 83,427 | ||||||
Held-to-maturity securities | 48,549 | 4,699 | ||||||
Equity method investments | 834 | 593 | ||||||
Total investments | $ | 126,963 | $ | 88,719 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Equity securities, at fair value | $19,339 | $19,781 | ||||||
Debt instruments, at fair value | 17,045 | 16,981 | ||||||
Available-for-sale | 44,585 | 46,016 | ||||||
Investments, at fair value | 80,969 | 82,778 | ||||||
Held-to-maturity | 5,205 | 5,301 | ||||||
Equity method investments | 534 | 366 | ||||||
Total investments | $86,708 | $88,445 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Equity securities, at fair value | $ | 15,359 | $ | 18,937 | ||||
Equity Type | ||||||||
Public equity | 17 | % | 24 | % | ||||
Private equity | 83 | % | 76 | % | ||||
Total | 100 | % | 100 | % | ||||
Asset Class | ||||||||
Corporate | 73 | % | 78 | % | ||||
Real estate | 27 | % | 22 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Equity securities, at fair value | $19,339 | $19,781 | ||||||
Equity Type | ||||||||
Public equity | 21% | 15% | ||||||
Private equity | 79% | 85% | ||||||
Total | 100% | 100% | ||||||
Asset Class | ||||||||
Corporate | 80% | 83% | ||||||
Real estate | 20% | 17% | ||||||
Total | 100% | 100% |
Goldman Sachs September 2022 Form 10-Q | 30 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Corporate debt securities | $ | 9,828 | $ | 9,793 | ||||
Securities backed by real estate | 1,316 | 2,280 | ||||||
Money market instruments | 1,002 | 1,396 | ||||||
Other | 1,950 | 2,089 | ||||||
Total | $ | 14,096 | $ | 15,558 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Corporate debt securities | $10,725 | $10,991 | ||||||
Securities backed by real estate | 2,182 | 1,940 | ||||||
Money market instruments | 2,109 | 2,185 | ||||||
Other | 2,029 | 1,865 | ||||||
Total | $17,045 | $16,981 |
$ in millions | Fair Value of Investments | | Unfunded Commitments | | $ in millions | Fair Value of Investments | Unfunded Commitments | |||||||||
As of September 2021 | ||||||||||||||||
As of September 2022 | As of September 2022 | |||||||||||||||
Private equity funds | $2,001 | $ 626 | Private equity funds | $ | 955 | $ | 589 | |||||||||
Credit funds | 1,547 | 743 | Credit funds | 1,649 | 417 | |||||||||||
Hedge funds | 84 | – | Hedge funds | 70 | — | |||||||||||
Real estate funds | 285 | 204 | Real estate funds | 297 | 129 | |||||||||||
Total | $3,917 | $1,573 | Total | $ | 2,971 | $ | 1,135 | |||||||||
As of December 2020 | ||||||||||||||||
As of December 2021 | As of December 2021 | |||||||||||||||
Private equity funds | $2,042 | $ 557 | Private equity funds | $ | 1,411 | $ | 619 | |||||||||
Credit funds | 1,312 | 680 | Credit funds | 1,686 | 556 | |||||||||||
Hedge funds | 102 | – | Hedge funds | 84 | — | |||||||||||
Real estate funds | 208 | 213 | Real estate funds | 288 | 147 | |||||||||||
Total | $3,664 | $1,450 | Total | $ | 3,469 | $ | 1,322 |
31 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of September 2022 | |||||||||||
Less than 1 year | $ | 2,353 | $ | 2,295 | 0.24 | % | |||||
1 year to 5 years | 46,366 | 43,125 | 0.65 | % | |||||||
5 years to 10 years | 830 | 776 | 2.14 | % | |||||||
Total U.S. government obligations | 49,549 | 46,196 | 0.65 | % | |||||||
1 year to 5 years | 9 | 9 | 0.28 | % | |||||||
5 years to 10 years | 2,461 | 1,920 | 0.40 | % | |||||||
Total non-U.S. government obligations | 2,470 | 1,929 | 0.40 | % | |||||||
Total available-for-sale securities | $ | 52,019 | $ | 48,125 | 0.64 | % | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | 25 | $ | 25 | 0.12 | % | |||||
1 year to 5 years | 41,536 | 41,066 | 0.47 | % | |||||||
5 years to 10 years | 5,337 | 5,229 | 0.92 | % | |||||||
Greater than 10 years | 2 | 2 | 2.00 | % | |||||||
Total U.S. government obligations | 46,900 | 46,322 | 0.53 | % | |||||||
5 years to 10 years | 2,693 | 2,610 | 0.33 | % | |||||||
Total non-U.S. government obligations | 2,693 | 2,610 | 0.33 | % | |||||||
Total available-for-sale securities | $ | 49,593 | $ | 48,932 | 0.52 | % |
$ in millions | Amortized Cost | | Fair Value | | | Weighted Average Yield | | |||||
As of September 2021 | ||||||||||||
Less than 1 year | $ 25 | $ 25 | 0.03% | |||||||||
1 year to 5 years | 37,056 | 36,946 | 0.47% | |||||||||
5 years to 10 years | 5,339 | 5,270 | 0.92% | |||||||||
Total U.S. government obligations | 42,420 | 42,241 | 0.53% | |||||||||
5 years to 10 years | 2,431 | 2,344 | 0.25% | |||||||||
Total non-U.S. government obligations | 2,431 | 2,344 | 0.25% | |||||||||
Total available-for-sale | $44,851 | $44,585 | 0.51% | |||||||||
As of December 2020 | ||||||||||||
Less than 1 year | $ 25 | $ 25 | 0.08% | |||||||||
1 year to 5 years | 35,831 | 36,158 | 0.70% | |||||||||
5 years to 10 years | 7,454 | 7,732 | 1.19% | |||||||||
Total U.S. government obligations | 43,310 | 43,915 | 0.78% | |||||||||
5 years to 10 years | 1,739 | 1,744 | 0.10% | |||||||||
Greater than 10 years | 353 | 357 | 0.74% | |||||||||
Total non-U.S. government obligations | 2,092 | 2,101 | 0.21% | |||||||||
Total available-for-sale | $45,402 | $46,016 | 0.76% |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Gross realized gains | $ | — | $ | 54 | $ | — | $ | 187 | |||||||||
Proceeds from sales | $ | — | $ | 11,467 | $ | 2 | $ | 24,882 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2022 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | 46,196 | $ | — | $ | — | $ | 46,196 | ||||||
Non-U.S. | 1,921 | 20 | — | 1,941 | ||||||||||
Corporate debt securities | 160 | 2,930 | 6,738 | 9,828 | ||||||||||
Securities backed by real estate | — | 404 | 912 | 1,316 | ||||||||||
Money market instruments | 24 | 978 | — | 1,002 | ||||||||||
Other debt obligations | — | 8 | 284 | 292 | ||||||||||
Equity securities | 1,974 | 3,040 | 9,020 | 14,034 | ||||||||||
Subtotal | $ | 50,275 | $ | 7,380 | $ | 16,954 | $ | 74,609 | ||||||
Investments in funds at NAV | 2,971 | |||||||||||||
Total investments | $ | 77,580 | ||||||||||||
As of December 2021 | ||||||||||||||
Government and agency obligations: | ||||||||||||||
U.S. | $ | 46,322 | $ | — | $ | — | $ | 46,322 | ||||||
Non-U.S. | 2,612 | — | — | 2,612 | ||||||||||
Corporate debt securities | 65 | 5,201 | 4,527 | 9,793 | ||||||||||
Securities backed by real estate | — | 1,202 | 1,078 | 2,280 | ||||||||||
Money market instruments | 41 | 1,355 | — | 1,396 | ||||||||||
Other debt obligations | — | 35 | 382 | 417 | ||||||||||
Equity securities | 2,135 | 7,088 | 7,915 | 17,138 | ||||||||||
Subtotal | $ | 51,175 | $ | 14,881 | $ | 13,902 | $ | 79,958 | ||||||
Investments in funds at NAV | 3,469 | |||||||||||||
Total investments | $ | 83,427 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $42,241 | $ – | $ – | $42,241 | ||||||||||||
Non-U.S. | 2,346 | 48 | – | 2,394 | ||||||||||||
Corporate debt securities | 65 | 6,383 | 4,277 | 10,725 | ||||||||||||
Securities backed by real estate | – | 1,094 | 1,088 | 2,182 | ||||||||||||
Money market instruments | 787 | 1,322 | – | 2,109 | ||||||||||||
Other debt obligations | – | 45 | 387 | 432 | ||||||||||||
Equity securities | 941 | 8,101 | 7,927 | 16,969 | ||||||||||||
Subtotal | $46,380 | $16,993 | $13,679 | $77,052 | ||||||||||||
Investments in funds at NAV | 3,917 | |||||||||||||||
Total investments | $80,969 | |||||||||||||||
As of December 2020 | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $43,915 | $ | $ | $43,915 | ||||||||||||
Non-U.S. | 2,109 | 48 | – | 2,157 | ||||||||||||
Corporate debt securities | 70 | 5,635 | 5,286 | 10,991 | ||||||||||||
Securities backed by real estate | – | 942 | 998 | 1,940 | ||||||||||||
Money market instruments | 781 | 1,404 | – | 2,185 | ||||||||||||
Other debt obligations | – | – | 497 | 497 | ||||||||||||
Equity securities | 517 | 7,270 | 9,642 | 17,429 | ||||||||||||
Subtotal | $47,392 | $15,299 | $16,423 | $79,114 | ||||||||||||
Investments in funds at NAV | 3,664 | |||||||||||||||
Total investments | $82,778 |
Goldman Sachs September 2022 Form 10-Q | 32 |
As of September 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate debt securities | |||||||||||||||||
Level 3 assets | $ | 6,738 | $ | 4,527 | |||||||||||||
Yield | 2.0% to 21.8% | 11.8 | % | 2.0% to 29.0% | 10.8 | % | |||||||||||
Recovery rate | 9.1% to 78.5% | 51.7 | % | 9.1% to 76.0% | 59.1 | % | |||||||||||
Duration (years) | 1.2 to 5.5 | 3.9 | 1.4 to 6.4 | 3.8 | |||||||||||||
Multiples | 1.9x to 66.5x | 7.8x | 0.5x to 28.2x | 6.9x | |||||||||||||
Securities backed by real estate | |||||||||||||||||
Level 3 assets | $ | 912 | $ | 1,078 | |||||||||||||
Yield | 8.3% to 23.3% | 15.4 | % | 8.3% to 20.3% | 13.1 | % | |||||||||||
Recovery rate | N/A | N/A | 55.1% to 61.0% | 56.4 | % | ||||||||||||
Duration (years) | 1.0 to 4.2 | 4.1 | 0.1 to 2.6 | 1.2 | |||||||||||||
Other debt obligations | |||||||||||||||||
Level 3 assets | $ | 284 | $ | 382 | |||||||||||||
Yield | 5.0% to 20.0% | 7.1 | % | 2.3% to 10.6% | 3.2 | % | |||||||||||
Duration (years) | 0.4 to 1.5 | 1.3 | 0.9 to 9.3 | 4.8 | |||||||||||||
Equity securities | |||||||||||||||||
Level 3 assets | $ | 9,020 | $ | 7,915 | |||||||||||||
Multiples | 0.4x to 34.4x | 9.0x | 0.4x to 30.5x | 10.1x | |||||||||||||
Discount rate/yield | 6.0% to 38.5% | 14.7 | % | 2.0% to 35.0% | 14.1 | % | |||||||||||
Capitalization rate | 4.0% to 10.8% | 5.4 | % | 3.5% to 14.0% | 5.7 | % |
As of September 2021 | As of December 2020 | |||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | | |||||||||||||
Corporate debt securities | ||||||||||||||||||
Level 3 assets | $4,277 | $5,286 | ||||||||||||||||
Yield | 6.9% to 14.6% | 9.8% | 4.5% to 19.5% | 10.2% | ||||||||||||||
Recovery rate | 9.1% to 76.0% | 56.8% | 10.0% to 70.0% | 50.7% | ||||||||||||||
Duration (years) | 3.0 to 9.4 | 4.6 | 3.0 to 7.7 | 4.2 | ||||||||||||||
Multiples | 0.5x to 36.1x | 8.2x | 0.6x to 29.3x | 6.9x | ||||||||||||||
Securities backed by real estate | ||||||||||||||||||
Level 3 assets | $1,088 | $998 | ||||||||||||||||
Yield | 8.3% to 20.3% | 13.5% | 8.2% to 52.4% | 17.5% | ||||||||||||||
Recovery rate | 56.8% to 69.0% | 59.9% | 21.6% to 57.8% | 33.7% | ||||||||||||||
Duration (years) | 0.4 to 2.8 | 1.4 | 0.4 to 3.6 | 2.7 | ||||||||||||||
Other debt obligations | ||||||||||||||||||
Level 3 assets | $387 | $497 | ||||||||||||||||
Yield | 2.2% to 10.1% | 2.9% | 1.7% to 6.2% | 3.5% | ||||||||||||||
Duration (years) | 1.2 to 6.3 | 4.3 | 0.2 to 10.3 | 6.4 | ||||||||||||||
Equity securities | ||||||||||||||||||
Level 3 assets | $7,927 | $9,642 | ||||||||||||||||
Multiples | 0.4x to 23.2x | 10.8x | 0.6x to 27.9x | 9.0x | ||||||||||||||
Discount rate/yield | 4.8% to 54.2% | 15.9% | 4.0% to 38.5% | 13.5% | ||||||||||||||
Capitalization rate | 4.2% to 14.0% | 6.3% | 3.7% to 14.1% | 6.3% |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Beginning balance | $ | 16,109 | $ | 16,332 | $ | 13,902 | $ | 16,423 | |||||||||
Net realized gains/(losses) | 103 | 78 | 428 | 184 | |||||||||||||
Net unrealized gains/(losses) | (407) | 155 | (1,828) | 1,244 | |||||||||||||
Purchases | 445 | 496 | 1,385 | 1,467 | |||||||||||||
Sales | (236) | (478) | (741) | (1,070) | |||||||||||||
Settlements | (272) | (831) | (1,461) | (2,421) | |||||||||||||
Transfers into level 3 | 1,687 | 806 | 6,425 | 1,843 | |||||||||||||
Transfers out of level 3 | (475) | (2,879) | (1,156) | (3,991) | |||||||||||||
Ending balance | $ | 16,954 | $ | 13,679 | $ | 16,954 | $ | 13,679 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Beginning balance | $16,332 | $17,916 | $16,423 | $15,282 | ||||||||||||||
Net realized gains/(losses) | 78 | 128 | 184 | 238 | ||||||||||||||
Net unrealized gains/(losses) | 155 | 534 | 1,244 | (808 | ) | |||||||||||||
Purchases | 496 | 405 | 1,467 | 1,250 | ||||||||||||||
Sales | (478 | ) | (269 | ) | (1,070 | ) | (1,379 | ) | ||||||||||
Settlements | (831 | ) | (686 | ) | (2,421 | ) | (1,180 | ) | ||||||||||
Transfers into level 3 | 806 | 230 | 1,843 | 5,373 | ||||||||||||||
Transfers out of level 3 | (2,879 | ) | (984 | ) | (3,991 | ) | (1,502 | ) | ||||||||||
Ending balance | $13,679 | $17,274 | $13,679 | $17,274 |
33 | Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Corporate debt securities | |||||||||||||||||
Beginning balance | $ | 6,576 | $ | 4,958 | $ | 4,527 | $ | 5,286 | |||||||||
Net realized gains/(losses) | 69 | 33 | 224 | 150 | |||||||||||||
Net unrealized gains/(losses) | (111) | 47 | (297) | 302 | |||||||||||||
Purchases | 137 | 101 | 624 | 374 | |||||||||||||
Sales | (78) | (204) | (151) | (383) | |||||||||||||
Settlements | (143) | (601) | (810) | (1,254) | |||||||||||||
Transfers into level 3 | 659 | 529 | 2,944 | 1,120 | |||||||||||||
Transfers out of level 3 | (371) | (586) | (323) | (1,318) | |||||||||||||
Ending balance | $ | 6,738 | $ | 4,277 | $ | 6,738 | $ | 4,277 | |||||||||
Securities backed by real estate | |||||||||||||||||
Beginning balance | $ | 1,067 | $ | 1,117 | $ | 1,078 | $ | 998 | |||||||||
Net realized gains/(losses) | 7 | 12 | 21 | 29 | |||||||||||||
Net unrealized gains/(losses) | (88) | (11) | (287) | 25 | |||||||||||||
Purchases | 17 | 14 | 76 | 212 | |||||||||||||
Sales | (47) | (19) | (96) | (43) | |||||||||||||
Settlements | (23) | (51) | (140) | (247) | |||||||||||||
Transfers into level 3 | 1 | 26 | 269 | 114 | |||||||||||||
Transfers out of level 3 | (22) | — | (9) | — | |||||||||||||
Ending balance | $ | 912 | $ | 1,088 | $ | 912 | $ | 1,088 | |||||||||
Other debt obligations | |||||||||||||||||
Beginning balance | $ | 303 | $ | 502 | $ | 382 | $ | 497 | |||||||||
Net realized gains/(losses) | 3 | 4 | 9 | 9 | |||||||||||||
Net unrealized gains/(losses) | (3) | 1 | (8) | 1 | |||||||||||||
Purchases | 4 | 10 | 28 | 32 | |||||||||||||
Sales | — | (1) | — | (3) | |||||||||||||
Settlements | (23) | (33) | (127) | (54) | |||||||||||||
Transfers out of level 3 | — | (96) | — | (95) | |||||||||||||
Ending balance | $ | 284 | $ | 387 | $ | 284 | $ | 387 | |||||||||
Equity securities | |||||||||||||||||
Beginning balance | $ | 8,163 | $ | 9,755 | $ | 7,915 | $ | 9,642 | |||||||||
Net realized gains/(losses) | 24 | 29 | 174 | (4) | |||||||||||||
Net unrealized gains/(losses) | (205) | 118 | (1,236) | 916 | |||||||||||||
Purchases | 287 | 371 | 657 | 849 | |||||||||||||
Sales | (111) | (254) | (494) | (641) | |||||||||||||
Settlements | (83) | (146) | (384) | (866) | |||||||||||||
Transfers into level 3 | 1,027 | 251 | 3,212 | 609 | |||||||||||||
Transfers out of level 3 | (82) | (2,197) | (824) | (2,578) | |||||||||||||
Ending balance | $ | 9,020 | $ | 7,927 | $ | 9,020 | $ | 7,927 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Corporate debt securities | ||||||||||||||||||
Beginning balance | $ 4,958 | $ 6,572 | $ 5,286 | $ 3,465 | ||||||||||||||
Net realized gains/(losses) | 33 | 48 | 150 | 115 | ||||||||||||||
Net unrealized gains/(losses) | 47 | 142 | 302 | (263 | ) | |||||||||||||
Purchases | 101 | 137 | 374 | 401 | ||||||||||||||
Sales | (204 | ) | (22 | ) | (383 | ) | (215 | ) | ||||||||||
Settlements | (601 | ) | (386 | ) | (1,254 | ) | (553 | ) | ||||||||||
Transfers into level 3 | 529 | 121 | 1,120 | 3,234 | ||||||||||||||
Transfers out of level 3 | (586 | ) | (761 | ) | (1,318 | ) | (333 | ) | ||||||||||
Ending balance | $ 4,277 | $ 5,851 | $ 4,277 | $ 5,851 | ||||||||||||||
Securities backed by real estate | ||||||||||||||||||
Beginning balance | $ 1,117 | $ 880 | $ 998 | $ 595 | ||||||||||||||
Net realized gains/(losses) | 12 | 12 | 29 | 32 | ||||||||||||||
Net unrealized gains/(losses) | (11 | ) | 16 | 25 | (97 | ) | ||||||||||||
Purchases | 14 | 35 | 212 | 124 | ||||||||||||||
Sales | (19 | ) | – | (43 | ) | – | ||||||||||||
Settlements | (51 | ) | (11 | ) | (247 | ) | (43 | ) | ||||||||||
Transfers into level 3 | 26 | – | 114 | 323 | ||||||||||||||
Transfers out of level 3 | – | (2 | ) | – | (4 | ) | ||||||||||||
Ending balance | $ 1,088 | $ 930 | $ 1,088 | $ 930 | ||||||||||||||
Other debt obligations | ||||||||||||||||||
Beginning balance | $ 502 | $ 429 | $ 497 | $ 319 | ||||||||||||||
Net realized gains/(losses) | 4 | 4 | 9 | 10 | ||||||||||||||
Net unrealized gains/(losses) | 1 | 3 | 1 | – | ||||||||||||||
Purchases | 10 | 27 | 32 | 45 | ||||||||||||||
Sales | (1 | ) | (2 | ) | (3 | ) | (4 | ) | ||||||||||
Settlements | (33 | ) | (6 | ) | (54 | ) | (9 | ) | ||||||||||
Transfers into level 3 | – | – | – | 94 | ||||||||||||||
Transfers out of level 3 | (96 | ) | – | (95 | ) | – | ||||||||||||
Ending balance | $ 387 | $ 455 | $ 387 | $ 455 | ||||||||||||||
Equity securities | ||||||||||||||||||
Beginning balance | $ 9,755 | $10,035 | $ 9,642 | $10,903 | ||||||||||||||
Net realized gains/(losses) | 29 | 64 | (4 | ) | 81 | |||||||||||||
Net unrealized gains/(losses) | 118 | 373 | 916 | (448 | ) | |||||||||||||
Purchases | 371 | 206 | 849 | 680 | ||||||||||||||
Sales | (254 | ) | (245 | ) | (641 | ) | (1,160 | ) | ||||||||||
Settlements | (146 | ) | (283 | ) | (866 | ) | (575 | ) | ||||||||||
Transfers into level 3 | 251 | 109 | 609 | 1,722 | ||||||||||||||
Transfers out of level 3 | (2,197 | ) | (221 | ) | (2,578 | ) | (1,165 | ) | ||||||||||
Ending balance | $ 7,927 | $10,038 | $ 7,927 | $10,038 |
Goldman Sachs September 2022 Form 10-Q | 34 |
$ in millions | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
As of September 2022 | |||||||||||
Less than 1 year | $ | 5,920 | $ | 5,908 | 2.25 | % | |||||
1 year to 5 years | 40,254 | 38,816 | 2.79 | % | |||||||
5 years to 10 years | 2,209 | 2,134 | 3.41 | % | |||||||
Total U.S. government obligations | 48,383 | 46,858 | 2.75 | % | |||||||
5 years to 10 years | 2 | 2 | 4.39 | % | |||||||
Greater than 10 years | 164 | 160 | 1.79 | % | |||||||
Total securities backed by real estate | 166 | 162 | 1.84 | % | |||||||
Total held-to-maturity securities | $ | 48,549 | $ | 47,020 | 2.75 | % | |||||
As of December 2021 | |||||||||||
1 year to 5 years | $ | 4,054 | $ | 4,200 | 2.30 | % | |||||
Total U.S. government obligations | 4,054 | 4,200 | 2.30 | % | |||||||
5 years to 10 years | 3 | 3 | 2.78 | % | |||||||
Greater than 10 years | 642 | 670 | 1.03 | % | |||||||
Total securities backed by real estate | 645 | 673 | 1.04 | % | |||||||
Total held-to-maturity securities | $ | 4,699 | $ | 4,873 | 2.13 | % |
$ in millions | Amortized Cost | Fair Value | | Weighted Average Yield | | |||||||
As of September 2021 | ||||||||||||
Less than 1 year | $ 504 | $ 507 | 2.55% | |||||||||
1 year to 5 years | 4,038 | 4,242 | 2.30% | |||||||||
Total U.S. government obligations | 4,542 | 4,749 | 2.33% | |||||||||
5 years to 10 years | 3 | 3 | 2.64% | |||||||||
Greater than 10 years | 660 | 686 | 1.00% | |||||||||
Total securities backed by real estate | 663 | 689 | 1.02% | |||||||||
Total held-to-maturity | $5,205 | $5,438 | 2.16% | |||||||||
As of December 2020 | ||||||||||||
Less than 1 year | $ 501 | $ 513 | 2.53% | |||||||||
1 year to 5 years | 2,529 | 2,695 | 2.34% | |||||||||
5 years to 10 years | 1,531 | 1,675 | 2.25% | |||||||||
Total U.S. government obligations | 4,561 | 4,883 | 2.33% | |||||||||
5 years to 10 years | 4 | 3 | 2.56% | |||||||||
Greater than 10 years | 736 | 751 | 1.08% | |||||||||
Total securities backed by real estate | 740 | 754 | 1.08% | |||||||||
Total held-to-maturity | $5,301 | $5,637 | 2.15% |
35 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total | ||||||||||
As of September 2022 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | 57,431 | $ | 1,844 | $ | 3,906 | $ | 63,181 | ||||||
Wealth management | 45,564 | 4,537 | — | 50,101 | ||||||||||
Commercial real estate | 22,214 | 1,277 | 2,591 | 26,082 | ||||||||||
Residential real estate | 14,084 | 257 | 1 | 14,342 | ||||||||||
Consumer: | ||||||||||||||
Installment | 5,157 | — | — | 5,157 | ||||||||||
Credit cards | 13,691 | — | — | 13,691 | ||||||||||
Other | 8,324 | 335 | 302 | 8,961 | ||||||||||
Total loans, gross | 166,465 | 8,250 | 6,800 | 181,515 | ||||||||||
Allowance for loan losses | (4,846) | — | — | (4,846) | ||||||||||
Total loans | $ | 161,619 | $ | 8,250 | $ | 6,800 | $ | 176,669 | ||||||
As of December 2021 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | 50,960 | $ | 2,492 | $ | 2,475 | $ | 55,927 | ||||||
Wealth management | 38,062 | 5,936 | — | 43,998 | ||||||||||
Commercial real estate | 21,150 | 1,588 | 3,145 | 25,883 | ||||||||||
Residential real estate | 15,493 | 320 | 100 | 15,913 | ||||||||||
Consumer: | ||||||||||||||
Installment | 3,672 | — | — | 3,672 | ||||||||||
Credit cards | 8,212 | — | — | 8,212 | ||||||||||
Other | 5,958 | 433 | 2,139 | 8,530 | ||||||||||
Total loans, gross | 143,507 | 10,769 | 7,859 | 162,135 | ||||||||||
Allowance for loan losses | (3,573) | — | — | (3,573) | ||||||||||
Total loans | $ | 139,934 | $ | 10,769 | $ | 7,859 | $ | 158,562 |
$ in millions | Amortized Cost | Fair Value | Held For Sale | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 48,943 | $ 3,020 | $2,144 | $ 54,107 | ||||||||||||
Wealth management | 35,159 | 6,616 | – | 41,775 | ||||||||||||
Commercial real estate | 17,892 | 1,655 | 2,160 | 21,707 | ||||||||||||
Residential real estate | 12,356 | 351 | 652 | 13,359 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | 3,449 | – | – | 3,449 | ||||||||||||
Credit cards | 6,251 | – | – | 6,251 | ||||||||||||
Other | 5,308 | 462 | 538 | 6,308 | ||||||||||||
Total loans, gross | 129,358 | 12,104 | 5,494 | 146,956 | ||||||||||||
Allowance for loan losses | (3,332 | ) | – | – | (3,332 | ) | ||||||||||
Total loans | $126,026 | $12,104 | $5,494 | $143,624 | ||||||||||||
As of December 2020 | ||||||||||||||||
Loan Type | �� | |||||||||||||||
Corporate | $ 44,778 | $ 2,751 | $1,130 | $ 48,659 | ||||||||||||
Wealth management | 25,151 | 7,872 | – | 33,023 | ||||||||||||
Commercial real estate | 17,096 | 1,961 | 1,233 | 20,290 | ||||||||||||
Residential real estate | 5,236 | 494 | 20 | 5,750 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | 3,823 | – | – | 3,823 | ||||||||||||
Credit cards | 4,270 | – | – | 4,270 | ||||||||||||
Other | 3,211 | 547 | 416 | 4,174 | ||||||||||||
Total loans, gross | 103,565 | 13,625 | 2,799 | 119,989 | ||||||||||||
Allowance for loan losses | (3,874 | ) | – | – | (3,874 | ) | ||||||||||
Total loans | $ 99,691 | $13,625 | $2,799 | $116,115 |
Goldman Sachs September 2022 Form 10-Q | 36 |
$ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total | ||||||||||
As of September 2022 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | 62,336 | $ | 78,212 | $ | 25,917 | $ | 166,465 | ||||||
Fair value | 1,784 | 3,606 | 2,860 | 8,250 | ||||||||||
Held for sale | 1,036 | 5,703 | 61 | 6,800 | ||||||||||
Total | $ | 65,156 | $ | 87,521 | $ | 28,838 | $ | 181,515 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | 21,072 | $ | 42,033 | $ | 76 | $ | 63,181 | ||||||
Wealth management | 36,376 | 6,090 | 7,635 | 50,101 | ||||||||||
Real estate: | ||||||||||||||
Commercial | 2,586 | 23,246 | 250 | 26,082 | ||||||||||
Residential | 935 | 12,406 | 1,001 | 14,342 | ||||||||||
Consumer: | ||||||||||||||
Installment | — | — | 5,157 | 5,157 | ||||||||||
Credit cards | — | — | 13,691 | 13,691 | ||||||||||
Other | 4,187 | 3,746 | 1,028 | 8,961 | ||||||||||
Total | $ | 65,156 | $ | 87,521 | $ | 28,838 | $ | 181,515 | ||||||
Secured | 85 | % | 93 | % | 31 | % | 80 | % | ||||||
Unsecured | 15 | % | 7 | % | 69 | % | 20 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
As of December 2021 | ||||||||||||||
Accounting Method | ||||||||||||||
Amortized cost | $ | 50,923 | $ | 75,179 | $ | 17,405 | $ | 143,507 | ||||||
Fair value | 2,301 | 4,634 | 3,834 | 10,769 | ||||||||||
Held for sale | 1,650 | 4,747 | 1,462 | 7,859 | ||||||||||
Total | $ | 54,874 | $ | 84,560 | $ | 22,701 | $ | 162,135 | ||||||
Loan Type | ||||||||||||||
Corporate | $ | 15,370 | $ | 40,389 | $ | 168 | $ | 55,927 | ||||||
Wealth management | 31,476 | 5,730 | 6,792 | 43,998 | ||||||||||
Real estate: | ||||||||||||||
Commercial | 3,986 | 21,523 | 374 | 25,883 | ||||||||||
Residential | 1,112 | 13,779 | 1,022 | 15,913 | ||||||||||
Consumer: | ||||||||||||||
Installment | — | — | 3,672 | 3,672 | ||||||||||
Credit cards | — | — | 8,212 | 8,212 | ||||||||||
Other | 2,930 | 3,139 | 2,461 | 8,530 | ||||||||||
Total | $ | 54,874 | $ | 84,560 | $ | 22,701 | $ | 162,135 | ||||||
Secured | 85 | % | 92 | % | 36 | % | 82 | % | ||||||
Unsecured | 15 | % | 8 | % | 64 | % | 18 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Accounting Method | ||||||||||||||||
Amortized cost | $47,429 | $67,434 | $14,495 | $129,358 | ||||||||||||
Fair value | 2,502 | 5,279 | 4,323 | 12,104 | ||||||||||||
Held for sale | 1,151 | 4,163 | 180 | 5,494 | ||||||||||||
Total | $51,082 | $76,876 | $18,998 | $146,956 | ||||||||||||
Loan Type | ||||||||||||||||
Corporate | $14,048 | $39,809 | $ 250 | $ 54,107 | ||||||||||||
Wealth management | 29,631 | 5,595 | 6,549 | 41,775 | ||||||||||||
Real estate: | ||||||||||||||||
Commercial | 3,463 | 17,903 | 341 | 21,707 | ||||||||||||
Residential | 1,247 | 11,051 | 1,061 | 13,359 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | – | – | 3,449 | 3,449 | ||||||||||||
Credit cards | – | – | 6,251 | 6,251 | ||||||||||||
Other | 2,693 | 2,518 | 1,097 | 6,308 | ||||||||||||
Total | $51,082 | $76,876 | $18,998 | $146,956 | ||||||||||||
Secured | 87% | 92% | 42% | 84% | ||||||||||||
Unsecured | 13% | 8% | 58% | 16% | ||||||||||||
Total | 100% | 100% | 100% | 100% | ||||||||||||
As of December 2020 | ||||||||||||||||
Accounting Method | ||||||||||||||||
Amortized cost | $33,532 | $58,250 | $11,783 | $103,565 | ||||||||||||
Fair value | 2,084 | 5,925 | 5,616 | 13,625 | ||||||||||||
Held for sale | 224 | 2,152 | 423 | 2,799 | ||||||||||||
Total | $35,840 | $66,327 | $17,822 | $119,989 | ||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 9,478 | $38,704 | $ 477 | $ 48,659 | ||||||||||||
Wealth management | 22,098 | 5,331 | 5,594 | 33,023 | ||||||||||||
Real estate: | ||||||||||||||||
Commercial | 1,792 | 17,480 | 1,018 | 20,290 | ||||||||||||
Residential | 636 | 3,852 | 1,262 | 5,750 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | – | – | 3,823 | 3,823 | ||||||||||||
Credit cards | – | – | 4,270 | 4,270 | ||||||||||||
Other | 1,836 | 960 | 1,378 | 4,174 | ||||||||||||
Total | $35,840 | $66,327 | $17,822 | $119,989 | ||||||||||||
Secured | 83% | 90% | 46% | 82% | ||||||||||||
Unsecured | 17% | 10% | 54% | 18% | ||||||||||||
Total | 100% | 100% | 100% | 100% |
37 | Goldman Sachs September |
As of September 2022 | ||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | ||||||||||
2022 | $ | 4,364 | $ | 3,512 | $ | — | $ | 7,876 | ||||||
2021 | 3,847 | 7,031 | — | 10,878 | ||||||||||
2020 | 1,246 | 4,334 | — | 5,580 | ||||||||||
2019 | 325 | 3,333 | — | 3,658 | ||||||||||
2018 | 1,833 | 2,064 | — | 3,897 | ||||||||||
2017 or earlier | 1,063 | 3,026 | — | 4,089 | ||||||||||
Revolving | 7,259 | 14,193 | 1 | 21,453 | ||||||||||
Corporate | 19,937 | 37,493 | 1 | 57,431 | ||||||||||
2022 | 1,886 | 766 | 907 | 3,559 | ||||||||||
2021 | 1,391 | 1,069 | 1,175 | 3,635 | ||||||||||
2020 | 522 | 377 | — | 899 | ||||||||||
2019 | 411 | 225 | — | 636 | ||||||||||
2018 | 356 | 36 | — | 392 | ||||||||||
2017 or earlier | 686 | 468 | — | 1,154 | ||||||||||
Revolving | 30,018 | 2,083 | 3,188 | 35,289 | ||||||||||
Wealth management | 35,270 | 5,024 | 5,270 | 45,564 | ||||||||||
2022 | 39 | 3,053 | 157 | 3,249 | ||||||||||
2021 | 219 | 3,437 | — | 3,656 | ||||||||||
2020 | 85 | 1,420 | — | 1,505 | ||||||||||
2019 | 47 | 1,203 | — | 1,250 | ||||||||||
2018 | 184 | 488 | — | 672 | ||||||||||
2017 or earlier | 655 | 674 | 6 | 1,335 | ||||||||||
Revolving | 863 | 9,684 | — | 10,547 | ||||||||||
Commercial real estate | 2,092 | 19,959 | 163 | 22,214 | ||||||||||
2022 | 97 | 734 | 218 | 1,049 | ||||||||||
2021 | 141 | 1,208 | 229 | 1,578 | ||||||||||
2020 | — | 11 | 91 | 102 | ||||||||||
2019 | — | — | 101 | 101 | ||||||||||
2018 | — | 103 | 142 | 245 | ||||||||||
2017 or earlier | 6 | 2 | 144 | 152 | ||||||||||
Revolving | 669 | 10,188 | — | 10,857 | ||||||||||
Residential real estate | 913 | 12,246 | 925 | 14,084 | ||||||||||
2022 | — | 84 | 114 | 198 | ||||||||||
2021 | — | 556 | 160 | 716 | ||||||||||
2020 | — | 30 | 320 | 350 | ||||||||||
2019 | — | 11 | 13 | 24 | ||||||||||
2018 | — | 13 | 10 | 23 | ||||||||||
2017 or earlier | — | 4 | 5 | 9 | ||||||||||
Revolving | 4,124 | 2,792 | 88 | 7,004 | ||||||||||
Other | 4,124 | 3,490 | 710 | 8,324 | ||||||||||
Total | $ | 62,336 | $ | 78,212 | $ | 7,069 | $ | 147,617 | ||||||
Percentage of total | 42 | % | 53 | % | 5 | % | 100 | % |
As of September 2021 | ||||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Unrated | Total | ||||||||||||
2021 | $ 2,910 | $ 8,217 | $ – | $ 11,127 | ||||||||||||
2020 | 2,241 | 5,263 | 19 | 7,523 | ||||||||||||
2019 | 458 | 4,377 | – | 4,835 | ||||||||||||
2018 | 1,853 | 2,965 | – | 4,818 | ||||||||||||
2017 | 755 | 2,029 | – | 2,784 | ||||||||||||
2016 or earlier | 258 | 2,157 | – | 2,415 | ||||||||||||
Revolving | 4,127 | 11,249 | 65 | 15,441 | ||||||||||||
Corporate | 12,602 | 36,257 | 84 | 48,943 | ||||||||||||
2021 | 967 | 618 | 875 | 2,460 | ||||||||||||
2020 | 537 | 248 | – | 785 | ||||||||||||
2019 | 636 | 400 | – | 1,036 | ||||||||||||
2018 | 320 | 106 | – | 426 | ||||||||||||
2017 | 369 | 31 | – | 400 | ||||||||||||
2016 or earlier | 578 | 247 | – | 825 | ||||||||||||
Revolving | 24,796 | 2,273 | 2,158 | 29,227 | ||||||||||||
Wealth management | 28,203 | 3,923 | 3,033 | 35,159 | ||||||||||||
2021 | 329 | 2,715 | 33 | 3,077 | ||||||||||||
2020 | 322 | 2,194 | – | 2,516 | ||||||||||||
2019 | 72 | 1,460 | – | 1,532 | ||||||||||||
2018 | 212 | 1,055 | – | 1,267 | ||||||||||||
2017 | 453 | 740 | – | 1,193 | ||||||||||||
2016 or earlier | 419 | 741 | 17 | 1,177 | ||||||||||||
Revolving | 1,096 | 6,034 | – | 7,130 | ||||||||||||
Commercial real estate | 2,903 | 14,939 | 50 | 17,892 | ||||||||||||
2021 | 381 | 43 | 191 | 615 | ||||||||||||
2020 | 287 | 274 | 110 | 671 | ||||||||||||
2019 | – | 3 | 205 | 208 | ||||||||||||
2018 | – | 93 | 177 | 270 | ||||||||||||
2017 | 8 | 53 | 127 | 188 | ||||||||||||
2016 or earlier | – | 1 | 58 | 59 | ||||||||||||
Revolving | 435 | 9,910 | – | 10,345 | ||||||||||||
Residential real estate | 1,111 | 10,377 | 868 | 12,356 | ||||||||||||
2021 | 104 | 428 | 246 | 778 | ||||||||||||
2020 | – | 75 | 400 | 475 | ||||||||||||
2019 | – | 31 | 21 | 52 | ||||||||||||
2018 | – | 33 | – | 33 | ||||||||||||
2017 | – | 6 | 9 | 15 | ||||||||||||
Revolving | 2,506 | 1,365 | 84 | 3,955 | ||||||||||||
Other | 2,610 | 1,938 | 760 | 5,308 | ||||||||||||
Total | $ 47,429 | $ 67,434 | $ 4,795 | $ 119,658 | ||||||||||||
Percentage of total | 40% | 56% | 4% | 100% |
As of December 2020 | ||||||||||||||||||||||||||||||
As of December 2021 | ||||||||||||||||||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | $ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total | |||||||||||||||||||||
2021 | 2021 | $ | 4,687 | $ | 10,424 | $ | 52 | $ | 15,163 | |||||||||||||||||||||
2020 | $ 1,978 | $ 7,545 | $ 140 | $ 9,663 | 2020 | 1,911 | 4,561 | 7 | 6,479 | |||||||||||||||||||||
2019 | 889 | 6,106 | – | 6,995 | 2019 | 451 | 3,949 | — | 4,400 | |||||||||||||||||||||
2018 | 2,076 | 3,555 | – | 5,631 | 2018 | 1,842 | 2,901 | — | 4,743 | |||||||||||||||||||||
2017 | 851 | 3,083 | – | 3,934 | 2017 | 733 | 1,857 | — | 2,590 | |||||||||||||||||||||
2016 | 268 | 1,262 | – | 1,530 | ||||||||||||||||||||||||||
2015 or earlier | 351 | 2,073 | – | 2,424 | ||||||||||||||||||||||||||
2016 or earlier | 2016 or earlier | 274 | 1,693 | — | 1,967 | |||||||||||||||||||||||||
Revolving | 2,662 | 11,891 | 48 | 14,601 | Revolving | 3,800 | 11,744 | 74 | 15,618 | |||||||||||||||||||||
Corporate | 9,075 | 35,515 | 188 | 44,778 | Corporate | 13,698 | 37,129 | 133 | 50,960 | |||||||||||||||||||||
2021 | 2021 | 1,405 | 1,186 | 1,265 | 3,856 | |||||||||||||||||||||||||
2020 | 497 | 313 | – | 810 | 2020 | 558 | 287 | — | 845 | |||||||||||||||||||||
2019 | 723 | 403 | – | 1,126 | 2019 | 537 | 352 | — | 889 | |||||||||||||||||||||
2018 | 298 | 87 | – | 385 | 2018 | 334 | 38 | — | 372 | |||||||||||||||||||||
2017 | 377 | 30 | – | 407 | 2017 | 380 | 31 | — | 411 | |||||||||||||||||||||
2016 | 22 | 20 | – | 42 | ||||||||||||||||||||||||||
2015 or earlier | 531 | 264 | – | 795 | ||||||||||||||||||||||||||
2016 or earlier | 2016 or earlier | 565 | 243 | — | 808 | |||||||||||||||||||||||||
Revolving | 18,077 | 2,085 | 1,424 | 21,586 | Revolving | 26,349 | 2,127 | 2,405 | 30,881 | |||||||||||||||||||||
Wealth management | 20,525 | 3,202 | 1,424 | 25,151 | Wealth management | 30,128 | 4,264 | 3,670 | 38,062 | |||||||||||||||||||||
2021 | 2021 | 334 | 4,084 | 94 | 4,512 | |||||||||||||||||||||||||
2020 | 848 | 3,071 | 55 | 3,974 | 2020 | 127 | 1,890 | — | 2,017 | |||||||||||||||||||||
2019 | 76 | 1,965 | – | 2,041 | 2019 | 52 | 1,336 | — | 1,388 | |||||||||||||||||||||
2018 | 137 | 2,164 | 25 | 2,326 | 2018 | 207 | 829 | — | 1,036 | |||||||||||||||||||||
2017 | 26 | 1,734 | 12 | 1,772 | 2017 | 398 | 624 | — | 1,022 | |||||||||||||||||||||
2016 | – | 165 | 9 | 174 | ||||||||||||||||||||||||||
2015 or earlier | – | 775 | 526 | 1,301 | ||||||||||||||||||||||||||
2016 or earlier | 2016 or earlier | 405 | 583 | 7 | 995 | |||||||||||||||||||||||||
Revolving | 461 | 5,047 | – | 5,508 | Revolving | 1,768 | 8,412 | — | 10,180 | |||||||||||||||||||||
Commercial real estate | 1,548 | 14,921 | 627 | 17,096 | Commercial real estate | 3,291 | 17,758 | 101 | 21,150 | |||||||||||||||||||||
2021 | 2021 | 113 | 1,944 | 253 | 2,310 | |||||||||||||||||||||||||
2020 | 402 | 976 | 115 | 1,493 | 2020 | 260 | 557 | 103 | 920 | |||||||||||||||||||||
2019 | – | 90 | 271 | 361 | 2019 | — | — | 173 | 173 | |||||||||||||||||||||
2018 | – | 123 | 249 | 372 | 2018 | — | 84 | 165 | 249 | |||||||||||||||||||||
2017 | 9 | 83 | 152 | 244 | 2017 | 8 | 65 | 119 | 192 | |||||||||||||||||||||
2016 | – | 1 | – | 1 | ||||||||||||||||||||||||||
2015 or earlier | – | – | 70 | 70 | ||||||||||||||||||||||||||
2016 or earlier | 2016 or earlier | — | 1 | 56 | 57 | |||||||||||||||||||||||||
Revolving | 225 | 2,470 | – | 2,695 | Revolving | 673 | 10,919 | — | 11,592 | |||||||||||||||||||||
Residential real estate | 636 | 3,743 | 857 | 5,236 | Residential real estate | 1,054 | 13,570 | 869 | 15,493 | |||||||||||||||||||||
2021 | 2021 | — | 694 | 261 | 955 | |||||||||||||||||||||||||
2020 | 242 | 84 | 466 | 792 | 2020 | — | 59 | 378 | 437 | |||||||||||||||||||||
2019 | – | 67 | 29 | 96 | 2019 | — | 25 | 19 | 44 | |||||||||||||||||||||
2018 | – | 46 | – | 46 | 2018 | — | 30 | — | 30 | |||||||||||||||||||||
2017 | – | 8 | – | 8 | 2017 | — | 5 | 8 | 13 | |||||||||||||||||||||
Revolving | 1,506 | 664 | 99 | 2,269 | Revolving | 2,752 | 1,645 | 82 | 4,479 | |||||||||||||||||||||
Other | 1,748 | 869 | 594 | 3,211 | Other | 2,752 | 2,458 | 748 | 5,958 | |||||||||||||||||||||
Total | $33,532 | $58,250 | $3,690 | $95,472 | Total | $ | 50,923 | $ | 75,179 | $ | 5,521 | $ | 131,623 | |||||||||||||||||
Percentage of total | 35% | 61% | 4% | 100% | Percentage of total | 39 | % | 57 | % | 4 | % | 100 | % |
Goldman Sachs September | 38 |
$ in millions | Greater than or equal to 660 | Less than 660 | Total | ||||||||
As of September 2022 | |||||||||||
2022 | $ | 2,951 | $ | 118 | $ | 3,069 | |||||
2021 | 1,271 | 102 | 1,373 | ||||||||
2020 | 324 | 27 | 351 | ||||||||
2019 | 210 | 29 | 239 | ||||||||
2018 | 98 | 17 | 115 | ||||||||
2017 or earlier | 8 | 2 | 10 | ||||||||
Installment | 4,862 | 295 | 5,157 | ||||||||
Credit cards | 9,495 | 4,196 | 13,691 | ||||||||
Total | $ | 14,357 | $ | 4,491 | $ | 18,848 | |||||
Percentage of total: | |||||||||||
Installment | 94 | % | 6 | % | 100 | % | |||||
Credit cards | 69 | % | 31 | % | 100 | % | |||||
Total | 76 | % | 24 | % | 100 | % | |||||
As of December 2021 | |||||||||||
2021 | $ | 2,017 | $ | 42 | $ | 2,059 | |||||
2020 | 665 | 40 | 705 | ||||||||
2019 | 508 | 61 | 569 | ||||||||
2018 | 257 | 42 | 299 | ||||||||
2017 | 32 | 7 | 39 | ||||||||
2016 | 1 | — | 1 | ||||||||
Installment | 3,480 | 192 | 3,672 | ||||||||
Credit cards | 6,100 | 2,112 | 8,212 | ||||||||
Total | $ | 9,580 | $ | 2,304 | $ | 11,884 | |||||
Percentage of total: | |||||||||||
Installment | 95 | % | 5 | % | 100 | % | |||||
Credit cards | 74 | % | 26 | % | 100 | % | |||||
Total | 81 | % | 19 | % | 100 | % |
$ in millions | Greater than or equal to 660 | Less than 660 | Total | |||||||||
As of September 2021 | ||||||||||||
2021 | $1,380 | $ 19 | $1,399 | |||||||||
2020 | 816 | 40 | 856 | |||||||||
2019 | 658 | 74 | 732 | |||||||||
2018 | 347 | 56 | 403 | |||||||||
2017 | 47 | 10 | 57 | |||||||||
2016 | 2 | – | 2 | |||||||||
Installment | 3,250 | 199 | 3,449 | |||||||||
Credit cards | 4,665 | 1,586 | 6,251 | |||||||||
Total | $7,915 | $1,785 | $9,700 | |||||||||
Percentage of total: | ||||||||||||
Installment | 94% | 6% | 100% | |||||||||
Credit cards | 75% | 25% | 100% | |||||||||
Total | 82% | 18% | 100% | |||||||||
As of December 2020 | ||||||||||||
2020 | $1,321 | $ 38 | $1,359 | |||||||||
2019 | 1,225 | 132 | 1,357 | |||||||||
2018 | 792 | 150 | 942 | |||||||||
2017 | 128 | 30 | 158 | |||||||||
2016 | 6 | 1 | 7 | |||||||||
Installment | 3,472 | 351 | 3,823 | |||||||||
Credit cards | 3,398 | 872 | 4,270 | |||||||||
Total | $6,870 | $1,223 | $8,093 | |||||||||
Percentage of total: | ||||||||||||
Installment | 91% | 9% | 100% | |||||||||
Credit cards | 80% | 20% | 100% | |||||||||
Total | 85% | 15% | 100% |
$ in millions | Carrying Value | Americas | EMEA | Asia | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Corporate | $ | 63,181 | 64 | % | 29 | % | 7 | % | 100 | % | |||||||
Wealth management | 50,101 | 89 | % | 10 | % | 1 | % | 100 | % | ||||||||
Commercial real estate | 26,082 | 79 | % | 16 | % | 5 | % | 100 | % | ||||||||
Residential real estate | 14,342 | 95 | % | 3 | % | 2 | % | 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | 5,157 | 100 | % | — | — | 100 | % | ||||||||||
Credit cards | 13,691 | 100 | % | — | — | 100 | % | ||||||||||
Other | 8,961 | 89 | % | 10 | % | 1 | % | 100 | % | ||||||||
Total | $ | 181,515 | 80 | % | 16 | % | 4 | % | 100 | % | |||||||
As of December 2021 | |||||||||||||||||
Corporate | $ | 55,927 | 54 | % | 38 | % | 8 | % | 100 | % | |||||||
Wealth management | 43,998 | 87 | % | 10 | % | 3 | % | 100 | % | ||||||||
Commercial real estate | 25,883 | 80 | % | 15 | % | 5 | % | 100 | % | ||||||||
Residential real estate | 15,913 | 95 | % | 2 | % | 3 | % | 100 | % | ||||||||
Consumer: | |||||||||||||||||
Installment | 3,672 | 100 | % | — | — | 100 | % | ||||||||||
Credit cards | 8,212 | 100 | % | — | — | 100 | % | ||||||||||
Other | 8,530 | 84 | % | 15 | % | 1 | % | 100 | % | ||||||||
Total | $ | 162,135 | 76 | % | 19 | % | 5 | % | 100 | % |
$ in millions | Carrying Value | Americas | EMEA | Asia | Total | |||||||||||||||
As of September 2021 | ||||||||||||||||||||
Corporate | $ 54,107 | 56% | 36% | 8% | 100% | |||||||||||||||
Wealth management | 41,775 | 86% | 11% | 3% | 100% | |||||||||||||||
Commercial real estate | 21,707 | 75% | 19% | 6% | 100% | |||||||||||||||
Residential real estate | 13,359 | 92% | 5% | 3% | 100% | |||||||||||||||
Consumer: | ||||||||||||||||||||
Installment | 3,449 | 100% | – | – | 100% | |||||||||||||||
Credit cards | 6,251 | 100% | – | – | 100% | |||||||||||||||
Other | 6,308 | 88% | 10% | 2% | 100% | |||||||||||||||
Total | $146,956 | 75% | 20% | 5% | 100% | |||||||||||||||
As of December 2020 | ||||||||||||||||||||
Corporate | $ 48,659 | 60% | 31% | 9% | 100% | |||||||||||||||
Wealth management | 33,023 | 88% | 10% | 2% | 100% | |||||||||||||||
Commercial real estate | 20,290 | 71% | 19% | 10% | 100% | |||||||||||||||
Residential real estate | 5,750 | 88% | 9% | 3% | 100% | |||||||||||||||
Consumer: | ||||||||||||||||||||
Installment | 3,823 | 100% | – | – | 100% | |||||||||||||||
Credit cards | 4,270 | 100% | – | – | 100% | |||||||||||||||
Other | 4,174 | 81% | 17% | 2% | 100% | |||||||||||||||
Total | $119,989 | 75% | 19% | 6% | 100% |
39 | Goldman Sachs September |
$ in millions | 30-89 days | 90 days or more | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $ | 12 | $ | 129 | $ | 141 | |||||
Wealth management | 253 | 37 | 290 | ||||||||
Commercial real estate | 24 | 316 | 340 | ||||||||
Residential real estate | 2 | 7 | 9 | ||||||||
Consumer: | |||||||||||
Installment | 34 | 12 | 46 | ||||||||
Credit cards | 226 | 196 | 422 | ||||||||
Other | 20 | 8 | 28 | ||||||||
Total | $ | 571 | $ | 705 | $ | 1,276 | |||||
Total divided by gross loans at amortized cost | 0.8 | % | |||||||||
As of December 2021 | |||||||||||
Corporate | $ | 5 | $ | 90 | $ | 95 | |||||
Wealth management | — | 20 | 20 | ||||||||
Commercial real estate | 7 | 143 | 150 | ||||||||
Residential real estate | 3 | 4 | 7 | ||||||||
Consumer: | |||||||||||
Installment | 20 | 7 | 27 | ||||||||
Credit cards | 86 | 71 | 157 | ||||||||
Other | 15 | 3 | 18 | ||||||||
Total | $ | 136 | $ | 338 | $ | 474 | |||||
Total divided by gross loans at amortized cost | 0.3 | % |
$ in millions | 30-89 days | 90 days or more | Total | |||||||||
As of September 2021 | ||||||||||||
Corporate | $ | $121 | $121 | |||||||||
Wealth management | 4 | 46 | 50 | |||||||||
Commercial real estate | 33 | 101 | 134 | |||||||||
Residential real estate | 1 | 5 | 6 | |||||||||
Consumer: | ||||||||||||
Installment | 20 | 8 | 28 | |||||||||
Credit cards | 66 | 52 | 118 | |||||||||
Other | 17 | 9 | 26 | |||||||||
Total | $141 | $342 | $483 | |||||||||
Total divided by gross loans at amortized cost | 0.4% | |||||||||||
As of December 2020 | ||||||||||||
Corporate | $ | $294 | $294 | |||||||||
Wealth management | 58 | 34 | 92 | |||||||||
Commercial real estate | 49 | 183 | 232 | |||||||||
Residential real estate | 4 | 23 | 27 | |||||||||
Consumer: | ||||||||||||
Installment | 42 | 16 | 58 | |||||||||
Credit cards | 46 | 31 | 77 | |||||||||
Other | 20 | 4 | 24 | |||||||||
Total | $219 | $585 | $804 | |||||||||
Total divided by gross loans at amortized cost | 0.8% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 1,422 | $ | 1,559 | ||||
Wealth management | 213 | 21 | ||||||
Commercial real estate | 574 | 841 | ||||||
Residential real estate | 4 | 5 | ||||||
Installment | 38 | 43 | ||||||
Total | $ | 2,251 | $ | 2,469 | ||||
Total divided by gross loans at amortized cost | 1.4 | % | 1.7 | % |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Corporate | $1,739 | $2,651 | ||||||
Wealth management | 39 | 61 | ||||||
Commercial real estate | 874 | 649 | ||||||
Residential real estate | 12 | 25 | ||||||
Installment | 45 | 44 | ||||||
Other | – | 122 | ||||||
Total | $2,709 | $3,552 | ||||||
Total divided by gross loans at amortized cost | 2.1% | 3.4% |
Goldman Sachs September | 40 |
As of | |||||||||||||||||
September 2022 | December 2021 | ||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | |||||||||||||
Wholesale | |||||||||||||||||
Corporate | $ | 57,431 | $139,946 | $ | 50,960 | $143,296 | |||||||||||
Wealth management | 45,564 | 4,638 | 38,062 | 4,091 | |||||||||||||
Commercial real estate | 22,214 | 2,715 | 21,150 | 4,306 | |||||||||||||
Residential real estate | 14,084 | 2,793 | 15,493 | 3,317 | |||||||||||||
Other | 8,324 | 4,940 | 5,958 | 6,169 | |||||||||||||
Consumer | |||||||||||||||||
Installment | 5,157 | 957 | 3,672 | 9 | |||||||||||||
Credit cards | 13,691 | 60,655 | 8,212 | 35,932 | |||||||||||||
Total | $ | 166,465 | $216,644 | $ | 143,507 | $197,120 |
As of | ||||||||||||||||||
September 2021 | December 2020 | |||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | ||||||||||||||
Wholesale | ||||||||||||||||||
Corporate | $ 48,943 | $150,464 | $ 44,778 | $127,756 | ||||||||||||||
Wealth management | 35,159 | 4,014 | 25,151 | 2,314 | ||||||||||||||
Commercial real estate | 17,892 | 4,183 | 17,096 | 4,154 | ||||||||||||||
Residential real estate | 12,356 | 2,785 | 5,236 | 1,804 | ||||||||||||||
Other | 5,308 | 5,183 | 3,211 | 4,841 | ||||||||||||||
Consumer | ||||||||||||||||||
Installment | 3,449 | 11 | 3,823 | 4 | ||||||||||||||
Credit cards | 6,251 | 31,718 | 4,270 | 21,640 | ||||||||||||||
Total | $129,358 | $198,358 | $103,565 | $162,513 |
41 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Wholesale | Consumer | Total | ||||||||
Three Months Ended September 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | 2,458 | $ | 2,104 | $ | 4,562 | |||||
Net (charge-offs)/recoveries | (43) | (129) | (172) | ||||||||
Provision | 78 | 403 | 481 | ||||||||
Other | (25) | — | (25) | ||||||||
Ending balance | $ | 2,468 | $ | 2,378 | $ | 4,846 | |||||
Allowance ratio | 1.7 | % | 12.6 | % | 2.9 | % | |||||
Net charge-off ratio | 0.1 | % | 2.9 | % | 0.4 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | 702 | $ | 3 | $ | 705 | |||||
Provision | (10) | 44 | 34 | ||||||||
Ending balance | $ | 692 | $ | 47 | $ | 739 | |||||
Three Months Ended September 2021 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | 2,173 | $ | 1,098 | $ | 3,271 | |||||
Net (charge-offs)/recoveries | (40) | (36) | (76) | ||||||||
Provision | 25 | 139 | 164 | ||||||||
Other | (27) | — | (27) | ||||||||
Ending balance | $ | 2,131 | $ | 1,201 | $ | 3,332 | |||||
Allowance ratio | 1.8 | % | 12.4 | % | 2.6 | % | |||||
Net charge-off ratio | 0.1 | % | 1.6 | % | 0.2 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | 636 | $ | 186 | $ | 822 | |||||
Provision | 13 | (2) | 11 | ||||||||
Ending balance | $ | 649 | $ | 184 | $ | 833 | |||||
Nine Months Ended September 2022 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | 2,135 | $ | 1,438 | $ | 3,573 | |||||
Net (charge-offs)/recoveries | (189) | (286) | (475) | ||||||||
Provision | 551 | 1,226 | 1,777 | ||||||||
Other | (29) | — | (29) | ||||||||
Ending balance | $ | 2,468 | $ | 2,378 | $ | 4,846 | |||||
Allowance ratio | 1.7 | % | 12.6 | % | 2.9 | % | |||||
Net charge-off ratio | 0.2 | % | 2.5 | % | 0.4 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | 589 | $ | 187 | $ | 776 | |||||
Provision | 106 | (140) | (34) | ||||||||
Other | (3) | — | (3) | ||||||||
Ending balance | $ | 692 | $ | 47 | $ | 739 | |||||
Nine Months Ended September 2021 | |||||||||||
Allowance for loan losses | |||||||||||
Beginning balance | $ | 2,584 | $ | 1,290 | $ | 3,874 | |||||
Net (charge-offs)/recoveries | (49) | (153) | (202) | ||||||||
Provision | (345) | 64 | (281) | ||||||||
Other | (59) | — | (59) | ||||||||
Ending balance | $ | 2,131 | $ | 1,201 | $ | 3,332 | |||||
Allowance ratio | 1.8 | % | 12.4 | % | 2.6 | % | |||||
Net charge-off ratio | 0.1 | % | 2.4 | % | 0.2 | % | |||||
Allowance for losses on lending commitments | |||||||||||
Beginning balance | $ | 557 | $ | — | $ | 557 | |||||
Provision | 110 | 184 | 294 | ||||||||
Other | (18) | — | (18) | ||||||||
Ending balance | $ | 649 | $ | 184 | $ | 833 |
$ in millions | Wholesale | Consumer | Total | |||||||||
Three Months Ended September 2021 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $2,173 | $1,098 | $3,271 | |||||||||
Net (charge-offs)/recoveries | (40 | ) | (36 | ) | (76 | ) | ||||||
Provision | 25 | 139 | 164 | |||||||||
Other | (27 | ) | – | (27 | ) | |||||||
Ending balance | $2,131 | $1,201 | $3,332 | |||||||||
Allowance ratio | 1.8% | 12.4% | 2.6% | |||||||||
Net charge-off ratio | 0.1% | 1.6% | 0.2% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ | $ | $ | |||||||||
Provision | 13 | (2 | ) | 11 | ||||||||
Ending balance | $ | $ | $ | |||||||||
Three Months Ended September 2020 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $2,757 | $1,144 | $3,901 | |||||||||
Net (charge-offs)/recoveries | (277 | ) | (63 | ) | (340 | ) | ||||||
Provision | 102 | 51 | 153 | |||||||||
Ending balance | $2,582 | $1,132 | $3,714 | |||||||||
Allowance ratio | 2.8% | 16.1% | 3.7% | |||||||||
Net charge-off ratio | 1.2% | 3.7% | 1.3% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ 490 | $ | $ 490 | |||||||||
Provision | 125 | – | 125 | |||||||||
Ending balance | $ 615 | $ | $ 615 | |||||||||
Nine Months Ended September 2021 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $2,584 | $1,290 | $3,874 | |||||||||
Net (charge-offs)/recoveries | (49 | ) | (153 | ) | (202 | ) | ||||||
Provision | (345 | ) | 64 | (281 | ) | |||||||
Other | (59 | ) | – | (59 | ) | |||||||
Ending balance | $2,131 | $1,201 | $3,332 | |||||||||
Allowance ratio | 1.8% | 12.4% | 2.6% | |||||||||
Net charge-off ratio | 0.1% | 2.4% | 0.2% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ | $ | $ | |||||||||
Provision | 110 | 184 | 294 | |||||||||
Other | (18 | ) | – | (18 | ) | |||||||
Ending balance | $ | $ | $ | |||||||||
Nine Months Ended September 2020 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $1,331 | $ 837 | $2,168 | |||||||||
Net (charge-offs)/recoveries | (501 | ) | (230 | ) | (731 | ) | ||||||
Provision | 1,977 | 525 | 2,502 | |||||||||
Other | (225 | ) | – | (225 | ) | |||||||
Ending balance | $2,582 | $1,132 | $3,714 | |||||||||
Allowance ratio | 2.8% | 16.1% | 3.7% | |||||||||
Net charge-off ratio | 0.7% | 4.5% | 1.0% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ 313 | $ | $ 313 | |||||||||
Provision | 302 | – | 302 | |||||||||
Ending balance | $ 615 | $ | $ 615 |
Goldman Sachs September 2022 Form 10-Q | 42 |
As of September 2022 | |||||
U.S. unemployment rate | |||||
Forecast for the quarter ended: | |||||
December 2022 | 3.8 | % | |||
June 2023 | 4.0 | % | |||
December 2023 | 4.1 | % | |||
Growth in U.S. GDP | |||||
Forecast for the year: | |||||
2022 | 1.5 | % | |||
2023 | 0.8 | % | |||
2024 | 1.5 | % |
43 | Goldman Sachs September |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2022 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | — | $ | 1,101 | $ | 743 | $ | 1,844 | ||||||
Wealth management | — | 4,474 | 63 | 4,537 | ||||||||||
Commercial real estate | — | 432 | 845 | 1,277 | ||||||||||
Residential real estate | — | 162 | 95 | 257 | ||||||||||
Other | — | 23 | 312 | 335 | ||||||||||
Total | $ | — | $ | 6,192 | $ | 2,058 | $ | 8,250 | ||||||
As of December 2021 | ||||||||||||||
Loan Type | ||||||||||||||
Corporate | $ | — | $ | 1,655 | $ | 837 | $ | 2,492 | ||||||
Wealth management | — | 5,873 | 63 | 5,936 | ||||||||||
Commercial real estate | — | 605 | 983 | 1,588 | ||||||||||
Residential real estate | — | 115 | 205 | 320 | ||||||||||
Other | — | 167 | 266 | 433 | ||||||||||
Total | $ | — | $ | 8,415 | $ | 2,354 | $ | 10,769 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ – | $ 2,245 | $ | $ 3,020 | ||||||||||||
Wealth management | – | 6,553 | 63 | 6,616 | ||||||||||||
Commercial real estate | – | 719 | 936 | 1,655 | ||||||||||||
Residential real estate | – | 185 | 166 | 351 | ||||||||||||
Other | – | 203 | 259 | 462 | ||||||||||||
Total | $ – | $ 9,905 | $2,199 | $12,104 | ||||||||||||
As of December 2020 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ – | $ 1,822 | $ 929 | $ 2,751 | ||||||||||||
Wealth management | – | 7,809 | 63 | 7,872 | ||||||||||||
Commercial real estate | – | 857 | 1,104 | 1,961 | ||||||||||||
Residential real estate | – | 234 | 260 | 494 | ||||||||||||
Other | – | 225 | 322 | 547 | ||||||||||||
Total | $ – | $10,947 | $2,678 | $13,625 |
As of September 2022 | As of December 2021 | ||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | |||||||||||||
Corporate | |||||||||||||||||
Level 3 assets | $ | 743 | $ | 837 | |||||||||||||
Yield | 2.0% to 25.0% | 10.7 | % | 1.5% to 55.6% | 14.9 | % | |||||||||||
Recovery rate | 15.0% to 95.0% | 43.6 | % | 15.0% to 92.0% | 40.8 | % | |||||||||||
Duration (years) | 0.3 to 3.5 | 2.6 | 0.9 to 6.8 | 2.7 | |||||||||||||
Commercial real estate | |||||||||||||||||
Level 3 assets | $ | 845 | $ | 983 | |||||||||||||
Yield | 1.4% to 27.0% | 14.1 | % | 3.2% to 18.7% | 12.6 | % | |||||||||||
Recovery rate | 3.6% to 23.5% | 16.8 | % | 4.1% to 99.5% | 41.4 | % | |||||||||||
Duration (years) | 0.3 to 4.8 | 2.1 | 0.4 to 4.0 | 1.7 | |||||||||||||
Residential real estate | |||||||||||||||||
Level 3 assets | $ | 95 | $ | 205 | |||||||||||||
Yield | 3.8% to 17.0% | 13.8 | % | 2.1% to 20.0% | 16.1 | % | |||||||||||
Duration (years) | 0.3 to 7.3 | 2.4 | 0.1 to 2.4 | 1.0 | |||||||||||||
Wealth management and other | |||||||||||||||||
Level 3 assets | $ | 375 | $ | 329 | |||||||||||||
Yield | 5.7% to 13.0% | 8.7 | % | 3.6% to 18.7% | 7.1 | % | |||||||||||
Duration (years) | 2.9 to 5.4 | 3.9 | 2.9 to 5.5 | 3.6 |
As of September 2021 | As of December 2020 | |||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | | |||||||||||||
Corporate | ||||||||||||||||||
Level 3 assets | $775 | $929 | ||||||||||||||||
Yield | 2.3% to 40.3% | 8.9% | 1.1% to 45.2% | 12.4% | ||||||||||||||
Recovery rate | 20.0% to 94.4% | 56.0% | 15.0% to 58.0% | 31.0% | ||||||||||||||
Duration (years) | 1.7 to 4.5 | 3.2 | 1.5 to 5.3 | 3.4 | ||||||||||||||
Commercial real estate | ||||||||||||||||||
Level 3 assets | $936 | $1,104 | ||||||||||||||||
Yield | 7.0% to 25.4% | 14.4% | 4.5% to 19.3% | 11.0% | ||||||||||||||
Recovery rate | 2.5% to 99.5% | 39.6% | 3.0% to 99.8% | 66.5% | ||||||||||||||
Duration (years) | 0.2 to 4.1 | 1.4 | 0.3 to 4.8 | 2.6 | ||||||||||||||
Residential real estate | ||||||||||||||||||
Level 3 assets | $166 | $260 | ||||||||||||||||
Yield | 2.0% to 13.5% | 11.0% | 2.0% to 14.0% | 12.1% | ||||||||||||||
Duration (years) | 0.4 to 2.4 | 0.9 | 0.6 to 2.6 | 1.7 | ||||||||||||||
Wealth management and other | ||||||||||||||||||
Level 3 assets | $322 | $385 | ||||||||||||||||
Yield | 3.5% to 18.7% | 7.9% | 2.8% to 18.7% | 8.0% | ||||||||||||||
Duration (years) | 3.1 to 5.7 | 4.0 | 0.9 to 5.5 | 4.1 |
Goldman Sachs September 2022 Form 10-Q | 44 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Beginning balance | $ | 2,347 | $ | 2,229 | $ | 2,354 | $ | 2,678 | |||||||||
Net realized gains/(losses) | 17 | 23 | 89 | 72 | |||||||||||||
Net unrealized gains/(losses) | (89) | (16) | (217) | (31) | |||||||||||||
Purchases | 7 | 74 | 212 | 140 | |||||||||||||
Sales | (18) | (13) | (61) | (17) | |||||||||||||
Settlements | (156) | (181) | (429) | (555) | |||||||||||||
Transfers into level 3 | 141 | 93 | 272 | 181 | |||||||||||||
Transfers out of level 3 | (191) | (10) | (162) | (269) | |||||||||||||
Ending balance | $ | 2,058 | $ | 2,199 | $ | 2,058 | $ | 2,199 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Beginning balance | $2,229 | $2,659 | $2,678 | $1,890 | ||||||||||||||
Net realized gains/(losses) | 23 | 23 | 72 | 60 | ||||||||||||||
Net unrealized gains/(losses) | (16 | ) | 76 | (31 | ) | 34 | ||||||||||||
Purchases | 74 | 181 | 140 | 557 | ||||||||||||||
Sales | (13 | ) | (17 | ) | (17 | ) | (31 | ) | ||||||||||
Settlements | (181 | ) | (221 | ) | (555 | ) | (567 | ) | ||||||||||
Transfers into level 3 | 93 | 166 | 181 | 928 | ||||||||||||||
Transfers out of level 3 | (10 | ) | (40 | ) | (269 | ) | (44 | ) | ||||||||||
Ending balance | $2,199 | $2,827 | $2,199 | $2,827 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Corporate | |||||||||||||||||||||||
Beginning balance | $ | 958 | $ | 852 | $ | 837 | $ | 929 | |||||||||||||||
Net realized gains/(losses) | 9 | 11 | 21 | 21 | |||||||||||||||||||
Net unrealized gains/(losses) | (10) | (16) | (31) | (24) | |||||||||||||||||||
Purchases | 7 | 17 | 121 | 63 | |||||||||||||||||||
Sales | (18) | (13) | (53) | (13) | |||||||||||||||||||
Settlements | (78) | (81) | (141) | (208) | |||||||||||||||||||
Transfers into level 3 | 41 | 15 | 78 | 103 | |||||||||||||||||||
Transfers out of level 3 | (166) | (10) | (89) | (96) | |||||||||||||||||||
Ending balance | $ | 743 | $ | 775 | $ | 743 | $ | 775 | |||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Beginning balance | $ | 891 | $ | 920 | $ | 983 | $ | 1,104 | |||||||||||||||
Net realized gains/(losses) | 6 | 9 | 47 | 33 | |||||||||||||||||||
Net unrealized gains/(losses) | (70) | 11 | (149) | (15) | |||||||||||||||||||
Purchases | — | — | 69 | 19 | |||||||||||||||||||
Sales | — | — | (7) | (3) | |||||||||||||||||||
Settlements | (57) | (82) | (162) | (227) | |||||||||||||||||||
Transfers into level 3 | 100 | 78 | 109 | 78 | |||||||||||||||||||
Transfers out of level 3 | (25) | — | (45) | (53) | |||||||||||||||||||
Ending balance | $ | 845 | $ | 936 | $ | 845 | $ | 936 | |||||||||||||||
Residential real estate | |||||||||||||||||||||||
Beginning balance | $ | 116 | $ | 118 | $ | 205 | $ | 260 | |||||||||||||||
Net realized gains/(losses) | 1 | 3 | — | 6 | |||||||||||||||||||
Net unrealized gains/(losses) | (9) | 1 | (18) | (36) | |||||||||||||||||||
Purchases | — | 57 | 4 | 58 | |||||||||||||||||||
Sales | — | — | (1) | (1) | |||||||||||||||||||
Settlements | (13) | (13) | (87) | (45) | |||||||||||||||||||
Transfers into level 3 | — | — | 19 | — | |||||||||||||||||||
Transfers out of level 3 | — | — | (27) | (76) | |||||||||||||||||||
Ending balance | $ | 95 | $ | 166 | $ | 95 | $ | 166 | |||||||||||||||
Wealth management and other | |||||||||||||||||||||||
Beginning balance | $ | 382 | $ | 339 | $ | 329 | $ | 385 | |||||||||||||||
Net realized gains/(losses) | 1 | — | 21 | 12 | |||||||||||||||||||
Net unrealized gains/(losses) | — | (12) | (19) | 44 | |||||||||||||||||||
Purchases | — | — | 18 | — | |||||||||||||||||||
Settlements | (8) | (5) | (39) | (75) | |||||||||||||||||||
Transfers into level 3 | — | — | 66 | — | |||||||||||||||||||
Transfers out of level 3 | — | — | (1) | (44) | |||||||||||||||||||
Ending balance | $ | 375 | $ | 322 | $ | 375 | $ | 322 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | �� | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Corporate | ||||||||||||||||||
Beginning balance | $852 | $ 939 | $ | $ 752 | ||||||||||||||
Net realized gains/(losses) | 11 | 7 | 21 | 14 | ||||||||||||||
Net unrealized gains/(losses) | (16 | ) | 1 | (24 | ) | (5 | ) | |||||||||||
Purchases | 17 | 132 | 63 | 184 | ||||||||||||||
Sales | (13 | ) | (9 | ) | (13 | ) | (18 | ) | ||||||||||
Settlements | (81 | ) | (58 | ) | (208 | ) | (110 | ) | ||||||||||
Transfers into level 3 | 15 | 23 | 103 | 230 | ||||||||||||||
Transfers out of level 3 | (10 | ) | (32 | ) | (96 | ) | (44 | ) | ||||||||||
Ending balance | $775 | $1,003 | $ | $1,003 | ||||||||||||||
Commercial real estate | ||||||||||||||||||
Beginning balance | $920 | $1,084 | $1,104 | $ 591 | ||||||||||||||
Net realized gains/(losses) | 9 | 11 | 33 | 38 | ||||||||||||||
Net unrealized gains/(losses) | 11 | 43 | (15 | ) | 4 | |||||||||||||
Purchases | – | 40 | 19 | 323 | ||||||||||||||
Sales | – | (5 | ) | (3 | ) | (10 | ) | |||||||||||
Settlements | (82 | ) | (120 | ) | (227 | ) | (278 | ) | ||||||||||
Transfers into level 3 | 78 | 121 | 78 | 498 | ||||||||||||||
Transfers out of level 3 | – | (8 | ) | (53 | ) | – | ||||||||||||
Ending balance | $936 | $1,166 | $ | $1,166 | ||||||||||||||
Residential real estate | ||||||||||||||||||
Beginning balance | $118 | $ 268 | $ | $ 221 | ||||||||||||||
Net realized gains/(losses) | 3 | 3 | 6 | 7 | ||||||||||||||
Net unrealized gains/(losses) | 1 | 11 | (36 | ) | 8 | |||||||||||||
Purchases | 57 | 1 | 58 | 43 | ||||||||||||||
Sales | – | (2 | ) | (1 | ) | (2 | ) | |||||||||||
Settlements | (13 | ) | (22 | ) | (45 | ) | (57 | ) | ||||||||||
Transfers into level 3 | – | 10 | – | 49 | ||||||||||||||
Transfers out of level 3 | – | – | (76 | ) | – | |||||||||||||
Ending balance | $166 | $ 269 | $ | $ 269 | ||||||||||||||
Wealth management and other | ||||||||||||||||||
Beginning balance | $339 | $ 368 | $ | $ 326 | ||||||||||||||
Net realized gains/(losses) | – | 2 | 12 | 1 | ||||||||||||||
Net unrealized gains/(losses) | (12 | ) | 21 | 44 | 27 | |||||||||||||
Purchases | – | 8 | – | 7 | ||||||||||||||
Sales | – | (1 | ) | – | (1 | ) | ||||||||||||
Settlements | (5 | ) | (21 | ) | (75 | ) | (122 | ) | ||||||||||
Transfers into level 3 | – | 12 | – | 151 | ||||||||||||||
Transfers out of level 3 | – | – | (44 | ) | – | |||||||||||||
Ending balance | $322 | $ 389 | $ | $ 389 |
45 | Goldman Sachs September 2022 Form 10-Q |
Carrying Value | Estimated Fair Value | ||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | ||||||||||||||
As of September 2022 | |||||||||||||||||
Amortized cost | $ | 161,619 | $ | 85,846 | $ | 77,386 | $ | 163,232 | |||||||||
Held for sale | $ | 6,800 | $ | 3,589 | $ | 3,221 | $ | 6,810 | |||||||||
As of December 2021 | |||||||||||||||||
Amortized cost | $ | 139,934 | $ | 87,676 | $ | 54,127 | $ | 141,803 | |||||||||
Held for sale | $ | 7,859 | $ | 5,970 | $ | 1,917 | $ | 7,887 |
Carrying Value | Estimated Fair Value | |||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | |||||||||||||||
As of September 2021 | ||||||||||||||||||
Amortized cost | $126,026 | $71,984 | $55,179 | $127,163 | ||||||||||||||
Held for sale | $ 5,494 | $ 2,898 | $ 2,618 | $ 5,516 | ||||||||||||||
As of December 2020 | ||||||||||||||||||
Amortized cost | $ 99,691 | $52,793 | $48,512 | $101,305 | ||||||||||||||
Held for sale | $ 2,799 | $ 1,541 | $ 1,271 | $ 2,812 |
Goldman Sachs September 2022 Form 10-Q | 46 |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||
As of September 2022 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | — | $ | 182,502 | $ | — | $ | 182,502 | ||||||
Securities borrowed | — | 42,506 | — | 42,506 | ||||||||||
Customer and other receivables | — | 25 | — | 25 | ||||||||||
Total | $ | — | $ | 225,033 | $ | — | $ | 225,033 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | — | $ | (20,858) | $ | (2,729) | $ | (23,587) | ||||||
Repurchase agreements | — | (159,690) | — | (159,690) | ||||||||||
Securities loaned | — | (7,444) | — | (7,444) | ||||||||||
Other secured financings | — | (12,370) | (1,870) | (14,240) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | — | (27,958) | (4,512) | (32,470) | ||||||||||
Long-term | — | (55,685) | (9,673) | (65,358) | ||||||||||
Other liabilities | — | (381) | (81) | (462) | ||||||||||
Total | $ | — | $ | (284,386) | $ | (18,865) | $ | (303,251) | ||||||
As of December 2021 | ||||||||||||||
Assets | ||||||||||||||
Resale agreements | $ | — | $ | 205,703 | $ | — | $ | 205,703 | ||||||
Securities borrowed | — | 39,955 | — | 39,955 | ||||||||||
Customer and other receivables | — | 42 | — | 42 | ||||||||||
Total | $ | — | $ | 245,700 | $ | — | $ | 245,700 | ||||||
Liabilities | ||||||||||||||
Deposits | $ | — | $ | (31,812) | $ | (3,613) | $ | (35,425) | ||||||
Repurchase agreements | — | (165,883) | — | (165,883) | ||||||||||
Securities loaned | — | (9,170) | — | (9,170) | ||||||||||
Other secured financings | — | (14,508) | (2,566) | (17,074) | ||||||||||
Unsecured borrowings: | ||||||||||||||
Short-term | — | (22,003) | (7,829) | (29,832) | ||||||||||
Long-term | — | (42,977) | (9,413) | (52,390) | ||||||||||
Other liabilities | — | (213) | (146) | (359) | ||||||||||
Total | $ | — | $ | (286,566) | $ | (23,567) | $ | (310,133) |
$ in millions | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
As of September 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Resale agreements | $ – | $ 213,062 | $ | $ 213,062 | ||||||||||||
Securities borrowed | – | 34,437 | – | 34,437 | ||||||||||||
Customer and other receivables | – | 46 | – | 46 | ||||||||||||
Total | $ – | $ 247,545 | $ | $ 247,545 | ||||||||||||
Liabilities | ||||||||||||||||
Deposits | $ – | $ (30,441 | ) | $ (3,637 | ) | $ (34,078 | ) | |||||||||
Repurchase agreements | – | (167,339 | ) | – | (167,339 | ) | ||||||||||
Securities loaned | – | (7,298 | ) | – | (7,298 | ) | ||||||||||
Other secured financings | – | (15,568 | ) | (2,640 | ) | (18,208 | ) | |||||||||
Unsecured borrowings: | ||||||||||||||||
Short-term | – | (21,778 | ) | (8,669 | ) | (30,447 | ) | |||||||||
Long-term | – | (38,654 | ) | (9,226 | ) | (47,880 | ) | |||||||||
Other liabilities | – | (1 | ) | (165 | ) | (166 | ) | |||||||||
Total | $ – | $(281,079 | ) | $(24,337 | ) | $(305,416 | ) | |||||||||
As of December 2020 | ||||||||||||||||
Assets | ||||||||||||||||
Resale agreements | $ – | $ | $ | $ | ||||||||||||
Securities borrowed | – | 28,898 | – | 28,898 | ||||||||||||
Customer and other receivables | – | 82 | – | 82 | ||||||||||||
Total | $ – | $ | $ | $ | ||||||||||||
Liabilities | ||||||||||||||||
Deposits | $ – | $ | ) | $ | ) | $ | ) | |||||||||
Repurchase agreements | – | (126,569 | ) | (2 | ) | (126,571 | ) | |||||||||
Securities loaned | – | (1,053 | ) | – | (1,053 | ) | ||||||||||
Other secured financings | – | (20,652 | ) | (3,474 | ) | (24,126 | ) | |||||||||
Unsecured borrowings: | – | |||||||||||||||
Short-term | – | (19,227 | ) | (7,523 | ) | (26,750 | ) | |||||||||
Long-term | – | (28,335 | ) | (12,576 | ) | (40,911 | ) | |||||||||
Other liabilities | – | (1 | ) | (262 | ) | (263 | ) | |||||||||
Total | $ – | $ | ) | $ | ) | $ | ) |
47 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Beginning balance | $ | (19,114) | $ | (28,136) | $ | (23,567) | $ | (28,058) | |||||||||
Net realized gains/(losses) | (90) | (181) | (222) | (388) | |||||||||||||
Net unrealized gains/(losses) | 1,538 | 819 | 5,977 | 822 | |||||||||||||
Issuances | (3,296) | (4,856) | (9,486) | (11,797) | |||||||||||||
Settlements | 2,691 | 6,742 | 8,548 | 13,325 | |||||||||||||
Transfers into level 3 | (1,494) | (570) | (2,562) | (745) | |||||||||||||
Transfers out of level 3 | 900 | 1,845 | 2,447 | 2,504 | |||||||||||||
Ending balance | $ | (18,865) | $ | (24,337) | $ | (18,865) | $ | (24,337) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Beginning balance | $(28,136 | ) | $(25,963 | ) | $(28,058 | ) | $(21,036 | ) | ||||||||||||
Net realized gains/(losses) | (181 | ) | (112 | ) | (388 | ) | (244 | ) | ||||||||||||
Net unrealized gains/(losses) | 819 | (354 | ) | 822 | 347 | |||||||||||||||
Issuances | (4,856 | ) | (6,974 | ) | (11,797 | ) | (18,633 | ) | ||||||||||||
Settlements | 6,742 | 6,911 | 13,325 | 14,348 | ||||||||||||||||
Transfers into level 3 | (570 | ) | (1,756 | ) | (745 | ) | (2,857 | ) | ||||||||||||
Transfers out of level 3 | 1,845 | 344 | 2,504 | 171 | ||||||||||||||||
Ending balance | $(24,337 | ) | $(27,904 | ) | $(24,337 | ) | $(27,904 | ) |
Goldman Sachs September 2022 Form 10-Q | 48 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Deposits | |||||||||||||||||
Beginning balance | $ | (2,789) | $ | (3,908) | $ | (3,613) | $ | (4,221) | |||||||||
Net realized gains/(losses) | — | (8) | (7) | (23) | |||||||||||||
Net unrealized gains/(losses) | 135 | 74 | 466 | (28) | |||||||||||||
Issuances | (261) | (144) | (735) | (341) | |||||||||||||
Settlements | 259 | 307 | 1,041 | 904 | |||||||||||||
Transfers into level 3 | (89) | — | (20) | (23) | |||||||||||||
Transfers out of level 3 | 16 | 42 | 139 | 95 | |||||||||||||
Ending balance | $ | (2,729) | $ | (3,637) | $ | (2,729) | $ | (3,637) | |||||||||
Repurchase agreements | |||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | (2) | |||||||||
Settlements | — | — | — | 2 | |||||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | |||||||||
Other secured financings | |||||||||||||||||
Beginning balance | $ | (1,412) | $ | (2,891) | $ | (2,566) | $ | (3,474) | |||||||||
Net realized gains/(losses) | (13) | 3 | (18) | (1) | |||||||||||||
Net unrealized gains/(losses) | 86 | 30 | 177 | 71 | |||||||||||||
Issuances | (406) | (43) | (545) | (101) | |||||||||||||
Settlements | 22 | 414 | 527 | 657 | |||||||||||||
Transfers into level 3 | (147) | (233) | (110) | (243) | |||||||||||||
Transfers out of level 3 | — | 80 | 665 | 451 | |||||||||||||
Ending balance | $ | (1,870) | $ | (2,640) | $ | (1,870) | $ | (2,640) | |||||||||
Unsecured short-term borrowings | |||||||||||||||||
Beginning balance | $ | (5,209) | $ | (11,461) | $ | (7,829) | $ | (7,523) | |||||||||
Net realized gains/(losses) | (54) | (112) | (126) | (168) | |||||||||||||
Net unrealized gains/(losses) | 286 | 429 | 1,241 | 334 | |||||||||||||
Issuances | (1,165) | (3,453) | (3,582) | (8,042) | |||||||||||||
Settlements | 1,747 | 4,846 | 5,443 | 6,399 | |||||||||||||
Transfers into level 3 | (528) | (200) | (470) | (183) | |||||||||||||
Transfers out of level 3 | 411 | 1,282 | 811 | 514 | |||||||||||||
Ending balance | $ | (4,512) | $ | (8,669) | $ | (4,512) | $ | (8,669) | |||||||||
Unsecured long-term borrowings | |||||||||||||||||
Beginning balance | $ | (9,626) | $ | (9,714) | $ | (9,413) | $ | (12,576) | |||||||||
Net realized gains/(losses) | (23) | (64) | (71) | (196) | |||||||||||||
Net unrealized gains/(losses) | 1,034 | 289 | 4,028 | 348 | |||||||||||||
Issuances | (1,464) | (1,216) | (4,624) | (3,313) | |||||||||||||
Settlements | 663 | 1,175 | 1,537 | 5,363 | |||||||||||||
Transfers into level 3 | (730) | (137) | (1,962) | (296) | |||||||||||||
Transfers out of level 3 | 473 | 441 | 832 | 1,444 | |||||||||||||
Ending balance | $ | (9,673) | $ | (9,226) | $ | (9,673) | $ | (9,226) | |||||||||
Other liabilities | |||||||||||||||||
Beginning balance | $ | (78) | $ | (162) | $ | (146) | $ | (262) | |||||||||
Net unrealized gains/(losses) | (3) | (3) | 65 | 97 | |||||||||||||
Ending balance | $ | (81) | $ | (165) | $ | (81) | $ | (165) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Deposits | ||||||||||||||||||||
Beginning balance | $ (3,908 | ) | $ (4,217 | ) | $ (4,221 | ) | $ (4,023 | ) | ||||||||||||
Net realized gains/(losses) | (8 | ) | (4 | ) | (23 | ) | – | |||||||||||||
Net unrealized gains/(losses) | 74 | (68 | ) | (28 | ) | (142 | ) | |||||||||||||
Issuances | (144 | ) | (124 | ) | (341 | ) | (4,054 | ) | ||||||||||||
Settlements | 307 | 235 | 904 | 4,083 | ||||||||||||||||
Transfers into level 3 | – | (38 | ) | (23 | ) | (69 | ) | |||||||||||||
Transfers out of level 3 | 42 | 66 | 95 | 55 | ||||||||||||||||
Ending balance | $ (3,637 | ) | $ (4,150 | ) | $ (3,637 | ) | $ (4,150 | ) | ||||||||||||
Repurchase agreements | ||||||||||||||||||||
Beginning balance | $ – | $ (10 | ) | $ (2 | ) | $ (30 | ) | |||||||||||||
Net unrealized gains/(losses) | – | – | – | (2 | ) | |||||||||||||||
Settlements | – | 8 | 2 | 30 | ||||||||||||||||
Ending balance | $ – | $ (2 | ) | $ – | $ (2 | ) | ||||||||||||||
Other secured financings | ||||||||||||||||||||
Beginning balance | $ (2,891 | ) | $ (1,773 | ) | $ (3,474 | ) | $ (386 | ) | ||||||||||||
Net realized gains/(losses) | 3 | 7 | (1 | ) | 13 | |||||||||||||||
Net unrealized gains/(losses) | 30 | (67 | ) | 71 | (12 | ) | ||||||||||||||
Issuances | (43 | ) | (10 | ) | (101 | ) | (847 | ) | ||||||||||||
Settlements | 414 | 79 | 657 | 332 | ||||||||||||||||
Transfers into level 3 | (233 | ) | (1,299 | ) | (243 | ) | (2,163 | ) | ||||||||||||
Transfers out of level 3 | 80 | – | 451 | – | ||||||||||||||||
Ending balance | $ (2,640 | ) | $ (3,063 | ) | $ (2,640 | ) | $ (3,063 | ) | ||||||||||||
Unsecured short-term borrowings | ||||||||||||||||||||
Beginning balance | $(11,461 | ) | $ (6,806 | ) | $ (7,523 | ) | $ (5,707 | ) | ||||||||||||
Net realized gains/(losses) | (112 | ) | (58 | ) | (168 | ) | (109 | ) | ||||||||||||
Net unrealized gains/(losses) | 429 | (42 | ) | 334 | 458 | |||||||||||||||
Issuances | (3,453 | ) | (4,879 | ) | (8,042 | ) | (7,605 | ) | ||||||||||||
Settlements | 4,846 | 4,295 | 6,399 | 5,571 | ||||||||||||||||
Transfers into level 3 | (200 | ) | (280 | ) | (183 | ) | (234 | ) | ||||||||||||
Transfers out of level 3 | 1,282 | 196 | 514 | 52 | ||||||||||||||||
Ending balance | $ (8,669 | ) | $ (7,574 | ) | $ (8,669 | ) | $ (7,574 | ) | ||||||||||||
Unsecured long-term borrowings | ||||||||||||||||||||
Beginning balance | $ (9,714 | ) | $(12,837 | ) | $(12,576 | ) | $(10,741 | ) | ||||||||||||
Net realized gains/(losses) | (64 | ) | (64 | ) | (196 | ) | (171 | ) | ||||||||||||
Net unrealized gains/(losses) | 289 | (167 | ) | 348 | 225 | |||||||||||||||
Issuances | (1,216 | ) | (1,949 | ) | (3,313 | ) | (6,099 | ) | ||||||||||||
Settlements | 1,175 | 2,294 | 5,363 | 4,332 | ||||||||||||||||
Transfers into level 3 | (137 | ) | (139 | ) | (296 | ) | (390 | ) | ||||||||||||
Transfers out of level 3 | 441 | 82 | 1,444 | 64 | ||||||||||||||||
Ending balance | $ (9,226 | ) | $(12,780 | ) | $ (9,226 | ) | $(12,780 | ) | ||||||||||||
Other liabilities | ||||||||||||||||||||
Beginning balance | $ (162 | ) | $ (320 | ) | $ (262 | ) | $ (149 | ) | ||||||||||||
Net realized gains/(losses) | – | 7 | – | 23 | ||||||||||||||||
Net unrealized gains/(losses) | (3 | ) | (10 | ) | 97 | (180 | ) | |||||||||||||
Issuances | – | (12 | ) | – | (28 | ) | ||||||||||||||
Transfers into level 3 | – | – | – | (1 | ) | |||||||||||||||
Ending balance | $ (165 | ) | $ (335 | ) | $ (165 | ) | $ (335 | ) |
49 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September | 50 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Unsecured short-term borrowings | $ | 1,114 | $ | 875 | $ | 5,379 | $ | (935) | |||||||||
Unsecured long-term borrowings | 2,445 | (128) | 8,316 | (1,830) | |||||||||||||
Other | 434 | 54 | 1,255 | (17) | |||||||||||||
Total | $ | 3,993 | $ | 801 | $ | 14,950 | $ | (2,782) |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Unsecured short-term borrowings | $ 875 | $(406 | ) | $ (935 | ) | $ 1,723 | ||||||||||||
Unsecured long-term borrowings | (128 | ) | (143 | ) | (1,830 | ) | (1,166 | ) | ||||||||||
Other | 54 | (152 | ) | (17 | ) | (246 | ) | |||||||||||
Total | $ 801 | $(701 | ) | $(2,782 | ) | $ 311 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Pre-tax DVA | $ | 907 | $ | 92 | $ | 3,488 | $ | 222 | |||||||||
After tax DVA | $ | 673 | $ | 67 | $ | 2,601 | $ | 165 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
DVA (pre-tax) | $92 | $(357 | ) | $222 | $576 | |||||||||||||||
DVA (net of tax) | $67 | $(268 | ) | $165 | $428 |
51 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $ | 3,208 | $ | 1,373 | ||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $ | 6,319 | $ | 8,600 | ||||
Aggregate fair value | $ | 2,555 | $ | 3,559 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $ 1,430 | $ 958 | ||||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $10,279 | $10,526 | ||||||
Aggregate fair value | $ 3,315 | $ 3,519 |
Goldman Sachs September | 52 |
Assets | Liabilities | ||||||||||||||||
$ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned | |||||||||||||
As of September 2022 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | 274,034 | $ | 198,548 | $ | 251,222 | $ | 45,402 | |||||||||
Counterparty netting | (91,532) | (1,580) | (91,532) | (1,580) | |||||||||||||
Total | 182,502 | 196,968 | 159,690 | 43,822 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | (23,623) | (7,827) | (23,623) | (7,827) | |||||||||||||
Collateral | (152,988) | (177,823) | (133,537) | (34,824) | |||||||||||||
Total | $ | 5,891 | $ | 11,318 | $ | 2,530 | $ | 1,171 | |||||||||
As of December 2021 | |||||||||||||||||
Included in the consolidated balance sheets | |||||||||||||||||
Gross carrying value | $ | 334,725 | $ | 190,197 | $ | 294,905 | $ | 57,931 | |||||||||
Counterparty netting | (129,022) | (11,426) | (129,022) | (11,426) | |||||||||||||
Total | 205,703 | 178,771 | 165,883 | 46,505 | |||||||||||||
Amounts not offset | |||||||||||||||||
Counterparty netting | (27,376) | (12,822) | (27,376) | (12,822) | |||||||||||||
Collateral | (173,915) | (157,752) | (134,465) | (33,143) | |||||||||||||
Total | $ | 4,412 | $ | 8,197 | $ | 4,042 | $ | 540 |
Assets | Liabilities | |||||||||||||||||
$ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned | ||||||||||||||
As of September 2021 | ||||||||||||||||||
Included in the consolidated balance sheets | ||||||||||||||||||
Gross carrying value | $ 323,886 | $ 191,023 | $ 278,163 | $ 45,886 | ||||||||||||||
Counterparty netting | (110,824 | ) | (4,352 | ) | (110,824 | ) | (4,352 | ) | ||||||||||
Total | 213,062 | 186,671 | 167,339 | 41,534 | ||||||||||||||
Amounts not offset | ||||||||||||||||||
Counterparty netting | (32,117 | ) | (12,313 | ) | (32,117 | ) | (12,313 | ) | ||||||||||
Collateral | (178,668 | ) | (164,478 | ) | (131,121 | ) | (28,295 | ) | ||||||||||
Total | $ 2,277 | $ 9,880 | $ 4,101 | $ | ||||||||||||||
As of December 2020 | ||||||||||||||||||
Included in the consolidated balance sheets | ||||||||||||||||||
Gross carrying value | $ | $ | $ | $ | ||||||||||||||
Counterparty netting | (97,757 | ) | (5,433 | ) | (97,757 | ) | (5,433 | ) | ||||||||||
Total | 108,060 | 142,160 | 126,571 | 21,621 | ||||||||||||||
Amounts not offset | ||||||||||||||||||
Counterparty netting | (8,920 | ) | (3,525 | ) | (8,920 | ) | (3,525 | ) | ||||||||||
Collateral | (96,140 | ) | (132,893 | ) | (116,819 | ) | (17,693 | ) | ||||||||||
Total | $ | $ | $ | $ |
53 | Goldman Sachs September |
$ in millions | Repurchase agreements | Securities loaned | ||||||
As of September 2022 | ||||||||
Money market instruments | $ | 1,132 | $ | — | ||||
U.S. government and agency obligations | 134,142 | 443 | ||||||
Non-U.S. government and agency obligations | 89,464 | 958 | ||||||
Securities backed by commercial real estate | 211 | 30 | ||||||
Securities backed by residential real estate | 278 | — | ||||||
Corporate debt securities | 15,370 | 428 | ||||||
State and municipal obligations | 50 | — | ||||||
Other debt obligations | 104 | 25 | ||||||
Equity securities | 10,471 | 43,518 | ||||||
Total | $ | 251,222 | $ | 45,402 | ||||
As of December 2021 | ||||||||
Money market instruments | $ | 328 | $ | 14 | ||||
U.S. government and agency obligations | 132,049 | 503 | ||||||
Non-U.S. government and agency obligations | 126,397 | 1,254 | ||||||
Securities backed by commercial real estate | 362 | — | ||||||
Securities backed by residential real estate | 919 | — | ||||||
Corporate debt securities | 11,034 | 510 | ||||||
State and municipal obligations | 248 | — | ||||||
Other debt obligations | 374 | — | ||||||
Equity securities | 23,194 | 55,650 | ||||||
Total | $ | 294,905 | $ | 57,931 |
$ in millions | Repurchase agreements | | Securities loaned | | ||||
As of September 2021 | ||||||||
Money market instruments | $ 1,104 | $ 3 | ||||||
U.S. government and agency obligations | 120,020 | – | ||||||
Non-U.S. government and agency obligations | 117,732 | 1,471 | ||||||
Securities backed by commercial real estate | 237 | – | ||||||
Securities backed by residential real estate | 729 | – | ||||||
Corporate debt securities | 13,859 | 902 | ||||||
State and municipal obligations | 135 | – | ||||||
Other debt obligations | 365 | – | ||||||
Equity securities | 23,982 | 43,510 | ||||||
Total | $278,163 | $45,886 | ||||||
As of December 2020 | ||||||||
Money market instruments | $ | $ | ||||||
U.S. government and agency obligations | 121,751 | – | ||||||
Non-U.S. government and agency obligations | 79,159 | 1,634 | ||||||
Securities backed by commercial real estate | 65 | – | ||||||
Securities backed by residential real estate | 121 | – | ||||||
Corporate debt securities | 6,364 | 46 | ||||||
State and municipal obligations | 92 | – | ||||||
Other debt obligations | 20 | – | ||||||
Equity securities | 16,668 | 25,374 | ||||||
Total | $224,328 | $27,054 |
As of September 2022 | |||||||||||
$ in millions | Repurchase agreements | Securities loaned | |||||||||
No stated maturity and overnight | $ | 96,905 | $ | 26,459 | |||||||
2 - 30 days | 67,705 | 611 | |||||||||
31 - 90 days | 31,650 | 863 | |||||||||
91 days - 1 year | 44,190 | 11,102 | |||||||||
Greater than 1 year | 10,772 | 6,367 | |||||||||
Total | $ | 251,222 | $ | 45,402 |
As of September 2021 | ||||||||
$ in millions | Repurchase agreements | Securities loaned | ||||||
No stated maturity and overnight | $ 94,879 | $29,258 | ||||||
2 - 30 days | 74,502 | 219 | ||||||
31 - 90 days | 44,514 | 116 | ||||||
91 days - 1 year | 49,889 | 13,362 | ||||||
Greater than 1 year | 14,379 | 2,931 | ||||||
Total | $278,163 | $45,886 |
Goldman Sachs September 2022 Form 10-Q | 54 |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of September 2022 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | 4,983 | $ | 2,201 | $ | 7,184 | |||||
At amortized cost | 583 | 152 | 735 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | 4,470 | 2,586 | 7,056 | ||||||||
At amortized cost | 261 | 359 | 620 | ||||||||
Total other secured financings | $ | 10,297 | $ | 5,298 | $ | 15,595 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | 5,381 | $ | 4,272 | $ | 9,653 | |||||
Other assets | $ | 4,916 | $ | 1,026 | $ | 5,942 | |||||
As of December 2021 | |||||||||||
Other secured financings (short-term): | |||||||||||
At fair value | $ | 5,315 | $ | 3,664 | $ | 8,979 | |||||
At amortized cost | — | 191 | 191 | ||||||||
Other secured financings (long-term): | |||||||||||
At fair value | 4,170 | 3,925 | 8,095 | ||||||||
At amortized cost | 827 | 452 | 1,279 | ||||||||
Total other secured financings | $ | 10,312 | $ | 8,232 | $ | 18,544 | |||||
Other secured financings collateralized by: | |||||||||||
Financial instruments | $ | 5,990 | $ | 6,834 | $ | 12,824 | |||||
Other assets | $ | 4,322 | $ | 1,398 | $ | 5,720 |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | |||||||||
As of September 2021 | ||||||||||||
Other secured financings (short-term): | ||||||||||||
At fair value | $ 4,768 | $ 5,332 | $10,100 | |||||||||
At amortized cost | – | – | – | |||||||||
Other secured financings (long-term): | ||||||||||||
At fair value | 3,812 | 4,296 | 8,108 | |||||||||
At amortized cost | 813 | 664 | 1,477 | |||||||||
Total other secured financings | $ 9,393 | $10,292 | $19,685 | |||||||||
Other secured financings collateralized by: | ||||||||||||
Financial instruments | $ 5,154 | $ 8,943 | $14,097 | |||||||||
Other assets | $ 4,239 | $ 1,349 | $ 5,588 | |||||||||
As of December 2020 | ||||||||||||
Other secured financings (short-term): | ||||||||||||
At fair value | $ 6,371 | $ 6,847 | $13,218 | |||||||||
At amortized cost | – | – | – | |||||||||
Other secured financings (long-term): | ||||||||||||
At fair value | 6,632 | 4,276 | 10,908 | |||||||||
At amortized cost | 914 | 715 | 1,629 | |||||||||
Total other secured financings | $13,917 | $11,838 | $25,755 | |||||||||
Other secured financings collateralized by: | ||||||||||||
Financial instruments | $ 6,841 | $10,068 | $16,909 | |||||||||
Other assets | $ 7,076 | $ 1,770 | �� | $ 8,846 |
As of | |||||
$ in millions | September 2022 | ||||
Other secured financings (short-term) | $ | 7,919 | |||
Other secured financings (long-term): | |||||
2023 | 917 | ||||
2024 | 2,229 | ||||
2025 | 934 | ||||
2026 | 1,457 | ||||
2027 | 132 | ||||
2028 - thereafter | 2,007 | ||||
Total other secured financings (long-term) | 7,676 | ||||
Total other secured financings | $ | 15,595 |
$ in millions | As of September 2021 | |||
Other secured financings (short-term) | $10,100 | |||
Other secured financings (long-term): | ||||
2022 | 1,314 | |||
2023 | 3,002 | |||
2024 | 1,389 | |||
2025 | 795 | |||
2026 | 1,076 | |||
2027 - thereafter | 2,009 | |||
Total other secured financings (long-term) | 9,585 | |||
Total other secured financings | $19,685 |
55 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Collateral available to be delivered or repledged | $ | 898,556 | $ | 1,057,195 | ||||
Collateral that was delivered or repledged | $ | 741,587 | $ | 875,213 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Collateral available to be delivered or repledged | $1,045,005 | $864,494 | ||||||
Collateral that was delivered or repledged | $ 875,554 | $723,409 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $ | 77,130 | $ | 68,208 | ||||
Investments | $ | 20,375 | $ | 12,840 | ||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $ | 92,793 | $ | 102,259 | ||||
Investments | $ | 22,220 | $ | 8,683 | ||||
Loans | $ | 7,307 | $ | 6,808 | ||||
Other assets | $ | 8,464 | $ | 8,878 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $66,754 | $69,031 | ||||||
Investments | $14,515 | $13,375 | ||||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $99,991 | $99,142 | ||||||
Investments | $ 9,840 | $ 2,331 | ||||||
Loans | $ 8,152 | $ 8,320 | ||||||
Other assets | $ 8,741 | $14,144 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Property, leasehold improvements and equipment | $ | 17,167 | $ | 18,094 | ||||
Goodwill | 6,288 | 4,285 | ||||||
Identifiable intangible assets | 1,963 | 418 | ||||||
Operating lease right-of-use assets | 2,067 | 2,292 | ||||||
Income tax-related assets | 5,394 | 3,860 | ||||||
Miscellaneous receivables and other | 6,366 | 5,659 | ||||||
Total | $ | 39,245 | $ | 34,608 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Property, leasehold improvements and equipment | $18,171 | $23,147 | ||||||
Goodwill | 4,326 | 4,332 | ||||||
Identifiable intangible assets | 497 | 630 | ||||||
Operating lease right-of-use | 2,288 | 2,280 | ||||||
Income tax-related assets | 3,813 | 2,960 | ||||||
Miscellaneous receivables and other | 7,462 | 4,096 | ||||||
Total | $36,557 | $37,445 |
Goldman Sachs September 2022 Form 10-Q | 56 |
As of | As of | |||||||||||||||
September | December | |||||||||||||||
$ in millions | September 2021 | December 2020 | | $ in millions | 2022 | 2021 | ||||||||||
Investment Banking | $ 281 | $ 281 | Investment Banking | $ | 281 | $ | 281 | |||||||||
Global Markets: | Global Markets: | |||||||||||||||
FICC | 269 | 269 | FICC | 269 | 269 | |||||||||||
Equities | 2,638 | 2,644 | Equities | 2,637 | 2,638 | |||||||||||
Asset Management | 390 | 390 | Asset Management | 1,299 | 349 | |||||||||||
Consumer & Wealth Management: | Consumer & Wealth Management: | |||||||||||||||
Consumer banking | 48 | 48 | Consumer banking | 1,102 | 48 | |||||||||||
Wealth management | 700 | 700 | Wealth management | 700 | 700 | |||||||||||
Total | $4,326 | $4,332 | Total | $ | 6,288 | $ | 4,285 |
57 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
$ in millions | September 2022 | December 2021 | ||||||
By Reporting Unit | ||||||||
Global Markets: | ||||||||
FICC | $ | 1 | $ | 1 | ||||
Equities | 40 | 43 | ||||||
Asset Management | 938 | 122 | ||||||
Consumer & Wealth Management: | ||||||||
Consumer banking | 764 | — | ||||||
Wealth management | 220 | 252 | ||||||
Total | $ | 1,963 | $ | 418 | ||||
By Type | ||||||||
Customer lists and merchant relationships | ||||||||
Gross carrying value | $ | 3,126 | $ | 1,460 | ||||
Accumulated amortization | (1,229) | (1,130) | ||||||
Net carrying value | 1,897 | 330 | ||||||
Acquired leases and other | ||||||||
Gross carrying value | 487 | 500 | ||||||
Accumulated amortization | (421) | (412) | ||||||
Net carrying value | 66 | 88 | ||||||
Total gross carrying value | 3,613 | 1,960 | ||||||
Total accumulated amortization | (1,650) | (1,542) | ||||||
Total net carrying value | $ | 1,963 | $ | 418 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
By Reporting Unit | ||||||||
Global Markets: | ||||||||
FICC | $ | $ 2 | ||||||
Equities | 43 | 45 | ||||||
Asset Management | 180 | 274 | ||||||
Consumer & Wealth Management: | ||||||||
Consumer banking | – | 6 | ||||||
Wealth management | 273 | 303 | ||||||
Total | $ | $ 630 | ||||||
By Type | ||||||||
Customer lists | ||||||||
Gross carrying value | $ 1,472 | $ 1,478 | ||||||
Accumulated amortization | (1,123 | ) | (1,089 | ) | ||||
Net carrying value | 349 | 389 | ||||||
Acquired leases and other | ||||||||
Gross carrying value | 576 | 710 | ||||||
Accumulated amortization | (428 | ) | (469 | ) | ||||
Net carrying value | 148 | 241 | ||||||
Total gross carrying value | 2,048 | 2,188 | ||||||
Total accumulated amortization | (1,551 | ) | (1,558 | ) | ||||
Total net carrying value | $ | $ 630 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Amortization | $22 | $40 | $89 | $117 |
$ in millions | As of September 2021 | |||
Estimated future amortization | ||||
Remainder of 2021 | $ 23 | |||
2022 | $ 82 | |||
2023 | $ 76 | |||
2024 | $ 61 | |||
2025 | $ 43 | |||
2026 | $ 32 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Amortization | $ | 54 | $ | 22 | $ | 124 | $ | 89 |
As of | |||||
$ in millions | September 2022 | ||||
Estimated future amortization | |||||
Remainder of 2022 | $ | 48 | |||
2023 | $ | 193 | |||
2024 | $ | 181 | |||
2025 | $ | 164 | |||
2026 | $ | 156 | |||
2027 | $ | 155 |
Goldman Sachs September 2022 Form 10-Q | 58 |
$ in millions | Savings and Demand | Time | Total | ||||||||
As of September 2022 | |||||||||||
Consumer | $ | 91,884 | $ | 21,566 | $ | 113,450 | |||||
Private bank | 81,585 | 13,397 | 94,982 | ||||||||
Brokered certificates of deposit | — | 37,578 | 37,578 | ||||||||
Deposit sweep programs | 46,165 | — | 46,165 | ||||||||
Transaction banking | 73,139 | 5,572 | 78,711 | ||||||||
Other | 1,462 | 22,385 | 23,847 | ||||||||
Total | $ | 294,235 | $ | 100,498 | $ | 394,733 | |||||
As of December 2021 | |||||||||||
Consumer | $ | 89,150 | $ | 20,533 | $ | 109,683 | |||||
Private bank | 85,427 | 9,665 | 95,092 | ||||||||
Brokered certificates of deposit | — | 30,816 | 30,816 | ||||||||
Deposit sweep programs | 37,965 | — | 37,965 | ||||||||
Transaction banking | 48,618 | 5,689 | 54,307 | ||||||||
Other | 275 | 36,089 | 36,364 | ||||||||
Total | $ | 261,435 | $ | 102,792 | $ | 364,227 |
$ in millions | Savings and Demand | | Time | Total | ||||||||
As of September 2021 | ||||||||||||
Consumer | $ 83,584 | $21,889 | $105,473 | |||||||||
Private bank | 75,012 | 3,363 | 78,375 | |||||||||
Brokered certificates of deposit | 0 | 31,508 | 31,508 | |||||||||
Deposit sweep programs | 31,260 | 0 | 31,260 | |||||||||
Transaction banking | 45,764 | 5,628 | 51,392 | |||||||||
Other | 0 | 35,030 | 35,030 | |||||||||
Total | $235,620 | $97,418 | $333,038 | |||||||||
As of December 2020 | ||||||||||||
Consumer | $ 67,395 | $29,530 | $ 96,925 | |||||||||
Private bank | 67,185 | 1,183 | 68,368 | |||||||||
Brokered certificates of deposit | 0 | 30,060 | 30,060 | |||||||||
Deposit sweep programs | 22,987 | 0 | 22,987 | |||||||||
Transaction banking | 28,852 | 0 | 28,852 | |||||||||
Other | 0 | 12,770 | 12,770 | |||||||||
Total | $186,419 | $73,543 | $259,962 |
59 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
U.S. offices | $ | 323,048 | $ | 283,705 | ||||
Non-U.S. offices | 71,685 | 80,522 | ||||||
Total | $ | 394,733 | $ | 364,227 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
U.S. offices | $254,890 | $206,356 | ||||||
Non-U.S. offices | 78,148 | 53,606 | ||||||
Total | $333,038 | $259,962 |
As of September 2022 | |||||||||||
$ in millions | U.S. | Non-U.S. | Total | ||||||||
Remainder of 2022 | $ | 16,347 | $ | 14,867 | $ | 31,214 | |||||
2023 | 37,121 | 12,374 | 49,495 | ||||||||
2024 | 10,198 | 94 | 10,292 | ||||||||
2025 | 3,782 | 199 | 3,981 | ||||||||
2026 | 2,432 | 240 | 2,672 | ||||||||
2027 | 1,089 | 170 | 1,259 | ||||||||
2028 - thereafter | 1,270 | 315 | 1,585 | ||||||||
Total | $ | 72,239 | $ | 28,259 | $ | 100,498 |
As of September 2021 | ||||||||||||
$ in millions | U.S. | Non-U.S. | Total | |||||||||
Remainder of 2021 | $14,539 | $ 9,100 | $23,639 | |||||||||
2022 | 31,278 | 21,796 | 53,074 | |||||||||
2023 | 8,909 | 131 | 9,040 | |||||||||
2024 | 4,591 | 130 | 4,721 | |||||||||
2025 | 2,302 | 261 | 2,563 | |||||||||
2026 | 2,262 | 278 | 2,540 | |||||||||
2027 - thereafter | 1,131 | 710 | 1,841 | |||||||||
Total | $65,012 | $32,406 | $97,418 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Unsecured short-term borrowings | $ | 51,850 | $ | 46,955 | ||||
Unsecured long-term borrowings | 239,965 | 254,092 | ||||||
Total | $ | 291,815 | $ | 301,047 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Unsecured short-term borrowings | $ 48,990 | $ 52,870 | ||||||
Unsecured long-term borrowings | 242,780 | 213,481 | ||||||
Total | $291,770 | $266,351 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Current portion of unsecured long-term borrowings | $ | 28,306 | $ | 18,118 | ||||
Hybrid financial instruments | 16,322 | 20,073 | ||||||
Commercial paper | 5,152 | 6,730 | ||||||
Other unsecured short-term borrowings | 2,070 | 2,034 | ||||||
Total unsecured short-term borrowings | $ | 51,850 | $ | 46,955 | ||||
Weighted average interest rate | 2.74 | % | 2.34 | % |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Current portion of unsecured long-term borrowings | $20,631 | $25,914 | ||||||
Hybrid financial instruments | 21,624 | 18,823 | ||||||
Commercial paper | 4,752 | 6,085 | ||||||
Other unsecured short-term borrowings | 1,983 | 2,048 | ||||||
Total unsecured short-term borrowings | $48,990 | $52,870 | ||||||
Weighted average interest rate | 2.35% | 1.84% |
Goldman Sachs September |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | ||||||||
As of September 2022 | |||||||||||
Fixed-rate obligations | $ | 119,962 | $ | 35,620 | $ | 155,582 | |||||
Floating-rate obligations | 55,812 | 28,571 | 84,383 | ||||||||
Total | $ | 175,774 | $ | 64,191 | $ | 239,965 | |||||
As of December 2021 | |||||||||||
Fixed-rate obligations | $ | 126,534 | $ | 46,408 | $ | 172,942 | |||||
Floating-rate obligations | 50,995 | 30,155 | 81,150 | ||||||||
Total | $ | 177,529 | $ | 76,563 | $ | 254,092 |
$ in millions | U.S. Dollar | Non-U.S. Dollar | Total | |||||||||
As of September 2021 | ||||||||||||
Fixed-rate obligations | $117,469 | $45,381 | $162,850 | |||||||||
Floating-rate obligations | 49,286 | 30,644 | 79,930 | |||||||||
Total | $166,755 | $76,025 | $242,780 | |||||||||
As of December 2020 | ||||||||||||
Fixed-rate obligations | $100,558 | $38,759 | $139,317 | |||||||||
Floating-rate obligations | 42,019 | 32,145 | 74,164 | |||||||||
Total | $142,577 | $70,904 | $213,481 |
As of | |||||
$ in millions | September 2022 | ||||
2023 | $ | 14,609 | |||
2024 | 40,828 | ||||
2025 | 34,203 | ||||
2026 | 20,824 | ||||
2027 | 27,937 | ||||
2028 - thereafter | 101,564 | ||||
Total | $ | 239,965 |
$ in millions | As of September 2021 | |||
2022 | $ 7,767 | |||
2023 | 38,318 | |||
2024 | 30,240 | |||
2025 | 28,006 | |||
2026 | 22,605 | |||
2027 - thereafter | 115,844 | |||
Total | $242,780 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Fixed-rate obligations: | ||||||||
At fair value | $ | 5,692 | $ | 4,863 | ||||
At amortized cost | 5,411 | 30,370 | ||||||
Floating-rate obligations: | ||||||||
At fair value | 59,666 | 47,527 | ||||||
At amortized cost | 169,196 | 171,332 | ||||||
Total | $ | 239,965 | $ | 254,092 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Fixed-rate obligations: | ||||||||
At fair value | $ 3,188 | $ 1,521 | ||||||
At amortized cost | 30,180 | 30,827 | ||||||
Floating-rate obligations: | ||||||||
At fair value | 44,692 | 39,390 | ||||||
At amortized cost | 164,720 | 141,743 | ||||||
Total | $242,780 | $213,481 |
61 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Par Amount | Carrying Value | Rate | ||||||||
As of September 2022 | |||||||||||
Subordinated debt | $ | 12,118 | $ | 11,745 | 4.54 | % | |||||
Junior subordinated debt | 968 | 1,052 | 3.76 | % | |||||||
Total | $ | 13,086 | $ | 12,797 | 4.49 | % | |||||
As of December 2021 | |||||||||||
Subordinated debt | $ | 12,437 | $ | 15,571 | 1.74 | % | |||||
Junior subordinated debt | 968 | 1,321 | 1.31 | % | |||||||
Total | $ | 13,405 | $ | 16,892 | 1.71 | % |
$ in millions | Par Amount | Carrying Value | Rate | |||||||||
As of September 2021 | ||||||||||||
Subordinated debt | $14,004 | $17,140 | 1.63% | |||||||||
Junior subordinated debt | 968 | 1,327 | 1.28% | |||||||||
Total | $14,972 | $18,467 | 1.60% | |||||||||
As of December 2020 | ||||||||||||
Subordinated debt | $14,136 | $18,529 | 1.83% | |||||||||
Junior subordinated debt | 968 | 1,430 | 1.32% | |||||||||
Total | $15,104 | $19,959 | 1.80% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Compensation and benefits | $ | 6,217 | $ | 10,838 | ||||
Income tax-related liabilities | 3,274 | 2,360 | ||||||
Operating lease liabilities | 2,057 | 2,288 | ||||||
Noncontrolling interests | 824 | 840 | ||||||
Employee interests in consolidated funds | 28 | 29 | ||||||
Accrued expenses and other | 8,479 | 8,146 | ||||||
Total | $ | 20,879 | $ | 24,501 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Compensation and benefits | $10,215 | $ 7,896 | ||||||
Income tax-related liabilities | 3,058 | 3,155 | ||||||
Operating lease liabilities | 2,283 | 2,283 | ||||||
Noncontrolling interests | 1,598 | 1,640 | ||||||
Employee interests in consolidated funds | 30 | 34 | ||||||
Accrued expenses and other | 9,994 | 7,443 | ||||||
Total | $27,178 | $22,451 |
Goldman Sachs September 2022 Form 10-Q | 62 |
$ in millions | Operating lease liabilities | ||||
As of September 2022 | |||||
Remainder of 2022 | $ | 76 | |||
2023 | 327 | ||||
2024 | 299 | ||||
2025 | 261 | ||||
2026 | 217 | ||||
2027 - thereafter | 1,543 | ||||
Total undiscounted lease payments | 2,723 | ||||
Imputed interest | (666) | ||||
Total operating lease liabilities | $ | 2,057 | |||
Weighted average remaining lease term | 13 years | ||||
Weighted average discount rate | 3.60 | % | |||
As of December 2021 | |||||
2022 | $ | 305 | |||
2023 | 307 | ||||
2024 | 284 | ||||
2025 | 258 | ||||
2026 | 216 | ||||
2027 - thereafter | 1,655 | ||||
Total undiscounted lease payments | 3,025 | ||||
Imputed interest | (737) | ||||
Total operating lease liabilities | $ | 2,288 | |||
Weighted average remaining lease term | 14 years | ||||
Weighted average discount rate | 3.61 | % |
$ in millions | Operating lease liabilities | | ||
As of September 2021 | ||||
Remainder of 2021 | $ | |||
2022 | 324 | |||
2023 | 288 | |||
2024 | 268 | |||
2025 | 241 | |||
2026 - thereafter | 1,839 | |||
Total undiscounted lease payments | 3,031 | |||
Imputed interest | (748 | ) | ||
Total operating lease liabilities | $ 2,283 | |||
Weighted average remaining lease term | 14 years | |||
Weighted average discount rate | 3.66% | |||
As of December 2020 | ||||
2021 | $ 342 | |||
2022 | 301 | |||
2023 | 264 | |||
2024 | 247 | |||
2025 | 215 | |||
2026 - thereafter | 1,899 | |||
Total undiscounted lease payments | 3,268 | |||
Imputed interest | (985 | ) | ||
Total operating lease liabilities | $2,283 | |||
Weighted average remaining lease term | 16 years | |||
Weighted average discount rate | 4.02% |
Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Residential mortgages | $ | 6,128 | $ | 9,888 | $ | 25,069 | $ | 19,894 | |||||||||
Commercial mortgages | 2,306 | 3,066 | 13,820 | 13,832 | |||||||||||||
Other financial assets | 902 | 2,353 | 3,519 | 4,017 | |||||||||||||
Total financial assets securitized | $ | 9,336 | $ | 15,307 | $ | 42,408 | $ | 37,743 | |||||||||
Retained interests cash flows | $ | 125 | $ | 204 | $ | 428 | $ | 452 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Residential mortgages | $ 9,888 | $ 7,717 | $19,894 | $15,725 | ||||||||||||||||
Commercial mortgages | 3,066 | 6,279 | 13,832 | 14,062 | ||||||||||||||||
Other financial assets | 2,353 | 66 | 4,017 | 1,189 | ||||||||||||||||
Total financial assets securitized | $15,307 | $14,062 | $37,743 | $30,976 | ||||||||||||||||
Retained interests cash flows | $ | $ 130 | $ | $ 274 |
$ in millions | Outstanding Principal Amount | Retained Interests | Purchased Interests | ||||||||
As of September 2022 | |||||||||||
U.S. government agency-issued CMOs | $ | 39,848 | $ | 1,899 | $ | — | |||||
Other residential mortgage-backed | 27,703 | 1,233 | 129 | ||||||||
Other commercial mortgage-backed | 59,919 | 1,351 | 108 | ||||||||
Corporate debt and other asset-backed | 9,092 | 425 | 34 | ||||||||
Total | $ | 136,562 | $ | 4,908 | $ | 271 | |||||
As of December 2021 | |||||||||||
U.S. government agency-issued CMOs | $ | 33,984 | $ | 955 | $ | 3 | |||||
Other residential mortgage-backed | 23,262 | 1,114 | 96 | ||||||||
Other commercial mortgage-backed | 50,350 | 1,123 | 130 | ||||||||
Corporate debt and other asset-backed | 7,755 | 360 | 37 | ||||||||
Total | $ | 115,351 | $ | 3,552 | $ | 266 |
$ in millions | | Outstanding Principal Amount | | Retained Interests | | Purchased Interests | | |||||
As of September 2021 | ||||||||||||
U.S. government agency-issued CMOs | $ 30,081 | $ 1,149 | $ 1 | |||||||||
Other residential mortgage-backed | 23,252 | 1,039 | 36 | |||||||||
Other commercial mortgage-backed | 47,283 | 1,083 | 88 | |||||||||
Corporate debt and other asset-backed | 7,650 | 352 | 42 | |||||||||
Total | $ 108,266 | $ 3,623 | $167 | |||||||||
As of December 2020 | ||||||||||||
U.S. government agency-issued CMOs | $ 20,841 | $ 906 | $ 4 | |||||||||
Other residential mortgage-backed | 24,262 | 1,170 | 23 | |||||||||
Other commercial mortgage-backed | 38,340 | 914 | 39 | |||||||||
Corporate debt and other asset-backed | 4,299 | 192 | 0 | |||||||||
Total | $ 87,742 | $3,182 | $ 66 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Fair value of retained interests | $ | 4,421 | $ | 3,209 | ||||
Weighted average life (years) | 6.6 | 5.1 | ||||||
Constant prepayment rate | 8.4% | 14.1% | ||||||
Impact of 10% adverse change | $ | (28) | $ | (38) | ||||
Impact of 20% adverse change | $ | (52) | $ | (69) | ||||
Discount rate | 7.6% | 5.6% | ||||||
Impact of 10% adverse change | $ | (131) | $ | (49) | ||||
Impact of 20% adverse change | $ | (251) | $ | (96) |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Fair value of retained interests | $3,286 | $2,993 | ||||||
Weighted average life (years) | 5.8 | 4.7 | ||||||
Constant prepayment rate | 11.9% | 15.0% | ||||||
Impact of 10% adverse change | $ | ) | $ (25 | ) | ||||
Impact of 20% adverse change | $ | ) | $ (50 | ) | ||||
Discount rate | 5.6% | 6.1% | ||||||
Impact of 10% adverse change | $ | ) | $ (42 | ) | ||||
Impact of 20% adverse change | $ | ) | $ (82 | ) |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $ | 184,515 | $ | 176,809 | ||||
Carrying value of variable interests — assets | $ | 12,035 | $ | 9,582 | ||||
Carrying value of variable interests — liabilities | $ | 791 | $ | 928 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | 4,908 | $ | 3,552 | ||||
Purchased interests | 916 | 1,071 | ||||||
Commitments and guarantees | 2,642 | 2,440 | ||||||
Derivatives | 8,128 | 8,682 | ||||||
Debt and equity | 5,887 | 4,639 | ||||||
Total | $ | 22,481 | $ | 20,384 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $169,664 | $148,665 | ||||||
Carrying value of variable interests — assets | $ 10,126 | $ 8,624 | ||||||
Carrying value of variable interests — liabilities | $ | $ 888 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 3,623 | $ 3,182 | ||||||
Purchased interests | 1,055 | 1,041 | ||||||
Commitments and guarantees | 3,304 | 2,455 | ||||||
Derivatives | 8,958 | 8,343 | ||||||
Debt and equity | 5,142 | 4,020 | ||||||
Total | $ 22,082 | $ 19,041 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $ | 129,580 | $ | 120,343 | ||||
Carrying value of variable interests — assets | $ | 4,892 | $ | 4,147 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | 4,483 | $ | 3,192 | ||||
Purchased interests | 408 | 955 | ||||||
Commitments and guarantees | 61 | 34 | ||||||
Derivatives | 13 | 18 | ||||||
Total | $ | 4,965 | $ | 4,199 | ||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ | 27,198 | $ | 26,867 | ||||
Carrying value of variable interests — assets | $ | 4,105 | $ | 3,923 | ||||
Carrying value of variable interests — liabilities | $ | 2 | $ | 8 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | 2,061 | $ | 2,030 | ||||
Derivatives | 61 | 64 | ||||||
Debt and equity | 4,102 | 3,923 | ||||||
Total | $ | 6,224 | $ | 6,017 | ||||
Corporate debt and other asset-backed | ||||||||
Assets in VIEs | $ | 20,700 | $ | 18,391 | ||||
Carrying value of variable interests — assets | $ | 2,757 | $ | 1,156 | ||||
Carrying value of variable interests — liabilities | $ | 789 | $ | 920 | ||||
Maximum exposure to loss: | ||||||||
Retained interests | $ | 425 | $ | 360 | ||||
Purchased interests | 508 | 116 | ||||||
Commitments and guarantees | 367 | 250 | ||||||
Derivatives | 8,052 | 8,597 | ||||||
Debt and equity | 1,504 | 360 | ||||||
Total | $ | 10,856 | $ | 9,683 | ||||
Investments in funds | ||||||||
Assets in VIEs | $ | 7,037 | $ | 11,208 | ||||
Carrying value of variable interests — assets | $ | 281 | $ | 356 | ||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | 153 | $ | 126 | ||||
Derivatives | 2 | 3 | ||||||
Debt and equity | 281 | 356 | ||||||
Total | $ | 436 | $ | 485 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $113,407 | $99,353 | ||||||
Carrying value of variable interests — assets | $ 4,254 | $ 4,014 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 3,271 | $ 2,990 | ||||||
Purchased interests | 983 | 1,024 | ||||||
Commitments and guarantees | 38 | 47 | ||||||
Derivatives | 380 | 394 | ||||||
Total | $ 4,672 | $ 4,455 | ||||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ 23,734 | $20,934 | ||||||
Carrying value of variable interests — assets | $ 3,400 | $ 3,288 | ||||||
Carrying value of variable interests — liabilities | $ 8 | $ 14 | ||||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ 1,631 | $ 1,374 | ||||||
Derivatives | 64 | 84 | ||||||
Debt and equity | 3,400 | 3,288 | ||||||
Total | $ 5,095 | $ 4,746 | ||||||
Corporate debt and other asset-backed | ||||||||
Assets in VIEs | $ 19,704 | $14,077 | ||||||
Carrying value of variable interests — assets | $ 2,052 | $ 913 | ||||||
Carrying value of variable interests — liabilities | $ 818 | $ 874 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 352 | $ 192 | ||||||
Purchased interests | 72 | 17 | ||||||
Commitments and guarantees | 1,597 | 989 | ||||||
Derivatives | 8,511 | 7,862 | ||||||
Debt and equity | 1,322 | 323 | ||||||
Total | $ 11,854 | $ 9,383 | ||||||
Investments in funds | ||||||||
Assets in VIEs | $ 12,819 | $14,301 | ||||||
Carrying value of variable interests — assets | $ | $ 409 | ||||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ | $ 45 | ||||||
Derivatives | 3 | 3 | ||||||
Debt and equity | 420 | 409 | ||||||
Total | $ | $ 457 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 918 | $ | 501 | ||||
Customer and other receivables | 11 | — | ||||||
Trading assets | 145 | 122 | ||||||
Investments | 98 | 153 | ||||||
Loans | 1,293 | 1,988 | ||||||
Other assets | 298 | 314 | ||||||
Total | $ | 2,763 | $ | 3,078 | ||||
Liabilities | ||||||||
Other secured financings | $ | 1,348 | $ | 1,143 | ||||
Customer and other payables | 5 | 34 | ||||||
Trading liabilities | 1 | 7 | ||||||
Unsecured short-term borrowings | 46 | 146 | ||||||
Unsecured long-term borrowings | 23 | 81 | ||||||
Other liabilities | 128 | 163 | ||||||
Total | $ | 1,551 | $ | 1,574 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ 312 | ||||||
Trading assets | 128 | 96 | ||||||
Investments | 872 | 880 | ||||||
Loans | 2,133 | 2,099 | ||||||
Other assets | 355 | 989 | ||||||
Total | $3,882 | $4,376 | ||||||
Liabilities | ||||||||
Other secured financings | $1,180 | $1,891 | ||||||
Customer and other payables | 4 | 28 | ||||||
Trading liabilities | 49 | 296 | ||||||
Unsecured short-term borrowings | 156 | 43 | ||||||
Unsecured long-term borrowings | 84 | 226 | ||||||
Other liabilities | 931 | 948 | ||||||
Total | $2,404 | $3,432 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 301 | $ | 274 | ||||
Customer and other receivables | 11 | — | ||||||
Trading assets | 30 | 16 | ||||||
Investments | 98 | 153 | ||||||
Loans | 1,293 | 1,988 | ||||||
Other assets | 298 | 314 | ||||||
Total | $ | 2,031 | $ | 2,745 | ||||
Liabilities | ||||||||
Other secured financings | $ | 132 | $ | 150 | ||||
Customer and other payables | 5 | 34 | ||||||
Trading liabilities | 1 | 7 | ||||||
Other liabilities | 128 | 163 | ||||||
Total | $ | 266 | $ | 354 | ||||
Corporate debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 617 | $ | 227 | ||||
Trading assets | 70 | 17 | ||||||
Total | $ | 687 | $ | 244 | ||||
Liabilities | ||||||||
Other secured financings | $ | 940 | $ | 602 | ||||
Total | $ | 940 | $ | 602 | ||||
Principal-protected notes | ||||||||
Assets | ||||||||
Trading assets | $ | 45 | $ | 89 | ||||
Total | $ | 45 | $ | 89 | ||||
Liabilities | ||||||||
Other secured financings | $ | 276 | $ | 391 | ||||
Unsecured short-term borrowings | 46 | 146 | ||||||
Unsecured long-term borrowings | 23 | 81 | ||||||
Total | $ | 345 | $ | 618 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ 229 | ||||||
Trading assets | 28 | 8 | ||||||
Investments | 872 | 880 | ||||||
Loans | 2,133 | 2,099 | ||||||
Other assets | 355 | 989 | ||||||
Total | $3,656 | $4,205 | ||||||
Liabilities | ||||||||
Other secured financings | $ | $ 649 | ||||||
Customer and other payables | 4 | 28 | ||||||
Trading liabilities | 49 | 46 | ||||||
Other liabilities | 931 | 948 | ||||||
Total | $1,142 | $1,671 | ||||||
Corporate debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ 83 | ||||||
Trading assets | 20 | – | ||||||
Total | $ | $ 83 | ||||||
Liabilities | ||||||||
Other secured financings | $ | $ 679 | ||||||
Total | $ | $ 679 | ||||||
Principal-protected notes | ||||||||
Assets | ||||||||
Trading assets | $ | $ 88 | ||||||
Total | $ | $ 88 | ||||||
Liabilities | ||||||||
Other secured financings | $ | $ 563 | ||||||
Trading liabilities | 0 | 250 | ||||||
Unsecured short-term borrowings | 156 | 43 | ||||||
Unsecured long-term borrowings | 84 | 226 | ||||||
Total | $ | $1,082 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ | 95,229 | $ | 95,585 | ||||
Non-investment-grade | 57,231 | 69,635 | ||||||
Warehouse financing | 8,865 | 10,391 | ||||||
Consumer | 61,612 | 35,941 | ||||||
Total lending | 222,937 | 211,552 | ||||||
Risk participations | 9,486 | 10,016 | ||||||
Collateralized agreement | 104,691 | 101,031 | ||||||
Collateralized financing | 33,858 | 29,561 | ||||||
Investment | 7,246 | 11,381 | ||||||
Other | 12,514 | 9,143 | ||||||
Total commitments | $ | 390,732 | $ | 372,684 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ 97,902 | $ 83,801 | ||||||
Non-investment-grade | 74,111 | 56,757 | ||||||
Warehouse financing | 10,801 | 9,377 | ||||||
Credit cards | 31,718 | 21,640 | ||||||
Total lending | 214,532 | 171,575 | ||||||
Risk participations | 9,992 | 8,054 | ||||||
Collateralized agreement | 110,163 | 55,278 | ||||||
Collateralized financing | 34,366 | 35,402 | ||||||
Letters of credit | 375 | 367 | ||||||
Investment | 12,625 | 6,456 | ||||||
Other | 9,909 | 7,836 | ||||||
Total commitments | $391,962 | $284,968 |
As of September 2022 | ||||||||||||||
Remainder of | 2023 - | 2025 - | 2027 - | |||||||||||
$ in millions | 2022 | 2024 | 2026 | Thereafter | ||||||||||
Commitment Type | ||||||||||||||
Commercial lending: | ||||||||||||||
Investment-grade | $ | 3,472 | $ | 26,957 | $ | 41,053 | $ | 23,747 | ||||||
Non-investment-grade | 2,040 | 15,452 | 23,532 | 16,207 | ||||||||||
Warehouse financing | — | 5,497 | 2,989 | 379 | ||||||||||
Consumer | 60,677 | 935 | — | — | ||||||||||
Total lending | 66,189 | 48,841 | 67,574 | 40,333 | ||||||||||
Risk participations | 243 | 5,852 | 2,261 | 1,130 | ||||||||||
Collateralized agreement | 95,230 | 9,461 | — | — | ||||||||||
Collateralized financing | 30,495 | 3,363 | — | — | ||||||||||
Investment | 1,110 | 1,325 | 509 | 4,302 | ||||||||||
Other | 9,315 | 2,923 | 28 | 248 | ||||||||||
Total commitments | $ | 202,582 | $ | 71,765 | $ | 70,372 | $ | 46,013 |
As of September 2021 | ||||||||||||||||
$ in millions | Remainder of 2021 | 2022 - 2023 | 2024 - 2025 | 2026 - Thereafter | ||||||||||||
Commitment Type | ||||||||||||||||
Commercial lending: | ||||||||||||||||
Investment-grade | $ 2,981 | $35,540 | $34,512 | $24,869 | ||||||||||||
Non-investment-grade | 3,300 | 18,719 | 22,195 | 29,897 | ||||||||||||
Warehouse financing | 1 | 5,065 | 4,655 | 1,080 | ||||||||||||
Credit cards | 31,718 | 0 | 0 | 0 | ||||||||||||
Total lending | 38,000 | 59,324 | 61,362 | 55,846 | ||||||||||||
Risk participations | 380 | 4,976 | 3,224 | 1,412 | ||||||||||||
Collateralized agreement | 99,421 | 10,571 | 168 | 3 | ||||||||||||
Collateralized financing | 34,114 | 251 | 0 | 1 | ||||||||||||
Letters of credit | 160 | 169 | 0 | 46 | ||||||||||||
Investment | 5,394 | 4,106 | 1,566 | 1,559 | ||||||||||||
Other | 8,722 | 1,144 | 33 | 10 | ||||||||||||
Total commitments | $186,191 | $80,541 | $66,353 | $58,877 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Held for investment | $ | 216,644 | $ | 197,120 | ||||
Held for sale | 4,820 | 13,175 | ||||||
At fair value | 1,473 | 1,257 | ||||||
Total | $ | 222,937 | $ | 211,552 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Held for investment | $198,358 | $162,513 | ||||||
Held for sale | 13,847 | 6,594 | ||||||
At fair value | 2,327 | 2,468 | ||||||
Total | $214,532 | $171,575 |
Goldman Sachs September |
$ in millions | Derivatives | Securities lending and clearing | Other financial guarantees | ||||||||
As of September 2022 | |||||||||||
Carrying Value of Net Liability | $ | 7,849 | $ | — | $ | 400 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
Remainder of 2022 | $ | 21,519 | $ | 14,041 | $ | 499 | |||||
2023 - 2024 | 145,915 | — | 3,757 | ||||||||
2025 - 2026 | 37,383 | — | 2,376 | ||||||||
2027 - thereafter | 33,490 | — | 421 | ||||||||
Total | $ | 238,307 | $ | 14,041 | $ | 7,053 | |||||
As of December 2021 | |||||||||||
Carrying Value of Net Liability | $ | 3,406 | $ | — | $ | 234 | |||||
Maximum Payout/Notional Amount by Period of Expiration | |||||||||||
2022 | $ | 68,212 | $ | 11,046 | $ | 871 | |||||
2023 - 2024 | 48,273 | — | 3,608 | ||||||||
2025 - 2026 | 19,706 | — | 2,015 | ||||||||
2027 - thereafter | 30,006 | — | 97 | ||||||||
Total | $ | 166,197 | $ | 11,046 | $ | 6,591 |
$ in millions | Derivatives | | Securities lending and clearing | | | Other financial guarantees | | |||||
As of September 2021 | ||||||||||||
Carrying Value of Net Liability | $ 3,222 | $ – | $ 229 | |||||||||
Maximum Payout/Notional Amount by Period of Expiration | ||||||||||||
Remainder of 2021 | $ 43,636 | $12,484 | $ 830 | |||||||||
2022 - 2023 | 74,282 | – | 2,579 | |||||||||
2024 - 2025 | 28,667 | – | 2,108 | |||||||||
2026 - thereafter | 35,591 | – | 681 | |||||||||
Total | $182,176 | $12,484 | $6,198 | |||||||||
As of December 2020 | ||||||||||||
Carrying Value of Net Liability | $ 4,357 | $ | $ 253 | |||||||||
Maximum Payout/Notional Amount by Period of Expiration | ||||||||||||
2021 | $ 89,202 | $21,352 | $1,263 | |||||||||
2022 - 2023 | 56,204 | – | 3,304 | |||||||||
2024 - 2025 | 23,389 | – | 2,787 | |||||||||
2026 - thereafter | 32,244 | – | 268 | |||||||||
Total | $201,039 | $21,352 | $7,622 |
Goldman Sachs September 2022 Form 10-Q | 70 |
71 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Common share repurchases | 3.0 | 2.5 | 5.9 | 14.1 | |||||||||||||
Average cost per share | $ | 332.32 | $ | 395.28 | $ | 337.32 | $ | 333.61 | |||||||||
Total cost of common share repurchases | $ | 1,000 | $ | 1,000 | $ | 2,000 | $ | 4,700 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Common share repurchases | 2.5 | 0– | 14.1 | 8.2 | ||||||||||||||
Average cost per share | $395.28 | $ 0– | $333.61 | $236.35 | ||||||||||||||
Total cost of common share repurchases | $ 1,000 | $ 0– | $ 4,700 | $ 1,928 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Dividends declared per common share | $ | 2.50 | $ | 2.00 | $ | 6.50 | $ | 4.50 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||
Dividends declared per common share | $2.00 | $1.25 | $4.50 | $3.75 |
Goldman Sachs September 2022 Form 10-Q | 72 |
Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share | Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share | |||||||||||||||||||||
A | 50,000 | 30,000 | 29,999 | 1,000 | A | 50,000 | 30,000 | 29,999 | 1,000 | |||||||||||||||||||||
C | 25,000 | 8,000 | 8,000 | 1,000 | C | 25,000 | 8,000 | 1,000 | ||||||||||||||||||||||
D | 60,000 | 54,000 | 53,999 | 1,000 | D | 60,000 | 54,000 | 53,999 | 1,000 | |||||||||||||||||||||
E | 17,500 | 7,667 | 7,667 | N/A | E | 17,500 | 7,667 | N/A | ||||||||||||||||||||||
F | 5,000 | 1,615 | 1,615 | N/A | F | 5,000 | 1,615 | N/A | ||||||||||||||||||||||
J | 46,000 | 40,000 | 40,000 | 1,000 | J | 46,000 | 40,000 | 1,000 | ||||||||||||||||||||||
K | 32,200 | 28,000 | 28,000 | 1,000 | K | 32,200 | 28,000 | 1,000 | ||||||||||||||||||||||
O | 26,000 | 26,000 | 26,000 | 25 | O | 26,000 | 25 | |||||||||||||||||||||||
P | 66,000 | 60,000 | 60,000 | 25 | P | 66,000 | 60,000 | 25 | ||||||||||||||||||||||
Q | 20,000 | 20,000 | 20,000 | 25 | Q | 20,000 | 25 | |||||||||||||||||||||||
R | 24,000 | 24,000 | 24,000 | 25 | R | 24,000 | 25 | |||||||||||||||||||||||
S | 14,000 | 14,000 | 14,000 | 25 | S | 14,000 | 25 | |||||||||||||||||||||||
T | 27,000 | 27,000 | 27,000 | 25 | T | 27,000 | 25 | |||||||||||||||||||||||
U | 30,000 | 30,000 | 30,000 | 25 | U | 30,000 | 25 | |||||||||||||||||||||||
V | V | 30,000 | 25 | |||||||||||||||||||||||||||
Total | 442,700 | 370,282 | 370,280 | Total | 472,700 | 400,282 | 400,280 |
Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | ||||||||||||||
A | Currently redeemable | $ 25,000 | $ | A | Currently redeemable | $ | 25,000 | $ | 750 | ||||||||||||
C | Currently redeemable | $ 25,000 | 200 | C | Currently redeemable | $ | 25,000 | 200 | |||||||||||||
D | Currently redeemable | $ 25,000 | 1,350 | D | Currently redeemable | $ | 25,000 | 1,350 | |||||||||||||
E | Currently redeemable | $100,000 | 767 | E | Currently redeemable | $ | 100,000 | 767 | |||||||||||||
F | Currently redeemable | $100,000 | 161 | F | Currently redeemable | $ | 100,000 | 161 | |||||||||||||
J | May 10, 2023 | $ 25,000 | 1,000 | J | May 10, 2023 | $ | 25,000 | 1,000 | |||||||||||||
K | May 10, 2024 | $ 25,000 | 700 | K | May 10, 2024 | $ | 25,000 | 700 | |||||||||||||
O | November 10, 2026 | $ 25,000 | 650 | O | November 10, 2026 | $ | 25,000 | 650 | |||||||||||||
P | November 10, 2022 | $ 25,000 | 1,500 | P | November 10, 2022 | $ | 25,000 | 1,500 | |||||||||||||
Q | August 10, 2024 | $ 25,000 | 500 | Q | August 10, 2024 | $ | 25,000 | 500 | |||||||||||||
R | February 10, 2025 | $ 25,000 | 600 | R | February 10, 2025 | $ | 25,000 | 600 | |||||||||||||
S | February 10, 2025 | $ 25,000 | 350 | S | February 10, 2025 | $ | 25,000 | 350 | |||||||||||||
T | May 10, 2026 | $ 25,000 | 675 | T | May 10, 2026 | $ | 25,000 | 675 | |||||||||||||
U | August 10, 2026 | $ 25,000 | 750 | U | August 10, 2026 | $ | 25,000 | 750 | |||||||||||||
V | V | November 10, 2026 | $ | 25,000 | 750 | ||||||||||||||||
Total | $9,953 | Total | $ | 10,703 |
73 | Goldman Sachs September 2022 Form 10-Q |
Series | ||||||||
Per Annum Dividend Rate | ||||||||
A | 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly | |||||||
C | 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly | |||||||
D | 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly | |||||||
E | 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly | |||||||
F | 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly | |||||||
J | 5.50% to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly | |||||||
K | 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly | |||||||
O | 5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter | |||||||
P | 5.00%, payable semi-annually, from issuance date to, but excluding, November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter | |||||||
Q | 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter | |||||||
R | 4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter | |||||||
S | 4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter | |||||||
T | 3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter | |||||||
U | 3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter | |||||||
V | 4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter |
2022 | 2021 | ||||||||||||||||
Series | per share | $ in millions | per share | $ in millions | |||||||||||||
Three Months Ended September | |||||||||||||||||
A | $ | 239.58 | $ | 7 | $ | 239.58 | $ | 7 | |||||||||
C | $ | 255.56 | 2 | $ | 255.56 | 2 | |||||||||||
D | $ | 255.56 | 14 | $ | 255.56 | 14 | |||||||||||
E | $ | 1,022.22 | 7 | $ | 1,022.22 | 8 | |||||||||||
F | $ | 1,022.22 | 2 | $ | 1,022.22 | 2 | |||||||||||
J | $ | 343.75 | 13 | $ | 343.75 | 14 | |||||||||||
K | $ | 398.44 | 11 | $ | 398.44 | 11 | |||||||||||
Q | $ | 687.50 | 14 | $ | 687.50 | 14 | |||||||||||
R | $ | 618.75 | 15 | $ | 618.75 | 15 | |||||||||||
S | $ | 550.00 | 8 | $ | 550.00 | 7 | |||||||||||
U | $ | 456.25 | 14 | $ | — | — | |||||||||||
Total | $ | 107 | $ | 94 | |||||||||||||
Nine Months Ended September | |||||||||||||||||
A | $ | 710.93 | $ | 21 | $ | 710.93 | $ | 21 | |||||||||
C | $ | 758.34 | 6 | $ | 758.34 | 6 | |||||||||||
D | $ | 758.34 | 41 | $ | 758.34 | 41 | |||||||||||
E | $ | 3,044.44 | 23 | $ | 3,044.44 | 23 | |||||||||||
F | $ | 3,044.44 | 5 | $ | 3,044.44 | 5 | |||||||||||
J | $ | 1,031.25 | 41 | $ | 1,031.25 | 41 | |||||||||||
K | $ | 1,195.32 | 33 | $ | 1,195.32 | 33 | |||||||||||
N | $ | — | — | $ | 787.50 | 19 | |||||||||||
O | $ | 662.50 | 17 | $ | 662.50 | 17 | |||||||||||
P | $ | 625.00 | 38 | $ | 625.00 | 38 | |||||||||||
Q | $ | 1,375.00 | 28 | $ | 1,375.00 | 28 | |||||||||||
R | $ | 1,237.50 | 30 | $ | 1,237.50 | 30 | |||||||||||
S | $ | 1,100.00 | 16 | $ | 1,100.00 | 15 | |||||||||||
T | $ | 475.00 | 13 | $ | — | — | |||||||||||
U | $ | 942.92 | 28 | $ | — | — | |||||||||||
V | $ | 547.14 | 16 | $ | — | — | |||||||||||
Total | $ | 356 | $ | 317 |
2021 | 2020 | |||||||||||||||
Series | per share | $ in millions | per share | $ in millions | ||||||||||||
Three Months Ended September | ||||||||||||||||
A | $ 239.58 | $ 7 | $ | $ 7 | ||||||||||||
C | $ 255.56 | 2 | $ | 2 | ||||||||||||
D | $ 255.56 | 14 | $ | 14 | ||||||||||||
E | $1,022.22 | 8 | $1,022.22 | 8 | ||||||||||||
F | $1,022.22 | 2 | $1,022.22 | 2 | ||||||||||||
J | $ 343.75 | 14 | $ | 13 | ||||||||||||
K | $ 398.44 | 11 | $ | 11 | ||||||||||||
M | $ – | – | $ | 22 | ||||||||||||
N | $ – | – | $ | 11 | ||||||||||||
Q | $ 687.50 | 14 | $ | 14 | ||||||||||||
R | $ 618.75 | 15 | $ | 22 | ||||||||||||
S | $ 550.00 | 7 | $ | 8 | ||||||||||||
Total | $ 94 | $134 | ||||||||||||||
Nine Months Ended September | ||||||||||||||||
A | $ 710.93 | $ 21 | $ | $ 21 | ||||||||||||
C | $ 758.34 | 6 | $ | 6 | ||||||||||||
D | $ 758.34 | 41 | $ | 41 | ||||||||||||
E | $3,044.44 | 23 | $3,044.44 | 23 | ||||||||||||
F | $3,044.44 | 5 | $3,044.44 | 5 | ||||||||||||
J | $1,031.25 | 41 | $1,031.25 | 41 | ||||||||||||
K | $1,195.32 | 33 | $1,195.32 | 33 | ||||||||||||
L | $ – | – | $ | 4 | ||||||||||||
M | $ – | – | $ | 76 | ||||||||||||
N | $ 787.50 | 19 | $1,181.25 | 32 | ||||||||||||
O | $ 662.50 | 17 | $ | 17 | ||||||||||||
P | $ 625.00 | 38 | $ | 38 | ||||||||||||
Q | $1,375.00 | 28 | $1,577.43 | 32 | ||||||||||||
R | $1,237.50 | 30 | $ | 22 | ||||||||||||
S | $1,100.00 | 15 | $ | 8 | ||||||||||||
Total | $317 | $399 |
Goldman Sachs September |
$ in millions | Beginning balance | Other comprehensive income/(loss) adjustments, net of tax | Ending balance | ||||||||
Three Months Ended September 2022 | |||||||||||
Currency translation | $ | (769) | $ | 26 | $ | (743) | |||||
Debt valuation adjustment | 1,417 | 673 | 2,090 | ||||||||
Pension and postretirement liabilities | (315) | (2) | (317) | ||||||||
Available-for-sale securities | (2,287) | (615) | (2,902) | ||||||||
Total | $ | (1,954) | $ | 82 | $ | (1,872) | |||||
Three Months Ended September 2021 | |||||||||||
Currency translation | $ | (712) | $ | (20) | $ | (732) | |||||
Debt valuation adjustment | (735) | 67 | (668) | ||||||||
Pension and postretirement liabilities | (361) | — | (361) | ||||||||
Available-for-sale securities | (81) | (114) | (195) | ||||||||
Total | $ | (1,889) | $ | (67) | $ | (1,956) | |||||
Nine Months Ended September 2022 | |||||||||||
Currency translation | $ | (738) | $ | (5) | $ | (743) | |||||
Debt valuation adjustment | (511) | 2,601 | 2,090 | ||||||||
Pension and postretirement liabilities | (327) | 10 | (317) | ||||||||
Available-for-sale securities | (492) | (2,410) | (2,902) | ||||||||
Total | $ | (2,068) | $ | 196 | $ | (1,872) | |||||
Nine Months Ended September 2021 | |||||||||||
Currency translation | $ | (696) | $ | (36) | $ | (732) | |||||
Debt valuation adjustment | (833) | 165 | (668) | ||||||||
Pension and postretirement liabilities | (368) | 7 | (361) | ||||||||
Available-for-sale securities | 463 | (658) | (195) | ||||||||
Total | $ | (1,434) | $ | (522) | $ | (1,956) |
$ in millions | Beginning balance | | Other comprehensive income/(loss) adjustments, net of tax | | Ending balance | |||||||
Three Months Ended September 2021 | ||||||||||||
Currency translation | $ (712 | ) | $ (20 | ) | $ (732 | ) | ||||||
Debt valuation adjustment | (735 | ) | 67 | (668 | ) | |||||||
Pension and postretirement liabilities | (361 | ) | 0 | (361 | ) | |||||||
Available-for-sale | (81 | ) | (114 | ) | (195 | ) | ||||||
Total | $(1,889 | ) | $ (67 | ) | $(1,956 | ) | ||||||
Three Months Ended September 2020 | ||||||||||||
Currency translation | $ | ) | $ | ) | $ | ) | ||||||
Debt valuation adjustment | 124 | (268 | ) | (144 | ) | |||||||
Pension and postretirement liabilities | (339 | ) | (2 | ) | (341 | ) | ||||||
Available-for-sale | 551 | (11 | ) | 540 | ||||||||
Total | $ | ) | $ | ) | $ | ) | ||||||
Nine Months Ended September 2021 | ||||||||||||
Currency translation | $ (696 | ) | $ (36 | ) | $ (732 | ) | ||||||
Debt valuation adjustment | (833 | ) | 165 | (668 | ) | |||||||
Pension and postretirement liabilities | (368 | ) | 7 | (361 | ) | |||||||
Available-for-sale | 463 | (658 | ) | (195 | ) | |||||||
Total | $(1,434 | ) | $(522 | ) | $(1,956 | ) | ||||||
Nine Months Ended September 2020 | ||||||||||||
Currency translation | $ | ) | $ | ) | $ | ) | ||||||
Debt valuation adjustment | (572 | ) | 428 | (144 | ) | |||||||
Pension and postretirement liabilities | (342 | ) | 1 | (341 | ) | |||||||
Available-for-sale | 46 | 494 | 540 | |||||||||
Total | $ | ) | $ | $ | ) |
75 | Goldman Sachs September 2022 Form 10-Q |
Standardized | Advanced | |||||||
CET1 capital ratio | 13.4 | % | 9.5 | % | ||||
Tier 1 capital ratio | 14.9 | % | 11.0 | % | ||||
Total capital ratio | 16.9 | % | 13.0 | % |
Standardized | Advanced | |||||||
CET1 capital ratio | 13.6% | 9.5% | ||||||
Tier 1 capital ratio | 15.1% | 11.0% | ||||||
Total capital ratio | 17.1% | 13.0% |
$ in millions | Standardized | Advanced | ||||||
As of September 2021 | ||||||||
CET1 capital | $ 93,292 | $ 93,292 | ||||||
Tier 1 capital | $102,580 | $102,580 | ||||||
Tier 2 capital | $ 14,982 | $ 12,625 | ||||||
Total capital | $117,562 | $115,205 | ||||||
RWAs | $663,936 | $672,061 | ||||||
CET1 capital ratio | 14.1% | 13.9% | ||||||
Tier 1 capital ratio | 15.5% | 15.3% | ||||||
Total capital ratio | 17.7% | 17.1% | ||||||
As of December 2020 | ||||||||
CET1 capital | $ 81,641 | $ 81,641 | ||||||
Tier 1 capital | $ 92,730 | $ 92,730 | ||||||
Tier 2 capital | $ 15,424 | $ 13,279 | ||||||
Total capital | $108,154 | $106,009 | ||||||
RWAs | $554,162 | $609,750 | ||||||
CET1 capital ratio | 14.7% | 13.4% | ||||||
Tier 1 capital ratio | 16.7% | 15.2% | ||||||
Total capital ratio | 19.5% | 17.4% |
$ in millions | Standardized | Advanced | ||||||
As of September 2022 | ||||||||
CET1 capital | $ | 98,707 | $ | 98,707 | ||||
Tier 1 capital | $ | 109,214 | $ | 109,214 | ||||
Tier 2 capital | $ | 15,599 | $ | 12,555 | ||||
Total capital | $ | 124,813 | $ | 121,769 | ||||
RWAs | $ | 688,566 | $ | 675,075 | ||||
CET1 capital ratio | 14.3 | % | 14.6 | % | ||||
Tier 1 capital ratio | 15.9 | % | 16.2 | % | ||||
Total capital ratio | 18.1 | % | 18.0 | % | ||||
As of December 2021 | ||||||||
CET1 capital | $ | 96,254 | $ | 96,254 | ||||
Tier 1 capital | $ | 106,766 | $ | 106,766 | ||||
Tier 2 capital | $ | 14,636 | $ | 12,051 | ||||
Total capital | $ | 121,402 | $ | 118,817 | ||||
RWAs | $ | 676,863 | $ | 647,921 | ||||
CET1 capital ratio | 14.2 | % | 14.9 | % | ||||
Tier 1 capital ratio | 15.8 | % | 16.5 | % | ||||
Total capital ratio | 17.9 | % | 18.3 | % |
Requirements | |||||||
Tier 1 leverage ratio | 4.0 | % | |||||
SLR | 5.0 | % |
For the Three Months Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Tier 1 capital | $ | 109,214 | $ | 106,766 | ||||
Average total assets | $ | 1,581,084 | $ | 1,466,770 | ||||
Deductions from Tier 1 capital | (8,333) | (4,583) | ||||||
Average adjusted total assets | 1,572,751 | 1,462,187 | ||||||
Off-balance sheet and other exposures | 382,549 | 448,334 | ||||||
Total leverage exposure | $ | 1,955,300 | $ | 1,910,521 | ||||
Tier 1 leverage ratio | 6.9 | % | 7.3% | |||||
SLR | 5.6 | % | 5.6% |
Goldman Sachs September |
For the Three Months Ended or as of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Tier 1 capital | $ 102,580 | $ 92,730 | ||||||
Average total assets | $1,410,173 | $1,152,785 | ||||||
Deductions from Tier 1 capital | (5,272 | ) | (4,948 | ) | ||||
Average adjusted total assets | 1,404,901 | 1,147,837 | ||||||
Impact of SLR temporary amendment | – | (202,748 | ) | |||||
Average off-balance sheet exposures | 439,373 | 387,848 | ||||||
Total leverage exposure | $1,844,274 | $1,332,937 | ||||||
Tier 1 leverage ratio | 7.3% | 8.1% | ||||||
SLR | 5.6% | 7.0% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Common shareholders’ equity | $ | 108,587 | $ | 99,223 | ||||
Impact of CECL transition | 829 | 1,105 | ||||||
Deduction for goodwill | (5,606) | (3,610) | ||||||
Deduction for identifiable intangible assets | (1,717) | (401) | ||||||
Other adjustments | (3,386) | (63) | ||||||
CET1 capital | 98,707 | 96,254 | ||||||
Preferred stock | 10,703 | 10,703 | ||||||
Deduction for investments in covered funds | (193) | (189) | ||||||
Other adjustments | (3) | (2) | ||||||
Tier 1 capital | $ | 109,214 | $ | 106,766 | ||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | 109,214 | $ | 106,766 | ||||
Qualifying subordinated debt | 11,011 | 11,554 | ||||||
Junior subordinated debt | — | 94 | ||||||
Allowance for credit losses | 4,598 | 3,034 | ||||||
Other adjustments | (10) | (46) | ||||||
Standardized Tier 2 capital | 15,599 | 14,636 | ||||||
Standardized Total capital | $ | 124,813 | $ | 121,402 | ||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $ | 109,214 | $ | 106,766 | ||||
Standardized Tier 2 capital | 15,599 | 14,636 | ||||||
Allowance for credit losses | (4,598) | (3,034) | ||||||
Other adjustments | 1,554 | 449 | ||||||
Advanced Tier 2 capital | 12,555 | 12,051 | ||||||
Advanced Total capital | $ | 121,769 | $ | 118,817 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Common shareholders’ equity | $ 96,344 | $ 84,729 | ||||||
Impact of CECL transition | 1,059 | 1,126 | ||||||
Deduction for goodwill | (3,652 | ) | (3,652 | ) | ||||
Deduction for identifiable intangible assets | (478 | ) | (601 | ) | ||||
Other adjustments | 19 | 39 | ||||||
CET1 capital | 93,292 | 81,641 | ||||||
Preferred stock | 9,953 | 11,203 | ||||||
Deduction for investments in covered funds | (662 | ) | (106 | ) | ||||
Other adjustments | (3 | ) | (8 | ) | ||||
Tier 1 capital | $102,580 | $ 92,730 | ||||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $102,580 | $ 92,730 | ||||||
Qualifying subordinated debt | 12,044 | 12,196 | ||||||
Junior subordinated debt | 94 | 188 | ||||||
Allowance for credit losses | 2,896 | 3,095 | ||||||
Other adjustments | (52 | ) | (55 | ) | ||||
Standardized Tier 2 capital | 14,982 | 15,424 | ||||||
Standardized Total capital | $117,562 | $108,154 | ||||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $102,580 | $ 92,730 | ||||||
Standardized Tier 2 capital | 14,982 | 15,424 | ||||||
Allowance for credit losses | (2,896 | ) | (3,095 | ) | ||||
Other adjustments | 539 | 950 | ||||||
Advanced Tier 2 capital | 12,625 | 13,279 | ||||||
Advanced Total capital | $115,205 | $106,009 |
Goldman Sachs September |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2022 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ | 96,254 | $ | 96,254 | ||||
Change in: | ||||||||
Common shareholders’ equity | 9,364 | 9,364 | ||||||
Impact of CECL transition | (276) | (276) | ||||||
Deduction for goodwill | (1,996) | (1,996) | ||||||
Deduction for identifiable intangible assets | (1,316) | (1,316) | ||||||
Other adjustments | (3,323) | (3,323) | ||||||
Ending balance | $ | 98,707 | $ | 98,707 | ||||
Tier 1 capital | ||||||||
Beginning balance | $ | 106,766 | $ | 106,766 | ||||
Change in: | ||||||||
CET1 capital | 2,453 | 2,453 | ||||||
Deduction for investments in covered funds | (4) | (4) | ||||||
Other adjustments | (1) | (1) | ||||||
Ending balance | 109,214 | 109,214 | ||||||
Tier 2 capital | ||||||||
Beginning balance | 14,636 | 12,051 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | (543) | (543) | ||||||
Junior subordinated debt | (94) | (94) | ||||||
Allowance for credit losses | 1,564 | — | ||||||
Other adjustments | 36 | 1,141 | ||||||
Ending balance | 15,599 | 12,555 | ||||||
Total capital | $ | 124,813 | $ | 121,769 | ||||
Year Ended December 2021 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ | 81,641 | $ | 81,641 | ||||
Change in: | ||||||||
Common shareholders’ equity | 14,494 | 14,494 | ||||||
Impact of CECL transition | (21) | (21) | ||||||
Deduction for goodwill | 42 | 42 | ||||||
Deduction for identifiable intangible assets | 200 | 200 | ||||||
Other adjustments | (102) | (102) | ||||||
Ending balance | $ | 96,254 | $ | 96,254 | ||||
Tier 1 capital | ||||||||
Beginning balance | $ | 92,730 | $ | 92,730 | ||||
Change in: | ||||||||
CET1 capital | 14,613 | 14,613 | ||||||
Deduction for investments in covered funds | (83) | (83) | ||||||
Preferred stock | (500) | (500) | ||||||
Other adjustments | 6 | 6 | ||||||
Ending balance | 106,766 | 106,766 | ||||||
Tier 2 capital | ||||||||
Beginning balance | 15,424 | 13,279 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | (642) | (642) | ||||||
Junior subordinated debt | (94) | (94) | ||||||
Allowance for credit losses | (61) | — | ||||||
Other adjustments | 9 | (492) | ||||||
Ending balance | 14,636 | 12,051 | ||||||
Total capital | $ | 121,402 | $ | 118,817 |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2021 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ 81,641 | $ 81,641 | ||||||
Change in: | ||||||||
Common shareholders’ equity | 11,615 | 11,615 | ||||||
Impact of CECL transition | (67 | ) | (67 | ) | ||||
Deduction for identifiable intangible assets | 123 | 123 | ||||||
Other adjustments | (20 | ) | (20 | ) | ||||
Ending balance | $ 93,292 | $ 93,292 | ||||||
Tier 1 capital | ||||||||
Beginning balance | $ 92,730 | $ 92,730 | ||||||
Change in: | ||||||||
CET1 capital | 11,651 | 11,651 | ||||||
Deduction for investments in covered funds | (556 | ) | (556 | ) | ||||
Preferred stock | (1,250 | ) | (1,250 | ) | ||||
Other adjustments | 5 | 5 | ||||||
Ending balance | 102,580 | 102,580 | ||||||
Tier 2 capital | ||||||||
Beginning balance | 15,424 | 13,279 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | (152 | ) | (152 | ) | ||||
Junior subordinated debt | (94 | ) | (94 | ) | ||||
Allowance for credit losses | (199 | ) | – | |||||
Other adjustments | 3 | (408 | ) | |||||
Ending balance | 14,982 | 12,625 | ||||||
Total capital | $117,562 | $115,205 | ||||||
Year Ended December 2020 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ 74,850 | $ 74,850 | ||||||
Change in: | ||||||||
Common shareholders’ equity | 5,667 | 5,667 | ||||||
Impact of CECL transition | 1,126 | 1,126 | ||||||
Deduction for goodwill | (123 | ) | (123 | ) | ||||
Deduction for identifiable intangible assets | 3 | 3 | ||||||
Other adjustments | 118 | 118 | ||||||
Ending balance | $ 81,641 | $ 81,641 | ||||||
Tier 1 capital | ||||||||
Beginning balance | $ 85,440 | $ 85,440 | ||||||
Change in: | ||||||||
CET1 capital | 6,791 | 6,791 | ||||||
Deduction for investments in covered funds | 504 | 504 | ||||||
Other adjustments | (5 | ) | (5 | ) | ||||
Ending balance | 92,730 | 92,730 | ||||||
Tier 2 capital | ||||||||
Beginning balance | 14,925 | 13,473 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | (651 | ) | (651 | ) | ||||
Junior subordinated debt | (96 | ) | (96 | ) | ||||
Allowance for credit losses | 1,293 | – | ||||||
Other adjustments | (47 | ) | 553 | |||||
Ending balance | 15,424 | 13,279 | ||||||
Total capital | $108,154 | $106,009 |
Goldman Sachs September |
$ in millions | Standardized | Advanced | ||||||
As of September 2022 | ||||||||
Credit RWAs | ||||||||
Derivatives | $168,177 | $122,589 | ||||||
Commitments, guarantees and loans | 242,565 | 179,657 | ||||||
Securities financing transactions | 77,807 | 22,339 | ||||||
Equity investments | 31,527 | 33,165 | ||||||
Other | 81,992 | 96,202 | ||||||
Total Credit RWAs | 602,068 | 453,952 | ||||||
Market RWAs | ||||||||
Regulatory VaR | 22,156 | 22,156 | ||||||
Stressed VaR | 36,208 | 36,208 | ||||||
Incremental risk | 9,324 | 9,324 | ||||||
Comprehensive risk | 3,485 | 3,485 | ||||||
Specific risk | 15,325 | 15,325 | ||||||
Total Market RWAs | 86,498 | 86,498 | ||||||
Total Operational RWAs | — | 134,625 | ||||||
Total RWAs | $688,566 | $675,075 | ||||||
As of December 2021 | ||||||||
Credit RWAs | ||||||||
Derivatives | $175,628 | $109,532 | ||||||
Commitments, guarantees and loans | 233,639 | 182,210 | ||||||
Securities financing transactions | 76,346 | 14,407 | ||||||
Equity investments | 43,256 | 45,582 | ||||||
Other | 71,485 | 86,768 | ||||||
Total Credit RWAs | 600,354 | 438,499 | ||||||
Market RWAs | ||||||||
Regulatory VaR | 13,510 | 13,510 | ||||||
Stressed VaR | 38,922 | 38,922 | ||||||
Incremental risk | 6,867 | 6,867 | ||||||
Comprehensive risk | 2,521 | 2,521 | ||||||
Specific risk | 14,689 | 14,689 | ||||||
Total Market RWAs | 76,509 | 76,509 | ||||||
Total Operational RWAs | — | 132,913 | ||||||
Total RWAs | $676,863 | $647,921 |
$ in millions | Standardized | Advanced | ||||||
As of September 2021 | ||||||||
Credit RWAs | ||||||||
Derivatives | $147,590 | $116,971 | ||||||
Commitments, guarantees and loans | 222,978 | 178,086 | ||||||
Securities financing transactions | 88,391 | 18,004 | ||||||
Equity investments | 49,346 | 55,450 | ||||||
Other | 74,325 | 91,181 | ||||||
Total Credit RWAs | 582,630 | 459,692 | ||||||
Market RWAs | ||||||||
Regulatory VaR | 12,733 | 12,733 | ||||||
Stressed VaR | 40,922 | 40,922 | ||||||
Incremental risk | 8,325 | 8,325 | ||||||
Comprehensive risk | 3,292 | 3,292 | ||||||
Specific risk | 16,034 | 16,034 | ||||||
Total Market RWAs | 81,306 | 81,306 | ||||||
Total Operational RWAs | – | 131,063 | ||||||
Total RWAs | $663,936 | $672,061 | ||||||
As of December 2020 | ||||||||
Credit RWAs | ||||||||
Derivatives | $120,292 | $111,691 | ||||||
Commitments, guarantees and loans | 176,501 | 151,587 | ||||||
Securities financing transactions | 71,427 | 16,568 | ||||||
Equity investments | 46,944 | 49,268 | ||||||
Other | 70,274 | 83,599 | ||||||
Total Credit RWAs | 485,438 | 412,713 | ||||||
Market RWAs | ||||||||
Regulatory VaR | 14,913 | 14,913 | ||||||
Stressed VaR | 31,978 | 31,978 | ||||||
Incremental risk | 7,882 | 7,882 | ||||||
Comprehensive risk | 1,758 | 1,758 | ||||||
Specific risk | 12,193 | 12,193 | ||||||
Total Market RWAs | 68,724 | 68,724 | ||||||
Total Operational RWAs | – | 128,313 | ||||||
Total RWAs | $554,162 | $609,750 |
Goldman Sachs September |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2022 | ||||||||
RWAs | ||||||||
Beginning balance | $676,863 | $647,921 | ||||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | (7,451) | 13,057 | ||||||
Commitments, guarantees and loans | 8,926 | (2,553) | ||||||
Securities financing transactions | 1,461 | 7,932 | ||||||
Equity investments | (11,729) | (12,417) | ||||||
Other | 10,507 | 9,434 | ||||||
Change in Credit RWAs | 1,714 | 15,453 | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | 8,646 | 8,646 | ||||||
Stressed VaR | (2,714) | (2,714) | ||||||
Incremental risk | 2,457 | 2,457 | ||||||
Comprehensive risk | 964 | 964 | ||||||
Specific risk | 636 | 636 | ||||||
Change in Market RWAs | 9,989 | 9,989 | ||||||
Change in Operational RWAs | — | 1,712 | ||||||
Ending balance | $688,566 | $675,075 | ||||||
Year Ended December 2021 | ||||||||
RWAs | ||||||||
Beginning balance | $554,162 | $609,750 | ||||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | 55,336 | (2,159) | ||||||
Commitments, guarantees and loans | 57,138 | 30,623 | ||||||
Securities financing transactions | 4,919 | (2,161) | ||||||
Equity investments | (3,688) | (3,686) | ||||||
Other | 1,211 | 3,169 | ||||||
Change in Credit RWAs | 114,916 | 25,786 | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | (1,403) | (1,403) | ||||||
Stressed VaR | 6,944 | 6,944 | ||||||
Incremental risk | (1,015) | (1,015) | ||||||
Comprehensive risk | 763 | 763 | ||||||
Specific risk | 2,496 | 2,496 | ||||||
Change in Market RWAs | 7,785 | 7,785 | ||||||
Change in Operational RWAs | — | 4,600 | ||||||
Ending balance | $676,863 | $647,921 |
$ in millions | Standardized | Advanced | ||||||
Nine Months Ended September 2021 | ||||||||
RWAs | ||||||||
Beginning balance | $554,162 | $609,750 | ||||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | 27,298 | 5,280 | ||||||
Commitments, guarantees and loans | 46,477 | 26,499 | ||||||
Securities financing transactions | 16,964 | 1,436 | ||||||
Equity investments | 2,402 | 6,182 | ||||||
Other | 4,051 | 7,582 | ||||||
Change in Credit RWAs | 97,192 | 46,979 | ||||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | (2,180 | ) | (2,180 | ) | ||||
Stressed VaR | 8,944 | 8,944 | ||||||
Incremental risk | 443 | 443 | ||||||
Comprehensive risk | 1,534 | 1,534 | ||||||
Specific risk | 3,841 | 3,841 | ||||||
Change in Market RWAs | 12,582 | 12,582 | ||||||
Change in Operational RWAs | – | 2,750 | ||||||
Ending balance | $663,936 | $672,061 | ||||||
Year Ended December 2020 | ||||||||
RWAs | ||||||||
Beginning balance | $563,575 | $544,653 | ||||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | (614 | ) | 39,060 | |||||
Commitments, guarantees and loans | (3,239 | ) | 17,131 | |||||
Securities financing transactions | 5,560 | 2,734 | ||||||
Equity investments | (9,870 | ) | (12,624 | ) | ||||
Other | (5,386 | ) | 5,333 | |||||
Change in Credit RWAs | (13,549 | ) | 51,634 | |||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | 5,980 | 5,980 | ||||||
Stressed VaR | 1,067 | 1,067 | ||||||
Incremental risk | 3,574 | 3,574 | ||||||
Comprehensive risk | 365 | 567 | ||||||
Specific risk | (6,850 | ) | (6,850 | ) | ||||
Change in Market RWAs | 4,136 | 4,338 | ||||||
Change in Operational RWAs | – | 9,125 | ||||||
Ending balance | $554,162 | $609,750 |
Goldman Sachs September |
Requirements | “Well-capitalized” Requirements | Requirements | “Well-capitalized” Requirements | |||||||||||||
Risk-based capital requirements | Risk-based capital requirements | Risk-based capital requirements | ||||||||||||||
CET1 capital ratio | 7.0% | 6.5% | CET1 capital ratio | 7.0 | % | 6.5 | % | |||||||||
Tier 1 capital ratio | 8.5% | 8.0% | Tier 1 capital ratio | 8.5 | % | 8.0 | % | |||||||||
Total capital ratio | 10.5% | 10.0% | Total capital ratio | 10.5 | % | 10.0 | % | |||||||||
Leverage requirements | Leverage requirements | Leverage requirements | ||||||||||||||
Tier 1 leverage ratio | 4.0% | 5.0% | Tier 1 leverage ratio | 4.0 | % | 5.0 | % | |||||||||
SLR | 3.0% | 6.0% | SLR | 3.0 | % | 6.0 | % |
$ in millions | Standardized | Advanced | ||||||
As of September 2022 | ||||||||
CET1 capital | $ | 45,578 | $ | 45,578 | ||||
Tier 1 capital | $ | 45,578 | $ | 45,578 | ||||
Tier 2 capital | $ | 7,728 | $ | 5,312 | ||||
Total capital | $ | 53,306 | $ | 50,890 | ||||
RWAs | $ | 343,781 | $ | 261,371 | ||||
CET1 capital ratio | 13.3 | % | 17.4 | % | ||||
Tier 1 capital ratio | 13.3 | % | 17.4 | % | ||||
Total capital ratio | 15.5 | % | 19.5 | % | ||||
As of December 2021 | ||||||||
CET1 capital | $ | 42,535 | $ | 42,535 | ||||
Tier 1 capital | $ | 42,535 | $ | 42,535 | ||||
Tier 2 capital | $ | 6,430 | $ | 4,646 | ||||
Total capital | $ | 48,965 | $ | 47,181 | ||||
RWAs | $ | 312,601 | $ | 222,607 | ||||
CET1 capital ratio | 13.6 | % | 19.1 | % | ||||
Tier 1 capital ratio | 13.6 | % | 19.1 | % | ||||
Total capital ratio | 15.7 | % | 21.2 | % |
$ in millions | Standardized | Advanced | ||||||
As of September 2021 | ||||||||
CET1 capital | $ 40,811 | $ 40,811 | ||||||
Tier 1 capital | $ 40,811 | $ 40,811 | ||||||
Tier 2 capital | $ 6,259 | $ 4,598 | ||||||
Total capital | $ 47,070 | $ 45,409 | ||||||
RWAs | $343,033 | $221,831 | ||||||
CET1 capital ratio | 11.9% | 18.4% | ||||||
Tier 1 capital ratio | 11.9% | 18.4% | ||||||
Total capital ratio | 13.7% | 20.5% | ||||||
As of December 2020 | ||||||||
CET1 capital | $ 34,687 | $ 34,687 | ||||||
Tier 1 capital | $ 34,687 | $ 34,687 | ||||||
Tier 2 capital | $ 6,312 | $ 4,963 | ||||||
Total capital | $ 40,999 | $ 39,650 | ||||||
RWAs | $280,877 | $173,442 | ||||||
CET1 capital ratio | 12.3% | 20.0% | ||||||
Tier 1 capital ratio | 12.3% | 20.0% | ||||||
Total capital ratio | 14.6% | 22.9% |
81 | Goldman Sachs September 2022 Form 10-Q |
For the Three Months Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Tier 1 capital | $ | 45,578 | $ | 42,535 | ||||
Average adjusted total assets | $ | 506,003 | $ | 409,739 | ||||
Total leverage exposure | $ | 670,832 | $ | 627,799 | ||||
Tier 1 leverage ratio | 9.0 | % | 10.4% | |||||
SLR | 6.8 | % | 6.8 | % |
For the Three Months Ended or as of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Tier 1 capital | $ 40,811 | $ 34,687 | ||||||
Average adjusted total assets | $374,396 | $310,690 | ||||||
Total leverage exposure | $608,770 | $381,637 | ||||||
Tier 1 leverage ratio | 10.9% | 11.2% | ||||||
SLR | 6.7% | 9.1% |
As of | ||||||||
September | December | |||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 9.3 | % | 8.5 | % | ||||
Tier 1 capital ratio | 11.5 | % | 10.5 | % | ||||
Total capital ratio | 14.5 | % | 13.2 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 3,329 | $ | 3,408 | ||||
Tier 1 capital | $ | 3,329 | $ | 3,408 | ||||
Tier 2 capital | $ | 826 | $ | 826 | ||||
Total capital | $ | 4,155 | $ | 4,234 | ||||
RWAs | $ | 15,542 | $ | 17,196 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 21.4 | % | 19.8 | % | ||||
Tier 1 capital ratio | 21.4 | % | 19.8 | % | ||||
Total capital ratio | 26.7 | % | 24.6 | % |
As of | ||||||||
September | December | |||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 9.0 | % | 8.7 | % | ||||
Tier 1 capital ratio | 11.1 | % | 10.8 | % | ||||
Total capital ratio | 13.8 | % | 13.5 | % |
Goldman Sachs September 2022 Form 10-Q | 82 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 8,587 | $ | 6,527 | ||||
Tier 1 capital | $ | 8,587 | $ | 6,527 | ||||
Tier 2 capital | $ | 20 | $ | 23 | ||||
Total capital | $ | 8,607 | $ | 6,550 | ||||
RWAs | $ | 31,440 | $ | 28,924 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 27.3 | % | 22.6% | |||||
Tier 1 capital ratio | 27.3 | % | 22.6% | |||||
Total capital ratio | 27.4 | % | 22.6% |
As of | ||||||||
September | December | |||||||
2022 | 2021 | |||||||
Leverage ratio requirement | 3.0 | % | 3.0 | % | ||||
Leverage ratio | 7.8 | % | 7.6 | % |
83 | Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 | |||||||||
Weighted average basic shares | 352.8 | 348.3 | 353.0 | 351.8 | |||||||||||||
Effect of dilutive RSUs | 6.4 | 5.6 | 5.6 | 5.1 | |||||||||||||
Weighted average diluted shares | 359.2 | 353.9 | 358.6 | 356.9 | |||||||||||||
Basic EPS | $ | 8.35 | $ | 15.14 | $ | 27.03 | $ | 49.23 | |||||||||
Diluted EPS | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net earnings to common | $5,284 | $3,233 | $17,342 | $4,553 | ||||||||||||||
Weighted average basic shares | 348.3 | 355.9 | 351.8 | 356.5 | ||||||||||||||
Effect of dilutive RSUs | 5.6 | 4.0 | 5.1 | 3.5 | ||||||||||||||
Weighted average diluted shares | 353.9 | 359.9 | 356.9 | 360.0 | ||||||||||||||
Basic EPS | $15.14 | $ 9.07 | $ 49.23 | $12.71 | ||||||||||||||
Diluted EPS | $14.93 | $ 8.98 | $ 48.59 | $12.65 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Fees earned from funds | $ | 1,172 | $ | 1,046 | $ | 3,422 | $ | 2,647 |
Three Months Ended September | Nine Months Ended September | As of | ||||||||||||||||||||||||
September | December | |||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | $ in millions | 2022 | 2021 | |||||||||||||||||||
Fees earned from funds | $1,046 | $816 | $2,647 | $2,541 | ||||||||||||||||||||||
Fees receivable from funds | Fees receivable from funds | $ | 1,187 | $ | 873 | |||||||||||||||||||||
Aggregate carrying value of interests in funds | Aggregate carrying value of interests in funds | $ | 3,784 | $ | 4,321 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | ||||||
Fees receivable from funds | $1,021 | $ 803 | ||||||
Aggregate carrying value of interests in funds | $5,372 | $5,068 |
Goldman Sachs September 2022 Form 10-Q | 84 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Deposits with banks | $ | 1,107 | $ | (13) | $ | 1,392 | $ | (9) | |||||||||
Collateralized agreements | 1,542 | (220) | 1,712 | (651) | |||||||||||||
Trading assets | 1,334 | 1,230 | 3,551 | 3,553 | |||||||||||||
Investments | 578 | 358 | 1,433 | 1,243 | |||||||||||||
Loans | 2,487 | 1,363 | 5,937 | 3,878 | |||||||||||||
Other interest | 1,502 | 399 | 2,588 | 1,096 | |||||||||||||
Total interest income | 8,550 | 3,117 | 16,613 | 9,110 | |||||||||||||
Deposits | 1,811 | 319 | 2,975 | 978 | |||||||||||||
Collateralized financings | 990 | 33 | 1,308 | 41 | |||||||||||||
Trading liabilities | 513 | 495 | 1,427 | 1,240 | |||||||||||||
Short-term borrowings | 152 | 115 | 333 | 433 | |||||||||||||
Long-term borrowings | 1,503 | 843 | 3,433 | 2,477 | |||||||||||||
Other interest | 1,538 | (252) | 1,533 | (734) | |||||||||||||
Total interest expense | 6,507 | 1,553 | 11,009 | 4,435 | |||||||||||||
Net interest income | $ | 2,043 | $ | 1,564 | $ | 5,604 | $ | 4,675 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Deposits with banks | $ | ) | $ 11 | $ | ) | $ 234 | ||||||||||||||
Collateralized agreements | (220 | ) | (67 | ) | (651 | ) | 451 | |||||||||||||
Trading assets | 1,230 | 1,176 | 3,553 | 4,006 | ||||||||||||||||
Investments | 358 | 404 | 1,243 | 1,196 | ||||||||||||||||
Loans | 1,363 | 1,153 | 3,878 | 3,691 | ||||||||||||||||
Other interest | 399 | 255 | 1,096 | 1,138 | ||||||||||||||||
Total interest income | 3,117 | 2,932 | 9,110 | 10,716 | ||||||||||||||||
Deposits | 319 | 505 | 978 | 1,982 | ||||||||||||||||
Collateralized financings | 33 | 50 | 41 | 570 | ||||||||||||||||
Trading liabilities | 495 | 345 | 1,240 | 931 | ||||||||||||||||
Short-term borrowings | 115 | 124 | 433 | 423 | ||||||||||||||||
Long-term borrowings | 843 | 981 | 2,477 | 3,217 | ||||||||||||||||
Other interest | (252 | ) | (157 | ) | (734 | ) | 252 | |||||||||||||
Total interest expense | 1,553 | 1,848 | 4,435 | 7,375 | ||||||||||||||||
Net interest income | $1,564 | $1,084 | $4,675 | $ 3,341 |
85 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
Jurisdiction | September | 2022 | ||||||
U.S. Federal | 2011 | |||||||
New York State and City | 2015 | |||||||
United Kingdom | 2017 | |||||||
Japan | 2016 | |||||||
Hong Kong | 2016 |
Goldman Sachs September | 86 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Investment Banking | |||||||||||||||||
Non-interest revenues | $ | 1,373 | $ | 3,599 | $ | 5,661 | $ | 10,755 | |||||||||
Net interest income | 203 | 101 | 463 | 325 | |||||||||||||
Total net revenues | 1,576 | 3,700 | 6,124 | 11,080 | |||||||||||||
Provision for credit losses | 78 | 41 | 325 | (229) | |||||||||||||
Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 | |||||||||||||
Pre-tax earnings | $ | 460 | $ | 2,316 | $ | 2,408 | $ | 6,148 | |||||||||
Net earnings | $ | 370 | $ | 1,831 | $ | 2,001 | $ | 4,942 | |||||||||
Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 | |||||||||
Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 | |||||||||
Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % | |||||||||
Global Markets | |||||||||||||||||
Non-interest revenues | $ | 5,648 | $ | 4,943 | $ | 18,770 | $ | 16,121 | |||||||||
Net interest income | 553 | 668 | 1,770 | 1,971 | |||||||||||||
Total net revenues | 6,201 | 5,611 | 20,540 | 18,092 | |||||||||||||
Provision for credit losses | (43) | (24) | 190 | (30) | |||||||||||||
Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 | |||||||||||||
Pre-tax earnings | $ | 3,031 | $ | 2,841 | $ | 10,010 | $ | 7,770 | |||||||||
Net earnings | $ | 2,474 | $ | 2,244 | $ | 8,318 | $ | 6,246 | |||||||||
Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 | |||||||||
Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 | |||||||||
Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % | |||||||||
Asset Management | |||||||||||||||||
Non-interest revenues | $ | 1,742 | $ | 2,174 | $ | 3,107 | $ | 11,619 | |||||||||
Net interest income | 79 | 105 | 344 | 406 | |||||||||||||
Total net revenues | 1,821 | 2,279 | 3,451 | 12,025 | |||||||||||||
Provision for credit losses | 29 | 10 | 129 | (2) | |||||||||||||
Operating expenses | 1,565 | 823 | 4,121 | 4,656 | |||||||||||||
Pre-tax earnings/(loss) | $ | 227 | $ | 1,446 | $ | (799) | $ | 7,371 | |||||||||
Net earnings/(loss) | $ | 195 | $ | 1,115 | $ | (664) | $ | 5,925 | |||||||||
Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | (717) | $ | 5,853 | |||||||||
Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 | |||||||||
Return on average common equity | 2.9 | % | 17.0 | % | (3.9) | % | 30.9 | % | |||||||||
Consumer & Wealth Management | |||||||||||||||||
Non-interest revenues | $ | 1,169 | $ | 1,328 | $ | 3,630 | $ | 3,530 | |||||||||
Net interest income | 1,208 | 690 | 3,027 | 1,973 | |||||||||||||
Total net revenues | 2,377 | 2,018 | 6,657 | 5,503 | |||||||||||||
Provision for credit losses | 451 | 148 | 1,099 | 274 | |||||||||||||
Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 | |||||||||||||
Pre-tax earnings | $ | 38 | $ | 239 | $ | 337 | $ | 730 | |||||||||
Net earnings | $ | 30 | $ | 188 | $ | 280 | $ | 587 | |||||||||
Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 | |||||||||
Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 | |||||||||
Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % | |||||||||
Total | |||||||||||||||||
Non-interest revenues | $ | 9,932 | $ | 12,044 | $ | 31,168 | $ | 42,025 | |||||||||
Net interest income | 2,043 | 1,564 | 5,604 | 4,675 | |||||||||||||
Total net revenues | 11,975 | 13,608 | 36,772 | 46,700 | |||||||||||||
Provision for credit losses | 515 | 175 | 1,743 | 13 | |||||||||||||
Operating expenses | 7,704 | 6,591 | 23,073 | 24,668 | |||||||||||||
Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 | |||||||||
Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 | |||||||||
Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 | |||||||||
Average common equity | $ | 107,310 | $ | 93,833 | $ | 104,715 | $ | 90,037 | |||||||||
Return on average common equity | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Investment Banking | ||||||||||||||||||||
Non-interest revenues | $ 3,599 | $ 1,904 | $10,755 | $ 6,614 | ||||||||||||||||
Net interest income | 101 | 65 | 325 | 196 | ||||||||||||||||
Total net revenues | 3,700 | 1,969 | 11,080 | 6,810 | ||||||||||||||||
Provision for credit losses | 41 | 171 | (229 | ) | 1,612 | |||||||||||||||
Operating expenses | 1,343 | 1,067 | 5,161 | 4,940 | ||||||||||||||||
Pre-tax earnings | $ 2,316 | $ 731 | $ 6,148 | $ 258 | ||||||||||||||||
Net earnings | $ 1,831 | $ 469 | $ 4,942 | $ 184 | ||||||||||||||||
Net earnings to common | $ 1,818 | $ 452 | $ 4,890 | $ 133 | ||||||||||||||||
Average common equity | $10,346 | $11,271 | $10,201 | $11,251 | ||||||||||||||||
Return on average common equity | 70.3% | 16.0% | 63.9% | 1.6% | ||||||||||||||||
Global Markets | ||||||||||||||||||||
Non-interest revenues | $ 4,943 | $ 4,093 | $16,121 | $15,292 | ||||||||||||||||
Net interest income | 668 | 460 | 1,971 | 1,600 | ||||||||||||||||
Total net revenues | 5,611 | 4,553 | 18,092 | 16,892 | ||||||||||||||||
Provision for credit losses | (24 | ) | (15 | ) | (30 | ) | 236 | |||||||||||||
Operating expenses | 2,794 | 2,542 | 10,352 | 10,568 | ||||||||||||||||
Pre-tax earnings | $ 2,841 | $ 2,026 | $ 7,770 | $ 6,088 | ||||||||||||||||
Net earnings | $ 2,244 | $ 1,904 | $ 6,246 | $ 4,346 | ||||||||||||||||
Net earnings to common | $ 2,190 | $ 1,816 | $ 6,041 | $ 4,085 | ||||||||||||||||
Average common equity | $46,959 | $39,960 | $44,067 | $40,542 | ||||||||||||||||
Return on average common equity | 18.7% | 18.2% | 18.3% | 13.4% | ||||||||||||||||
Asset Management | ||||||||||||||||||||
Non-interest revenues | $ 2,174 | $ 2,717 | $11,619 | $ 4,626 | ||||||||||||||||
Net interest income | 105 | 51 | 406 | 147 | ||||||||||||||||
Total net revenues | 2,279 | 2,768 | 12,025 | 4,773 | ||||||||||||||||
Provision for credit losses | 10 | 70 | (2 | ) | 420 | |||||||||||||||
Operating expenses | 823 | 1,358 | 4,656 | 3,888 | ||||||||||||||||
Pre-tax earnings | $ 1,446 | $ 1,340 | $ 7,371 | $ 465 | ||||||||||||||||
Net earnings | $ 1,115 | $ 858 | $ 5,925 | $ 332 | ||||||||||||||||
Net earnings to common | $ 1,096 | $ 839 | $ 5,853 | $ 273 | ||||||||||||||||
Average common equity | $25,788 | $19,989 | $25,294 | $20,332 | ||||||||||||||||
Return on average common equity | 17.0% | 16.8% | 30.9% | 1.8% | ||||||||||||||||
Consumer & Wealth Management | ||||||||||||||||||||
Non-interest revenues | $ 1,328 | $ 983 | $ 3,530 | $ 2,946 | ||||||||||||||||
Net interest income | 690 | 508 | 1,973 | 1,398 | ||||||||||||||||
Total net revenues | 2,018 | 1,491 | 5,503 | 4,344 | ||||||||||||||||
Provision for credit losses | 148 | 52 | 274 | 537 | ||||||||||||||||
Operating expenses | 1,631 | 1,237 | 4,499 | 3,680 | ||||||||||||||||
Pre-tax earnings | $ 239 | $ 202 | $ 730 | $ 127 | ||||||||||||||||
Net earnings | $ 188 | $ 136 | $ 587 | $ 91 | ||||||||||||||||
Net earnings to common | $ 180 | $ 126 | $ 558 | $ 62 | ||||||||||||||||
Average common equity | $10,740 | $ 8,519 | $10,475 | $ 7,715 | ||||||||||||||||
Return on average common equity | 6.7% | 5.9% | 7.1% | 1.1% | ||||||||||||||||
Total | ||||||||||||||||||||
Non-interest revenues | $12,044 | $ 9,697 | $42,025 | $29,478 | ||||||||||||||||
Net interest income | 1,564 | 1,084 | 4,675 | 3,341 | ||||||||||||||||
Total net revenues | 13,608 | 10,781 | 46,700 | 32,819 | ||||||||||||||||
Provision for credit losses | 175 | 278 | 13 | 2,805 | ||||||||||||||||
Operating expenses | 6,591 | 6,204 | 24,668 | 23,076 | ||||||||||||||||
Pre-tax earnings | $ 6,842 | $ 4,299 | $22,019 | $ 6,938 | ||||||||||||||||
Net earnings | $ 5,378 | $ 3,367 | $17,700 | $ 4,953 | ||||||||||||||||
Net earnings to common | $ 5,284 | $ 3,233 | $17,342 | $ 4,553 | ||||||||||||||||
Average common equity | $93,833 | $79,739 | $90,037 | $79,840 | ||||||||||||||||
Return on average common equity | 22.5% | 16.2% | 25.7% | 7.6% |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Investment Banking | $ | 49 | $ | 50 | $ | 142 | $ | 144 | |||||||||
Global Markets | 221 | 209 | 665 | 571 | |||||||||||||
Asset Management | 259 | 153 | 557 | 539 | |||||||||||||
Consumer & Wealth Management | 137 | 97 | 364 | 273 | |||||||||||||
Total | $ | 666 | $ | 509 | $ | 1,728 | $ | 1,527 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Investment Banking | $ 50 | $ 46 | $ 144 | $ 128 | ||||||||||||||||
Global Markets | 209 | 160 | 571 | 440 | ||||||||||||||||
Asset Management | 153 | 170 | 539 | 553 | ||||||||||||||||
Consumer & Wealth Management | 97 | 92 | 273 | 283 | ||||||||||||||||
Total | $509 | $468 | $1,527 | $1,404 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | $ | 145,563 | $ | 144,157 | ||||
Global Markets | 1,163,721 | 1,082,378 | ||||||
Asset Management | 85,814 | 91,115 | ||||||
Consumer & Wealth Management | 160,896 | 146,338 | ||||||
Total | $ | 1,555,994 | $ | 1,463,988 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Investment Banking | $ 141,580 | $ 116,242 | ||||||
Global Markets | 1,077,437 | 844,606 | ||||||
Asset Management | 94,063 | 95,751 | ||||||
Consumer & Wealth Management | 130,150 | 106,429 | ||||||
Total | $1,443,230 | $1,163,028 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
Investment Banking | ||||||||
Corporate | $ 27,346 | $ 27,866 | ||||||
Loans, gross | 27,346 | 27,866 | ||||||
Allowance for loan losses | (918 | ) | (1,322 | ) | ||||
Loans | 26,428 | 26,544 | ||||||
Global Markets | ||||||||
Corporate | 19,349 | 13,248 | ||||||
Real estate | 26,641 | 16,915 | ||||||
Other | 5,601 | 3,499 | ||||||
Loans, gross | 51,591 | 33,662 | ||||||
Allowance for loan losses | (424 | ) | (448 | ) | ||||
Loans | 51,167 | 33,214 | ||||||
Asset Management | ||||||||
Corporate | 7,412 | 7,545 | ||||||
Real estate | 8,425 | 9,125 | ||||||
Other | 707 | 675 | ||||||
Loans, gross | 16,544 | 17,345 | ||||||
Allowance for loan losses | (752 | ) | (787 | ) | ||||
Loans | 15,792 | 16,558 | ||||||
Consumer & Wealth Management | ||||||||
Wealth management | 41,775 | 33,023 | ||||||
Installment | 3,449 | 3,823 | ||||||
Credit cards | 6,251 | 4,270 | ||||||
Loans, gross | 51,475 | 41,116 | ||||||
Allowance for loan losses | (1,238 | ) | (1,317 | ) | ||||
Loans | 50,237 | 39,799 | ||||||
Total | ||||||||
Loans, gross | 146,956 | 119,989 | ||||||
Allowance for loan losses | (3,332 | ) | (3,874 | ) | ||||
Loans | $ 143,624 | $ 116,115 |
87 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | 2022 | 2021 | ||||||||||||
Three Months Ended September | ||||||||||||||
Americas | $ | 7,542 | 63 | % | $ | 8,169 | 60 | % | ||||||
EMEA | 3,094 | 26 | % | 3,394 | 25 | % | ||||||||
Asia | 1,339 | 11 | % | 2,045 | 15 | % | ||||||||
Total net revenues | $ | 11,975 | 100 | % | $ | 13,608 | 100 | % | ||||||
Americas | $ | 2,280 | 61 | % | $ | 4,004 | 59 | % | ||||||
EMEA | 1,235 | 33 | % | 1,922 | 28 | % | ||||||||
Asia | 241 | 6 | % | 916 | 13 | % | ||||||||
Total pre-tax earnings | $ | 3,756 | 100 | % | $ | 6,842 | 100 | % | ||||||
Nine Months Ended September | ||||||||||||||
Americas | $ | 21,975 | 60 | % | $ | 28,951 | 62 | % | ||||||
EMEA | 10,344 | 28 | % | 11,585 | 25 | % | ||||||||
Asia | 4,453 | 12 | % | 6,164 | 13 | % | ||||||||
Total net revenues | $ | 36,772 | 100 | % | $ | 46,700 | 100 | % | ||||||
Americas | $ | 6,424 | 54 | % | $ | 13,484 | 61 | % | ||||||
EMEA | 4,399 | 37 | % | 6,012 | 27 | % | ||||||||
Asia | 1,133 | 9 | % | 2,523 | 12 | % | ||||||||
Total pre-tax earnings | $ | 11,956 | 100 | % | $ | 22,019 | 100 | % |
$ in millions | 2021 | 2020 | ||||||||||||||
Three Months Ended September | ||||||||||||||||
Americas | $ 8,169 | 60% | $ 6,873 | 64% | ||||||||||||
EMEA | 3,394 | 25% | 2,470 | 23% | ||||||||||||
Asia | 2,045 | 15% | 1,438 | 13% | ||||||||||||
Total net revenues | $13,608 | 100% | $10,781 | 100% | ||||||||||||
Americas | $ 4,004 | 59% | $ 2,926 | 68% | ||||||||||||
EMEA | 1,922 | 28% | 935 | 22% | ||||||||||||
Asia | 916 | 13% | 438 | 10% | ||||||||||||
Total pre-tax earnings | $ 6,842 | 100% | $ 4,299 | 100% | ||||||||||||
Nine Months Ended September | ||||||||||||||||
Americas | $28,951 | 62% | $20,333 | 62% | ||||||||||||
EMEA | 11,585 | 25% | 8,031 | 24% | ||||||||||||
Asia | 6,164 | 13% | 4,455 | 14% | ||||||||||||
Total net revenues | $46,700 | 100% | $32,819 | 100% | ||||||||||||
Americas | $13,484 | 61% | $ 5,330 | 77% | ||||||||||||
EMEA | 6,012 | 27% | 1,937 | 28% | ||||||||||||
Asia | 2,523 | 12% | (329 | ) | (5)% | |||||||||||
Total pre-tax earnings | $22,019 | 100% | $ 6,938 | 100% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
U.S. government and agency obligations | $ | 185,061 | $ | 141,191 | ||||
Percentage of total assets | 11.9 | % | 9.6 | % | ||||
Non-U.S. government and agency obligations | $ | 71,787 | $ | 51,426 | ||||
Percentage of total assets | 4.6 | % | 3.5 | % |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
U.S. government and agency obligations | $147,262 | $187,009 | ||||||
Percentage of total assets | 10.2% | 16.1% | ||||||
Non-U.S. government and agency obligations | $ 58,520 | $ 59,580 | ||||||
Percentage of total assets | 4.1% | 5.1% |
Goldman Sachs September 2022 Form 10-Q | 88 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
U.S. government and agency obligations | $ | 94,016 | $ | 86,274 | ||||
Non-U.S. government and agency obligations | $ | 108,677 | $ | 141,588 |
As of | ||||||||
$ in millions | September 2021 | December 2020 | | |||||
U.S. government and agency obligations | $109,643 | $60,158 | ||||||
Non-U.S. government and agency obligations | $120,984 | $68,001 |
89 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 90 |
91 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 92 |
93 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 94 |
Goldman Sachs September |
Goldman Sachs September 2022 Form 10-Q | 96 |
97 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September |
99 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 100 |
101 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September | 102 |
Distribution of Assets, Liabilities and Shareholders’ Equity |
Average Balance for the | ||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||||
U.S. | $ 111,594 | $ 55,851 | $ 99,735 | $ 55,314 | ||||||||||||
Non-U.S. | 113,906 | 72,055 | 93,179 | 68,199 | ||||||||||||
Deposits with banks | 225,500 | 127,906 | 192,914 | 123,513 | ||||||||||||
U.S. | 220,289 | 133,473 | 201,353 | 136,144 | ||||||||||||
Non-U.S. | 148,367 | 117,093 | 133,384 | 122,170 | ||||||||||||
Collateralized agreements | 368,656 | 250,566 | 334,737 | 258,314 | ||||||||||||
U.S. | 165,341 | 210,276 | 173,691 | 200,618 | ||||||||||||
Non-U.S. | 135,757 | 129,300 | 135,784 | 118,373 | ||||||||||||
Trading assets | 301,098 | 339,576 | 309,475 | 318,991 | ||||||||||||
U.S. | 70,566 | 60,650 | 69,849 | 52,840 | ||||||||||||
Non-U.S. | 18,658 | 17,554 | 18,660 | 17,150 | ||||||||||||
Investments | 89,224 | 78,204 | 88,509 | 69,990 | ||||||||||||
U.S. | 112,818 | 93,058 | 103,414 | 95,200 | ||||||||||||
Non-U.S. | 21,652 | 19,433 | 21,406 | 18,675 | ||||||||||||
Loans | 134,470 | 112,491 | 124,820 | 113,875 | ||||||||||||
U.S. | 98,929 | 56,252 | 93,677 | 53,966 | ||||||||||||
Non-U.S. | 55,161 | 44,026 | 54,459 | 44,700 | ||||||||||||
Other interest-earning assets | 154,090 | 100,278 | 148,136 | 98,666 | ||||||||||||
Interest-earning assets | 1,273,038 | 1,009,021 | 1,198,591 | 983,349 | ||||||||||||
Cash and due from banks | 9,569 | 10,418 | 11,053 | 10,687 | ||||||||||||
Other non-interest-earning assets | 126,506 | 120,849 | 129,226 | 114,444 | ||||||||||||
Assets | $1,409,113 | $1,140,288 | $1,338,870 | $1,108,480 | ||||||||||||
Liabilities | ||||||||||||||||
U.S. | $ 239,996 | $ 205,202 | $ 220,106 | $ 183,925 | ||||||||||||
Non-U.S. | 75,853 | 54,819 | 71,420 | 51,863 | ||||||||||||
Interest-bearing deposits | 315,849 | 260,021 | 291,526 | 235,788 | ||||||||||||
U.S. | 111,012 | 72,344 | 106,427 | 75,744 | ||||||||||||
Non-U.S. | 82,501 | 32,435 | 68,522 | 34,972 | ||||||||||||
Collateralized financings | 193,513 | 104,779 | 174,949 | 110,716 | ||||||||||||
U.S. | 68,803 | 47,664 | 71,691 | 41,063 | ||||||||||||
Non-U.S. | 76,562 | 58,180 | 73,154 | 53,264 | ||||||||||||
Trading liabilities | 145,365 | 105,844 | 144,845 | 94,327 | ||||||||||||
U.S. | 31,248 | 32,920 | 33,993 | 34,811 | ||||||||||||
Non-U.S. | 34,097 | 22,475 | 35,492 | 20,528 | ||||||||||||
Short-term borrowings | 65,345 | 55,395 | 69,485 | 55,339 | ||||||||||||
U.S. | 224,645 | 199,900 | 213,048 | 200,563 | ||||||||||||
Non-U.S. | 30,577 | 32,624 | 29,357 | 30,892 | ||||||||||||
Long-term borrowings | 255,222 | 232,524 | 242,405 | 231,455 | ||||||||||||
U.S. | 143,807 | 123,990 | 134,356 | 131,000 | ||||||||||||
Non-U.S. | 88,103 | 65,005 | 82,522 | 64,910 | ||||||||||||
Other interest-bearing liabilities | 231,910 | 188,995 | 216,878 | 195,910 | ||||||||||||
Interest-bearing liabilities | 1,207,204 | 947,558 | 1,140,088 | 923,535 | ||||||||||||
Non-interest-bearing deposits | 5,822 | 6,931 | 6,120 | 6,555 | ||||||||||||
Other non-interest-bearing liabilities | 92,488 | 94,857 | 92,997 | 87,347 | ||||||||||||
Liabilities | 1,305,514 | 1,049,346 | 1,239,205 | 1,017,437 | ||||||||||||
Shareholders’ equity | ||||||||||||||||
Preferred stock | 9,766 | 11,203 | 9,628 | 11,203 | ||||||||||||
Common stock | 93,833 | 79,739 | 90,037 | 79,840 | ||||||||||||
Shareholders’ equity | 103,599 | 90,942 | 99,665 | 91,043 | ||||||||||||
Liabilities and shareholders’ equity | $1,409,113 | $1,140,288 | $1,338,870 | $1,108,480 | ||||||||||||
Percentage attributable to non-U.S. operations | ||||||||||||||||
Interest-earning assets | 38.77% | 39.59% | 38.12% | 39.59% | ||||||||||||
Interest-bearing liabilities | 32.11% | 28.02% | 31.62% | 27.77% |
Interest for the | ||||||||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | Average Balance for the | ||||||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | $ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||
U.S. | $ 46 | $ 24 | $ 101 | $ 201 | U.S. | $ | 168,084 | $ | 111,594 | $ | 149,241 | $ | 99,735 | |||||||||||||||||
Non-U.S. | (59 | ) | (13 | ) | (110 | ) | 33 | Non-U.S. | 120,200 | 113,906 | 112,938 | 93,179 | ||||||||||||||||||
Deposits with banks | (13 | ) | 11 | (9 | ) | 234 | Deposits with banks | 288,284 | 225,500 | 262,179 | 192,914 | |||||||||||||||||||
U.S. | (85 | ) | 3 | (254 | ) | 456 | U.S. | 227,090 | 220,289 | 249,144 | 201,353 | |||||||||||||||||||
Non-U.S. | (135 | ) | (70 | ) | (397 | ) | (5 | ) | Non-U.S. | 174,042 | 148,367 | 173,144 | 133,384 | |||||||||||||||||
Collateralized agreements | (220 | ) | (67 | ) | (651 | ) | 451 | Collateralized agreements | 401,132 | 368,656 | 422,288 | 334,737 | ||||||||||||||||||
U.S. | 747 | 805 | 2,185 | 2,794 | U.S. | 165,218 | 165,341 | 163,125 | 173,691 | |||||||||||||||||||||
Non-U.S. | 483 | 371 | 1,368 | 1,212 | Non-U.S. | 125,816 | 135,757 | 127,958 | 135,784 | |||||||||||||||||||||
Trading assets | 1,230 | 1,176 | 3,553 | 4,006 | Trading assets | 291,034 | 301,098 | 291,083 | 309,475 | |||||||||||||||||||||
U.S. | 210 | 261 | 792 | 826 | U.S. | 106,377 | 70,566 | 90,758 | 69,849 | |||||||||||||||||||||
Non-U.S. | 148 | 143 | 451 | 370 | Non-U.S. | 13,569 | 18,658 | 15,069 | 18,660 | |||||||||||||||||||||
Investments | 358 | 404 | 1,243 | 1,196 | Investments | 119,946 | 89,224 | 105,827 | 88,509 | |||||||||||||||||||||
U.S. | 1,139 | 949 | 3,215 | 3,093 | U.S. | 150,531 | 112,818 | 141,455 | 103,414 | |||||||||||||||||||||
Non-U.S. | 224 | 204 | 663 | 598 | Non-U.S. | 21,543 | 21,652 | 22,861 | 21,406 | |||||||||||||||||||||
Loans | 1,363 | 1,153 | 3,878 | 3,691 | Loans | 172,074 | 134,470 | 164,316 | 124,820 | |||||||||||||||||||||
U.S. | 329 | 210 | 909 | 850 | U.S. | 91,188 | 98,929 | 98,721 | 93,677 | |||||||||||||||||||||
Non-U.S. | 70 | 45 | 187 | 288 | Non-U.S. | 68,052 | 55,161 | 64,623 | 54,459 | |||||||||||||||||||||
Other interest-earning assets | 399 | 255 | 1,096 | 1,138 | Other interest-earning assets | 159,240 | 154,090 | 163,344 | 148,136 | |||||||||||||||||||||
Interest-earning assets | $3,117 | $2,932 | $9,110 | $10,716 | Interest-earning assets | 1,431,710 | 1,273,038 | 1,409,037 | 1,198,591 | |||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 7,619 | 9,569 | 8,053 | 11,053 | |||||||||||||||||||||||||
Other non-interest-earning assets | Other non-interest-earning assets | 140,926 | 126,506 | 140,390 | 129,226 | |||||||||||||||||||||||||
Assets | Assets | $ | 1,580,255 | $ | 1,409,113 | $ | 1,557,480 | $ | 1,338,870 | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||
U.S. | $ 265 | $ 411 | $ 822 | $ 1,628 | U.S. | $ | 316,845 | $ | 239,996 | $ | 300,297 | $ | 220,106 | |||||||||||||||||
Non-U.S. | 54 | 94 | 156 | 354 | Non-U.S. | 71,787 | 75,853 | 75,102 | 71,420 | |||||||||||||||||||||
Interest-bearing deposits | 319 | 505 | 978 | 1,982 | Interest-bearing deposits | 388,632 | 315,849 | 375,399 | 291,526 | |||||||||||||||||||||
U.S. | 50 | 47 | 109 | 504 | U.S. | 106,562 | 111,012 | 110,478 | 106,427 | |||||||||||||||||||||
Non-U.S. | (17 | ) | 3 | (68 | ) | 66 | Non-U.S. | 89,191 | 82,501 | 87,584 | 68,522 | |||||||||||||||||||
Collateralized financings | 33 | 50 | 41 | 570 | Collateralized financings | 195,753 | 193,513 | 198,062 | 174,949 | |||||||||||||||||||||
U.S. | 214 | 119 | 479 | 346 | U.S. | 90,801 | 68,803 | 84,748 | 71,691 | |||||||||||||||||||||
Non-U.S. | 281 | 226 | 761 | 585 | Non-U.S. | 83,924 | 76,562 | 86,175 | 73,154 | |||||||||||||||||||||
Trading liabilities | 495 | 345 | 1,240 | 931 | Trading liabilities | 174,725 | 145,365 | 170,923 | 144,845 | |||||||||||||||||||||
U.S. | 103 | 111 | 391 | 392 | U.S. | 36,371 | 31,248 | 32,875 | 33,993 | |||||||||||||||||||||
Non-U.S. | 12 | 13 | 42 | 31 | Non-U.S. | 30,263 | 34,097 | 29,788 | 35,492 | |||||||||||||||||||||
Short-term borrowings | 115 | 124 | 433 | 423 | Short-term borrowings | 66,634 | 65,345 | 62,663 | 69,485 | |||||||||||||||||||||
U.S. | 823 | 948 | 2,413 | 3,122 | U.S. | 218,298 | 224,645 | 224,555 | 213,048 | |||||||||||||||||||||
Non-U.S. | 20 | 33 | 64 | 95 | Non-U.S. | 39,900 | 30,577 | 36,047 | 29,357 | |||||||||||||||||||||
Long-term borrowings | 843 | 981 | 2,477 | 3,217 | Long-term borrowings | 258,198 | 255,222 | 260,602 | 242,405 | |||||||||||||||||||||
U.S. | (188 | ) | (159 | ) | (608 | ) | 106 | U.S. | 166,913 | 143,807 | 167,553 | 134,356 | ||||||||||||||||||
Non-U.S. | (64 | ) | 2 | (126 | ) | 146 | Non-U.S. | 100,113 | 88,103 | 98,679 | 82,522 | |||||||||||||||||||
Other interest-bearing liabilities | (252 | ) | (157 | ) | (734 | ) | 252 | Other interest-bearing liabilities | 267,026 | 231,910 | 266,232 | 216,878 | ||||||||||||||||||
Interest-bearing liabilities | $1,553 | $1,848 | $4,435 | $ 7,375 | Interest-bearing liabilities | 1,350,968 | 1,207,204 | 1,333,881 | 1,140,088 | |||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||||||
U.S. | $1,119 | $ 775 | $3,342 | $ 2,122 | ||||||||||||||||||||||||||
Non-U.S. | 445 | 309 | 1,333 | 1,219 | ||||||||||||||||||||||||||
Net interest income | $1,564 | $1,084 | $4,675 | $ 3,341 | ||||||||||||||||||||||||||
Non-interest-bearing deposits | Non-interest-bearing deposits | 4,509 | 5,822 | 4,875 | 6,120 | |||||||||||||||||||||||||
Other non-interest-bearing liabilities | Other non-interest-bearing liabilities | 106,765 | 92,488 | 103,306 | 92,997 | |||||||||||||||||||||||||
Liabilities | Liabilities | 1,462,242 | 1,305,514 | 1,442,062 | 1,239,205 | |||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | |||||||||||||||||||||||||||||
Preferred stock | Preferred stock | 10,703 | 9,766 | 10,703 | 9,628 | |||||||||||||||||||||||||
Common stock | Common stock | 107,310 | 93,833 | 104,715 | 90,037 | |||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 118,013 | 103,599 | 115,418 | 99,665 | |||||||||||||||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | $ | 1,580,255 | $ | 1,409,113 | $ | 1,557,480 | $ | 1,338,870 | |||||||||||||||||||||
Percentage attributable to non-U.S. operations | Percentage attributable to non-U.S. operations | |||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | 36.55 | % | 38.77 | % | 36.66 | % | 38.12 | % | |||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | 30.73 | % | 32.11 | % | 30.99 | % | 31.62 | % |
Interest for the | ||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | ||||||||||
Assets | ||||||||||||||
U.S. | $ | 958 | $ | 46 | $ | 1,330 | $ | 101 | ||||||
Non-U.S. | 149 | (59) | 62 | (110) | ||||||||||
Deposits with banks | 1,107 | (13) | 1,392 | (9) | ||||||||||
U.S. | 1,176 | (85) | 1,448 | (254) | ||||||||||
Non-U.S. | 366 | (135) | 264 | (397) | ||||||||||
Collateralized agreements | 1,542 | (220) | 1,712 | (651) | ||||||||||
U.S. | 843 | 747 | 2,282 | 2,185 | ||||||||||
Non-U.S. | 491 | 483 | 1,269 | 1,368 | ||||||||||
Trading assets | 1,334 | 1,230 | 3,551 | 3,553 | ||||||||||
U.S. | 458 | 210 | 1,027 | 792 | ||||||||||
Non-U.S. | 120 | 148 | 406 | 451 | ||||||||||
Investments | 578 | 358 | 1,433 | 1,243 | ||||||||||
U.S. | 2,212 | 1,139 | 5,160 | 3,215 | ||||||||||
Non-U.S. | 275 | 224 | 777 | 663 | ||||||||||
Loans | 2,487 | 1,363 | 5,937 | 3,878 | ||||||||||
U.S. | 972 | 329 | 1,777 | 909 | ||||||||||
Non-U.S. | 530 | 70 | 811 | 187 | ||||||||||
Other interest-earning assets | 1,502 | 399 | 2,588 | 1,096 | ||||||||||
Interest-earning assets | $ | 8,550 | $ | 3,117 | $ | 16,613 | $ | 9,110 | ||||||
Liabilities | ||||||||||||||
U.S. | $ | 1,568 | $ | 265 | $ | 2,522 | $ | 822 | ||||||
Non-U.S. | 243 | 54 | 453 | 156 | ||||||||||
Interest-bearing deposits | 1,811 | 319 | 2,975 | 978 | ||||||||||
U.S. | 718 | 50 | 998 | 109 | ||||||||||
Non-U.S. | 272 | (17) | 310 | (68) | ||||||||||
Collateralized financings | 990 | 33 | 1,308 | 41 | ||||||||||
U.S. | 217 | 214 | 649 | 479 | ||||||||||
Non-U.S. | 296 | 281 | 778 | 761 | ||||||||||
Trading liabilities | 513 | 495 | 1,427 | 1,240 | ||||||||||
U.S. | 110 | 103 | 241 | 391 | ||||||||||
Non-U.S. | 42 | 12 | 92 | 42 | ||||||||||
Short-term borrowings | 152 | 115 | 333 | 433 | ||||||||||
U.S. | 1,471 | 823 | 3,333 | 2,413 | ||||||||||
Non-U.S. | 32 | 20 | 100 | 64 | ||||||||||
Long-term borrowings | 1,503 | 843 | 3,433 | 2,477 | ||||||||||
U.S. | 887 | (188) | 728 | (608) | ||||||||||
Non-U.S. | 651 | (64) | 805 | (126) | ||||||||||
Other interest-bearing liabilities | 1,538 | (252) | 1,533 | (734) | ||||||||||
Interest-bearing liabilities | $ | 6,507 | $ | 1,553 | $ | 11,009 | $ | 4,435 | ||||||
Net interest income | ||||||||||||||
U.S. | $ | 1,648 | $ | 1,119 | $ | 4,553 | $ | 3,342 | ||||||
Non-U.S. | 395 | 445 | 1,051 | 1,333 | ||||||||||
Net interest income | $ | 2,043 | $ | 1,564 | $ | 5,604 | $ | 4,675 |
103 | Goldman Sachs September |
Annualized Average Rate for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Assets | |||||||||||||||||
U.S. | 2.26 | % | 0.16 | % | 1.19 | % | 0.14 | % | |||||||||
Non-U.S. | 0.49 | % | (0.21) | % | 0.07 | % | (0.16) | % | |||||||||
Deposits with banks | 1.52 | % | (0.02) | % | 0.71 | % | (0.01) | % | |||||||||
U.S. | 2.05 | % | (0.15) | % | 0.77 | % | (0.17) | % | |||||||||
Non-U.S. | 0.83 | % | (0.36) | % | 0.20 | % | (0.40) | % | |||||||||
Collateralized agreements | 1.52 | % | (0.24) | % | 0.54 | % | (0.26) | % | |||||||||
U.S. | 2.02 | % | 1.79 | % | 1.87 | % | 1.68 | % | |||||||||
Non-U.S. | 1.54 | % | 1.41 | % | 1.32 | % | 1.35 | % | |||||||||
Trading assets | 1.81 | % | 1.62 | % | 1.63 | % | 1.53 | % | |||||||||
U.S. | 1.70 | % | 1.18 | % | 1.51 | % | 1.52 | % | |||||||||
Non-U.S. | 3.50 | % | 3.15 | % | 3.59 | % | 3.23 | % | |||||||||
Investments | 1.91 | % | 1.59 | % | 1.81 | % | 1.88 | % | |||||||||
U.S. | 5.81 | % | 4.01 | % | 4.86 | % | 4.16 | % | |||||||||
Non-U.S. | 5.05 | % | 4.10 | % | 4.53 | % | 4.14 | % | |||||||||
Loans | 5.72 | % | 4.02 | % | 4.82 | % | 4.15 | % | |||||||||
U.S. | 4.22 | % | 1.32 | % | 2.40 | % | 1.30 | % | |||||||||
Non-U.S. | 3.08 | % | 0.50 | % | 1.67 | % | 0.46 | % | |||||||||
Other interest-earning assets | 3.73 | % | 1.03 | % | 2.11 | % | 0.99 | % | |||||||||
Interest-earning assets | 2.36 | % | 0.97 | % | 1.57 | % | 1.02 | % | |||||||||
Liabilities | |||||||||||||||||
U.S. | 1.96 | % | 0.44 | % | 1.12 | % | 0.50 | % | |||||||||
Non-U.S. | 1.34 | % | 0.28 | % | 0.80 | % | 0.29 | % | |||||||||
Interest-bearing deposits | 1.84 | % | 0.40 | % | 1.06 | % | 0.45 | % | |||||||||
U.S. | 2.67 | % | 0.18 | % | 1.20 | % | 0.14 | % | |||||||||
Non-U.S. | 1.21 | % | (0.08) | % | 0.47 | % | (0.13) | % | |||||||||
Collateralized financings | 2.00 | % | 0.07 | % | 0.88 | % | 0.03 | % | |||||||||
U.S. | 0.95 | % | 1.23 | % | 1.02 | % | 0.89 | % | |||||||||
Non-U.S. | 1.40 | % | 1.46 | % | 1.20 | % | 1.39 | % | |||||||||
Trading liabilities | 1.16 | % | 1.35 | % | 1.11 | % | 1.14 | % | |||||||||
U.S. | 1.20 | % | 1.31 | % | 0.98 | % | 1.54 | % | |||||||||
Non-U.S. | 0.55 | % | 0.14 | % | 0.41 | % | 0.16 | % | |||||||||
Short-term borrowings | 0.90 | % | 0.70 | % | 0.71 | % | 0.83 | % | |||||||||
U.S. | 2.67 | % | 1.45 | % | 1.98 | % | 1.51 | % | |||||||||
Non-U.S. | 0.32 | % | 0.26 | % | 0.37 | % | 0.29 | % | |||||||||
Long-term borrowings | 2.30 | % | 1.31 | % | 1.76 | % | 1.37 | % | |||||||||
U.S. | 2.10 | % | (0.52) | % | 0.58 | % | (0.61) | % | |||||||||
Non-U.S. | 2.57 | % | (0.29) | % | 1.09 | % | (0.20) | % | |||||||||
Other interest-bearing liabilities | 2.28 | % | (0.43) | % | 0.77 | % | (0.45) | % | |||||||||
Interest-bearing liabilities | 1.91 | % | 0.51 | % | 1.10 | % | 0.52 | % | |||||||||
Interest rate spread | 0.45 | % | 0.46 | % | 0.47 | % | 0.50 | % | |||||||||
U.S. | 0.72 | % | 0.57 | % | 0.68 | % | 0.60 | % | |||||||||
Non-U.S. | 0.30 | % | 0.36 | % | 0.27 | % | 0.39 | % | |||||||||
Net yield on interest-earning assets | 0.56 | % | 0.49 | % | 0.53 | % | 0.52 | % |
Annualized Average Rate for the | ||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Assets | ||||||||||||||||
U.S. | 0.16% | 0.17% | 0.14% | 0.49% | ||||||||||||
Non-U.S. | (0.21)% | (0.07)% | (0.16)% | 0.06% | ||||||||||||
Deposits with banks | (0.02)% | 0.03% | (0.01)% | 0.25% | ||||||||||||
U.S. | (0.15)% | 0.01% | (0.17)% | 0.45% | ||||||||||||
Non-U.S. | (0.36)% | (0.24)% | (0.40)% | (0.01)% | ||||||||||||
Collateralized agreements | (0.24)% | (0.11)% | (0.26)% | 0.23% | ||||||||||||
U.S. | 1.79% | 1.52% | 1.68% | 1.86% | ||||||||||||
Non-U.S. | 1.41% | 1.14% | 1.35% | 1.37% | ||||||||||||
Trading assets | 1.62% | 1.38% | 1.53% | 1.68% | ||||||||||||
U.S. | 1.18% | 1.71% | 1.52% | 2.09% | ||||||||||||
Non-U.S. | 3.15% | 3.24% | 3.23% | 2.88% | ||||||||||||
Investments | 1.59% | 2.06% | 1.88% | 2.28% | ||||||||||||
U.S. | 4.01% | 4.06% | 4.16% | 4.34% | ||||||||||||
Non-U.S. | 4.10% | 4.18% | 4.14% | 4.28% | ||||||||||||
Loans | 4.02% | 4.08% | 4.15% | 4.33% | ||||||||||||
U.S. | 1.32% | 1.49% | 1.30% | 2.10% | ||||||||||||
Non-U.S. | 0.50% | 0.41% | 0.46% | 0.86% | ||||||||||||
Other interest-earning assets | 1.03% | 1.01% | 0.99% | 1.54% | ||||||||||||
Interest-earning assets | 0.97% | 1.16% | 1.02% | 1.46% | ||||||||||||
Liabilities | ||||||||||||||||
U.S. | 0.44% | 0.80% | 0.50% | 1.18% | ||||||||||||
Non-U.S. | 0.28% | 0.68% | 0.29% | 0.91% | ||||||||||||
Interest-bearing deposits | 0.40% | 0.77% | 0.45% | 1.12% | ||||||||||||
U.S. | 0.18% | 0.26% | 0.14% | 0.89% | ||||||||||||
Non-U.S. | (0.08)% | 0.04% | (0.13)% | 0.25% | ||||||||||||
Collateralized financings | 0.07% | 0.19% | 0.03% | 0.69% | ||||||||||||
U.S. | 1.23% | 0.99% | 0.89% | 1.13% | ||||||||||||
Non-U.S. | 1.46% | 1.55% | 1.39% | 1.47% | ||||||||||||
Trading liabilities | 1.35% | 1.30% | 1.14% | 1.32% | ||||||||||||
U.S. | 1.31% | 1.34% | 1.54% | 1.50% | ||||||||||||
Non-U.S. | 0.14% | 0.23% | 0.16% | 0.20% | ||||||||||||
Short-term borrowings | 0.70% | 0.89% | 0.83% | 1.02% | ||||||||||||
U.S. | 1.45% | 1.89% | 1.51% | 2.08% | ||||||||||||
Non-U.S. | 0.26% | 0.40% | 0.29% | 0.41% | ||||||||||||
Long-term borrowings | 1.31% | 1.68% | 1.37% | 1.86% | ||||||||||||
U.S. | (0.52)% | (0.51)% | (0.61)% | 0.11% | ||||||||||||
Non-U.S. | (0.29)% | 0.01% | (0.20)% | 0.30% | ||||||||||||
Other interest-bearing liabilities | (0.43)% | (0.33)% | (0.45)% | 0.17% | ||||||||||||
Interest-bearing liabilities | 0.51% | 0.78% | 0.52% | 1.07% | ||||||||||||
Interest rate spread | 0.46% | 0.38% | 0.50% | 0.39% | ||||||||||||
U.S. | 0.57% | 0.51% | 0.60% | 0.48% | ||||||||||||
Non-U.S. | 0.36% | 0.31% | 0.39% | 0.42% | ||||||||||||
Net yield on interest-earning assets | 0.49% | 0.43% | 0.52% | 0.45% |
Goldman Sachs September | 104 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
105 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September | 106 |
107 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 108 |
109 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 | |||||||||
Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 | |||||||||
Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 | |||||||||
Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 | |||||||||
Diluted EPS | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 | |||||||||
ROE | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % | |||||||||
ROTE | 12.0 | % | 23.8 | % | 13.1 | % | 27.2 | % | |||||||||
Net earnings to average assets | 0.8 | % | 1.5 | % | 0.9 | % | 1.8 | % | |||||||||
Return on shareholders’ equity | 10.4 | % | 20.8 | % | 11.5 | % | 23.7 | % | |||||||||
Average equity to average assets | 7.5 | % | 7.4 | % | 7.4 | % | 7.4 | % | |||||||||
Dividend payout ratio | 30.3 | % | 13.4 | % | 24.3 | % | 9.3 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions, except per share amounts | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net revenues | $13,608 | $10,781 | $46,700 | $32,819 | ||||||||||||||
Pre-tax earnings | $ 6,842 | $ 4,299 | $22,019 | $ 6,938 | ||||||||||||||
Net earnings | $ 5,378 | $ 3,367 | $17,700 | $ 4,953 | ||||||||||||||
Net earnings to common | $ 5,284 | $ 3,233 | $17,342 | $ 4,553 | ||||||||||||||
Diluted EPS | $ 14.93 | $ 8.98 | $ 48.59 | $ 12.65 | ||||||||||||||
ROE | 22.5% | 16.2% | 25.7% | 7.6% | ||||||||||||||
ROTE | 23.8% | 17.3% | 27.2% | 8.1% | ||||||||||||||
Net earnings to average assets | 1.5% | 1.2% | 1.8% | 0.6% | ||||||||||||||
Return on average shareholders’ equity | 20.8% | 14.8% | 23.7% | 7.3% | ||||||||||||||
Average equity to average assets | 7.4% | 8.0% | 7.4% | 8.2% | ||||||||||||||
Dividend payout ratio | 13.4% | 13.9% | 9.3% | 29.6% |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Total shareholders’ equity | $ | 118,013 | $ | 103,599 | $ | 115,418 | $ | 99,665 | |||||||||
Preferred stock | (10,703) | (9,766) | (10,703) | (9,628) | |||||||||||||
Common shareholders’ equity | 107,310 | 93,833 | 104,715 | 90,037 | |||||||||||||
Goodwill | (6,242) | (4,331) | (5,546) | (4,332) | |||||||||||||
Identifiable intangible assets | (1,987) | (510) | (1,463) | (558) | |||||||||||||
Tangible common shareholders’ equity | $ | 99,081 | $ | 88,992 | $ | 97,706 | $ | 85,147 |
Average for the | ||||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total shareholders’ equity | $103,599 | $90,942 | $99,665 | $91,043 | ||||||||||||||
Preferred stock | (9,766 | ) | (11,203 | ) | (9,628 | ) | (11,203 | ) | ||||||||||
Common shareholders’ equity | 93,833 | 79,739 | 90,037 | 79,840 | ||||||||||||||
Goodwill | (4,331 | ) | (4,230 | ) | (4,332 | ) | (4,210 | ) | ||||||||||
Identifiable intangible assets | (510 | ) | (605 | ) | (558 | ) | (615 | ) | ||||||||||
Tangible common shareholders’ equity | $ 88,992 | $74,904 | $85,147 | $75,015 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Investment banking | $ | 1,541 | $ | 3,548 | $ | 5,457 | $ | 10,564 | |||||||||
Investment management | 2,276 | 2,139 | 6,733 | 5,840 | |||||||||||||
Commissions and fees | 995 | 860 | 3,079 | 2,766 | |||||||||||||
Market making | 4,642 | 3,929 | 15,561 | 13,096 | |||||||||||||
Other principal transactions | 478 | 1,568 | 338 | 9,759 | |||||||||||||
Total non-interest revenues | 9,932 | 12,044 | 31,168 | 42,025 | |||||||||||||
Interest income | 8,550 | 3,117 | 16,613 | 9,110 | |||||||||||||
Interest expense | 6,507 | 1,553 | 11,009 | 4,435 | |||||||||||||
Net interest income | 2,043 | 1,564 | 5,604 | 4,675 | |||||||||||||
Total net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Investment banking | $ 3,548 | $ 1,934 | $10,564 | $ 6,409 | ||||||||||||||
Investment management | 2,139 | 1,689 | 5,840 | 5,092 | ||||||||||||||
Commissions and fees | 860 | 804 | 2,766 | 2,699 | ||||||||||||||
Market making | 3,929 | 3,327 | 13,096 | 12,796 | ||||||||||||||
Other principal transactions | 1,568 | 1,943 | 9,759 | 2,482 | ||||||||||||||
Total non-interest revenues | 12,044 | 9,697 | 42,025 | 29,478 | ||||||||||||||
Interest income | 3,117 | 2,932 | 9,110 | 10,716 | ||||||||||||||
Interest expense | 1,553 | 1,848 | 4,435 | 7,375 | ||||||||||||||
Net interest income | 1,564 | 1,084 | 4,675 | 3,341 | ||||||||||||||
Total net revenues | $13,608 | $10,781 | $46,700 | $32,819 |
111 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 112 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Provision for credit losses | $ | 515 | $ | 175 | $ | 1,743 | $ | 13 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Provision for credit losses | $175 | $278 | $13 | $2,805 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Compensation and benefits | $ | 3,606 | $ | 3,167 | $ | 11,384 | $ | 14,473 | |||||||||
Transaction based | 1,317 | 1,139 | 3,878 | 3,520 | |||||||||||||
Market development | 199 | 165 | 596 | 360 | |||||||||||||
Communications and technology | 459 | 397 | 1,327 | 1,143 | |||||||||||||
Depreciation and amortization | 666 | 509 | 1,728 | 1,527 | |||||||||||||
Occupancy | 255 | 239 | 765 | 727 | |||||||||||||
Professional fees | 465 | 433 | 1,392 | 1,137 | |||||||||||||
Other expenses | 737 | 542 | 2,003 | 1,781 | |||||||||||||
Total operating expenses | $ | 7,704 | $ | 6,591 | $ | 23,073 | $ | 24,668 | |||||||||
Headcount at period-end | 49,100 | 43,000 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Compensation and benefits | $ 3,167 | $ 3,117 | $14,473 | $10,830 | ||||||||||||||
Transaction based | 1,139 | 1,011 | 3,520 | 3,055 | ||||||||||||||
Market development | 165 | 70 | 360 | 312 | ||||||||||||||
Communications and technology | 397 | 340 | 1,143 | 1,006 | ||||||||||||||
Depreciation and amortization | 509 | 468 | 1,527 | 1,404 | ||||||||||||||
Occupancy | 239 | 235 | 727 | 706 | ||||||||||||||
Professional fees | 433 | 298 | 1,137 | 956 | ||||||||||||||
Other expenses | 542 | 665 | 1,781 | 4,807 | ||||||||||||||
Total operating expenses | $ 6,591 | $ 6,204 | $24,668 | $23,076 | ||||||||||||||
Headcount at period-end | 43,000 | 40,900 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | $ | 145,563 | $ | 144,157 | ||||
Global Markets | 1,163,721 | 1,082,378 | ||||||
Asset Management | 85,814 | 91,115 | ||||||
Consumer & Wealth Management | 160,896 | 146,338 | ||||||
Total | $ | 1,555,994 | $ | 1,463,988 |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Investment Banking | $ 141,580 | $ 116,242 | ||||||
Global Markets | 1,077,437 | 844,606 | ||||||
Asset Management | 94,063 | 95,751 | ||||||
Consumer & Wealth Management | 130,150 | 106,429 | ||||||
Total | $1,443,230 | $1,163,028 |
Goldman Sachs September 2022 Form 10-Q | 114 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Investment Banking | |||||||||||||||||
Net revenues | $ | 1,576 | $ | 3,700 | $ | 6,124 | $ | 11,080 | |||||||||
Provision for credit losses | 78 | 41 | 325 | (229) | |||||||||||||
Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 | |||||||||||||
Pre-tax earnings | $ | 460 | $ | 2,316 | $ | 2,408 | $ | 6,148 | |||||||||
Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 | |||||||||
Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 | |||||||||
Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % | |||||||||
Global Markets | |||||||||||||||||
Net revenues | $ | 6,201 | $ | 5,611 | $ | 20,540 | $ | 18,092 | |||||||||
Provision for credit losses | (43) | (24) | 190 | (30) | |||||||||||||
Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 | |||||||||||||
Pre-tax earnings | $ | 3,031 | $ | 2,841 | $ | 10,010 | $ | 7,770 | |||||||||
Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 | |||||||||
Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 | |||||||||
Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % | |||||||||
Asset Management | |||||||||||||||||
Net revenues | $ | 1,821 | $ | 2,279 | $ | 3,451 | $ | 12,025 | |||||||||
Provision for credit losses | 29 | 10 | 129 | (2) | |||||||||||||
Operating expenses | 1,565 | 823 | 4,121 | 4,656 | |||||||||||||
Pre-tax earnings/(loss) | $ | 227 | $ | 1,446 | $ | (799) | $ | 7,371 | |||||||||
Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | (717) | $ | 5,853 | |||||||||
Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 | |||||||||
Return on average common equity | 2.9 | % | 17.0 | % | (3.9) | % | 30.9 | % | |||||||||
Consumer & Wealth Management | |||||||||||||||||
Net revenues | $ | 2,377 | $ | 2,018 | $ | 6,657 | $ | 5,503 | |||||||||
Provision for credit losses | 451 | 148 | 1,099 | 274 | |||||||||||||
Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 | |||||||||||||
Pre-tax earnings | $ | 38 | $ | 239 | $ | 337 | $ | 730 | |||||||||
Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 | |||||||||
Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 | |||||||||
Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % | |||||||||
Total | |||||||||||||||||
Net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 | |||||||||
Provision for credit losses | 515 | 175 | 1,743 | 13 | |||||||||||||
Operating expenses | 7,704 | 6,591 | 23,073 | 24,668 | |||||||||||||
Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 | |||||||||
Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 | |||||||||
Average common equity | $ | 107,310 | $ | 93,833 | $ | 104,715 | $ | 90,037 | |||||||||
Return on average common equity | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Investment Banking | ||||||||||||||||||
Net revenues | $ 3,700 | $ 1,969 | $11,080 | $ 6,810 | ||||||||||||||
Provision for credit losses | 41 | 171 | (229 | ) | 1,612 | |||||||||||||
Operating expenses | 1,343 | 1,067 | 5,161 | 4,940 | ||||||||||||||
Pre-tax earnings | $ 2,316 | $ 731 | $ 6,148 | $ 258 | ||||||||||||||
Net earnings to common | $ 1,818 | $ 452 | $ 4,890 | $ 133 | ||||||||||||||
Average common equity | $10,346 | $11,271 | $10,201 | $11,251 | ||||||||||||||
Return on average common equity | 70.3% | 16.0% | 63.9% | 1.6% | ||||||||||||||
Global Markets | ||||||||||||||||||
Net revenues | $ 5,611 | $ 4,553 | $18,092 | $16,892 | ||||||||||||||
Provision for credit losses | (24 | ) | (15 | ) | (30 | ) | 236 | |||||||||||
Operating expenses | 2,794 | 2,542 | 10,352 | 10,568 | ||||||||||||||
Pre-tax earnings | $ 2,841 | $ 2,026 | $ 7,770 | $ 6,088 | ||||||||||||||
Net earnings to common | $ 2,190 | $ 1,816 | $ 6,041 | $ 4,085 | ||||||||||||||
Average common equity | $46,959 | $39,960 | $44,067 | $40,542 | ||||||||||||||
Return on average common equity | 18.7% | 18.2% | 18.3% | 13.4% | ||||||||||||||
Asset Management | ||||||||||||||||||
Net revenues | $ 2,279 | $ 2,768 | $12,025 | $ 4,773 | ||||||||||||||
Provision for credit losses | 10 | 70 | (2 | ) | 420 | |||||||||||||
Operating expenses | 823 | 1,358 | 4,656 | 3,888 | ||||||||||||||
Pre-tax earnings | $ 1,446 | $ 1,340 | $ 7,371 | $ 465 | ||||||||||||||
Net earnings to common | $ 1,096 | $ 839 | $ 5,853 | $ 273 | ||||||||||||||
Average common equity | $25,788 | $19,989 | $25,294 | $20,332 | ||||||||||||||
Return on average common equity | 17.0% | 16.8% | 30.9% | 1.8% | ||||||||||||||
Consumer & Wealth Management | ||||||||||||||||||
Net revenues | $ 2,018 | $ 1,491 | $ 5,503 | $ 4,344 | ||||||||||||||
Provision for credit losses | 148 | 52 | 274 | 537 | ||||||||||||||
Operating expenses | 1,631 | 1,237 | 4,499 | 3,680 | ||||||||||||||
Pre-tax earnings | $ 239 | $ 202 | $ 730 | $ 127 | ||||||||||||||
Net earnings to common | $ 180 | $ 126 | $ 558 | $ 62 | ||||||||||||||
Average common equity | $10,740 | $ 8,519 | $10,475 | $ 7,715 | ||||||||||||||
Return on average common equity | 6.7% | 5.9% | 7.1% | 1.1% | ||||||||||||||
Total net revenues | $13,608 | $10,781 | $46,700 | $32,819 | ||||||||||||||
Total provision for credit losses | 175 | 278 | 13 | 2,805 | ||||||||||||||
Total operating expenses | 6,591 | 6,204 | 24,668 | 23,076 | ||||||||||||||
Total pre-tax earnings | $ 6,842 | $ 4,299 | $22,019 | $ 6,938 | ||||||||||||||
Net earnings to common | $ 5,284 | $ 3,233 | $17,342 | $ 4,553 | ||||||||||||||
Average common equity | $93,833 | $79,739 | $90,037 | $79,840 | ||||||||||||||
Return on average common equity | 22.5% | 16.2% | 25.7% | 7.6% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 66,458 | $ | 64,437 | ||||
Collateralized agreements | 17,670 | 21,354 | ||||||
Customer and other receivables | 2,550 | 5,248 | ||||||
Trading assets | 23,271 | 20,338 | ||||||
Investments | 1,080 | 1,053 | ||||||
Loans | 32,317 | 29,555 | ||||||
Other assets | 2,217 | 2,172 | ||||||
Total | $ | 145,563 | $ | 144,157 |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Cash and cash equivalents | $ 54,044 | $ 34,730 | ||||||
Collateralized agreements | 25,343 | 20,242 | ||||||
Customer and other receivables | 8,879 | 2,465 | ||||||
Trading assets | 23,453 | 29,493 | ||||||
Investments | 1,446 | 1,078 | ||||||
Loans | 26,428 | 26,544 | ||||||
Other assets | 1,987 | 1,690 | ||||||
Total | $141,580 | $116,242 |
115 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 33,280 | $ | 30,421 | ||||
Loans, gross | 33,280 | 30,421 | ||||||
Allowance for loan losses | (963) | (866) | ||||||
Total loans | $ | 32,317 | $ | 29,555 |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Corporate | $ | 33,664 | $ | 26,439 | $ | 32,808 | $ | 26,714 | |||||||||
Loans, gross | $ | 33,664 | $ | 26,439 | $ | 32,808 | $ | 26,714 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Financial advisory | $ | 972 | $ | 1,648 | $ | 3,296 | $ | 4,022 | |||||||||
Equity underwriting | 241 | 1,174 | 633 | 3,986 | |||||||||||||
Debt underwriting | 328 | 726 | 1,528 | 2,556 | |||||||||||||
Underwriting | 569 | 1,900 | 2,161 | 6,542 | |||||||||||||
Corporate lending | 35 | 152 | 667 | 516 | |||||||||||||
Net revenues | 1,576 | 3,700 | 6,124 | 11,080 | |||||||||||||
Provision for credit losses | 78 | 41 | 325 | (229) | |||||||||||||
Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 | |||||||||||||
Pre-tax earnings | 460 | 2,316 | 2,408 | 6,148 | |||||||||||||
Provision for taxes | 90 | 485 | 407 | 1,206 | |||||||||||||
Net earnings | 370 | 1,831 | 2,001 | 4,942 | |||||||||||||
Preferred stock dividends | 15 | 13 | 51 | 52 | |||||||||||||
Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 | |||||||||
Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 | |||||||||
Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
Financial advisory | $ 1,648 | $ 507 | $ 4,022 | $ 1,974 | ||||||||||||||
Equity underwriting | 1,174 | 856 | 3,986 | 2,291 | ||||||||||||||
Debt underwriting | 726 | 571 | 2,556 | 2,144 | ||||||||||||||
Underwriting | 1,900 | 1,427 | 6,542 | 4,435 | ||||||||||||||
Corporate lending | 152 | 35 | 516 | 401 | ||||||||||||||
Net revenues | 3,700 | 1,969 | 11,080 | 6,810 | ||||||||||||||
Provision for credit losses | 41 | 171 | (229 | ) | 1,612 | |||||||||||||
Operating expenses | 1,343 | 1,067 | 5,161 | 4,940 | ||||||||||||||
Pre-tax earnings | 2,316 | 731 | 6,148 | 258 | ||||||||||||||
Provision for taxes | 485 | 262 | 1,206 | 74 | ||||||||||||||
Net earnings | 1,831 | 469 | 4,942 | 184 | ||||||||||||||
Preferred stock dividends | 13 | 17 | 52 | 51 | ||||||||||||||
Net earnings to common | $ 1,818 | $ 452 | $ 4,890 | $ | ||||||||||||||
Average common equity | $10,346 | $11,271 | $10,201 | $11,251 | ||||||||||||||
Return on average common equity | 70.3% | 16.0% | 63.9% | 1.6% |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||||||||||||
$ in billions | 2021 | 2020 | 2021 | 2020 | $ in billions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Announced mergers and acquisitions | $ | $ 332 | $ 1,405 | $ | Announced mergers and acquisitions | $ | 189 | $ | 471 | $ | 1,004 | $ | 1,414 | ||||||||||||||||||||||
Completed mergers and acquisitions | $ | $ 203 | $ 1,036 | $ | Completed mergers and acquisitions | $ | 225 | $ | 418 | $ | 988 | $ | 1,070 | ||||||||||||||||||||||
Equity and equity-related offerings | $ | $ 29 | $ | $ | Equity and equity-related offerings | $ | 10 | $ | 25 | $ | 27 | $ | 111 | ||||||||||||||||||||||
Debt offerings | $ | $ 83 | $ | $ | Debt offerings | $ | 39 | $ | 81 | $ | 177 | $ | 269 |
Goldman Sachs September |
Goldman Sachs September |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 152,199 | $ | 131,390 | ||||
Collateralized agreements | 345,564 | 343,535 | ||||||
Customer and other receivables | 149,387 | 142,547 | ||||||
Trading assets | 339,324 | 337,040 | ||||||
Investments | 98,106 | 55,285 | ||||||
Loans | 65,748 | 60,916 | ||||||
Other assets | 13,393 | 11,665 | ||||||
Total | $ | 1,163,721 | $ | 1,082,378 |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Cash and cash equivalents | $ | $ 86,663 | ||||||
Collateralized agreements | 353,698 | 212,711 | ||||||
Customer and other receivables | 151,242 | 110,473 | ||||||
Trading assets | 350,660 | 339,349 | ||||||
Investments | 51,525 | 52,929 | ||||||
Loans | 51,167 | 33,214 | ||||||
Other assets | 11,337 | 9,267 | ||||||
Total | $1,077,437 | $844,606 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 23,173 | $ | 18,578 | ||||
Real estate | 34,915 | 34,986 | ||||||
Other | 8,353 | 7,838 | ||||||
Loans, gross | 66,441 | 61,402 | ||||||
Allowance for loan losses | (693) | (486) | ||||||
Total loans | $ | 65,748 | $ | 60,916 |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Corporate | $ | 22,187 | $ | 16,739 | $ | 20,728 | $ | 14,974 | |||||||||
Real estate | 37,226 | 25,406 | 36,475 | 21,954 | |||||||||||||
Other | 8,245 | 5,375 | 8,041 | 4,422 | |||||||||||||
Loans, gross | $ | 67,658 | $ | 47,520 | $ | 65,244 | $ | 41,350 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
FICC intermediation | $ | 2,800 | $ | 1,995 | $ | 9,677 | $ | 7,343 | |||||||||
FICC financing | 725 | 513 | 2,178 | 1,378 | |||||||||||||
FICC | 3,525 | 2,508 | 11,855 | 8,721 | |||||||||||||
Equities intermediation | 1,549 | 1,920 | 5,444 | 6,271 | |||||||||||||
Equities financing | 1,127 | 1,183 | 3,241 | 3,100 | |||||||||||||
Equities | 2,676 | 3,103 | 8,685 | 9,371 | |||||||||||||
Net revenues | 6,201 | 5,611 | 20,540 | 18,092 | |||||||||||||
Provision for credit losses | (43) | (24) | 190 | (30) | |||||||||||||
Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 | |||||||||||||
Pre-tax earnings | 3,031 | 2,841 | 10,010 | 7,770 | |||||||||||||
Provision for taxes | 557 | 597 | 1,692 | 1,524 | |||||||||||||
Net earnings | 2,474 | 2,244 | 8,318 | 6,246 | |||||||||||||
Preferred stock dividends | 66 | 54 | 216 | 205 | |||||||||||||
Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 | |||||||||
Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 | |||||||||
Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
FICC intermediation | $ 1,995 | $ 2,170 | $ 7,343 | $ 8,493 | ||||||||||||||||
FICC financing | 513 | 332 | 1,378 | 1,213 | ||||||||||||||||
FICC | 2,508 | 2,502 | 8,721 | 9,706 | ||||||||||||||||
Equities intermediation | 1,920 | 1,466 | 6,271 | 5,193 | ||||||||||||||||
Equities financing | 1,183 | 585 | 3,100 | 1,993 | ||||||||||||||||
Equities | 3,103 | 2,051 | 9,371 | 7,186 | ||||||||||||||||
Net revenues | 5,611 | 4,553 | 18,092 | 16,892 | ||||||||||||||||
Provision for credit losses | (24 | ) | (15 | ) | (30 | ) | 236 | |||||||||||||
Operating expenses | 2,794 | 2,542 | 10,352 | 10,568 | ||||||||||||||||
Pre-tax earnings | 2,841 | 2,026 | 7,770 | 6,088 | ||||||||||||||||
Provision for taxes | 597 | 122 | 1,524 | 1,742 | ||||||||||||||||
Net earnings | 2,244 | 1,904 | 6,246 | 4,346 | ||||||||||||||||
Preferred stock dividends | 54 | 88 | 205 | 261 | ||||||||||||||||
Net earnings to common | $ 2,190 | $ 1,816 | $ 6,041 | $ 4,085 | ||||||||||||||||
Average common equity | $46,959 | $39,960 | $44,067 | $40,542 | ||||||||||||||||
Return on average common equity | 18.7% | 18.2% | 18.3% | 13.4% |
$ in millions | FICC | Equities | Global Markets | ||||||||
Three Months Ended September 2022 | |||||||||||
Market making | $ | 3,237 | $ | 1,405 | $ | 4,642 | |||||
Commissions and fees | — | 918 | 918 | ||||||||
Other principal transactions | 68 | 20 | 88 | ||||||||
Net interest income | 220 | 333 | 553 | ||||||||
Total | $ | 3,525 | $ | 2,676 | $ | 6,201 | |||||
Three Months Ended September 2021 | |||||||||||
Market making | $ | 1,716 | $ | 2,213 | $ | 3,929 | |||||
Commissions and fees | — | 842 | 842 | ||||||||
Other principal transactions | 122 | 50 | 172 | ||||||||
Net interest income | 670 | (2) | 668 | ||||||||
Total | $ | 2,508 | $ | 3,103 | $ | 5,611 | |||||
Nine Months Ended September 2022 | |||||||||||
Market making | $ | 10,190 | $ | 5,371 | $ | 15,561 | |||||
Commissions and fees | — | 2,869 | 2,869 | ||||||||
Other principal transactions | 314 | 26 | 340 | ||||||||
Net interest income | 1,351 | 419 | 1,770 | ||||||||
Total | $ | 11,855 | $ | 8,685 | $ | 20,540 | |||||
Nine Months Ended September 2021 | |||||||||||
Market making | $ | 6,474 | $ | 6,622 | $ | 13,096 | |||||
Commissions and fees | — | 2,670 | 2,670 | ||||||||
Other principal transactions | 306 | 49 | 355 | ||||||||
Net interest income | 1,941 | 30 | 1,971 | ||||||||
Total | $ | 8,721 | $ | 9,371 | $ | 18,092 |
$ in millions | FICC | Equities | | Global Markets | | |||||||
Three Months Ended September 2021 | ||||||||||||
Market making | $1,716 | $2,213 | $ 3,929 | |||||||||
Commissions and fees | – | 842 | 842 | |||||||||
Other principal transactions | 122 | 50 | 172 | |||||||||
Net interest income | 670 | (2 | ) | 668 | ||||||||
Total | $2,508 | $3,103 | $ 5,611 | |||||||||
Three Months Ended September 2020 | ||||||||||||
Market making | $1,903 | $1,424 | $ 3,327 | |||||||||
Commissions and fees | – | 734 | 734 | |||||||||
Other principal transactions | 39 | (7 | ) | 32 | ||||||||
Net interest income | 560 | (100 | ) | 460 | ||||||||
Total | $2,502 | $2,051 | $ 4,553 | |||||||||
Nine Months Ended September 2021 | ||||||||||||
Market making | $6,474 | $6,622 | $13,096 | |||||||||
Commissions and fees | – | 2,670 | 2,670 | |||||||||
Other principal transactions | 306 | 49 | 355 | |||||||||
Net interest income | 1,941 | 30 | 1,971 | |||||||||
Total | $8,721 | $9,371 | $18,092 | |||||||||
Nine Months Ended September 2020 | ||||||||||||
Market making | $7,803 | $4,993 | $12,796 | |||||||||
Commissions and fees | – | 2,522 | 2,522 | |||||||||
Other principal transactions | (26 | ) | – | (26 | ) | |||||||
Net interest income | 1,929 | (329 | ) | 1,600 | ||||||||
Total | $9,706 | $7,186 | $16,892 |
119 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September |
As of | As of | |||||||||||||||
September | December | |||||||||||||||
$ in millions | September 2021 | | December 2020 | | $ in millions | 2022 | 2021 | |||||||||
Cash and cash equivalents | $12,905 | $ 8,635 | Cash and cash equivalents | $ | 17,154 | $ | 16,636 | |||||||||
Collateralized agreements | 5,565 | 4,749 | Collateralized agreements | 4,212 | 5,227 | |||||||||||
Customer and other receivables | 1,012 | 1,261 | Customer and other receivables | 1,205 | 946 | |||||||||||
Trading assets | 5,127 | 6,819 | Trading assets | 5,554 | 5,000 | |||||||||||
Investments | 33,678 | 34,386 | Investments | 27,732 | 32,318 | |||||||||||
Loans | 15,792 | 16,558 | Loans | 12,103 | 13,698 | |||||||||||
Other assets | 19,984 | 23,343 | Other assets | 17,854 | 17,290 | |||||||||||
Total | $94,063 | $95,751 | Total | $ | 85,814 | $ | 91,115 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ | 6,728 | $ | 6,928 | ||||
Real estate | 5,509 | 6,810 | ||||||
Other | 608 | 692 | ||||||
Loans, gross | 12,845 | 14,430 | ||||||
Allowance for loan losses | (742) | (732) | ||||||
Total loans | $ | 12,103 | $ | 13,698 |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Corporate | $ | 6,845 | $ | 7,363 | $ | 6,833 | $ | 7,544 | |||||||||
Real estate | 6,254 | 8,489 | 6,404 | 8,821 | |||||||||||||
Other | 676 | 694 | 682 | 675 | |||||||||||||
Loans, gross | $ | 13,775 | $ | 16,546 | $ | 13,919 | $ | 17,040 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Management and other fees | $ | 1,027 | $ | 724 | $ | 2,807 | $ | 2,144 | |||||||||
Incentive fees | 36 | 100 | 248 | 220 | |||||||||||||
Equity investments | 527 | 935 | (61) | 7,772 | |||||||||||||
Lending and debt investments | 231 | 520 | 457 | 1,889 | |||||||||||||
Net revenues | 1,821 | 2,279 | 3,451 | 12,025 | |||||||||||||
Provision for credit losses | 29 | 10 | 129 | (2) | |||||||||||||
Operating expenses | 1,565 | 823 | 4,121 | 4,656 | |||||||||||||
Pre-tax earnings/(loss) | 227 | 1,446 | (799) | 7,371 | |||||||||||||
Provision/(benefit) for taxes | 32 | 331 | (135) | 1,446 | |||||||||||||
Net earnings/(loss) | 195 | 1,115 | (664) | 5,925 | |||||||||||||
Preferred stock dividends | 14 | 19 | 53 | 72 | |||||||||||||
Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | (717) | $ | 5,853 | |||||||||
Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 | |||||||||
Return on average common equity | 2.9 | % | 17.0 | % | (3.9) | % | 30.9 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Management and other fees | $ | $ 728 | $ 2,144 | $ 2,052 | ||||||||||||||||
Incentive fees | 100 | 28 | 220 | 216 | ||||||||||||||||
Equity investments | 935 | 1,423 | 7,772 | 2,325 | ||||||||||||||||
Lending and debt investments | 520 | 589 | 1,889 | 180 | ||||||||||||||||
Net revenues | 2,279 | 2,768 | 12,025 | 4,773 | ||||||||||||||||
Provision for credit losses | 10 | 70 | (2 | ) | 420 | |||||||||||||||
Operating expenses | 823 | 1,358 | 4,656 | 3,888 | ||||||||||||||||
Pre-tax earnings | 1,446 | 1,340 | 7,371 | 465 | ||||||||||||||||
Provision for taxes | 331 | 482 | 1,446 | 133 | ||||||||||||||||
Net earnings | 1,115 | 858 | 5,925 | 332 | ||||||||||||||||
Preferred stock dividends | 19 | 19 | 72 | 59 | ||||||||||||||||
Net earnings to common | $ 1,096 | $ 839 | $ 5,853 | $ 273 | ||||||||||||||||
Average common equity | $25,788 | $19,989 | $25,294 | $20,332 | ||||||||||||||||
Return on average common equity | 17.0% | 16.8% | 30.9% | 1.8% |
121 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Equity Type | |||||||||||||||||
Private equity | $ | 311 | $ | 1,753 | $ | 1,008 | $ | 7,350 | |||||||||
Public equity | 216 | (818) | (1,069) | 422 | |||||||||||||
Total | $ | 527 | $ | 935 | $ | (61) | $ | 7,772 | |||||||||
Asset Class | |||||||||||||||||
Real estate | $ | 167 | $ | 677 | $ | 1,106 | $ | 1,649 | |||||||||
Corporate | 360 | 258 | (1,167) | 6,123 | |||||||||||||
Total | $ | 527 | $ | 935 | $ | (61) | $ | 7,772 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Equity Type | ||||||||||||||||||||
Private equity | $1,753 | $ 642 | $7,350 | $1,392 | ||||||||||||||||
Public equity | (818 | ) | 781 | 422 | 933 | |||||||||||||||
Total | $ | $1,423 | $7,772 | $2,325 | ||||||||||||||||
Asset Class | ||||||||||||||||||||
Real estate | $ | $ 221 | $1,649 | $1,259 | ||||||||||||||||
Corporate | 258 | 1,202 | 6,123 | 1,066 | ||||||||||||||||
Total | $ | $1,423 | $7,772 | $2,325 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Fair value net gains/(losses) | $ | (36) | $ | 214 | $ | (365) | $ | 951 | |||||||||
Net interest income | 267 | 306 | 822 | 938 | |||||||||||||
Total | $ | 231 | $ | 520 | $ | 457 | $ | 1,889 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Fair value net gains/(losses) | $ | $ 313 | $ | $ (545 | ) | |||||||||||||||
Net interest income | 306 | 276 | 938 | 725 | ||||||||||||||||
Total | $ | $ 589 | $1,889 | $ 180 |
Goldman Sachs September 2022 Form 10-Q | 122 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 48,440 | $ | 48,573 | ||||
Collateralized agreements | 12,024 | 14,358 | ||||||
Customer and other receivables | 12,279 | 11,932 | ||||||
Trading assets | 15,826 | 13,538 | ||||||
Investments | 45 | 63 | ||||||
Loans | 66,501 | 54,393 | ||||||
Other assets | 5,781 | 3,481 | ||||||
Total | $ | 160,896 | $ | 146,338 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Wealth management | $ | 50,101 | $ | 43,998 | ||||
Installment | 5,157 | 3,672 | ||||||
Credit cards | 13,691 | 8,212 | ||||||
Loans, gross | 68,949 | 55,882 | ||||||
Allowance for loan losses | (2,448) | (1,489) | ||||||
Total loans | $ | 66,501 | $ | 54,393 |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Wealth management | $ | 49,221 | $ | 41,020 | $ | 46,895 | $ | 37,650 | |||||||||
Installment | 4,828 | 3,341 | 4,334 | 3,470 | |||||||||||||
Credit cards | 12,785 | 5,670 | 11,066 | 4,907 | |||||||||||||
Loans, gross | $ | 66,834 | $ | 50,031 | $ | 62,295 | $ | 46,027 |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Cash and cash equivalents | $ 37,073 | $ 25,814 | ||||||
Collateralized agreements | 15,127 | 12,518 | ||||||
Customer and other receivables | 10,647 | 7,132 | ||||||
Trading assets | 13,758 | 17,969 | ||||||
Investments | 59 | 52 | ||||||
Loans | 50,237 | 39,799 | ||||||
Other assets | 3,249 | 3,145 | ||||||
Total | $130,150 | $106,429 |
123 | Goldman Sachs September 2022 Form 10-Q |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Management and other fees | $ | 1,217 | $ | 1,223 | $ | 3,696 | $ | 3,409 | |||||||||
Incentive fees | 21 | 121 | 72 | 162 | |||||||||||||
Private banking and lending | 395 | 292 | 1,054 | 816 | |||||||||||||
Wealth management | 1,633 | 1,636 | 4,822 | 4,387 | |||||||||||||
Consumer banking | 744 | 382 | 1,835 | 1,116 | |||||||||||||
Net revenues | 2,377 | 2,018 | 6,657 | 5,503 | |||||||||||||
Provision for credit losses | 451 | 148 | 1,099 | 274 | |||||||||||||
Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 | |||||||||||||
Pre-tax earnings | 38 | 239 | 337 | 730 | |||||||||||||
Provision for taxes | 8 | 51 | 57 | 143 | |||||||||||||
Net earnings | 30 | 188 | 280 | 587 | |||||||||||||
Preferred stock dividends | 12 | 8 | 36 | 29 | |||||||||||||
Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 | |||||||||
Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 | |||||||||
Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Management and other fees | $ 1,223 | $ 957 | $ 3,409 | $2,854 | ||||||||||||||||
Incentive fees | 121 | 7 | 162 | 86 | ||||||||||||||||
Private banking and lending | 292 | 201 | 816 | 538 | ||||||||||||||||
Wealth management | 1,636 | 1,165 | 4,387 | 3,478 | ||||||||||||||||
Consumer banking | 382 | 326 | 1,116 | 866 | ||||||||||||||||
Net revenues | 2,018 | 1,491 | 5,503 | 4,344 | ||||||||||||||||
Provision for credit losses | 148 | 52 | 274 | 537 | ||||||||||||||||
Operating expenses | 1,631 | 1,237 | 4,499 | 3,680 | ||||||||||||||||
Pre-tax earnings | 239 | 202 | 730 | 127 | ||||||||||||||||
Provision for taxes | 51 | 66 | 143 | 36 | ||||||||||||||||
Net earnings | 188 | 136 | 587 | 91 | ||||||||||||||||
Preferred stock dividends | 8 | 10 | 29 | 29 | ||||||||||||||||
Net earnings to common | $ | $ 126 | $ | $ 62 | ||||||||||||||||
Average common equity | $10,740 | $8,519 | $10,475 | $7,715 | ||||||||||||||||
Return on average common equity | 6.7% | 5.9% | 7.1% | 1.1% |
Goldman Sachs September 2022 Form 10-Q | 124 |
As of September | ||||||||
$ in billions | 2022 | 2021 | ||||||
Segment | ||||||||
Asset Management | $ | 1,760 | $ | 1,678 | ||||
Consumer & Wealth Management | 667 | 694 | ||||||
Total AUS | $ | 2,427 | $ | 2,372 | ||||
Asset Class | ||||||||
Alternative investments | $ | 256 | $ | 224 | ||||
Equity | 516 | 569 | ||||||
Fixed income | 955 | 940 | ||||||
Total long-term AUS | 1,727 | 1,733 | ||||||
Liquidity products | 700 | 639 | ||||||
Total AUS | $ | 2,427 | $ | 2,372 | ||||
Distribution Channel | ||||||||
Institutional | $ | 855 | $ | 812 | ||||
Wealth management | 667 | 694 | ||||||
Third-party distributed | 905 | 866 | ||||||
Total AUS | $ | 2,427 | $ | 2,372 | ||||
Region | ||||||||
Americas | $ | 1,751 | $ | 1,853 | ||||
EMEA | 497 | 339 | ||||||
Asia | 179 | 180 | ||||||
Total AUS | $ | 2,427 | $ | 2,372 | ||||
Vehicle | ||||||||
Separate accounts | $ | 1,296 | $ | 1,300 | ||||
Public funds | 837 | 776 | ||||||
Private funds and other | 294 | 296 | ||||||
Total AUS | $ | 2,427 | $ | 2,372 |
As of September | ||||||||
$ in billions | 2021 | 2020 | ||||||
Segment | ||||||||
Asset Management | $1,678 | $1,461 | ||||||
Consumer & Wealth Management | 694 | 575 | ||||||
Total AUS | $2,372 | $2,036 | ||||||
Asset Class | ||||||||
Alternative investments | $ | $ | ||||||
Equity | 569 | 421 | ||||||
Fixed income | 940 | 856 | ||||||
Total long-term AUS | 1,733 | 1,459 | ||||||
Liquidity products | 639 | 577 | ||||||
Total AUS | $2,372 | $2,036 | ||||||
Distribution Channel | ||||||||
Institutional | $ | $ | ||||||
Wealth management | 694 | 575 | ||||||
Third-party distributed | 866 | 736 | ||||||
Total AUS | $2,372 | $2,036 | ||||||
Region | ||||||||
Americas | $1,853 | $1,563 | ||||||
EMEA | 339 | 305 | ||||||
Asia | 180 | 168 | ||||||
Total AUS | $2,372 | $2,036 | ||||||
Vehicle | ||||||||
Separate accounts | $1,300 | $1,120 | ||||||
Public funds | 776 | 673 | ||||||
Private funds and other | 296 | 243 | ||||||
Total AUS | $2,372 | $2,036 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in billions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Asset Management | |||||||||||||||||
Beginning balance | $ | 1,824 | $ | 1,633 | $ | 1,719 | $ | 1,530 | |||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | (2) | 3 | 3 | 9 | |||||||||||||
Equity | (4) | 3 | (3) | 1 | |||||||||||||
Fixed income | (1) | 27 | (5) | 55 | |||||||||||||
Total long-term AUS net inflows/(outflows) | (7) | 33 | (5) | 65 | |||||||||||||
Liquidity products | 14 | 11 | 13 | 56 | |||||||||||||
Total AUS net inflows/(outflows) | 7 | 44 | 8 | 121 | |||||||||||||
Acquisitions/(dispositions) | 6 | — | 318 | — | |||||||||||||
Net market appreciation/(depreciation) | (77) | 1 | (285) | 27 | |||||||||||||
Ending balance | $ | 1,760 | $ | 1,678 | $ | 1,760 | $ | 1,678 | |||||||||
Consumer & Wealth Management | |||||||||||||||||
Beginning balance | $ | 671 | $ | 672 | $ | 751 | $ | 615 | |||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | 9 | 6 | 13 | 13 | |||||||||||||
Equity | 2 | 9 | 16 | 28 | |||||||||||||
Fixed income | 5 | 1 | 4 | 2 | |||||||||||||
Total long-term AUS net inflows/(outflows) | 16 | 16 | 33 | 43 | |||||||||||||
Liquidity products | 4 | 6 | (8) | — | |||||||||||||
Total AUS net inflows/(outflows) | 20 | 22 | 25 | 43 | |||||||||||||
Acquisitions/(dispositions) | (2) | — | (2) | — | |||||||||||||
Net market appreciation/(depreciation) | (22) | — | (107) | 36 | |||||||||||||
Ending balance | $ | 667 | $ | 694 | $ | 667 | $ | 694 | |||||||||
Firmwide | |||||||||||||||||
Beginning balance | $ | 2,495 | $ | 2,305 | $ | 2,470 | $ | 2,145 | |||||||||
Net inflows/(outflows): | |||||||||||||||||
Alternative investments | 7 | 9 | 16 | 22 | |||||||||||||
Equity | (2) | 12 | 13 | 29 | |||||||||||||
Fixed income | 4 | 28 | (1) | 57 | |||||||||||||
Total long-term AUS net inflows/(outflows) | 9 | 49 | 28 | 108 | |||||||||||||
Liquidity products | 18 | 17 | 5 | 56 | |||||||||||||
Total AUS net inflows/(outflows) | 27 | 66 | 33 | 164 | |||||||||||||
Acquisitions/(dispositions) | 4 | — | 316 | — | |||||||||||||
Net market appreciation/(depreciation) | (99) | 1 | (392) | 63 | |||||||||||||
Ending balance | $ | 2,427 | $ | 2,372 | $ | 2,427 | $ | 2,372 |
125 | Goldman Sachs September |
Average for the | |||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in billions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Segment | |||||||||||||||||
Asset Management | $ | 1,824 | $ | 1,663 | $ | 1,806 | $ | 1,602 | |||||||||
Consumer & Wealth Management | 683 | 688 | 707 | 656 | |||||||||||||
Total AUS | $ | 2,507 | $ | 2,351 | $ | 2,513 | $ | 2,258 | |||||||||
Asset Class | |||||||||||||||||
Alternative investments | $ | 256 | $ | 217 | $ | 251 | $ | 205 | |||||||||
Equity | 556 | 569 | 586 | 532 | |||||||||||||
Fixed income | 999 | 932 | 995 | 911 | |||||||||||||
Total long-term AUS | 1,811 | 1,718 | 1,832 | 1,648 | |||||||||||||
Liquidity products | 696 | 633 | 681 | 610 | |||||||||||||
Total AUS | $ | 2,507 | $ | 2,351 | $ | 2,513 | $ | 2,258 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Asset Management | $ | 1,027 | $ | 724 | $ | 2,807 | $ | 2,144 | |||||||||
Consumer & Wealth Management | 1,217 | 1,223 | 3,696 | 3,409 | |||||||||||||
Total | $ | 2,244 | $ | 1,947 | $ | 6,503 | $ | 5,553 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
Effective fees (bps) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Alternative investments | 64 | 64 | 64 | 63 | |||||||||||||
Equity | 58 | 59 | 58 | 60 | |||||||||||||
Fixed income | 18 | 17 | 17 | 17 | |||||||||||||
Liquidity products | 15 | 5 | 13 | 6 | |||||||||||||
Total average effective fee | 31 | 29 | 31 | 29 |
$ in billions | Direct Strategies | Fund of Funds | Total | ||||||||
Three Months Ended September 2022 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 27 | $ | 61 | $ | 88 | |||||
Credit | 40 | 2 | 42 | ||||||||
Real estate | 10 | 8 | 18 | ||||||||
Hedge funds and other | 44 | 22 | 66 | ||||||||
Funds and discretionary accounts | $ | 121 | $ | 93 | $ | 214 | |||||
Advisory accounts | 42 | ||||||||||
Total average AUS for alternative investments | $ | 256 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 139 | 62 | 86 | ||||||||
Credit | 78 | 55 | 77 | ||||||||
Real estate | 82 | 48 | 66 | ||||||||
Hedge funds and other | 63 | 47 | 58 | ||||||||
Funds and discretionary accounts | 86 | 57 | 74 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 | ||||||||||
Three Months Ended September 2021 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 21 | $ | 59 | $ | 80 | |||||
Credit | 18 | 2 | 20 | ||||||||
Real estate | 8 | 8 | 16 | ||||||||
Hedge funds and other | 44 | 20 | 64 | ||||||||
Funds and discretionary accounts | $ | 91 | $ | 89 | $ | 180 | |||||
Advisory accounts | 37 | ||||||||||
Total average AUS for alternative investments | $ | 217 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 129 | 59 | 77 | ||||||||
Credit | 103 | 65 | 100 | ||||||||
Real estate | 93 | 54 | 74 | ||||||||
Hedge funds and other | 65 | 54 | 61 | ||||||||
Funds and discretionary accounts | 90 | 57 | 74 | ||||||||
Advisory accounts | 17 | ||||||||||
Total average effective fee | 64 | ||||||||||
Nine Months Ended September 2022 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 26 | $ | 60 | $ | 86 | |||||
Credit | 35 | 2 | 37 | ||||||||
Real estate | 10 | 8 | 18 | ||||||||
Hedge funds and other | 46 | 22 | 68 | ||||||||
Funds and discretionary accounts | $ | 117 | $ | 92 | $ | 209 | |||||
Advisory accounts | 42 | ||||||||||
Total average AUS for alternative investments | $ | 251 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 134 | 60 | 82 | ||||||||
Credit | 81 | 56 | 80 | ||||||||
Real estate | 89 | 50 | 71 | ||||||||
Hedge funds and other | 64 | 48 | 59 | ||||||||
Funds and discretionary accounts | 87 | 56 | 73 | ||||||||
Advisory accounts | 16 | ||||||||||
Total average effective fee | 64 | ||||||||||
Nine Months Ended September 2021 | |||||||||||
Average AUS | |||||||||||
Corporate equity | $ | 18 | $ | 59 | $ | 77 | |||||
Credit | 17 | 2 | 19 | ||||||||
Real estate | 8 | 7 | 15 | ||||||||
Hedge funds and other | 41 | 19 | 60 | ||||||||
Funds and discretionary accounts | $ | 84 | $ | 87 | $ | 171 | |||||
Advisory accounts | 34 | ||||||||||
Total average AUS for alternative investments | $ | 205 | |||||||||
Effective Fees (bps) | |||||||||||
Corporate equity | 133 | 57 | 75 | ||||||||
Credit | 102 | 54 | 98 | ||||||||
Real estate | 91 | 56 | 74 | ||||||||
Hedge funds and other | 66 | 54 | 62 | ||||||||
Funds and discretionary accounts | 90 | 56 | 73 | ||||||||
Advisory accounts | 15 | ||||||||||
Total average effective fee | 63 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in billions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Asset Management | ||||||||||||||||||||
Beginning balance | $1,633 | $1,499 | $1,530 | $1,298 | ||||||||||||||||
Net inflows/(outflows): | ||||||||||||||||||||
Alternative investments | 3 | (3 | ) | 9 | (6 | ) | ||||||||||||||
Equity | 3 | (5 | ) | 1 | – | |||||||||||||||
Fixed income | 27 | 22 | 55 | 35 | ||||||||||||||||
Total long-term AUS net inflows/(outflows) | 33 | 14 | 65 | 29 | ||||||||||||||||
Liquidity products | 11 | (86 | ) | 56 | 101 | |||||||||||||||
Total AUS net inflows/(outflows) | 44 | (72 | ) | 121 | 130 | |||||||||||||||
Net market appreciation/(depreciation) | 1 | 34 | 27 | 33 | ||||||||||||||||
Ending balance | $1,678 | $1,461 | $1,678 | $1,461 | ||||||||||||||||
Consumer & Wealth Management | ||||||||||||||||||||
Beginning balance | $ | $ 558 | $ | $ 561 | ||||||||||||||||
Net inflows/(outflows): | ||||||||||||||||||||
Alternative investments | 6 | 2 | 13 | 2 | ||||||||||||||||
Equity | 9 | – | 28 | – | ||||||||||||||||
Fixed income | 1 | 2 | 2 | (6 | ) | |||||||||||||||
Total long-term AUS net inflows/(outflows) | 16 | 4 | 43 | (4 | ) | |||||||||||||||
Liquidity products | 6 | (4 | ) | – | 14 | |||||||||||||||
Total AUS net inflows/(outflows) | 22 | – | 43 | 10 | ||||||||||||||||
Net market appreciation/(depreciation) | – | 17 | 36 | 4 | ||||||||||||||||
Ending balance | $ | $ 575 | $ | $ 575 | ||||||||||||||||
Firmwide | ||||||||||||||||||||
Beginning balance | $2,305 | $2,057 | $2,145 | $1,859 | ||||||||||||||||
Net inflows/(outflows): | ||||||||||||||||||||
Alternative investments | 9 | (1 | ) | 22 | (4 | ) | ||||||||||||||
Equity | 12 | (5 | ) | 29 | – | |||||||||||||||
Fixed income | 28 | 24 | 57 | 29 | ||||||||||||||||
Total long-term AUS net inflows/(outflows) | 49 | 18 | 108 | 25 | ||||||||||||||||
Liquidity products | 17 | (90 | ) | 56 | 115 | |||||||||||||||
Total AUS net inflows/(outflows) | 66 | (72 | ) | 164 | 140 | |||||||||||||||
Net market appreciation/(depreciation) | 1 | 51 | 63 | 37 | ||||||||||||||||
Ending balance | $2,372 | $2,036 | $2,372 | $2,036 |
Goldman Sachs September 2022 Form 10-Q | 126 |
Average for the | ||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||
$ in billions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Segment | ||||||||||||||||||||
Asset Management | $1,663 | $1,512 | $1,602 | $1,412 | ||||||||||||||||
Consumer & Wealth Management | 688 | 571 | 656 | 555 | ||||||||||||||||
Total AUS | $2,351 | $2,083 | $2,258 | $1,967 | ||||||||||||||||
Asset Class | ||||||||||||||||||||
Alternative investments | $ | $ 181 | $ | $ 182 | ||||||||||||||||
Equity | 569 | 418 | 532 | 398 | ||||||||||||||||
Fixed income | 932 | 844 | 911 | 815 | ||||||||||||||||
Total long-term AUS | 1,718 | 1,443 | 1,648 | 1,395 | ||||||||||||||||
Liquidity products | 633 | 640 | 610 | 572 | ||||||||||||||||
Total AUS | $2,351 | $2,083 | $2,258 | $1,967 |
$ in billions | AUS | Non-fee-earning alternative assets | Total alternative assets | ||||||||
As of September 2022 | |||||||||||
Corporate equity | $ | 92 | $ | 75 | $ | 167 | |||||
Credit | 41 | 62 | 103 | ||||||||
Real estate | 17 | 37 | 54 | ||||||||
Hedge funds and other | 65 | 2 | 67 | ||||||||
Funds and discretionary accounts | 215 | 176 | 391 | ||||||||
Advisory accounts | 41 | — | 41 | ||||||||
Total alternative investments | $ | 256 | $ | 176 | $ | 432 | |||||
As of September 2021 | |||||||||||
Corporate equity | $ | 84 | $ | 74 | $ | 158 | |||||
Credit | 22 | 69 | 91 | ||||||||
Real estate | 15 | 44 | 59 | ||||||||
Hedge funds and other | 66 | 3 | 69 | ||||||||
Funds and discretionary accounts | 187 | 190 | 377 | ||||||||
Advisory accounts | 37 | 2 | 39 | ||||||||
Total alternative investments | $ | 224 | $ | 192 | $ | 416 |
$ in billions | AUS | Non-fee-earning alternative assets | | Total alternative assets | | |||||||
As of September 2021 | ||||||||||||
Corporate equity | $ 92 | $ 74 | $166 | |||||||||
Credit | 23 | 70 | 93 | |||||||||
Real estate | 19 | 45 | 64 | |||||||||
Hedge funds and multi-asset | 90 | 2 | 92 | |||||||||
Other | – | 1 | 1 | |||||||||
Total | $224 | $192 | $416 | |||||||||
As of September 2020 | ||||||||||||
Corporate equity | $ 79 | $ 42 | $121 | |||||||||
Credit | 18 | 61 | 79 | |||||||||
Real estate | 16 | 44 | 60 | |||||||||
Hedge funds and multi-asset | 69 | 1 | 70 | |||||||||
Other | – | 1 | 1 | |||||||||
Total | $182 | $149 | $331 |
As of | ||||||||
$ in billions | September | |||||||
Included in AUS | $ | 109 | ||||||
Included in non-fee-earning | 55 | |||||||
Third-party commitments raised | $ | 164 |
$ in billions | Loans | Debt securities | Equity securities | CIE investments and other | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Corporate equity | $ | — | $ | — | $ | 12 | $ | — | $ | 12 | |||||||
Credit | 7 | 11 | — | — | 18 | ||||||||||||
Real estate | 5 | 1 | 4 | 13 | 23 | ||||||||||||
Other | — | — | — | 1 | 1 | ||||||||||||
Total | $ | 12 | $ | 12 | $ | 16 | $ | 14 | $ | 54 | |||||||
As of September 2021 | |||||||||||||||||
Corporate equity | $ | — | $ | — | $ | 16 | $ | — | $ | 16 | |||||||
Credit | 8 | 11 | — | — | 19 | ||||||||||||
Real estate | 8 | 2 | 4 | 17 | 31 | ||||||||||||
Other | — | — | — | 1 | 1 | ||||||||||||
Total | $ | 16 | $ | 13 | $ | 20 | $ | 18 | $ | 67 |
$ in billions | Loans | | Debt securities | | | Equity securities | | | CIE investments and other | | Total | |||||||||
As of September 2021 | ||||||||||||||||||||
Corporate equity | $ | $ | $16 | $ | $16 | |||||||||||||||
Credit | 8 | 11 | – | – | 19 | |||||||||||||||
Real estate | 8 | 2 | 4 | 17 | 31 | |||||||||||||||
Other | – | – | – | 1 | 1 | |||||||||||||||
Total | $16 | $13 | $20 | $18 | $67 | |||||||||||||||
As of September 2020 | ||||||||||||||||||||
Corporate equity | $ | $ | $16 | $ | $16 | |||||||||||||||
Credit | 8 | 11 | – | – | 19 | |||||||||||||||
Real estate | 9 | 2 | 3 | 20 | 34 | |||||||||||||||
Other | – | – | – | 1 | 1 | |||||||||||||||
Total | $17 | $13 | $19 | $21 | $70 |
127 | Goldman Sachs September 2022 Form 10-Q |
As of September | ||||||||
$ in billions | 2021 | 2020 | ||||||
Loans | $16 | $17 | ||||||
Debt securities | 13 | 13 | ||||||
Total | $29 | $30 | ||||||
Accounting Classification | ||||||||
Debt securities at fair value | 45% | 43% | ||||||
Loans at amortized cost | 43% | 44% | ||||||
Loans at fair value | 12% | 13% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 47% | 46% | ||||||
EMEA | 34% | 33% | ||||||
Asia | 19% | 21% | ||||||
Total | 100% | 100% | ||||||
Industry | ||||||||
Consumers | 4% | 4% | ||||||
Financial Institutions | 8% | 8% | ||||||
Healthcare | 9% | 8% | ||||||
Industrials | 15% | 16% | ||||||
Natural Resources & Utilities | 3% | 4% | ||||||
Real Estate | 36% | 35% | ||||||
Technology, Media & Telecommunications | 14% | 13% | ||||||
Other | 11% | 12% | ||||||
Total | 100% | 100% |
As of September | ||||||||
$ in billions | 2022 | 2021 | ||||||
Loans | $12 | $16 | ||||||
Debt securities | 12 | 13 | ||||||
Total | $24 | $29 | ||||||
Accounting Classification | ||||||||
Debt securities at fair value | 49 | % | 45 | % | ||||
Loans at amortized cost | 38 | % | 38 | % | ||||
Loans at fair value | 9 | % | 12 | % | ||||
Loans held for sale | 4 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 47 | % | 47 | % | ||||
EMEA | 34 | % | 34 | % | ||||
Asia | 19 | % | 19 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumers | 4 | % | 4 | % | ||||
Financial Institutions | 8 | % | 8 | % | ||||
Healthcare | 11 | % | 9 | % | ||||
Industrials | 13 | % | 15 | % | ||||
Natural Resources & Utilities | 3 | % | 3 | % | ||||
Real Estate | 27 | % | 36 | % | ||||
Technology, Media & Telecommunications | 22 | % | 14 | % | ||||
Other | 12 | % | 11 | % | ||||
Total | 100 | % | 100 | % |
As of September | ||||||||
$ in billions | 2022 | 2021 | ||||||
Equity securities | $16 | $20 | ||||||
Region | ||||||||
Americas | 67 | % | 57 | % | ||||
EMEA | 16 | % | 23 | % | ||||
Asia | 17 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Industry | ||||||||
Consumers | 4 | % | 5 | % | ||||
Financial Institutions | 11 | % | 14 | % | ||||
Healthcare | 10 | % | 10 | % | ||||
Industrials | 7 | % | 7 | % | ||||
Natural Resources & Utilities | 11 | % | 8 | % | ||||
Real Estate | 28 | % | 21 | % | ||||
Technology, Media & Telecommunications | 26 | % | 32 | % | ||||
Other | 3 | % | 3 | % | ||||
Total | 100 | % | 100 | % |
As of September | ||||||||
$ in billions | 2021 | 2020 | ||||||
Equity securities | $20 | $19 | ||||||
Region | ||||||||
Americas | 57% | 52% | ||||||
EMEA | 23% | 16% | ||||||
Asia | 20% | 32% | ||||||
Total | 100% | 100% | ||||||
Industry | ||||||||
Financial Institutions | 14% | 23% | ||||||
Healthcare | 10% | 8% | ||||||
Industrials | 7% | 5% | ||||||
Natural Resources & Utilities | 8% | 7% | ||||||
Real Estate | 21% | 18% | ||||||
Technology, Media & Telecommunications | 32% | 33% | ||||||
Other | 8% | 6% | ||||||
Total | 100% | 100% |
Vintage | ||||||||
As of September 2022 | ||||||||
2015 or earlier | 30 | % | ||||||
2016 - 2018 | 25 | % | ||||||
2019 - thereafter | 45 | % | ||||||
Total | 100 | % | ||||||
As of September 2021 | ||||||||
2014 or earlier | 25 | % | ||||||
2015 - 2017 | 34 | % | ||||||
2018 - thereafter | 41 | % | ||||||
Total | 100 | |||||||
% |
$ in billions | Total Equity | ||||||
Beginning balance | $22 | ||||||
8 | |||||||
(21) | |||||||
7 | |||||||
$16 |
128 |
As of September | ||||||||
$ in billions | 2022 | 2021 | ||||||
CIE assets, net of financings | $6 | $8 | ||||||
Region | ||||||||
Americas | 68 | % | 63 | % | ||||
EMEA | 22 | % | 25 | % | ||||
Asia | 10 | % | 12 | % | ||||
Total | 100 | % | 100 | % | ||||
Asset Class | ||||||||
Hospitality | 4 | % | 4 | % | ||||
Industrials | 14 | % | 11 | % | ||||
Multifamily | 23 | % | 24 | % | ||||
Office | 22 | % | 26 | % | ||||
Retail | 3 | % | 5 | % | ||||
Senior Housing | 14 | % | 14 | % | ||||
Student Housing | 7 | % | 6 | % | ||||
Other | 13 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
As of September | ||||||||
$ in billions | 2021 | 2020 | ||||||
CIE assets, net of financings | $8 | $9 | ||||||
Region | ||||||||
Americas | 63% | 62% | ||||||
EMEA | 25% | 21% | ||||||
Asia | 12% | 17% | ||||||
Total | 100% | 100% | ||||||
Asset Class | ||||||||
Hospitality | 4% | 4% | ||||||
Industrials | 11% | 8% | ||||||
Multifamily | 24% | 24% | ||||||
Office | 26% | 30% | ||||||
Retail | 5% | 6% | ||||||
Senior Housing | 14% | 12% | ||||||
Student Housing | 6% | 7% | ||||||
Other | 10% | 9% | ||||||
Total | 100% | 100% |
Vintage | ||||||||
As of September 2022 | ||||||||
2015 or earlier | 4 | % | ||||||
2016 - 2018 | 46 | % | ||||||
2019 - thereafter | 50 | % | ||||||
Total | 100 | % | ||||||
As of September 2021 | ||||||||
2 | % | |||||||
27 | % | |||||||
71 | % | |||||||
Total | 100 | % |
129 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 130 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Total assets | $ | 1,555,994 | $ | 1,463,988 | ||||
Unsecured long-term borrowings | $ | 239,965 | $ | 254,092 | ||||
Total shareholders’ equity | $ | 119,290 | $ | 109,926 | ||||
Leverage ratio | 13.0x | 13.3x | ||||||
Debt-to-equity ratio | 2.0x | 2.3x |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Total assets | $1,443,230 | $1,163,028 | ||||||
Unsecured long-term borrowings | $ 242,780 | $ 213,481 | ||||||
Total shareholders’ equity | $ 106,297 | $ 95,932 | ||||||
Leverage ratio | 13.6x | 12.1x | ||||||
Debt-to-equity | 2.3x | 2.2x |
As of | ||||||||
September | December | |||||||
$ in millions, except per share amounts | 2022 | 2021 | ||||||
Total shareholders’ equity | $ | 119,290 | $ | 109,926 | ||||
Preferred stock | (10,703) | (10,703) | ||||||
Common shareholders’ equity | 108,587 | 99,223 | ||||||
Goodwill | (6,288) | (4,285) | ||||||
Identifiable intangible assets | (1,963) | (418) | ||||||
Tangible common shareholders’ equity | $ | 100,336 | $ | 94,520 | ||||
Book value per common share | $ | 308.22 | $ | 284.39 | ||||
Tangible book value per common share | $ | 284.80 | $ | 270.91 |
As of | ||||||||
$ in millions, except per share amounts | September 2021 | | December 2020 | | ||||
Total shareholders’ equity | $106,297 | $ 95,932 | ||||||
Preferred stock | (9,953 | ) | (11,203 | ) | ||||
Common shareholders’ equity | 96,344 | 84,729 | ||||||
Goodwill | (4,326 | ) | (4,332 | ) | ||||
Identifiable intangible assets | (497 | ) | (630 | ) | ||||
Tangible common shareholders’ equity | $ 91,521 | $ 79,767 | ||||||
Book value per common share | $ 277.25 | $ 236.15 | ||||||
Tangible book value per common share | $ 263.37 | $ 222.32 |
As of | ||||||||||||||
$ in millions | September 2022 | December 2021 | ||||||||||||
Deposits | $ | 394,733 | 39 | % | $ | 364,227 | 36 | % | ||||||
Collateralized financings | 219,107 | 21 | % | 230,932 | 23 | % | ||||||||
Unsecured short-term borrowings | 51,850 | 5 | % | 46,955 | 5 | % | ||||||||
Unsecured long-term borrowings | 239,965 | 23 | % | 254,092 | 25 | % | ||||||||
Total shareholders’ equity | 119,290 | 12 | % | 109,926 | 11 | % | ||||||||
Total | $ | 1,024,945 | 100 | % | $ | 1,006,132 | 100 | % |
As of | ||||||||||||||||
$ in millions | September 2021 | December 2020 | ||||||||||||||
Deposits | $333,038 | 35% | $259,962 | 33% | ||||||||||||
Collateralized financings | 228,558 | 24% | 173,947 | 22% | ||||||||||||
Unsecured short-term borrowings | 48,990 | 5% | 52,870 | 6% | ||||||||||||
Unsecured long-term borrowings | 242,780 | 25% | 213,481 | 27% | ||||||||||||
Total shareholders’ equity | 106,297 | 11% | 95,932 | 12% | ||||||||||||
Total | $959,663 | 100% | $796,192 | 100% |
131 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
2023 | $ | — | $ | — | $ | — | $ | 14,609 | $ | 14,609 | |||||||
2024 | $ | 13,294 | $ | 10,256 | $ | 9,479 | $ | 7,799 | 40,828 | ||||||||
2025 | $ | 11,300 | $ | 10,306 | $ | 6,503 | $ | 6,094 | 34,203 | ||||||||
2026 | $ | 5,461 | $ | 3,571 | $ | 3,159 | $ | 8,633 | 20,824 | ||||||||
2027 | $ | 8,665 | $ | 3,179 | $ | 6,427 | $ | 9,666 | 27,937 | ||||||||
2028 - thereafter | 101,564 | ||||||||||||||||
Total | $ | 239,965 |
$ in millions | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
As of September 2021 | ||||||||||||||||||||
2022 | $ – | $ – | $ – | $7,767 | $ 7,767 | |||||||||||||||
2023 | $14,396 | $7,018 | $9,084 | $7,820 | 38,318 | |||||||||||||||
2024 | $ 8,629 | $9,092 | $8,939 | $3,580 | 30,240 | |||||||||||||||
2025 | $ 6,868 | $9,831 | $5,719 | $5,588 | 28,006 | |||||||||||||||
2026 | $ 6,231 | $3,729 | $6,584 | $6,061 | 22,605 | |||||||||||||||
2027 - thereafter | 115,844 | |||||||||||||||||||
Total | $242,780 |
Goldman Sachs September 2022 Form 10-Q | 132 |
133 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 134 |
Requirements | |||||
TLAC to RWAs | 21.5 | % | |||
TLAC to leverage exposure | 9.5 | % | |||
External long-term debt to RWAs | 8.5 | % | |||
External long-term debt to leverage exposure | 4.5 | % |
As of | ||||||||
September 2021 | | December 2020 | | |||||
TLAC to RWAs | 21.5% | 22.0% | ||||||
TLAC to leverage exposure | 9.5% | 9.5% | ||||||
External long-term debt to RWAs | 8.5% | 8.5% | ||||||
External long-term debt to leverage exposure | 4.5% | 4.5% |
For the Three Months Ended or as of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
TLAC | $ | 299,366 | $ | 297,765 | ||||
External long-term debt | $ | 174,203 | $ | 174,500 | ||||
RWAs | $ | 688,566 | $ | 676,863 | ||||
Leverage exposure | $ | 1,955,300 | $ | 1,910,521 | ||||
TLAC to RWAs | 43.5 | % | 44.0 | % | ||||
TLAC to leverage exposure | 15.3 | % | 15.6 | % | ||||
External long-term debt to RWAs | 25.3 | % | 25.8 | % | ||||
External long-term debt to leverage exposure | 8.9 | % | 9.1 | % |
For the Three Months Ended or as of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
TLAC | $ 283,881 | $ 242,730 | ||||||
External long-term debt | $ 166,200 | $ 139,200 | ||||||
RWAs | $ 672,061 | $ 609,750 | ||||||
Leverage exposure | $1,844,274 | $1,332,937 | ||||||
TLAC to RWAs | 42.2% | 39.8% | ||||||
TLAC to leverage exposure | 15.4% | 18.2% | ||||||
External long-term debt to RWAs | 24.7% | 22.8% | ||||||
External long-term debt to leverage exposure | 9.0% | 10.4% |
135 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
2022 | 2021 | |||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.4 | % | 8.1 | % | ||||
Tier 1 capital ratio | 10.4 | % | 9.9 | % | ||||
Total capital ratio | 13.0 | % | 12.4 | % |
As of | ||||||||
September 2021 | | December 2020 | | |||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.1% | 8.1% | ||||||
Tier 1 capital ratio | 9.9% | 10.0% | ||||||
Total capital ratio | 12.3% | 12.5% |
Goldman Sachs September 2022 Form 10-Q | 136 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ | 31,331 | $ | 28,810 | ||||
Tier 1 capital | $ | 39,631 | $ | 37,110 | ||||
Tier 2 capital | $ | 5,377 | $ | 5,377 | ||||
Total capital | $ | 45,008 | $ | 42,487 | ||||
RWAs | $ | 267,737 | $ | 269,762 | ||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 11.7% | 10.7% | ||||||
Tier 1 capital ratio | 14.8% | 13.8% | ||||||
Total capital ratio | 16.8% | 15.7% |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ 28,345 | $ 26,962 | ||||||
Tier 1 capital | $ 36,645 | $ 35,262 | ||||||
Tier 2 capital | $ 5,377 | $ 5,377 | ||||||
Total capital | $ 42,022 | $ 40,639 | ||||||
RWAs | $278,483 | $252,355 | ||||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 10.2% | 10.7% | ||||||
Tier 1 capital ratio | 13.2% | 14.0% | ||||||
Total capital ratio | 15.1% | 16.1% |
137 | Goldman Sachs September 2022 Form 10-Q |
Off-Balance Sheet Arrangement | Disclosure in Form 10-Q | |||||||||||
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated variable interest entities (VIEs) | See Note 17 to the consolidated financial statements. | |||||||||||
Guarantees, | See Note 18 to the consolidated financial statements. | |||||||||||
Derivatives | See “Risk Management — Credit Risk Management — Credit Exposures — OTC Derivatives” and Notes 4, 5, 7 and 18 to the consolidated financial statements. |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Time deposits | $ 24,057 | $ 26,433 | ||||||
Financings and borrowings: | ||||||||
Secured long-term | $ 9,585 | $ 12,537 | ||||||
Unsecured long-term | $242,780 | $213,481 | ||||||
Interest payments | $ 46,333 | $ 44,073 | ||||||
Operating lease payments | $ 3,031 | $ 3,268 |
Goldman Sachs September |
As of September 2021 | ||||||||||||||||
$ in millions | Remainder of 2021 | 2022 - 2023 | 2024 - 2025 | 2026 - Thereafter | ||||||||||||
Time deposits | $ – | $12,392 | $ 7,284 | $ 4,381 | ||||||||||||
Financings and borrowings: | ||||||||||||||||
Secured long-term | $ – | $ 4,316 | $ 2,184 | $ 3,085 | ||||||||||||
Unsecured long-term | $ – | $46,085 | $58,246 | $138,449 | ||||||||||||
Interest payments | $1,368 | $10,474 | $ 8,140 | $ 26,351 | ||||||||||||
Operating lease payments | $ 71 | $ 612 | $ 509 | $ 1,839 |
139 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 140 |
141 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 142 |
143 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 144 |
145 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 146 |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Denomination | ||||||||
U.S. dollar | $ | 295,985 | $ | 270,121 | ||||
Non-U.S. dollar | 120,937 | 121,146 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Asset Class | ||||||||
Overnight cash deposits | $ | 257,162 | $ | 226,414 | ||||
U.S. government obligations | 122,568 | 120,355 | ||||||
U.S. agency obligations | 12,348 | 8,483 | ||||||
Non-U.S. government obligations | 24,844 | 36,015 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ | 64,305 | $ | 63,070 | ||||
Major broker-dealer subsidiaries | 120,346 | 114,507 | ||||||
Major bank subsidiaries | 232,271 | 213,690 | ||||||
Total | $ | 416,922 | $ | 391,267 |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Total HQLA | $ | 407,969 | $ | 380,531 | ||||
Eligible HQLA | $ | 279,121 | $ | 261,718 | ||||
Net cash outflows | $ | 224,408 | $ | 209,577 | ||||
LCR | 124 | % | 125 | % |
147 | Goldman Sachs September 2022 Form 10-Q |
As of September 2022 | |||||||||||||||||
DBRS | Fitch | Moody’s | R&I | S&P | |||||||||||||
Short-term debt | R-1 (middle) | F1 | P-1 | a-1 | A-2 | ||||||||||||
Long-term debt | A (high) | A | A2 | A | BBB+ | ||||||||||||
Subordinated debt | A | BBB+ | Baa2 | A- | BBB | ||||||||||||
Trust preferred | A | BBB- | Baa3 | N/A | BB+ | ||||||||||||
Preferred stock | BBB (high) | BBB- | Ba1 | N/A | BB+ | ||||||||||||
Ratings outlook | Stable | Stable | Stable | Stable | Stable |
Goldman Sachs September 2022 Form 10-Q | 148 |
As of September 2022 | |||||||||||
Fitch | Moody’s | S&P | |||||||||
GS Bank USA | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1+ | P-1 | N/A | ||||||||
Long-term bank deposits | AA- | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSIB | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1 | P-1 | N/A | ||||||||
Long-term bank deposits | A+ | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSBE | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | N/A | P-1 | N/A | ||||||||
Long-term bank deposits | N/A | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GS&Co. | |||||||||||
Short-term debt | F1 | N/A | A-1 | ||||||||
Long-term debt | A+ | N/A | A+ | ||||||||
Ratings outlook | Stable | N/A | Stable | ||||||||
GSI | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Ratings outlook | Stable | Stable | Stable |
149 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 150 |
151 | Goldman Sachs September 2022 Form 10-Q |
Nine Months Ended September | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September | June | September | ||||||||||||||||||
$ in millions | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 112 | $ | 104 | $ | 58 | $ | 97 | $ | 60 | ||||||||||
Equity prices | 34 | 36 | 40 | 34 | 46 | |||||||||||||||
Currency rates | 36 | 23 | 12 | 28 | 12 | |||||||||||||||
Commodity prices | 51 | 63 | 22 | 54 | 22 | |||||||||||||||
Diversification effect | (103) | (102) | (52) | (95) | (53) | |||||||||||||||
Total | $ | 130 | $ | 124 | $ | 80 | $ | 118 | $ | 87 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Categories | |||||||||||
Interest rates | $ | 96 | $ | 134 | $ | 57 | |||||
Equity prices | 37 | 37 | 37 | ||||||||
Currency rates | 42 | 20 | 9 | ||||||||
Commodity prices | 35 | 59 | 31 | ||||||||
Diversification effect | (99) | (100) | (47) | ||||||||
Total | $ | 111 | $ | 150 | $ | 87 |
Three Months Ended | ||||||||||||||||||||||||||
September 2022 | June 2022 | September 2021 | ||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 139 | $ | 93 | $ | 134 | $ | 84 | $ | 74 | $ | 50 | ||||||||||||||
Equity prices | $ | 41 | $ | 28 | $ | 48 | $ | 31 | $ | 48 | $ | 33 | ||||||||||||||
Currency rates | $ | 53 | $ | 19 | $ | 31 | $ | 16 | $ | 16 | $ | 8 | ||||||||||||||
Commodity prices | $ | 67 | $ | 35 | $ | 74 | $ | 51 | $ | 33 | $ | 15 | ||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 158 | $ | 102 | $ | 150 | $ | 108 | $ | 95 | $ | 74 |
Goldman Sachs September 2022 Form 10-Q | 152 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
>$100 | 22 | 13 | 85 | 47 | |||||||||||||
$75 – $100 | 7 | 11 | 20 | 39 | |||||||||||||
$50 – $75 | 7 | 11 | 20 | 30 | |||||||||||||
$25 – $50 | 9 | 10 | 20 | 26 | |||||||||||||
$0 – $25 | 10 | 11 | 22 | 31 | |||||||||||||
$(25) – $0 | 5 | 7 | 9 | 14 | |||||||||||||
$(50) – $(25) | 2 | — | 6 | — | |||||||||||||
$(75) – $(50) | — | — | 1 | — | |||||||||||||
$(100) – $(75) | 2 | — | 3 | — | |||||||||||||
<$(100) | — | 1 | 2 | 1 | |||||||||||||
Total | 64 | 64 | 188 | 188 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Equity | $ | 1,645 | $ | 1,563 | $ | 2,034 | |||||
Debt | 1,984 | 2,107 | 2,385 | ||||||||
Total | $ | 3,629 | $ | 3,670 | $ | 4,419 |
153 | Goldman Sachs September 2022 Form 10-Q |
Assets or Liabilities | Market Risk Measures | ||||
Collateralized agreements, at fair value | VaR | ||||
Customer and other receivables, at fair value | 10% Sensitivity Measures | ||||
Trading assets | VaR Credit Spread Sensitivity | ||||
Investments, at fair value | VaR 10% Sensitivity Measures | ||||
Loans | VaR 10% Sensitivity Measures Interest Rate Sensitivity | ||||
Deposits, at fair value | VaR Credit Spread Sensitivity | ||||
Collateralized financings, at fair value | VaR | ||||
Trading liabilities | VaR Credit Spread Sensitivity | ||||
Unsecured borrowings, at fair value | VaR Credit Spread Sensitivity |
Goldman Sachs September 2022 Form 10-Q | 154 |
155 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and Cash Equivalents | $261,324 | $236,168 | ||||||
Industry | ||||||||
Financial Institutions | 5 | % | 5 | % | ||||
Sovereign | 95 | % | 95 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 64 | % | 55 | % | ||||
EMEA | 29 | % | 36 | % | ||||
Asia | 7 | % | 9 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 75 | % | 64 | % | ||||
AA | 16 | % | 24 | % | ||||
A | 8 | % | 11 | % | ||||
BBB | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
OTC derivative assets | $73,826 | $58,637 | ||||||
Collateral (not netted under U.S. GAAP) | (19,502) | (17,245) | ||||||
Net credit exposure | $54,324 | $41,392 | ||||||
Industry | ||||||||
Consumer & Retail | 2 | % | 2 | % | ||||
Diversified Industrials | 8 | % | 10 | % | ||||
Financial Institutions | 16 | % | 15 | % | ||||
Funds | 23 | % | 13 | % | ||||
Healthcare | 1 | % | 1 | % | ||||
Municipalities & Nonprofit | 2 | % | 5 | % | ||||
Natural Resources & Utilities | 36 | % | 33 | % | ||||
Sovereign | 6 | % | 8 | % | ||||
Technology, Media & Telecommunications | 3 | % | 8 | % | ||||
Other (including Special Purpose Vehicles) | 3 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 47 | % | 53 | % | ||||
EMEA | 42 | % | 37 | % | ||||
Asia | 11 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 156 |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
As of September 2022 | |||||||||||
Less than 1 year | $ | 48,533 | $ | 11,713 | $ | 60,246 | |||||
1 – 5 years | 35,570 | 12,233 | 47,803 | ||||||||
Greater than 5 years | 60,524 | 5,265 | 65,789 | ||||||||
Total | 144,627 | 29,211 | 173,838 | ||||||||
Netting | (107,255) | (12,259) | (119,514) | ||||||||
Net credit exposure | $ | 37,372 | $ | 16,952 | $ | 54,324 | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | 27,668 | $ | 11,203 | $ | 38,871 | |||||
1 – 5 years | 21,746 | 9,515 | 31,261 | ||||||||
Greater than 5 years | 64,670 | 6,590 | 71,260 | ||||||||
Total | 114,084 | 27,308 | 141,392 | ||||||||
Netting | (89,244) | (10,756) | (100,000) | ||||||||
Net credit exposure | $ | 24,840 | $ | 16,552 | $ | 41,392 |
Investment-Grade | |||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 1,167 | $ | 8,183 | $ | 20,816 | $ | 18,367 | $ | 48,533 | |||||||
1 – 5 years | 1,843 | 4,760 | 14,225 | 14,742 | 35,570 | ||||||||||||
Greater than 5 years | 5,525 | 16,031 | 22,444 | 16,524 | 60,524 | ||||||||||||
Total | 8,535 | 28,974 | 57,485 | 49,633 | 144,627 | ||||||||||||
Netting | (4,918) | (22,822) | (46,068) | (33,447) | (107,255) | ||||||||||||
Net credit exposure | $ | 3,617 | $ | 6,152 | $ | 11,417 | $ | 16,186 | $ | 37,372 | |||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 1,017 | $ | 4,926 | $ | 12,481 | $ | 9,244 | $ | 27,668 | |||||||
1 – 5 years | 1,150 | 3,071 | 8,298 | 9,227 | 21,746 | ||||||||||||
Greater than 5 years | 13,777 | 5,421 | 23,867 | 21,605 | 64,670 | ||||||||||||
Total | 15,944 | 13,418 | 44,646 | 40,076 | 114,084 | ||||||||||||
Netting | (13,535) | (9,501) | (36,005) | (30,203) | (89,244) | ||||||||||||
Net credit exposure | $ | 2,409 | $ | 3,917 | $ | 8,641 | $ | 9,873 | $ | 24,840 | |||||||
Non-Investment-Grade / Unrated | |||||||||||||||||
$ in millions | BB or lower | Unrated | Total | ||||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 11,152 | $ | 561 | $ | 11,713 | |||||||||||
1 – 5 years | 11,204 | 1,029 | 12,233 | ||||||||||||||
Greater than 5 years | 5,156 | 109 | 5,265 | ||||||||||||||
Total | 27,512 | 1,699 | 29,211 | ||||||||||||||
Netting | (12,155) | (104) | (12,259) | ||||||||||||||
Net credit exposure | $ | 15,357 | $ | 1,595 | $ | 16,952 | |||||||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 10,446 | $ | 757 | $ | 11,203 | |||||||||||
1 – 5 years | 9,210 | 305 | 9,515 | ||||||||||||||
Greater than 5 years | 6,320 | 270 | 6,590 | ||||||||||||||
Total | 25,976 | 1,332 | 27,308 | ||||||||||||||
Netting | (10,683) | (73) | (10,756) | ||||||||||||||
Net credit exposure | $ | 15,293 | $ | 1,259 | $ | 16,552 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $ | 63,181 | $ | 145,607 | $ | 208,788 | |||||
Wealth management | 50,101 | 4,638 | 54,739 | ||||||||
Commercial real estate | 26,082 | 3,231 | 29,313 | ||||||||
Residential real estate | 14,342 | 2,828 | 17,170 | ||||||||
Consumer: | |||||||||||
Installment | 5,157 | 957 | 6,114 | ||||||||
Credit cards | 13,691 | 60,655 | 74,346 | ||||||||
Other | 8,961 | 5,021 | 13,982 | ||||||||
Total | $ | 181,515 | $ | 222,937 | $ | 404,452 | |||||
Allowance for loan losses | $ | (4,846) | $ | (739) | $ | (5,585) | |||||
As of December 2021 | |||||||||||
Corporate | $ | 55,927 | $ | 155,930 | $ | 211,857 | |||||
Wealth management | 43,998 | 4,094 | 48,092 | ||||||||
Commercial real estate | 25,883 | 5,813 | 31,696 | ||||||||
Residential real estate | 15,913 | 3,396 | 19,309 | ||||||||
Consumer: | |||||||||||
Installment | 3,672 | 9 | 3,681 | ||||||||
Credit cards | 8,212 | 35,932 | 44,144 | ||||||||
Other | 8,530 | 6,378 | 14,908 | ||||||||
Total | $ | 162,135 | $ | 211,552 | $ | 373,687 | |||||
Allowance for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |
157 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $63,181 | $145,607 | $208,788 | ||||||||
Industry | |||||||||||
Consumer & Retail | 7 | % | 13 | % | 11 | % | |||||
Diversified Industrials | 12 | % | 17 | % | 16 | % | |||||
Financial Institutions | 8 | % | 8 | % | 8 | % | |||||
Funds | 23 | % | 5 | % | 10 | % | |||||
Healthcare | 6 | % | 9 | % | 8 | % | |||||
Natural Resources & Utilities | 7 | % | 20 | % | 16 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 17 | % | 20 | % | 19 | % | |||||
Other (including Special Purpose Vehicles) | 12 | % | 3 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 64 | % | 75 | % | 72 | % | |||||
EMEA | 29 | % | 23 | % | 25 | % | |||||
Asia | 7 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 6 | % | 18 | % | 14 | % | |||||
BBB | 26 | % | 39 | % | 35 | % | |||||
BB or lower | 67 | % | 36 | % | 45 | % | |||||
Other metrics/unrated | — | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Corporate | $55,927 | $155,930 | $211,857 | ||||||||
Industry | |||||||||||
Consumer & Retail | 8 | % | 13 | % | 12 | % | |||||
Diversified Industrials | 13 | % | 16 | % | 15 | % | |||||
Financial Institutions | 8 | % | 7 | % | 7 | % | |||||
Funds | 21 | % | 4 | % | 8 | % | |||||
Healthcare | 7 | % | 9 | % | 9 | % | |||||
Natural Resources & Utilities | 9 | % | 17 | % | 14 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 18 | % | 24 | % | 23 | % | |||||
Other (including Special Purpose Vehicles) | 8 | % | 5 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 54 | % | 76 | % | 70 | % | |||||
EMEA | 38 | % | 21 | % | 26 | % | |||||
Asia | 8 | % | 3 | % | 4 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 3 | % | |||||
A | 5 | % | 16 | % | 13 | % | |||||
BBB | 22 | % | 38 | % | 34 | % | |||||
BB or lower | 72 | % | 40 | % | 49 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Wealth Management | $50,101 | $4,638 | $54,739 | ||||||||
Region | |||||||||||
Americas | 89 | % | 96 | % | 90 | % | |||||
EMEA | 10 | % | 4 | % | 9 | % | |||||
Asia | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 73 | % | 75 | % | 73 | % | |||||
Non-investment-grade | 12 | % | 12 | % | 12 | % | |||||
Other metrics/unrated | 15 | % | 13 | % | 15 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Wealth Management | $43,998 | $4,094 | $48,092 | ||||||||
Region | |||||||||||
Americas | 87 | % | 98 | % | 88 | % | |||||
EMEA | 10 | % | 2 | % | 9 | % | |||||
Asia | 3 | % | — | 3 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 72 | % | 67 | % | 71 | % | |||||
Non-investment-grade | 13 | % | 19 | % | 14 | % | |||||
Other metrics/unrated | 15 | % | 14 | % | 15 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 158 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Commercial Real Estate | $26,082 | $3,231 | $29,313 | ||||||||
Region | |||||||||||
Americas | 79 | % | 63 | % | 77 | % | |||||
EMEA | 16 | % | 24 | % | 17 | % | |||||
Asia | 5 | % | 13 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 10 | % | 7 | % | 9 | % | |||||
Non-investment-grade | 89 | % | 93 | % | 90 | % | |||||
Other metrics/unrated | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Commercial Real Estate | $25,883 | $5,813 | $31,696 | ||||||||
Region | |||||||||||
Americas | 80 | % | 75 | % | 79 | % | |||||
EMEA | 15 | % | 11 | % | 14 | % | |||||
Asia | 5 | % | 14 | % | 7 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 15 | % | 10 | % | 14 | % | |||||
Non-investment-grade | 83 | % | 90 | % | 85 | % | |||||
Other metrics/unrated | 2 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Residential Real Estate | $14,342 | $2,828 | $17,170 | ||||||||
Region | |||||||||||
Americas | 95 | % | 98 | % | 95 | % | |||||
EMEA | 3 | % | 2 | % | 3 | % | |||||
Asia | 2 | % | — | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 1 | % | 6 | % | |||||
Non-investment-grade | 86 | % | 98 | % | 88 | % | |||||
Other metrics/unrated | 7 | % | 1 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Residential Real Estate | $15,913 | $3,396 | $19,309 | ||||||||
Region | |||||||||||
Americas | 95 | % | 79 | % | 92 | % | |||||
EMEA | 2 | % | 19 | % | 5 | % | |||||
Asia | 3 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 24 | % | 10 | % | |||||
Non-investment-grade | 87 | % | 74 | % | 84 | % | |||||
Other metrics/unrated | 6 | % | 2 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
159 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Installment | $5,157 | $3,672 | ||||||
California | 11 | % | 11 | % | ||||
Texas | 9 | % | 9 | % | ||||
Florida | 7 | % | 7 | % | ||||
New York | 7 | % | 7 | % | ||||
Illinois | 4 | % | 4 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Pennsylvania | 4 | % | 4 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 3 | % | 3 | % | ||||
Other | 45 | % | 45 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Cards | $13,691 | $8,212 | ||||||
California | 16 | % | 18 | % | ||||
Texas | 9 | % | 9 | % | ||||
New York | 8 | % | 8 | % | ||||
Florida | 8 | % | 8 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Illinois | 4 | % | 4 | % | ||||
Pennsylvania | 3 | % | 3 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 2 | % | 2 | % | ||||
Other | 40 | % | 38 | % | ||||
Total | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Other | $8,961 | $5,021 | $13,982 | ||||||||
Region | |||||||||||
Americas | 89 | % | 100 | % | 92 | % | |||||
EMEA | 10 | % | — | 7 | % | ||||||
Asia | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 88 | % | 61 | % | |||||
Non-investment-grade | 42 | % | 11 | % | 31 | % | |||||
Other metrics/unrated | 11 | % | 1 | % | 8 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Other | $8,530 | $6,378 | $14,908 | ||||||||
Region | |||||||||||
Americas | 84 | % | 98 | % | 90 | % | |||||
EMEA | 15 | % | — | 9 | % | ||||||
Asia | 1 | % | 2 | % | 1 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 34 | % | 90 | % | 58 | % | |||||
Non-investment-grade | 37 | % | 9 | % | 25 | % | |||||
Other metrics/unrated | 29 | % | 1 | % | 17 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 160 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Securities Financing Transactions | $35,138 | $34,505 | ||||||
Industry | ||||||||
Financial Institutions | 39 | % | 34 | % | ||||
Funds | 30 | % | 23 | % | ||||
Municipalities & Nonprofit | 5 | % | 5 | % | ||||
Sovereign | 25 | % | 35 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 3 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 36 | % | ||||
EMEA | 42 | % | 44 | % | ||||
Asia | 21 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 13 | % | 19 | % | ||||
AA | 32 | % | 28 | % | ||||
A | 35 | % | 33 | % | ||||
BBB | 9 | % | 9 | % | ||||
BB or lower | 11 | % | 11 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Other Credit Exposures | $60,733 | $61,187 | ||||||
Industry | ||||||||
Financial Institutions | 69 | % | 86 | % | ||||
Funds | 19 | % | 9 | % | ||||
Other (including Special Purpose Vehicles) | 12 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 50 | % | ||||
EMEA | 54 | % | 43 | % | ||||
Asia | 9 | % | 7 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 4 | % | 4 | % | ||||
AA | 37 | % | 47 | % | ||||
A | 36 | % | 29 | % | ||||
BBB | 8 | % | 6 | % | ||||
BB or lower | 13 | % | 13 | % | ||||
Unrated | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
161 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 162 |
163 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 164 |
165 | Goldman Sachs September 2022 Form 10-Q |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Denomination | ||||||||
U.S. dollar | $ | 295,985 | $ | 270,121 | ||||
Non-U.S. dollar | 120,937 | 121,146 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Asset Class | ||||||||
Overnight cash deposits | $ | 257,162 | $ | 226,414 | ||||
U.S. government obligations | 122,568 | 120,355 | ||||||
U.S. agency obligations | 12,348 | 8,483 | ||||||
Non-U.S. government obligations | 24,844 | 36,015 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ | 64,305 | $ | 63,070 | ||||
Major broker-dealer subsidiaries | 120,346 | 114,507 | ||||||
Major bank subsidiaries | 232,271 | 213,690 | ||||||
Total | $ | 416,922 | $ | 391,267 |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Total HQLA | $ | 407,969 | $ | 380,531 | ||||
Eligible HQLA | $ | 279,121 | $ | 261,718 | ||||
Net cash outflows | $ | 224,408 | $ | 209,577 | ||||
LCR | 124 | % | 125 | % |
147 | Goldman Sachs September 2022 Form 10-Q |
As of September 2022 | |||||||||||||||||
DBRS | Fitch | Moody’s | R&I | S&P | |||||||||||||
Short-term debt | R-1 (middle) | F1 | P-1 | a-1 | A-2 | ||||||||||||
Long-term debt | A (high) | A | A2 | A | BBB+ | ||||||||||||
Subordinated debt | A | BBB+ | Baa2 | A- | BBB | ||||||||||||
Trust preferred | A | BBB- | Baa3 | N/A | BB+ | ||||||||||||
Preferred stock | BBB (high) | BBB- | Ba1 | N/A | BB+ | ||||||||||||
Ratings outlook | Stable | Stable | Stable | Stable | Stable |
Goldman Sachs September |
As of September 2022 | |||||||||||
Fitch | Moody’s | S&P | |||||||||
GS Bank USA | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1+ | P-1 | N/A | ||||||||
Long-term bank deposits | AA- | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSIB | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | F1 | P-1 | N/A | ||||||||
Long-term bank deposits | A+ | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GSBE | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Short-term bank deposits | N/A | P-1 | N/A | ||||||||
Long-term bank deposits | N/A | A1 | N/A | ||||||||
Ratings outlook | Stable | Stable | Stable | ||||||||
GS&Co. | |||||||||||
Short-term debt | F1 | N/A | A-1 | ||||||||
Long-term debt | A+ | N/A | A+ | ||||||||
Ratings outlook | Stable | N/A | Stable | ||||||||
GSI | |||||||||||
Short-term debt | F1 | P-1 | A-1 | ||||||||
Long-term debt | A+ | A1 | A+ | ||||||||
Ratings outlook | Stable | Stable | Stable |
149 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 150 |
151 | Goldman Sachs September 2022 Form 10-Q |
Nine Months Ended September | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September | June | September | ||||||||||||||||||
$ in millions | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 112 | $ | 104 | $ | 58 | $ | 97 | $ | 60 | ||||||||||
Equity prices | 34 | 36 | 40 | 34 | 46 | |||||||||||||||
Currency rates | 36 | 23 | 12 | 28 | 12 | |||||||||||||||
Commodity prices | 51 | 63 | 22 | 54 | 22 | |||||||||||||||
Diversification effect | (103) | (102) | (52) | (95) | (53) | |||||||||||||||
Total | $ | 130 | $ | 124 | $ | 80 | $ | 118 | $ | 87 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Categories | |||||||||||
Interest rates | $ | 96 | $ | 134 | $ | 57 | |||||
Equity prices | 37 | 37 | 37 | ||||||||
Currency rates | 42 | 20 | 9 | ||||||||
Commodity prices | 35 | 59 | 31 | ||||||||
Diversification effect | (99) | (100) | (47) | ||||||||
Total | $ | 111 | $ | 150 | $ | 87 |
Three Months Ended | ||||||||||||||||||||||||||
September 2022 | June 2022 | September 2021 | ||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 139 | $ | 93 | $ | 134 | $ | 84 | $ | 74 | $ | 50 | ||||||||||||||
Equity prices | $ | 41 | $ | 28 | $ | 48 | $ | 31 | $ | 48 | $ | 33 | ||||||||||||||
Currency rates | $ | 53 | $ | 19 | $ | 31 | $ | 16 | $ | 16 | $ | 8 | ||||||||||||||
Commodity prices | $ | 67 | $ | 35 | $ | 74 | $ | 51 | $ | 33 | $ | 15 | ||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 158 | $ | 102 | $ | 150 | $ | 108 | $ | 95 | $ | 74 |
Goldman Sachs September 2022 Form 10-Q | 152 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
>$100 | 22 | 13 | 85 | 47 | |||||||||||||
$75 – $100 | 7 | 11 | 20 | 39 | |||||||||||||
$50 – $75 | 7 | 11 | 20 | 30 | |||||||||||||
$25 – $50 | 9 | 10 | 20 | 26 | |||||||||||||
$0 – $25 | 10 | 11 | 22 | 31 | |||||||||||||
$(25) – $0 | 5 | 7 | 9 | 14 | |||||||||||||
$(50) – $(25) | 2 | — | 6 | — | |||||||||||||
$(75) – $(50) | — | — | 1 | — | |||||||||||||
$(100) – $(75) | 2 | — | 3 | — | |||||||||||||
<$(100) | — | 1 | 2 | 1 | |||||||||||||
Total | 64 | 64 | 188 | 188 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Equity | $ | 1,645 | $ | 1,563 | $ | 2,034 | |||||
Debt | 1,984 | 2,107 | 2,385 | ||||||||
Total | $ | 3,629 | $ | 3,670 | $ | 4,419 |
153 | Goldman Sachs September 2022 Form 10-Q |
Assets or Liabilities | Market Risk Measures | ||||
Collateralized agreements, at fair value | VaR | ||||
Customer and other receivables, at fair value | 10% Sensitivity Measures | ||||
Trading assets | VaR Credit Spread Sensitivity | ||||
Investments, at fair value | VaR 10% Sensitivity Measures | ||||
Loans | VaR 10% Sensitivity Measures Interest Rate Sensitivity | ||||
Deposits, at fair value | VaR Credit Spread Sensitivity | ||||
Collateralized financings, at fair value | VaR | ||||
Trading liabilities | VaR Credit Spread Sensitivity | ||||
Unsecured borrowings, at fair value | VaR Credit Spread Sensitivity |
Goldman Sachs September 2022 Form 10-Q | 154 |
Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and Cash Equivalents | $261,324 | $236,168 | ||||||
Industry | ||||||||
Financial Institutions | 5 | % | 5 | % | ||||
Sovereign | 95 | % | 95 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 64 | % | 55 | % | ||||
EMEA | 29 | % | 36 | % | ||||
Asia | 7 | % | 9 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 75 | % | 64 | % | ||||
AA | 16 | % | 24 | % | ||||
A | 8 | % | 11 | % | ||||
BBB | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
OTC derivative assets | $73,826 | $58,637 | ||||||
Collateral (not netted under U.S. GAAP) | (19,502) | (17,245) | ||||||
Net credit exposure | $54,324 | $41,392 | ||||||
Industry | ||||||||
Consumer & Retail | 2 | % | 2 | % | ||||
Diversified Industrials | 8 | % | 10 | % | ||||
Financial Institutions | 16 | % | 15 | % | ||||
Funds | 23 | % | 13 | % | ||||
Healthcare | 1 | % | 1 | % | ||||
Municipalities & Nonprofit | 2 | % | 5 | % | ||||
Natural Resources & Utilities | 36 | % | 33 | % | ||||
Sovereign | 6 | % | 8 | % | ||||
Technology, Media & Telecommunications | 3 | % | 8 | % | ||||
Other (including Special Purpose Vehicles) | 3 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 47 | % | 53 | % | ||||
EMEA | 42 | % | 37 | % | ||||
Asia | 11 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 156 |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
As of September 2022 | |||||||||||
Less than 1 year | $ | 48,533 | $ | 11,713 | $ | 60,246 | |||||
1 – 5 years | 35,570 | 12,233 | 47,803 | ||||||||
Greater than 5 years | 60,524 | 5,265 | 65,789 | ||||||||
Total | 144,627 | 29,211 | 173,838 | ||||||||
Netting | (107,255) | (12,259) | (119,514) | ||||||||
Net credit exposure | $ | 37,372 | $ | 16,952 | $ | 54,324 | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | 27,668 | $ | 11,203 | $ | 38,871 | |||||
1 – 5 years | 21,746 | 9,515 | 31,261 | ||||||||
Greater than 5 years | 64,670 | 6,590 | 71,260 | ||||||||
Total | 114,084 | 27,308 | 141,392 | ||||||||
Netting | (89,244) | (10,756) | (100,000) | ||||||||
Net credit exposure | $ | 24,840 | $ | 16,552 | $ | 41,392 |
Investment-Grade | |||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 1,167 | $ | 8,183 | $ | 20,816 | $ | 18,367 | $ | 48,533 | |||||||
1 – 5 years | 1,843 | 4,760 | 14,225 | 14,742 | 35,570 | ||||||||||||
Greater than 5 years | 5,525 | 16,031 | 22,444 | 16,524 | 60,524 | ||||||||||||
Total | 8,535 | 28,974 | 57,485 | 49,633 | 144,627 | ||||||||||||
Netting | (4,918) | (22,822) | (46,068) | (33,447) | (107,255) | ||||||||||||
Net credit exposure | $ | 3,617 | $ | 6,152 | $ | 11,417 | $ | 16,186 | $ | 37,372 | |||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 1,017 | $ | 4,926 | $ | 12,481 | $ | 9,244 | $ | 27,668 | |||||||
1 – 5 years | 1,150 | 3,071 | 8,298 | 9,227 | 21,746 | ||||||||||||
Greater than 5 years | 13,777 | 5,421 | 23,867 | 21,605 | 64,670 | ||||||||||||
Total | 15,944 | 13,418 | 44,646 | 40,076 | 114,084 | ||||||||||||
Netting | (13,535) | (9,501) | (36,005) | (30,203) | (89,244) | ||||||||||||
Net credit exposure | $ | 2,409 | $ | 3,917 | $ | 8,641 | $ | 9,873 | $ | 24,840 | |||||||
Non-Investment-Grade / Unrated | |||||||||||||||||
$ in millions | BB or lower | Unrated | Total | ||||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 11,152 | $ | 561 | $ | 11,713 | |||||||||||
1 – 5 years | 11,204 | 1,029 | 12,233 | ||||||||||||||
Greater than 5 years | 5,156 | 109 | 5,265 | ||||||||||||||
Total | 27,512 | 1,699 | 29,211 | ||||||||||||||
Netting | (12,155) | (104) | (12,259) | ||||||||||||||
Net credit exposure | $ | 15,357 | $ | 1,595 | $ | 16,952 | |||||||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 10,446 | $ | 757 | $ | 11,203 | |||||||||||
1 – 5 years | 9,210 | 305 | 9,515 | ||||||||||||||
Greater than 5 years | 6,320 | 270 | 6,590 | ||||||||||||||
Total | 25,976 | 1,332 | 27,308 | ||||||||||||||
Netting | (10,683) | (73) | (10,756) | ||||||||||||||
Net credit exposure | $ | 15,293 | $ | 1,259 | $ | 16,552 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $ | 63,181 | $ | 145,607 | $ | 208,788 | |||||
Wealth management | 50,101 | 4,638 | 54,739 | ||||||||
Commercial real estate | 26,082 | 3,231 | 29,313 | ||||||||
Residential real estate | 14,342 | 2,828 | 17,170 | ||||||||
Consumer: | |||||||||||
Installment | 5,157 | 957 | 6,114 | ||||||||
Credit cards | 13,691 | 60,655 | 74,346 | ||||||||
Other | 8,961 | 5,021 | 13,982 | ||||||||
Total | $ | 181,515 | $ | 222,937 | $ | 404,452 | |||||
Allowance for loan losses | $ | (4,846) | $ | (739) | $ | (5,585) | |||||
As of December 2021 | |||||||||||
Corporate | $ | 55,927 | $ | 155,930 | $ | 211,857 | |||||
Wealth management | 43,998 | 4,094 | 48,092 | ||||||||
Commercial real estate | 25,883 | 5,813 | 31,696 | ||||||||
Residential real estate | 15,913 | 3,396 | 19,309 | ||||||||
Consumer: | |||||||||||
Installment | 3,672 | 9 | 3,681 | ||||||||
Credit cards | 8,212 | 35,932 | 44,144 | ||||||||
Other | 8,530 | 6,378 | 14,908 | ||||||||
Total | $ | 162,135 | $ | 211,552 | $ | 373,687 | |||||
Allowance for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |
157 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $63,181 | $145,607 | $208,788 | ||||||||
Industry | |||||||||||
Consumer & Retail | 7 | % | 13 | % | 11 | % | |||||
Diversified Industrials | 12 | % | 17 | % | 16 | % | |||||
Financial Institutions | 8 | % | 8 | % | 8 | % | |||||
Funds | 23 | % | 5 | % | 10 | % | |||||
Healthcare | 6 | % | 9 | % | 8 | % | |||||
Natural Resources & Utilities | 7 | % | 20 | % | 16 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 17 | % | 20 | % | 19 | % | |||||
Other (including Special Purpose Vehicles) | 12 | % | 3 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 64 | % | 75 | % | 72 | % | |||||
EMEA | 29 | % | 23 | % | 25 | % | |||||
Asia | 7 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 6 | % | 18 | % | 14 | % | |||||
BBB | 26 | % | 39 | % | 35 | % | |||||
BB or lower | 67 | % | 36 | % | 45 | % | |||||
Other metrics/unrated | — | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Corporate | $55,927 | $155,930 | $211,857 | ||||||||
Industry | |||||||||||
Consumer & Retail | 8 | % | 13 | % | 12 | % | |||||
Diversified Industrials | 13 | % | 16 | % | 15 | % | |||||
Financial Institutions | 8 | % | 7 | % | 7 | % | |||||
Funds | 21 | % | 4 | % | 8 | % | |||||
Healthcare | 7 | % | 9 | % | 9 | % | |||||
Natural Resources & Utilities | 9 | % | 17 | % | 14 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 18 | % | 24 | % | 23 | % | |||||
Other (including Special Purpose Vehicles) | 8 | % | 5 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 54 | % | 76 | % | 70 | % | |||||
EMEA | 38 | % | 21 | % | 26 | % | |||||
Asia | 8 | % | 3 | % | 4 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 3 | % | |||||
A | 5 | % | 16 | % | 13 | % | |||||
BBB | 22 | % | 38 | % | 34 | % | |||||
BB or lower | 72 | % | 40 | % | 49 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Wealth Management | $50,101 | $4,638 | $54,739 | ||||||||
Region | |||||||||||
Americas | 89 | % | 96 | % | 90 | % | |||||
EMEA | 10 | % | 4 | % | 9 | % | |||||
Asia | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 73 | % | 75 | % | 73 | % | |||||
Non-investment-grade | 12 | % | 12 | % | 12 | % | |||||
Other metrics/unrated | 15 | % | 13 | % | 15 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Wealth Management | $43,998 | $4,094 | $48,092 | ||||||||
Region | |||||||||||
Americas | 87 | % | 98 | % | 88 | % | |||||
EMEA | 10 | % | 2 | % | 9 | % | |||||
Asia | 3 | % | — | 3 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 72 | % | 67 | % | 71 | % | |||||
Non-investment-grade | 13 | % | 19 | % | 14 | % | |||||
Other metrics/unrated | 15 | % | 14 | % | 15 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 158 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Commercial Real Estate | $26,082 | $3,231 | $29,313 | ||||||||
Region | |||||||||||
Americas | 79 | % | 63 | % | 77 | % | |||||
EMEA | 16 | % | 24 | % | 17 | % | |||||
Asia | 5 | % | 13 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 10 | % | 7 | % | 9 | % | |||||
Non-investment-grade | 89 | % | 93 | % | 90 | % | |||||
Other metrics/unrated | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Commercial Real Estate | $25,883 | $5,813 | $31,696 | ||||||||
Region | |||||||||||
Americas | 80 | % | 75 | % | 79 | % | |||||
EMEA | 15 | % | 11 | % | 14 | % | |||||
Asia | 5 | % | 14 | % | 7 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 15 | % | 10 | % | 14 | % | |||||
Non-investment-grade | 83 | % | 90 | % | 85 | % | |||||
Other metrics/unrated | 2 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Residential Real Estate | $14,342 | $2,828 | $17,170 | ||||||||
Region | |||||||||||
Americas | 95 | % | 98 | % | 95 | % | |||||
EMEA | 3 | % | 2 | % | 3 | % | |||||
Asia | 2 | % | — | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 1 | % | 6 | % | |||||
Non-investment-grade | 86 | % | 98 | % | 88 | % | |||||
Other metrics/unrated | 7 | % | 1 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Residential Real Estate | $15,913 | $3,396 | $19,309 | ||||||||
Region | |||||||||||
Americas | 95 | % | 79 | % | 92 | % | |||||
EMEA | 2 | % | 19 | % | 5 | % | |||||
Asia | 3 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 24 | % | 10 | % | |||||
Non-investment-grade | 87 | % | 74 | % | 84 | % | |||||
Other metrics/unrated | 6 | % | 2 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
159 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Installment | $5,157 | $3,672 | ||||||
California | 11 | % | 11 | % | ||||
Texas | 9 | % | 9 | % | ||||
Florida | 7 | % | 7 | % | ||||
New York | 7 | % | 7 | % | ||||
Illinois | 4 | % | 4 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Pennsylvania | 4 | % | 4 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 3 | % | 3 | % | ||||
Other | 45 | % | 45 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Cards | $13,691 | $8,212 | ||||||
California | 16 | % | 18 | % | ||||
Texas | 9 | % | 9 | % | ||||
New York | 8 | % | 8 | % | ||||
Florida | 8 | % | 8 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Illinois | 4 | % | 4 | % | ||||
Pennsylvania | 3 | % | 3 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 2 | % | 2 | % | ||||
Other | 40 | % | 38 | % | ||||
Total | 100 | % | 100 | % |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Other | $8,961 | $5,021 | $13,982 | ||||||||
Region | |||||||||||
Americas | 89 | % | 100 | % | 92 | % | |||||
EMEA | 10 | % | — | 7 | % | ||||||
Asia | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 88 | % | 61 | % | |||||
Non-investment-grade | 42 | % | 11 | % | 31 | % | |||||
Other metrics/unrated | 11 | % | 1 | % | 8 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Other | $8,530 | $6,378 | $14,908 | ||||||||
Region | |||||||||||
Americas | 84 | % | 98 | % | 90 | % | |||||
EMEA | 15 | % | — | 9 | % | ||||||
Asia | 1 | % | 2 | % | 1 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 34 | % | 90 | % | 58 | % | |||||
Non-investment-grade | 37 | % | 9 | % | 25 | % | |||||
Other metrics/unrated | 29 | % | 1 | % | 17 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 160 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Securities Financing Transactions | $35,138 | $34,505 | ||||||
Industry | ||||||||
Financial Institutions | 39 | % | 34 | % | ||||
Funds | 30 | % | 23 | % | ||||
Municipalities & Nonprofit | 5 | % | 5 | % | ||||
Sovereign | 25 | % | 35 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 3 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 36 | % | ||||
EMEA | 42 | % | 44 | % | ||||
Asia | 21 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 13 | % | 19 | % | ||||
AA | 32 | % | 28 | % | ||||
A | 35 | % | 33 | % | ||||
BBB | 9 | % | 9 | % | ||||
BB or lower | 11 | % | 11 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Other Credit Exposures | $60,733 | $61,187 | ||||||
Industry | ||||||||
Financial Institutions | 69 | % | 86 | % | ||||
Funds | 19 | % | 9 | % | ||||
Other (including Special Purpose Vehicles) | 12 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 50 | % | ||||
EMEA | 54 | % | 43 | % | ||||
Asia | 9 | % | 7 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 4 | % | 4 | % | ||||
AA | 37 | % | 47 | % | ||||
A | 36 | % | 29 | % | ||||
BBB | 8 | % | 6 | % | ||||
BB or lower | 13 | % | 13 | % | ||||
Unrated | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
161 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 162 |
163 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 164 |
165 | Goldman Sachs September 2022 Form 10-Q |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Denomination | ||||||||
U.S. dollar | $ | 295,985 | $ | 270,121 | ||||
Non-U.S. dollar | 120,937 | 121,146 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Asset Class | ||||||||
Overnight cash deposits | $ | 257,162 | $ | 226,414 | ||||
U.S. government obligations | 122,568 | 120,355 | ||||||
U.S. agency obligations | 12,348 | 8,483 | ||||||
Non-U.S. government obligations | 24,844 | 36,015 | ||||||
Total | $ | 416,922 | $ | 391,267 | ||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ | 64,305 | $ | 63,070 | ||||
Major broker-dealer subsidiaries | 120,346 | 114,507 | ||||||
Major bank subsidiaries | 232,271 | 213,690 | ||||||
Total | $ | 416,922 | $ | 391,267 |
Average for the Three Months Ended | ||||||||
$ in millions | September 2021 | | June 2021 | | ||||
Denomination | ||||||||
U.S. dollar | $233,010 | $217,977 | ||||||
Non-U.S. dollar | 123,067 | 111,427 | ||||||
Total | $356,077 | $329,404 | ||||||
Asset Class | ||||||||
Overnight cash deposits | $199,545 | $171,007 | ||||||
U.S. government obligations | 110,081 | 106,708 | ||||||
U.S. agency obligations | 10,015 | 8,227 | ||||||
Non-U.S. government obligations | 36,436 | 43,462 | ||||||
Total | $356,077 | $329,404 | ||||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ 60,510 | $ 53,327 | ||||||
Major broker-dealer subsidiaries | 112,961 | 102,593 | ||||||
Major bank subsidiaries | 182,606 | 173,484 | ||||||
Total | $356,077 | $329,404 |
Average for the Three Months Ended | ||||||||
September | June | |||||||
$ in millions | 2022 | 2022 | ||||||
Total HQLA | $ | 407,969 | $ | 380,531 | ||||
Eligible HQLA | $ | 279,121 | $ | 261,718 | ||||
Net cash outflows | $ | 224,408 | $ | 209,577 | ||||
LCR | 124 | % | 125 | % |
Average for the Three Months Ended | ||||||||
$ in millions | September 2021 | | June 2021 | | ||||
Total HQLA | $344,351 | $318,525 | ||||||
Eligible HQLA | $249,915 | $238,397 | ||||||
Net cash outflows | $196,664 | $172,895 | ||||||
LCR | 127% | 138% |
147 | Goldman Sachs September 2022 Form 10-Q |
As of September | 2022 | |||||||||||||||||||||||||||||||
DBRS | Fitch | Moody’s | R&I | S&P | ||||||||||||||||||||||||||||
Short-term debt | R-1 (middle) | F1 | a-1 | A-2 | ||||||||||||||||||||||||||||
A (high) | A | BBB+ | ||||||||||||||||||||||||||||||
A | BBB+ | BBB | ||||||||||||||||||||||||||||||
A | BBB- | N/A | BB+ | |||||||||||||||||||||||||||||
BBB (high) | BBB- | N/A | BB+ | |||||||||||||||||||||||||||||
Ratings outlook | Stable | Stable | Stable | Stable | Stable |
Goldman Sachs September | 148 |
As of September | 2022 | |||||||||||||||||||
Fitch | Moody’s | S&P | ||||||||||||||||||
GS Bank USA | ||||||||||||||||||||
Short-term debt | F1 | P-1 | A-1 | |||||||||||||||||
A+ | A1 | A+ | ||||||||||||||||||
Short-term bank deposits | F1+ | P-1 | N/A | |||||||||||||||||
Long-term bank deposits | AA- | A1 | N/A | |||||||||||||||||
Ratings outlook | Stable | Stable | Stable | |||||||||||||||||
GSIB | ||||||||||||||||||||
Short-term debt | F1 | P-1 | A-1 | |||||||||||||||||
Long-term debt | A+ | A1 | A+ | |||||||||||||||||
Short-term bank deposits | F1 | P-1 | N/A | |||||||||||||||||
Long-term bank deposits | A+ | A1 | N/A | |||||||||||||||||
Ratings outlook | Stable | Stable | Stable | |||||||||||||||||
GSBE | ||||||||||||||||||||
Short-term debt | F1 | P-1 | A-1 | |||||||||||||||||
Long-term debt | A+ | A1 | A+ | |||||||||||||||||
Short-term bank deposits | N/A | P-1 | N/A | |||||||||||||||||
Long-term bank deposits | N/A | A1 | N/A | |||||||||||||||||
Ratings outlook | Stable | Stable | Stable | |||||||||||||||||
GS&Co. | ||||||||||||||||||||
Short-term debt | F1 | N/A | A-1 | |||||||||||||||||
Long-term debt | A+ | N/A | A+ | |||||||||||||||||
Stable | N/A | Stable | ||||||||||||||||||
GSI | ||||||||||||||||||||
Short-term debt | F1 | P-1 | A-1 | |||||||||||||||||
Long-term debt | A+ | A1 | A+ | |||||||||||||||||
Ratings outlook | Stable | Stable | Stable | |||||||||||||||||
149 | Goldman Sachs September |
Goldman Sachs September 2022 Form 10-Q | 150 |
151 | Goldman Sachs September 2022 Form 10-Q |
Nine Months Ended September | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September | June | September | ||||||||||||||||||
$ in millions | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Categories | ||||||||||||||||||||
Interest rates | $ | 112 | $ | 104 | $ | 58 | $ | 97 | $ | 60 | ||||||||||
Equity prices | 34 | 36 | 40 | 34 | 46 | |||||||||||||||
Currency rates | 36 | 23 | 12 | 28 | 12 | |||||||||||||||
Commodity prices | 51 | 63 | 22 | 54 | 22 | |||||||||||||||
Diversification effect | (103) | (102) | (52) | (95) | (53) | |||||||||||||||
Total | $ | 130 | $ | 124 | $ | 80 | $ | 118 | $ | 87 |
Three Months Ended | Nine Months Ended September | |||||||||||||||||||||
$ in millions | September 2021 | | June 2021 | | | September 2020 | | 2021 | 2020 | |||||||||||||
Categories | ||||||||||||||||||||||
Interest rates | $ 58 | $ 64 | $ 72 | $ 60 | $ 77 | |||||||||||||||||
Equity prices | 40 | 48 | 55 | 46 | 57 | |||||||||||||||||
Currency rates | 12 | 13 | 22 | 12 | 26 | |||||||||||||||||
Commodity prices | 22 | 22 | 26 | 22 | 20 | |||||||||||||||||
Diversification effect | (52 | ) | (57 | ) | (84 | ) | (53 | ) | (82 | ) | ||||||||||||
Total | $ 80 | $ 90 | $ 91 | $ 87 | $ 98 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Categories | |||||||||||
Interest rates | $ | 96 | $ | 134 | $ | 57 | |||||
Equity prices | 37 | 37 | 37 | ||||||||
Currency rates | 42 | 20 | 9 | ||||||||
Commodity prices | 35 | 59 | 31 | ||||||||
Diversification effect | (99) | (100) | (47) | ||||||||
Total | $ | 111 | $ | 150 | $ | 87 |
As of | ||||||||||||
$ in millions | September 2021 | | June 2021 | | | September 2020 | | |||||
Categories | ||||||||||||
Interest rates | $ 57 | $ 74 | $ 60 | |||||||||
Equity prices | 37 | 41 | 46 | |||||||||
Currency rates | 9 | 16 | 17 | |||||||||
Commodity prices | 31 | 25 | 20 | |||||||||
Diversification effect | (47 | ) | (61 | ) | (62 | ) | ||||||
Total | $ 87 | $ 95 | $ 81 |
Three Months Ended | ||||||||||||||||||||||||||
September 2022 | June 2022 | September 2021 | ||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||
Categories | ||||||||||||||||||||||||||
Interest rates | $ | 139 | $ | 93 | $ | 134 | $ | 84 | $ | 74 | $ | 50 | ||||||||||||||
Equity prices | $ | 41 | $ | 28 | $ | 48 | $ | 31 | $ | 48 | $ | 33 | ||||||||||||||
Currency rates | $ | 53 | $ | 19 | $ | 31 | $ | 16 | $ | 16 | $ | 8 | ||||||||||||||
Commodity prices | $ | 67 | $ | 35 | $ | 74 | $ | 51 | $ | 33 | $ | 15 | ||||||||||||||
Firmwide | ||||||||||||||||||||||||||
VaR | $ | 158 | $ | 102 | $ | 150 | $ | 108 | $ | 95 | $ | 74 |
Three Months Ended | ||||||||||||||||||||||||||||
September 2021 | June 2021 | September 2020 | ||||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||||
Categories | ||||||||||||||||||||||||||||
Interest rates | $74 | $50 | $ 74 | $58 | $ 99 | $59 | ||||||||||||||||||||||
Equity prices | $48 | $33 | $ 57 | $37 | $ 75 | $42 | ||||||||||||||||||||||
Currency rates | $16 | $ 8 | $ 17 | $10 | $ 32 | $16 | ||||||||||||||||||||||
Commodity prices | $33 | $15 | $ 32 | $15 | $ 37 | $17 | ||||||||||||||||||||||
Firmwide | ||||||||||||||||||||||||||||
VaR | $95 | $74 | $101 | $81 | $125 | $77 |
Goldman Sachs September 2022 Form 10-Q | 152 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
>$100 | 22 | 13 | 85 | 47 | |||||||||||||
$75 – $100 | 7 | 11 | 20 | 39 | |||||||||||||
$50 – $75 | 7 | 11 | 20 | 30 | |||||||||||||
$25 – $50 | 9 | 10 | 20 | 26 | |||||||||||||
$0 – $25 | 10 | 11 | 22 | 31 | |||||||||||||
$(25) – $0 | 5 | 7 | 9 | 14 | |||||||||||||
$(50) – $(25) | 2 | — | 6 | — | |||||||||||||
$(75) – $(50) | — | — | 1 | — | |||||||||||||
$(100) – $(75) | 2 | — | 3 | — | |||||||||||||
<$(100) | — | 1 | 2 | 1 | |||||||||||||
Total | 64 | 64 | 188 | 188 |
Three Months Ended September | Nine Months Ended September | |||||||||||||||||
$ in millions | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
>$100 | 13 | 4 | 47 | 44 | ||||||||||||||
$75 - $100 | 11 | 9 | 39 | 30 | ||||||||||||||
$50 - $75 | 11 | 21 | 30 | 34 | ||||||||||||||
$25 - $50 | 10 | 17 | 26 | 39 | ||||||||||||||
$0 - $25 | 11 | 8 | 31 | 25 | ||||||||||||||
$(25) - $0 | 7 | 3 | 14 | 9 | ||||||||||||||
$(50) - $(25) | – | 2 | – | 4 | ||||||||||||||
$(75) - $(50) | – | – | – | 2 | ||||||||||||||
$(100) - $(75) | – | – | – | 2 | ||||||||||||||
<$(100) | 1 | – | 1 | – | ||||||||||||||
Total | 64 | 64 | 188 | 189 |
As of | |||||||||||
September | June | September | |||||||||
$ in millions | 2022 | 2022 | 2021 | ||||||||
Equity | $ | 1,645 | $ | 1,563 | $ | 2,034 | |||||
Debt | 1,984 | 2,107 | 2,385 | ||||||||
Total | $ | 3,629 | $ | 3,670 | $ | 4,419 |
As of | ||||||||||||
$ in millions | September 2021 | | June 2021 | | | September 2020 | | |||||
Equity | $2,034 | $2,096 | $1,760 | |||||||||
Debt | 2,385 | 2,429 | 2,391 | |||||||||
Total | $4,419 | $4,525 | $4,151 |
153 | Goldman Sachs September 2022 Form 10-Q |
Assets or Liabilities | Market Risk Measures | |||||
Collateralized agreements, at fair value | VaR | |||||
Customer and other receivables, at fair value | 10% Sensitivity Measures | |||||
Trading assets | VaR Credit Spread Sensitivity | |||||
Investments, at fair value | VaR 10% Sensitivity Measures | |||||
Loans | VaR 10% Sensitivity Measures Interest Rate Sensitivity | |||||
Deposits, at fair value | VaR Credit Spread Sensitivity | |||||
Collateralized financings, at fair value | VaR | |||||
Trading liabilities | VaR Credit Spread Sensitivity | |||||
Unsecured borrowings, at fair value | VaR Credit Spread Sensitivity |
Goldman Sachs September | 154 |
155 | Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and Cash Equivalents | $261,324 | $236,168 | ||||||
Industry | ||||||||
Financial Institutions | 5 | % | 5 | % | ||||
Sovereign | 95 | % | 95 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 64 | % | 55 | % | ||||
EMEA | 29 | % | 36 | % | ||||
Asia | 7 | % | 9 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 75 | % | 64 | % | ||||
AA | 16 | % | 24 | % | ||||
A | 8 | % | 11 | % | ||||
BBB | 1 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Cash and Cash Equivalents | $187,120 | $131,324 | ||||||
Industry | ||||||||
Financial Institutions | 7% | 11% | ||||||
Sovereign | 93% | 89% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 58% | 45% | ||||||
EMEA | 33% | 41% | ||||||
Asia | 9% | 14% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 63% | 44% | ||||||
AA | 25% | 38% | ||||||
A | 11% | 17% | ||||||
BBB | 1% | 1% | ||||||
Total | 100% | 100% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
OTC derivative assets | $73,826 | $58,637 | ||||||
Collateral (not netted under U.S. GAAP) | (19,502) | (17,245) | ||||||
Net credit exposure | $54,324 | $41,392 | ||||||
Industry | ||||||||
Consumer & Retail | 2 | % | 2 | % | ||||
Diversified Industrials | 8 | % | 10 | % | ||||
Financial Institutions | 16 | % | 15 | % | ||||
Funds | 23 | % | 13 | % | ||||
Healthcare | 1 | % | 1 | % | ||||
Municipalities & Nonprofit | 2 | % | 5 | % | ||||
Natural Resources & Utilities | 36 | % | 33 | % | ||||
Sovereign | 6 | % | 8 | % | ||||
Technology, Media & Telecommunications | 3 | % | 8 | % | ||||
Other (including Special Purpose Vehicles) | 3 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 47 | % | 53 | % | ||||
EMEA | 42 | % | 37 | % | ||||
Asia | 11 | % | 10 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
OTC derivative assets | $ 65,200 | $ 64,850 | ||||||
Collateral (not netted under U.S. GAAP) | (17,530 | ) | (18,990 | ) | ||||
Net credit exposure | $ 47,670 | $ 45,860 | ||||||
Industry | ||||||||
Consumer & Retail | 2% | 4% | ||||||
Diversified Industrials | 8% | 23% | ||||||
Financial Institutions | 11% | 12% | ||||||
Funds | 15% | 12% | ||||||
Healthcare | 1% | 2% | ||||||
Municipalities & Nonprofit | 5% | 6% | ||||||
Natural Resources & Utilities | 37% | 11% | ||||||
Sovereign | 8% | 14% | ||||||
Technology, Media & Telecommunications | 10% | 12% | ||||||
Other (including Special Purpose Vehicles) | 3% | 4% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 54% | 62% | ||||||
EMEA | 37% | 30% | ||||||
Asia | 9% | 8% | ||||||
Total | 100% | 100% |
Goldman Sachs September | 156 |
$ in millions | Investment- Grade | Non-Investment- Grade / Unrated | Total | ||||||||
As of September 2022 | |||||||||||
Less than 1 year | $ | 48,533 | $ | 11,713 | $ | 60,246 | |||||
1 – 5 years | 35,570 | 12,233 | 47,803 | ||||||||
Greater than 5 years | 60,524 | 5,265 | 65,789 | ||||||||
Total | 144,627 | 29,211 | 173,838 | ||||||||
Netting | (107,255) | (12,259) | (119,514) | ||||||||
Net credit exposure | $ | 37,372 | $ | 16,952 | $ | 54,324 | |||||
As of December 2021 | |||||||||||
Less than 1 year | $ | 27,668 | $ | 11,203 | $ | 38,871 | |||||
1 – 5 years | 21,746 | 9,515 | 31,261 | ||||||||
Greater than 5 years | 64,670 | 6,590 | 71,260 | ||||||||
Total | 114,084 | 27,308 | 141,392 | ||||||||
Netting | (89,244) | (10,756) | (100,000) | ||||||||
Net credit exposure | $ | 24,840 | $ | 16,552 | $ | 41,392 |
$ in millions | | Investment- Grade | | | Non-Investment- Grade / Unrated | | Total | |||||
As of September 2021 | ||||||||||||
Less than 1 year | $ 27,658 | $ 13,359 | $ | |||||||||
1 - 5 years | 22,137 | 12,323 | 34,460 | |||||||||
Greater than 5 years | 65,130 | 6,646 | 71,776 | |||||||||
Total | 114,925 | 32,328 | 147,253 | |||||||||
Netting | (88,989 | ) | (10,594 | ) | (99,583 | ) | ||||||
Net credit exposure | $ 25,936 | $ 21,734 | $ 47,670 | |||||||||
As of December 2020 | ||||||||||||
Less than 1 year | $ | $ | $ | |||||||||
1 - 5 years | 23,927 | 16,486 | 40,413 | |||||||||
Greater than 5 years | 77,653 | 8,958 | 86,611 | |||||||||
Total | 123,912 | 37,951 | 161,863 | |||||||||
Netting | (101,691 | ) | (14,312 | ) | (116,003 | ) | ||||||
Net credit exposure | $ | $ | $ |
Investment-Grade | |||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | ||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 1,167 | $ | 8,183 | $ | 20,816 | $ | 18,367 | $ | 48,533 | |||||||
1 – 5 years | 1,843 | 4,760 | 14,225 | 14,742 | 35,570 | ||||||||||||
Greater than 5 years | 5,525 | 16,031 | 22,444 | 16,524 | 60,524 | ||||||||||||
Total | 8,535 | 28,974 | 57,485 | 49,633 | 144,627 | ||||||||||||
Netting | (4,918) | (22,822) | (46,068) | (33,447) | (107,255) | ||||||||||||
Net credit exposure | $ | 3,617 | $ | 6,152 | $ | 11,417 | $ | 16,186 | $ | 37,372 | |||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 1,017 | $ | 4,926 | $ | 12,481 | $ | 9,244 | $ | 27,668 | |||||||
1 – 5 years | 1,150 | 3,071 | 8,298 | 9,227 | 21,746 | ||||||||||||
Greater than 5 years | 13,777 | 5,421 | 23,867 | 21,605 | 64,670 | ||||||||||||
Total | 15,944 | 13,418 | 44,646 | 40,076 | 114,084 | ||||||||||||
Netting | (13,535) | (9,501) | (36,005) | (30,203) | (89,244) | ||||||||||||
Net credit exposure | $ | 2,409 | $ | 3,917 | $ | 8,641 | $ | 9,873 | $ | 24,840 | |||||||
Non-Investment-Grade / Unrated | |||||||||||||||||
$ in millions | BB or lower | Unrated | Total | ||||||||||||||
As of September 2022 | |||||||||||||||||
Less than 1 year | $ | 11,152 | $ | 561 | $ | 11,713 | |||||||||||
1 – 5 years | 11,204 | 1,029 | 12,233 | ||||||||||||||
Greater than 5 years | 5,156 | 109 | 5,265 | ||||||||||||||
Total | 27,512 | 1,699 | 29,211 | ||||||||||||||
Netting | (12,155) | (104) | (12,259) | ||||||||||||||
Net credit exposure | $ | 15,357 | $ | 1,595 | $ | 16,952 | |||||||||||
As of December 2021 | |||||||||||||||||
Less than 1 year | $ | 10,446 | $ | 757 | $ | 11,203 | |||||||||||
1 – 5 years | 9,210 | 305 | 9,515 | ||||||||||||||
Greater than 5 years | 6,320 | 270 | 6,590 | ||||||||||||||
Total | 25,976 | 1,332 | 27,308 | ||||||||||||||
Netting | (10,683) | (73) | (10,756) | ||||||||||||||
Net credit exposure | $ | 15,293 | $ | 1,259 | $ | 16,552 |
Investment-Grade | ||||||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | |||||||||||||||
As of September 2021 | ||||||||||||||||||||
Less than 1 year | $ | $ | $ 11,544 | $ 10,140 | $ | |||||||||||||||
1 - 5 years | 929 | 2,998 | 9,605 | 8,605 | 22,137 | |||||||||||||||
Greater than 5 years | 13,326 | 5,759 | 24,399 | 21,646 | 65,130 | |||||||||||||||
Total | 14,949 | 14,037 | 45,548 | 40,391 | 114,925 | |||||||||||||||
Netting | (12,677 | ) | (9,816 | ) | (37,666 | ) | (28,830 | ) | (88,989 | ) | ||||||||||
Net credit exposure | $ 2,272 | $ | $ 7,882 | $ 11,561 | $ | |||||||||||||||
As of December 2020 | ||||||||||||||||||||
Less than 1 year | $ | $ 4,146 | $ | $ | $ 22,332 | |||||||||||||||
1 - 5 years | 1,069 | 4,189 | 10,976 | 7,693 | 23,927 | |||||||||||||||
Greater than 5 years | 16,550 | 7,403 | 28,410 | 25,290 | 77,653 | |||||||||||||||
Total | 18,151 | 15,738 | 50,826 | 39,197 | 123,912 | |||||||||||||||
Netting | (14,364 | ) | (11,230 | ) | (44,529 | ) | (31,568 | ) | (101,691 | ) | ||||||||||
Net credit exposure | $ | $ 4,508 | $ | $ | $ 22,221 |
Non-Investment-Grade / Unrated | ||||||||||||||||
$ in millions | BB or lower | Unrated | Total | |||||||||||||
As of September 2021 | ||||||||||||||||
Less than 1 year | $ 12,465 | $ | $ 13,359 | |||||||||||||
1 - 5 years | 12,267 | 56 | 12,323 | |||||||||||||
Greater than 5 years | 6,538 | 108 | 6,646 | |||||||||||||
Total | 31,270 | 1,058 | 32,328 | |||||||||||||
Netting | (10,546 | ) | (48 | ) | (10,594 | ) | ||||||||||
Net credit exposure | $ 20,724 | $1,010 | $ 21,734 | |||||||||||||
As of December 2020 | ||||||||||||||||
Less than 1 year | $ | $ | $ | |||||||||||||
1 - 5 years | 16,274 | 212 | 16,486 | |||||||||||||
Greater than 5 years | 8,844 | 114 | 8,958 | |||||||||||||
Total | 36,659 | 1,292 | 37,951 | |||||||||||||
Netting | (14,114 | ) | (198 | ) | (14,312 | ) | ||||||||||
Net credit exposure | $ | $1,094 | $ |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $ | 63,181 | $ | 145,607 | $ | 208,788 | |||||
Wealth management | 50,101 | 4,638 | 54,739 | ||||||||
Commercial real estate | 26,082 | 3,231 | 29,313 | ||||||||
Residential real estate | 14,342 | 2,828 | 17,170 | ||||||||
Consumer: | |||||||||||
Installment | 5,157 | 957 | 6,114 | ||||||||
Credit cards | 13,691 | 60,655 | 74,346 | ||||||||
Other | 8,961 | 5,021 | 13,982 | ||||||||
Total | $ | 181,515 | $ | 222,937 | $ | 404,452 | |||||
Allowance for loan losses | $ | (4,846) | $ | (739) | $ | (5,585) | |||||
As of December 2021 | |||||||||||
Corporate | $ | 55,927 | $ | 155,930 | $ | 211,857 | |||||
Wealth management | 43,998 | 4,094 | 48,092 | ||||||||
Commercial real estate | 25,883 | 5,813 | 31,696 | ||||||||
Residential real estate | 15,913 | 3,396 | 19,309 | ||||||||
Consumer: | |||||||||||
Installment | 3,672 | 9 | 3,681 | ||||||||
Credit cards | 8,212 | 35,932 | 44,144 | ||||||||
Other | 8,530 | 6,378 | 14,908 | ||||||||
Total | $ | 162,135 | $ | 211,552 | $ | 373,687 | |||||
Allowance for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of September 2021 | ||||||||||||
Corporate | $ 54,107 | $164,422 | $218,529 | |||||||||
Wealth management | 41,775 | 4,051 | 45,826 | |||||||||
Commercial real estate | 21,707 | 6,005 | 27,712 | |||||||||
Residential real estate | 13,359 | 3,018 | 16,377 | |||||||||
Consumer: | ||||||||||||
Installment | 3,449 | 11 | 3,460 | |||||||||
Credit cards | 6,251 | 31,718 | 37,969 | |||||||||
Other | 6,308 | 5,307 | 11,615 | |||||||||
Total, gross | 146,956 | 214,532 | 361,488 | |||||||||
Allowance for loan losses | (3,332 | ) | (833 | ) | (4,165 | ) | ||||||
Total | $143,624 | $213,699 | $357,323 | |||||||||
As of December 2020 | ||||||||||||
Corporate | $ 48,659 | $135,818 | $184,477 | |||||||||
Wealth management | 33,023 | 3,103 | 36,126 | |||||||||
Commercial real estate | 20,290 | 4,268 | 24,558 | |||||||||
Residential real estate | 5,750 | 1,900 | 7,650 | |||||||||
Consumer: | ||||||||||||
Installment | 3,823 | 4 | 3,827 | |||||||||
Credit cards | 4,270 | 21,640 | 25,910 | |||||||||
Other | 4,174 | 4,842 | 9,016 | |||||||||
Total, gross | 119,989 | 171,575 | 291,564 | |||||||||
Allowance for loan losses | (3,874 | ) | (557 | ) | (4,431 | ) | ||||||
Total | $116,115 | $171,018 | $287,133 |
157 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Corporate | $63,181 | $145,607 | $208,788 | ||||||||
Industry | |||||||||||
Consumer & Retail | 7 | % | 13 | % | 11 | % | |||||
Diversified Industrials | 12 | % | 17 | % | 16 | % | |||||
Financial Institutions | 8 | % | 8 | % | 8 | % | |||||
Funds | 23 | % | 5 | % | 10 | % | |||||
Healthcare | 6 | % | 9 | % | 8 | % | |||||
Natural Resources & Utilities | 7 | % | 20 | % | 16 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 17 | % | 20 | % | 19 | % | |||||
Other (including Special Purpose Vehicles) | 12 | % | 3 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 64 | % | 75 | % | 72 | % | |||||
EMEA | 29 | % | 23 | % | 25 | % | |||||
Asia | 7 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 4 | % | |||||
A | 6 | % | 18 | % | 14 | % | |||||
BBB | 26 | % | 39 | % | 35 | % | |||||
BB or lower | 67 | % | 36 | % | 45 | % | |||||
Other metrics/unrated | — | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Corporate | $55,927 | $155,930 | $211,857 | ||||||||
Industry | |||||||||||
Consumer & Retail | 8 | % | 13 | % | 12 | % | |||||
Diversified Industrials | 13 | % | 16 | % | 15 | % | |||||
Financial Institutions | 8 | % | 7 | % | 7 | % | |||||
Funds | 21 | % | 4 | % | 8 | % | |||||
Healthcare | 7 | % | 9 | % | 9 | % | |||||
Natural Resources & Utilities | 9 | % | 17 | % | 14 | % | |||||
Real Estate | 8 | % | 5 | % | 6 | % | |||||
Technology, Media & Telecommunications | 18 | % | 24 | % | 23 | % | |||||
Other (including Special Purpose Vehicles) | 8 | % | 5 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Region | |||||||||||
Americas | 54 | % | 76 | % | 70 | % | |||||
EMEA | 38 | % | 21 | % | 26 | % | |||||
Asia | 8 | % | 3 | % | 4 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
AAA | — | 1 | % | 1 | % | ||||||
AA | 1 | % | 5 | % | 3 | % | |||||
A | 5 | % | 16 | % | 13 | % | |||||
BBB | 22 | % | 38 | % | 34 | % | |||||
BB or lower | 72 | % | 40 | % | 49 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of September 2021 | ||||||||||||
Corporate | $54,107 | $164,422 | $218,529 | |||||||||
Industry | ||||||||||||
Consumer & Retail | 6% | 12% | 11% | |||||||||
Diversified Industrials | 15% | 21% | 20% | |||||||||
Financial Institutions | 8% | 7% | 7% | |||||||||
Funds | 19% | 3% | 7% | |||||||||
Healthcare | 7% | 10% | 9% | |||||||||
Natural Resources & Utilities | 8% | 17% | 15% | |||||||||
Real Estate | 6% | 5% | 5% | |||||||||
Technology, Media & Telecommunications | 20% | 20% | 20% | |||||||||
Other (including Special Purpose Vehicles) | 11% | 5% | 6% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Region | ||||||||||||
Americas | 56% | 74% | 69% | |||||||||
EMEA | 36% | 24% | 27% | |||||||||
Asia | 8% | 2% | 4% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
AAA | – | 1% | 1% | |||||||||
AA | 1% | 4% | 3% | |||||||||
A | 5% | 15% | 13% | |||||||||
BBB | 20% | 38% | 33% | |||||||||
BB or lower | 74% | 41% | 49% | |||||||||
Other metrics/unrated | – | 1% | 1% | |||||||||
Total | 100% | 100% | 100% | |||||||||
As of December 2020 | ||||||||||||
Corporate | $48,659 | $135,818 | $184,477 | |||||||||
Industry | ||||||||||||
Consumer & Retail | 7% | 14% | 12% | |||||||||
Diversified Industrials | 17% | 17% | 17% | |||||||||
Financial Institutions | 10% | 6% | 7% | |||||||||
Funds | 13% | 3% | 6% | |||||||||
Healthcare | 7% | 12% | 11% | |||||||||
Natural Resources & Utilities | 12% | 18% | 16% | |||||||||
Real Estate | 8% | 6% | 6% | |||||||||
Technology, Media & Telecommunications | 17% | 19% | 19% | |||||||||
Other (including Special Purpose Vehicles) | 9% | 5% | 6% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Region | ||||||||||||
Americas | 60% | 70% | 67% | |||||||||
EMEA | 31% | 28% | 29% | |||||||||
Asia | 9% | 2% | 4% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
AAA | – | 1% | 1% | |||||||||
AA | – | 5% | 4% | |||||||||
A | 6% | 19% | 15% | |||||||||
BBB | 13% | 36% | 30% | |||||||||
BB or lower | 80% | 38% | 49% | |||||||||
Other metrics/unrated | 1% | 1% | 1% | |||||||||
Total | 100% | 100% | 100% |
$ in millions | Loans | | Lending Commitments | | Total | $ in millions | Loans | Lending Commitments | Total | ||||||||||||||
As of September 2021 | |||||||||||||||||||||||
As of September 2022 | As of September 2022 | ||||||||||||||||||||||
Wealth Management | $41,775 | $4,051 | $45,826 | Wealth Management | $50,101 | $4,638 | $54,739 | ||||||||||||||||
Region | Region | ||||||||||||||||||||||
Americas | 86% | 96% | 87% | Americas | 89 | % | 96 | % | 90 | % | |||||||||||||
EMEA | 11% | 4% | 10% | EMEA | 10 | % | 4 | % | 9 | % | |||||||||||||
Asia | 3% | – | 3% | Asia | 1 | % | — | 1 | % | ||||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | |||||||||||||||||||||
Investment-grade | 71% | 57% | 70% | Investment-grade | 73 | % | 75 | % | 73 | % | |||||||||||||
Non-investment-grade | 13% | 14% | 13% | Non-investment-grade | 12 | % | 12 | % | 12 | % | |||||||||||||
Other metrics/unrated | 16% | 29% | 17% | Other metrics/unrated | 15 | % | 13 | % | 15 | % | |||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
As of December 2020 | |||||||||||||||||||||||
As of December 2021 | As of December 2021 | ||||||||||||||||||||||
Wealth Management | $33,023 | $3,103 | $36,126 | Wealth Management | $43,998 | $4,094 | $48,092 | ||||||||||||||||
Region | Region | ||||||||||||||||||||||
Americas | 88% | 99% | 89% | Americas | 87 | % | 98 | % | 88 | % | |||||||||||||
EMEA | 10% | 1% | 9% | EMEA | 10 | % | 2 | % | 9 | % | |||||||||||||
Asia | 2% | – | 2% | Asia | 3 | % | — | 3 | % | ||||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | |||||||||||||||||||||
Investment-grade | 67% | 58% | 66% | Investment-grade | 72 | % | 67 | % | 71 | % | |||||||||||||
Non-investment-grade | 16% | 21% | 17% | Non-investment-grade | 13 | % | 19 | % | 14 | % | |||||||||||||
Other metrics/unrated | 17% | 21% | 17% | Other metrics/unrated | 15 | % | 14 | % | 15 | % | |||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs September | 158 |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Commercial Real Estate | $26,082 | $3,231 | $29,313 | ||||||||
Region | |||||||||||
Americas | 79 | % | 63 | % | 77 | % | |||||
EMEA | 16 | % | 24 | % | 17 | % | |||||
Asia | 5 | % | 13 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 10 | % | 7 | % | 9 | % | |||||
Non-investment-grade | 89 | % | 93 | % | 90 | % | |||||
Other metrics/unrated | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Commercial Real Estate | $25,883 | $5,813 | $31,696 | ||||||||
Region | |||||||||||
Americas | 80 | % | 75 | % | 79 | % | |||||
EMEA | 15 | % | 11 | % | 14 | % | |||||
Asia | 5 | % | 14 | % | 7 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 15 | % | 10 | % | 14 | % | |||||
Non-investment-grade | 83 | % | 90 | % | 85 | % | |||||
Other metrics/unrated | 2 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of September 2021 | ||||||||||||
Commercial Real Estate | $21,707 | $6,005 | $27,712 | |||||||||
Region | ||||||||||||
Americas | 75% | 82% | 77% | |||||||||
EMEA | 19% | 8% | 16% | |||||||||
Asia | 6% | 10% | 7% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 16% | 16% | 16% | |||||||||
Non-investment-grade | 82% | 77% | 81% | |||||||||
Other metrics/unrated | 2% | 7% | 3% | |||||||||
Total | 100% | 100% | 100% | |||||||||
As of December 2020 | ||||||||||||
Commercial Real Estate | $20,290 | $4,268 | $24,558 | |||||||||
Region | ||||||||||||
Americas | 71% | 65% | 70% | |||||||||
EMEA | 19% | 10% | 18% | |||||||||
Asia | 10% | 25% | 12% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 9% | 13% | 10% | |||||||||
Non-investment-grade | 86% | 87% | 86% | |||||||||
Other metrics/unrated | 5% | – | 4% | |||||||||
Total | 100% | 100% | 100% |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Residential Real Estate | $14,342 | $2,828 | $17,170 | ||||||||
Region | |||||||||||
Americas | 95 | % | 98 | % | 95 | % | |||||
EMEA | 3 | % | 2 | % | 3 | % | |||||
Asia | 2 | % | — | 2 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 1 | % | 6 | % | |||||
Non-investment-grade | 86 | % | 98 | % | 88 | % | |||||
Other metrics/unrated | 7 | % | 1 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Residential Real Estate | $15,913 | $3,396 | $19,309 | ||||||||
Region | |||||||||||
Americas | 95 | % | 79 | % | 92 | % | |||||
EMEA | 2 | % | 19 | % | 5 | % | |||||
Asia | 3 | % | 2 | % | 3 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 7 | % | 24 | % | 10 | % | |||||
Non-investment-grade | 87 | % | 74 | % | 84 | % | |||||
Other metrics/unrated | 6 | % | 2 | % | 6 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of September 2021 | ||||||||||||
Residential Real Estate | $13,359 | $3,018 | $16,377 | |||||||||
Region | ||||||||||||
Americas | 92% | 67% | 87% | |||||||||
EMEA | 5% | 23% | 8% | |||||||||
Asia | 3% | 10% | 5% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 9% | 36% | 14% | |||||||||
Non-investment-grade | 83% | 64% | 79% | |||||||||
Other metrics/unrated | 8% | – | 7% | |||||||||
Total | 100% | 100% | 100% | |||||||||
As of December 2020 | ||||||||||||
Residential Real Estate | $ 5,750 | $1,900 | $ 7,650 | |||||||||
Region | ||||||||||||
Americas | 88% | 98% | 91% | |||||||||
EMEA | 9% | 2% | 7% | |||||||||
Asia | 3% | – | 2% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 11% | 2% | 9% | |||||||||
Non-investment-grade | 67% | 93% | 73% | |||||||||
Other metrics/unrated | 22% | 5% | 18% | |||||||||
Total | 100% | 100% | 100% |
159 | Goldman Sachs September |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Installment | $5,157 | $3,672 | ||||||
California | 11 | % | 11 | % | ||||
Texas | 9 | % | 9 | % | ||||
Florida | 7 | % | 7 | % | ||||
New York | 7 | % | 7 | % | ||||
Illinois | 4 | % | 4 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Pennsylvania | 4 | % | 4 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 3 | % | 3 | % | ||||
Other | 45 | % | 45 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Cards | $13,691 | $8,212 | ||||||
California | 16 | % | 18 | % | ||||
Texas | 9 | % | 9 | % | ||||
New York | 8 | % | 8 | % | ||||
Florida | 8 | % | 8 | % | ||||
New Jersey | 4 | % | 4 | % | ||||
Illinois | 4 | % | 4 | % | ||||
Pennsylvania | 3 | % | 3 | % | ||||
Georgia | 3 | % | 3 | % | ||||
Ohio | 3 | % | 3 | % | ||||
Virginia | 2 | % | 2 | % | ||||
Other | 40 | % | 38 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Installment | $3,449 | $3,823 | ||||||
California | 11% | 11% | ||||||
Texas | 9% | 9% | ||||||
New York | 7% | 7% | ||||||
Florida | 7% | 7% | ||||||
Illinois | 4% | 4% | ||||||
Other | 62% | 62% | ||||||
Total | 100% | 100% | ||||||
Credit Cards | $6,251 | $4,270 | ||||||
California | 19% | 19% | ||||||
Texas | 9% | 9% | ||||||
New York | 8% | 8% | ||||||
Florida | 8% | 8% | ||||||
Illinois | 4% | 4% | ||||||
Other | 52% | 52% | ||||||
Total | 100% | 100% |
$ in millions | Loans | Lending Commitments | Total | ||||||||
As of September 2022 | |||||||||||
Other | $8,961 | $5,021 | $13,982 | ||||||||
Region | |||||||||||
Americas | 89 | % | 100 | % | 92 | % | |||||
EMEA | 10 | % | — | 7 | % | ||||||
Asia | 1 | % | — | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 47 | % | 88 | % | 61 | % | |||||
Non-investment-grade | 42 | % | 11 | % | 31 | % | |||||
Other metrics/unrated | 11 | % | 1 | % | 8 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
As of December 2021 | |||||||||||
Other | $8,530 | $6,378 | $14,908 | ||||||||
Region | |||||||||||
Americas | 84 | % | 98 | % | 90 | % | |||||
EMEA | 15 | % | — | 9 | % | ||||||
Asia | 1 | % | 2 | % | 1 | % | |||||
Total | 100 | % | 100 | % | 100 | % | |||||
Credit Quality (Credit Rating Equivalent) | |||||||||||
Investment-grade | 34 | % | 90 | % | 58 | % | |||||
Non-investment-grade | 37 | % | 9 | % | 25 | % | |||||
Other metrics/unrated | 29 | % | 1 | % | 17 | % | |||||
Total | 100 | % | 100 | % | 100 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of September 2021 | ||||||||||||
Other | $6,308 | $5,307 | $11,615 | |||||||||
Region | ||||||||||||
Americas | 88% | 92% | 90% | |||||||||
EMEA | 10% | 6% | 8% | |||||||||
Asia | 2% | 2% | 2% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 43% | 87% | 63% | |||||||||
Non-investment-grade | 40% | 13% | 28% | |||||||||
Other metrics/unrated | 17% | – | 9% | |||||||||
Total | 100% | 100% | 100% | |||||||||
As of December 2020 | ||||||||||||
Other | $4,174 | $4,842 | $ 9,016 | |||||||||
Region | ||||||||||||
Americas | �� | 81% | 98% | 90% | ||||||||
EMEA | 17% | – | 8% | |||||||||
Asia | 2% | 2% | 2% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 44% | 94% | 71% | |||||||||
Non-investment-grade | 23% | 6% | 14% | |||||||||
Other metrics/unrated | 33% | – | 15% | |||||||||
Total | 100% | 100% | 100% |
Goldman Sachs September | 160 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Securities Financing Transactions | $35,138 | $34,505 | ||||||
Industry | ||||||||
Financial Institutions | 39 | % | 34 | % | ||||
Funds | 30 | % | 23 | % | ||||
Municipalities & Nonprofit | 5 | % | 5 | % | ||||
Sovereign | 25 | % | 35 | % | ||||
Other (including Special Purpose Vehicles) | 1 | % | 3 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 36 | % | ||||
EMEA | 42 | % | 44 | % | ||||
Asia | 21 | % | 20 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 13 | % | 19 | % | ||||
AA | 32 | % | 28 | % | ||||
A | 35 | % | 33 | % | ||||
BBB | 9 | % | 9 | % | ||||
BB or lower | 11 | % | 11 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Securities Financing Transactions | $37,049 | $30,190 | ||||||
Industry | ||||||||
Financial Institutions | 37% | 39% | ||||||
Funds | 28% | 24% | ||||||
Municipalities & Nonprofit | 6% | 5% | ||||||
Sovereign | 28% | 30% | ||||||
Other (including Special Purpose Vehicles) | 1% | 2% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 37% | 33% | ||||||
EMEA | 45% | 46% | ||||||
Asia | 18% | 21% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 11% | 15% | ||||||
AA | 31% | 28% | ||||||
A | 36% | 40% | ||||||
BBB | 9% | 10% | ||||||
BB or lower | 13% | 5% | ||||||
Unrated | – | 2% | ||||||
Total | 100% | 100% |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Other Credit Exposures | $60,733 | $61,187 | ||||||
Industry | ||||||||
Financial Institutions | 69 | % | 86 | % | ||||
Funds | 19 | % | 9 | % | ||||
Other (including Special Purpose Vehicles) | 12 | % | 5 | % | ||||
Total | 100 | % | 100 | % | ||||
Region | ||||||||
Americas | 37 | % | 50 | % | ||||
EMEA | 54 | % | 43 | % | ||||
Asia | 9 | % | 7 | % | ||||
Total | 100 | % | 100 | % | ||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 4 | % | 4 | % | ||||
AA | 37 | % | 47 | % | ||||
A | 36 | % | 29 | % | ||||
BBB | 8 | % | 6 | % | ||||
BB or lower | 13 | % | 13 | % | ||||
Unrated | 2 | % | 1 | % | ||||
Total | 100 | % | 100 | % |
As of | ||||||||
$ in millions | September 2021 | | December 2020 | | ||||
Other Credit Exposures | $54,838 | $56,429 | ||||||
Industry | ||||||||
Financial Institutions | 82% | 85% | ||||||
Funds | 11% | 9% | ||||||
Other (including Special Purpose Vehicles) | 7% | 6% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 51% | 54% | ||||||
EMEA | 41% | 35% | ||||||
Asia | 8% | 11% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 4% | 5% | ||||||
AA | 47% | 48% | ||||||
A | 26% | 27% | ||||||
BBB | 8% | 8% | ||||||
BB or lower | 14% | 11% | ||||||
Unrated | 1% | 1% | ||||||
Total | 100% | 100% |
161 | Goldman Sachs September |
Goldman Sachs September 2022 Form 10-Q | 162 |
163 | Goldman Sachs September |
Goldman Sachs September | 164 |
165 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 166 |
167 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 168 |
Goldman Sachs September |
Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Maximum Shares That May Yet Be Purchased Under the Program | |||||||||||
July | 1,391,775 | $323.33 | 1,391,775 | 30,078,676 | ||||||||||
August | 1,617,453 | $340.05 | 1,617,404 | 28,461,272 | ||||||||||
September | — | — | — | 28,461,272 | ||||||||||
Total | 3,009,228 | 3,009,179 |
Total Shares Purchased | Average Price Paid Per Share | Total Shares Purchased as Part of a Publicly Announced Program | Maximum Shares That May Yet Be Purchased Under the Program | |||||||||||||
July | 367,802 | $370.75 | 367,802 | 37,767,629 | ||||||||||||
August | 2,162,058 | $399.45 | 2,162,058 | 35,605,571 | ||||||||||||
September | – | – | – | 35,605,571 | ||||||||||||
Total | 2,529,860 | 2,529,860 |
Goldman Sachs September |
/s/ | Denis P. Coleman III | ||||||||||||
Name: | Denis P. Coleman III | ||||||||||||
Title: | |||||||||||||
Date: | November 2, 2022 | ||||||||||||
By: | /s/ | Sheara J. Fredman | |||||||||||
Name: | Sheara J. Fredman | ||||||||||||
Title: | Chief Accounting Officer | ||||||||||||
Date: |
Goldman Sachs September |