☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the quarterly period ended |
☐ | |||||||||||||
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 | |||||||||
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. | 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 | ||||||||
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 March | ||||||||
in millions, except per share amounts | 2022 | 2021 | ||||||
Revenues | ||||||||
Investment banking | $ 2,131 | $ 3,566 | ||||||
Investment management | 2,064 | 1,796 | ||||||
Commissions and fees | 1,011 | 1,073 | ||||||
Market making | 5,990 | 5,893 | ||||||
Other principal transactions | (90 | ) | 3,894 | |||||
Total non-interest revenues | 11,106 | 16,222 | ||||||
Interest income | 3,212 | 3,054 | ||||||
Interest expense | 1,385 | 1,572 | ||||||
Net interest income | 1,827 | 1,482 | ||||||
Total net revenues | 12,933 | 17,704 | ||||||
Provision for credit losses | 561 | (70 | ) | |||||
Operating expenses | ||||||||
Compensation and benefits | 4,083 | 6,043 | ||||||
Transaction based | 1,244 | 1,256 | ||||||
Market development | 162 | 80 | ||||||
Communications and technology | 424 | 375 | ||||||
Depreciation and amortization | 492 | 498 | ||||||
Occupancy | 251 | 247 | ||||||
Professional fees | 437 | 360 | ||||||
Other expenses | 623 | 578 | ||||||
Total operating expenses | 7,716 | 9,437 | ||||||
Pre-tax earnings | 4,656 | 8,337 | ||||||
Provision for taxes | 717 | 1,501 | ||||||
Net earnings | 3,939 | 6,836 | ||||||
Preferred stock dividends | 108 | 125 | ||||||
Net earnings applicable to common shareholders | $ 3,831 | $ 6,711 | ||||||
Earnings per common share | ||||||||
Basic | $ 10.87 | $ 18.80 | ||||||
Diluted | $ 10.76 | $ 18.60 | ||||||
Average common shares | ||||||||
Basic | 351.2 | 356.6 | ||||||
Diluted | 355.9 | 360.9 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Net earnings | $ 3,939 | $ 6,836 | ||||||
Other comprehensive income/(loss) adjustments, net of tax: | ||||||||
Currency translation | (15 | ) | 0 | |||||
Debt valuation adjustment | 740 | (19 | ) | |||||
Pension and postretirement liabilities | 13 | 7 | ||||||
Available-for-sale | (1,354 | ) | (628 | ) | ||||
Other comprehensive income/(loss) | (616 | ) | (640 | ) | ||||
Comprehensive income | $ 3,323 | $ 6,196 |
1 | Goldman Sachs September 2022 Form 10-Q |
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 | March 2022 | December 2021 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ 274,164 | $ 261,036 | ||||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (at fair value) | 262,060 | 205,703 | ||||||
Securities borrowed (includes $37,724 at fair value) | 191,356 | 178,771 | ||||||
Customer and other receivables (includes $31 | 174,637 | 160,673 | ||||||
Trading assets (at fair value and includes $77,092 pledged as collateral) | 392,453 | 375,916 | ||||||
Investments (includes $80,829 $11,750 | 92,084 | 88,719 | ||||||
Loans (net of allowance of $4,086 $10,227 | 165,515 | 158,562 | ||||||
Other assets | 37,172 | 34,608 | ||||||
Total assets | $1,589,441 | $1,463,988 | ||||||
Liabilities and shareholders’ equity | ||||||||
Deposits (includes $33,553 | $ 386,808 | $ 364,227 | ||||||
Collateralized financings: | ||||||||
Securities sold under agreements to repurchase (at fair value) | 164,569 | 165,883 | ||||||
Securities loaned (includes $9,055 | 43,775 | 46,505 | ||||||
Other secured financings (includes $17,066 | 18,522 | 18,544 | ||||||
Customer and other payables | 292,981 | 251,931 | ||||||
Trading liabilities (at fair value) | 233,217 | 181,424 | ||||||
Unsecured short-term borrowings (includes $33,997 | 58,076 | 46,955 | ||||||
Unsecured long-term borrowings (includes $ 58,348 a nd $52,390 at fair value) | 258,392 | 254,092 | ||||||
Other liabilities (includes $127 | 17,862 | 24,501 | ||||||
Total liabilities | 1,474,202 | 1,354,062 | ||||||
Commitments, contingencies and guarantees | 0 | 0 | ||||||
Shareholders’ equity | ||||||||
Preferred stock; aggregate liquidation preference of $10,703 | 10,703 | 10,703 | ||||||
Common stock; 917,527,243 343,396,311 shares outstanding | 9 | 9 | ||||||
Share-based awards | 4,965 | 4,211 | ||||||
Nonvoting common stock; no shares issued and outstanding | 0 | 0 | ||||||
Additional paid-in capital | 58,938 | 56,396 | ||||||
Retained earnings | 134,931 | 131,811 | ||||||
Accumulated other comprehensive loss | (2,684 | ) | (2,068 | ) | ||||
Stock held in treasury, at cost; 574,130,934 a nd 572,857,062 shares | (91,623 | ) | (91,136 | ) | ||||
Total shareholders’ equity | 115,239 | 109,926 | ||||||
Total liabilities and shareholders’ equity | $1,589,441 | $1,463,988 |
Goldman Sachs | 2 |
Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Preferred stock | ||||||||
Beginning balance | $ 10,703 | $ 11,203 | ||||||
Issued | 0 | 0 | ||||||
Redeemed | 0 | (2,000 | ) | |||||
Ending balance | 10,703 | 9,203 | ||||||
Common stock | ||||||||
Beginning balance | 9 | 9 | ||||||
Issued | 0 | 0 | ||||||
Ending balance | 9 | 9 | ||||||
Share-based awards | ||||||||
Beginning balance | 4,211 | 3,468 | ||||||
Issuance and amortization of share-based awards | 3,110 | 1,759 | ||||||
Delivery of common stock underlying share-based awards | (2,341 | ) | (1,597 | ) | ||||
Forfeiture of share-based awards | (15 | ) | (22 | ) | ||||
Ending balance | 4,965 | 3,608 | ||||||
Additional paid-in capital | ||||||||
Beginning balance | 56,396 | 55,679 | ||||||
Delivery of common stock underlying share-based awards | 2,341 | 1,590 | ||||||
Cancellation of share-based awards in satisfaction of withholding tax requirements | (1,527 | ) | (937 | ) | ||||
Issuance costs of redeemed preferred stock | 0 | 7 | ||||||
Issuance of common stock in connection with acquisition | 1,730 | 0 | ||||||
Other | (2 | ) | 1 | |||||
Ending balance | 58,938 | 56,340 | ||||||
Retained earnings | ||||||||
Beginning balance | 131,811 | 112,947 | ||||||
Net earnings | 3,939 | 6,836 | ||||||
Dividends and dividend equivalents declared on common stock and share-based awards | (711 | ) | (448 | ) | ||||
Dividends declared on preferred stock | (108 | ) | (104 | ) | ||||
Preferred stock redemption premium | 0 | (21 | ) | |||||
Ending balance | 134,931 | 119,210 | ||||||
Accumulated other comprehensive income/(loss) | ||||||||
Beginning balance | (2,068 | ) | (1,434 | ) | ||||
Other comprehensive income/(loss) | (616 | ) | (640 | ) | ||||
Ending balance | (2,684 | ) | (2,074 | ) | ||||
Stock held in treasury, at cost | ||||||||
Beginning balance | (91,136 | ) | (85,940 | ) | ||||
Repurchased | (500 | ) | (2,700 | ) | ||||
Reissued | 18 | 10 | ||||||
Other | (5 | ) | (2 | ) | ||||
Ending balance | (91,623 | ) | (88,632 | ) | ||||
Total shareholders’ equity | $115,239 | $ 97,664 |
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 |
Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Cash flows from operating activities | ||||||||
Net earnings | $ 3,939 | $ 6,836 | ||||||
Adjustments to reconcile net earnings to net cash used for operating activities: | ||||||||
Depreciation and amortization | 492 | 498 | ||||||
Share-based compensation | 3,128 | 1,759 | ||||||
Provision for credit losses | 561 | (70 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Customer and other receivables and payables, net | 26,755 | (9,722 | ) | |||||
Collateralized transactions (excluding other secured financings), net | (72,986 | ) | (57,349 | ) | ||||
Trading assets | (28,163 | ) | 15,373 | |||||
Trading liabilities | 50,794 | 46,777 | ||||||
Loans held for sale, net | 2,702 | (656 | ) | |||||
Other, net | (10,174 | ) | (8,629 | ) | ||||
Net cash used for operating activities | (22,952 | ) | (5,183 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of property, leasehold improvements and equipment | (953 | ) | (1,312 | ) | ||||
Proceeds from sales of property, leasehold improvements and equipment | 428 | 192 | ||||||
Net cash used for business acquisitions | (13 | ) | 0 | |||||
Purchase of investments | (8,780 | ) | (12,848 | ) | ||||
Proceeds from sales and paydowns of investments | 2,369 | 15,319 | ||||||
Loans (excluding loans held for sale), net | (10,072 | ) | (3,838 | ) | ||||
Net cash used for investing activities | (17,021 | ) | (2,487 | ) | ||||
Cash flows from financing activities | ||||||||
Unsecured short-term borrowings, net | 7,085 | 3,788 | ||||||
Other secured financings (short-term), net | 1,659 | 2,555 | ||||||
Proceeds from issuance of other secured financings (long-term) | 358 | 1,695 | ||||||
Repayment of other secured financings (long-term), including the current portion | (1,717 | ) | (727 | ) | ||||
Proceeds from issuance of unsecured long-term borrowings | 37,113 | 26,426 | ||||||
Repayment of unsecured long-term borrowings, including the current portion | (14,483 | ) | (11,764 | ) | ||||
Derivative contracts with a financing element, net | 953 | 303 | ||||||
Deposits, net | 24,606 | 26,522 | ||||||
Preferred stock redemption | 0 | (2,000 | ) | |||||
Common stock repurchased | (500 | ) | (2,700 | ) | ||||
Settlement of share-based awards in satisfaction of withholding tax requirements | (1,531 | ) | (938 | ) | ||||
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | (815 | ) | (551 | ) | ||||
Other financing, net | 373 | 374 | ||||||
Net cash provided by financing activities | 53,101 | 42,983 | ||||||
Net increase in cash and cash equivalents | 13,128 | 35,313 | ||||||
Cash and cash equivalents, beginning balance | 261,036 | 155,842 | ||||||
Cash and cash equivalents, ending balance | $274,164 | $191,155 | ||||||
Supplemental disclosures: | ||||||||
Cash payments for interest, net of capitalized interest | $ 1,299 | $ 1,896 | ||||||
Cash payments for income taxes, net | $ 435 | $ 555 |
3 | Goldman Sachs |
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 |
Goldman Sachs September 2022 Form 10-Q | 4 |
5 | Goldman Sachs September 2022 Form 10-Q |
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 | 9 | |||||||
Fair Value Option | Note 10 | |||||||
Collateralized Agreements and Financings | Note 11 | |||||||
Other Assets | Note 12 | |||||||
Note | 13 | |||||||
Unsecured Borrowings | Note 14 | |||||||
Note | 15 | |||||||
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 | 25 | |||||||
Credit Concentrations | Note 26 | |||||||
Legal Proceedings | Note 27 |
Goldman Sachs | 6 |
7 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs | 8 |
9 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs | 10 |
11 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs | 12 |
13 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs | 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 | March 2022 | December 2021 | ||||||
Total level 1 financial assets | $ 263,891 | $ | ||||||
Total level 2 financial assets | 559,866 | 498,527 | ||||||
Total level 3 financial assets | 25,373 | 24,083 | ||||||
Investments in funds at NAV | 3,237 | 3,469 | ||||||
Counterparty and cash collateral netting | (69,043 | ) | (66,041 | ) | ||||
Total financial assets at fair value | $ 783,324 | $ | ||||||
Total assets | $1,589,441 | $1,463,988 | ||||||
Total level 3 financial assets divided by: | ||||||||
Total assets | 1.6% | 1.6% | ||||||
Total financial assets at fair value | 3.2% | 3.4% | ||||||
Total level 1 financial liabilities | $ 145,098 | $ | ||||||
Total level 2 financial liabilities | 423,749 | 403,627 | ||||||
Total level 3 financial liabilities | 29,598 | 29,169 | ||||||
Counterparty and cash collateral netting | (48,513 | ) | (51,269 | ) | ||||
Total financial liabilities at fair value | $ 549,932 | $ | ||||||
Total liabilities | $1,474,202 | $1,354,062 | ||||||
Total level 3 financial liabilities divided by: | ||||||||
Total liabilities | 2.0% | 2.2% | ||||||
Total financial liabilities at fair value | 5.4% | 5.9% |
15 | Goldman Sachs September 2022 Form 10-Q |
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 |
As of | ||||||||
$ in millions | March 2022 | December 2021 | ||||||
Trading assets: | ||||||||
Trading cash instruments | $ 1,921 | $ 1,889 | ||||||
Derivatives | 6,793 | 5,938 | ||||||
Investments | 14,168 | 13,902 | ||||||
Loans | 2,491 | 2,354 | ||||||
Total | $25,373 | $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 March 2022 | ||||||||
Trading cash instruments | $309,502 | $169,991 | ||||||
Derivatives | 82,951 | 63,226 | ||||||
Total | $392,453 | $233,217 | ||||||
As of December 2021 | ||||||||
Trading cash instruments | $311,956 | $129,471 | ||||||
Derivatives | 63,960 | 51,953 | ||||||
Total | $375,916 | $181,424 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Interest rates | $(1,875 | ) | $(1,243 | ) | ||||
Credit | 718 | 852 | ||||||
Currencies | 4,141 | 2,850 | ||||||
Equities | 2,043 | 2,778 | ||||||
Commodities | 963 | 656 | ||||||
Total | $ 5,990 | $ 5,893 |
Goldman Sachs | 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 March 2022 | ||||||||||||||||
Assets | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ 63,405 | $ | $ | $ 81,377 | ||||||||||||
Non-U.S. | 42,457 | 12,354 | 78 | 54,889 | ||||||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | 0 | 1,971 | 76 | 2,047 | ||||||||||||
Residential real estate | 0 | 12,437 | 78 | 12,515 | ||||||||||||
Corporate debt instruments | 443 | 35,712 | 1,435 | 37,590 | ||||||||||||
State and municipal obligations | 0 | 301 | 24 | 325 | ||||||||||||
Other debt obligations | 209 | 2,438 | 66 | 2,713 | ||||||||||||
Equity securities | 106,520 | 2,300 | 160 | 108,980 | ||||||||||||
Commodities | 0 | 9,062 | 4 | 9,066 | ||||||||||||
Total | $ 213,034 | $ | $1,921 | $ 309,502 | ||||||||||||
Liabilities | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ (20,686 | ) | $ | ) | $ | $ (20,856 | ) | |||||||||
Non-U.S. | (41,730 | ) | (3,127 | ) | 0 | (44,857 | ) | |||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | 0 | (36 | ) | (1 | ) | (37 | ) | |||||||||
Residential real estate | 0 | (98 | ) | 0 | (98 | ) | ||||||||||
Corporate debt instruments | (1 | ) | (20,782 | ) | (46 | ) | (20,829 | ) | ||||||||
Other debt obligations | 0 | (46 | ) | 0 | (46 | ) | ||||||||||
Equity securities | (82,611 | ) | (608 | ) | (45 | ) | (83,264 | ) | ||||||||
Commodities | 0 | (4 | ) | 0 | (4 | ) | ||||||||||
Total | $(145,028 | ) | $ | ) | $ | ) | $(169,991 | ) | ||||||||
As of December 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ | $ 27,427 | $ | $ | ||||||||||||
Non-U.S. | 35,284 | 13,511 | 19 | 48,814 | ||||||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | 0 | 1,717 | 137 | 1,854 | ||||||||||||
Residential real estate | 0 | 13,083 | 152 | 13,235 | ||||||||||||
Corporate debt instruments | 590 | 36,874 | 1,318 | 38,782 | ||||||||||||
State and municipal obligations | 0 | 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 | $ | $105,503 | $1,889 | $ | ||||||||||||
Liabilities | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $ | ) | $ (25 | ) | $ | $ | ) | |||||||||
Non-U.S. | (39,983 | ) | (2,602 | ) | 0 | (42,585 | ) | |||||||||
Loans and securities backed by: | ||||||||||||||||
Commercial real estate | 0 | (40 | ) | (2 | ) | (42 | ) | |||||||||
Residential real estate | 0 | (5 | ) | 0 | (5 | ) | ||||||||||
Corporate debt instruments | (23 | ) | (15,781 | ) | (71 | ) | (15,875 | ) | ||||||||
Equity securities | (48,991 | ) | (915 | ) | (31 | ) | (49,937 | ) | ||||||||
Total | $ | ) | $ (19,368 | ) | $ (104 | ) | $ | ) |
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 March 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 | $76 | $137 | ||||||||||||||||
Yield | 5.2% to 33.0% | 18.7% | 2.8% to 28.5% | 12.3% | ||||||||||||||
Recovery rate | 26.0% to 78.0% | 57.6% | 5.1% to 86.5% | 55.0% | ||||||||||||||
Duration (years) | 0.6 to 3.3 | 1.7 | 0.1 to 4.3 | 1.8 | ||||||||||||||
Loans and securities backed by residential real estate | ||||||||||||||||||
Level 3 assets | $78 | $152 | ||||||||||||||||
Yield | 1.4% to 23.0% | 12.4% | 0.4% to 26.6% | 7.0% | ||||||||||||||
Cumulative loss rate | 0.1% to 46.7% | 19.2% | 0.1% to 43.4% | 17.7% | ||||||||||||||
Duration (years) | 0.7 to 12.8 | 6.0 | 1.2 to 17.2 | 6.5 | ||||||||||||||
Corporate debt instruments | ||||||||||||||||||
Level 3 assets | $1,435 | $1,318 | ||||||||||||||||
Yield | 1.9% to 19.2% | 8.4% | 0.0% to 18.0% | 7.1% | ||||||||||||||
Recovery rate | 7.2% to 70.0% | 48.6% | 9.0% to 69.9% | 52.0% | ||||||||||||||
Duration (years) | 1.0 to 21.9 | 5.0 | 2.0 to 28.5 | 4.5 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total trading cash instrument assets | ||||||||
Beginning balance | $ 1,889 | $1,237 | ||||||
Net realized gains/(losses) | 53 | 33 | ||||||
Net unrealized gains/(losses) | (1,485 | ) | 33 | |||||
Purchases | 793 | 521 | ||||||
Sales | (267 | ) | (307 | ) | ||||
Settlements | (96 | ) | (153 | ) | ||||
Transfers into level 3 | 1,324 | 224 | ||||||
Transfers out of level 3 | (290 | ) | (215 | ) | ||||
Ending balance | $ 1,921 | $1,373 | ||||||
Total trading cash instrument liabilities | ||||||||
Beginning balance | $ | ) | $ (80 | ) | ||||
Net realized gains/(losses) | (1 | ) | 1 | |||||
Net unrealized gains/(losses) | 52 | (2 | ) | |||||
Purchases | 130 | 21 | ||||||
Sales | (63 | ) | (40 | ) | ||||
Settlements | 2 | 7 | ||||||
Transfers into level 3 | (124 | ) | (19 | ) | ||||
Transfers out of level 3 | 16 | 6 | ||||||
Ending balance | $ | ) | $ (106 | ) |
Goldman Sachs | 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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Loans and securities backed by commercial real estate | ||||||||
Beginning balance | $ | $ 203 | ||||||
Net realized gains/(losses) | 2 | 1 | ||||||
Net unrealized gains/(losses) | (1 | ) | (5 | ) | ||||
Purchases | 12 | 17 | ||||||
Sales | (8 | ) | (23 | ) | ||||
Settlements | (4 | ) | (3 | ) | ||||
Transfers into level 3 | 6 | 10 | ||||||
Transfers out of level 3 | (68 | ) | (85 | ) | ||||
Ending balance | $ | $ 115 | ||||||
Loans and securities backed by residential real estate | ||||||||
Beginning balance | $ | $ 131 | ||||||
Net realized gains/(losses) | 2 | 5 | ||||||
Net unrealized gains/(losses) | 2 | 3 | ||||||
Purchases | 5 | 24 | ||||||
Sales | (32 | ) | (36 | ) | ||||
Settlements | (4 | ) | (12 | ) | ||||
Transfers into level 3 | 3 | 104 | ||||||
Transfers out of level 3 | (50 | ) | (15 | ) | ||||
Ending balance | $ | $ 204 | ||||||
Corporate debt instruments | ||||||||
Beginning balance | $ 1,318 | $ 797 | ||||||
Net realized gains/(losses) | 43 | 26 | ||||||
Net unrealized gains/(losses) | (10 | ) | 36 | |||||
Purchases | 221 | 440 | ||||||
Sales | (200 | ) | (217 | ) | ||||
Settlements | (81 | ) | (114 | ) | ||||
Transfers into level 3 | 280 | 60 | ||||||
Transfers out of level 3 | (136 | ) | (110 | ) | ||||
Ending balance | $ 1,435 | $ 918 | ||||||
Other | ||||||||
Beginning balance | $ | $ 106 | ||||||
Net realized gains/(losses) | 6 | 1 | ||||||
Net unrealized gains/(losses) | (1,476 | ) | (1 | ) | ||||
Purchases | 555 | 40 | ||||||
Sales | (27 | ) | (31 | ) | ||||
Settlements | (7 | ) | (24 | ) | ||||
Transfers into level 3 | 1,035 | 50 | ||||||
Transfers out of level 3 | (36 | ) | (5 | ) | ||||
Ending balance | $ | $ 136 |
19 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 20 |
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 |
As of March 2022 | As of December 2021 | |||||||||||||||||
$ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | | Derivative Liabilities | | ||||||||||||
Not accounted for as hedges | ||||||||||||||||||
Exchange-traded | $ 1,114 | $ 1,663 | $ 256 | $ 557 | ||||||||||||||
OTC-cleared | 24,471 | 23,414 | 13,795 | 12,692 | ||||||||||||||
Bilateral OTC | 219,696 | 189,984 | 232,595 | 205,073 | ||||||||||||||
Total interest rates | 245,281 | 215,061 | 246,646 | 218,322 | ||||||||||||||
OTC-cleared | 2,652 | 3,003 | 3,665 | 4,053 | ||||||||||||||
Bilateral OTC | 13,779 | 13,114 | 12,591 | 11,702 | ||||||||||||||
Total credit | 16,431 | 16,117 | 16,256 | 15,755 | ||||||||||||||
Exchange-traded | 267 | 65 | 417 | 10 | ||||||||||||||
OTC-cleared | 631 | 808 | 423 | 338 | ||||||||||||||
Bilateral OTC | 103,035 | 100,144 | 86,076 | 85,795 | ||||||||||||||
Total currencies | 103,933 | 101,017 | 86,916 | 86,143 | ||||||||||||||
Exchange-traded | 20,090 | 19,141 | 6,534 | 6,189 | ||||||||||||||
OTC-cleared | 734 | 641 | 652 | 373 | ||||||||||||||
Bilateral OTC | 50,445 | 39,890 | 28,359 | 25,969 | ||||||||||||||
Total commodities | 71,269 | 59,672 | 35,545 | 32,531 | ||||||||||||||
Exchange-traded | 31,273 | 33,973 | 33,840 | 35,518 | ||||||||||||||
OTC-cleared | 28 | 15 | 8 | 5 | ||||||||||||||
Bilateral OTC | 38,633 | 41,439 | 39,718 | 44,750 | ||||||||||||||
Total equities | 69,934 | 75,427 | 73,566 | 80,273 | ||||||||||||||
Subtotal | 506,848 | 467,294 | 458,929 | 433,024 | ||||||||||||||
Accounted for as hedges | ||||||||||||||||||
OTC-cleared | 1 | 0 | 1 | 0 | ||||||||||||||
Bilateral OTC | 692 | 3 | 945 | 0 | ||||||||||||||
Total interest rates | 693 | 3 | 946 | 0 | ||||||||||||||
OTC-cleared | 28 | 126 | 34 | 27 | ||||||||||||||
Bilateral OTC | 250 | 141 | 60 | 139 | ||||||||||||||
Total currencies | 278 | 267 | 94 | 166 | ||||||||||||||
Subtotal | 971 | 270 | 1,040 | 166 | ||||||||||||||
Total gross fair value | $ 507,819 | $ 467,564 | $ 459,969 | $ 433,190 | ||||||||||||||
Offset in the consolidated balance sheets | ||||||||||||||||||
Exchange-traded | $ (45,741 | ) | $ (45,741 | ) | $ (35,724 | ) | $ (35,724 | ) | ||||||||||
OTC-cleared | (26,802 | ) | (26,802 | ) | (16,979 | ) | (16,979 | ) | ||||||||||
Bilateral OTC | (284,799 | ) | (284,799 | ) | (279,189 | ) | (279,189 | ) | ||||||||||
Counterparty netting | (357,342 | ) | (357,342 | ) | (331,892 | ) | (331,892 | ) | ||||||||||
OTC-cleared | (1,166 | ) | (638 | ) | (1,033 | ) | (361 | ) | ||||||||||
Bilateral OTC | (66,360 | ) | (46,358 | ) | (63,084 | ) | (48,984 | ) | ||||||||||
Cash collateral netting | (67,526 | ) | (46,996 | ) | (64,117 | ) | (49,345 | ) | ||||||||||
Total amounts offset | $(424,868 | ) | $(404,338 | ) | $(396,009 | ) | $(381,237 | ) | ||||||||||
Included in the consolidated balance sheets | ||||||||||||||||||
Exchange-traded | $ 7,003 | $ 9,101 | $ 5,323 | $ 6,550 | ||||||||||||||
OTC-cleared | 577 | 567 | 566 | 148 | ||||||||||||||
Bilateral OTC | 75,371 | 53,558 | 58,071 | 45,255 | ||||||||||||||
Total | $ 82,951 | $ 63,226 | $ 63,960 | $ 51,953 | ||||||||||||||
Not offset in the consolidated balance sheets | ||||||||||||||||||
Cash collateral | $ (1,066 | ) | $ (2,794 | ) | $ (1,008 | ) | $ (1,939 | ) | ||||||||||
Securities collateral | (18,611 | ) | (6,070 | ) | (15,751 | ) | (7,349 | ) | ||||||||||
Total | $ 63,274 | $ 54,362 | $ 47,201 | $ 42,665 |
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 |
Notional Amounts as of | ||||||||
$ in millions | March 2022 | December 2021 | | |||||
Not accounted for as hedges | ||||||||
Exchange-traded | $ 2,991,789 | $ 2,630,915 | ||||||
OTC-cleared | 20,037,374 | 17,874,504 | ||||||
Bilateral OTC | 11,095,918 | 11,122,871 | ||||||
Total interest rates | 34,125,081 | 31,628,290 | ||||||
Exchange-traded | 36 | 0 | ||||||
OTC-cleared | 627,193 | 463,477 | ||||||
Bilateral OTC | 683,506 | 616,095 | ||||||
Total credit | 1,310,735 | 1,079,572 | ||||||
Exchange-traded | 19,112 | 14,617 | ||||||
OTC-cleared | 261,303 | 194,124 | ||||||
Bilateral OTC | 6,042,787 | 6,606,927 | ||||||
Total currencies | 6,323,202 | 6,815,668 | ||||||
Exchange-traded | 428,670 | 308,917 | ||||||
OTC-cleared | 2,868 | 3,647 | ||||||
Bilateral OTC | 261,767 | 234,322 | ||||||
Total commodities | 693,305 | 546,886 | ||||||
Exchange-traded | 1,215,256 | 1,149,777 | ||||||
OTC-cleared | 737 | 198 | ||||||
Bilateral OTC | 1,157,873 | 1,173,103 | ||||||
Total equities | 2,373,866 | 2,323,078 | ||||||
Subtotal | 44,826,189 | 42,393,494 | ||||||
Accounted for as hedges | ||||||||
OTC-cleared | 227,886 | 219,083 | ||||||
Bilateral OTC | 3,775 | 4,499 | ||||||
Total interest rates | 231,661 | 223,582 | ||||||
OTC-cleared | 4,627 | 2,758 | ||||||
Bilateral OTC | 22,049 | 18,658 | ||||||
Total currencies | 26,676 | 21,416 | ||||||
Exchange-traded | 125 | 1,050 | ||||||
Total commodities | 125 | 1,050 | ||||||
Subtotal | 258,462 | 246,048 | ||||||
Total notional amounts | $45,084,651 | $42,639,542 |
21 | Goldman Sachs September 2022 Form 10-Q |
$ in millions | Level 1 | Level 2 | Level 3 | Total | $ in millions | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
As of March 2022 | ||||||||||||||||||||||||||||||
As of September 2022 | As of September 2022 | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||
Interest rates | $ 18 | $ 244,575 | $ 1,381 | $ 245,974 | Interest rates | $ | 62 | $ | 276,914 | $ | 2,309 | $ | 279,285 | |||||||||||||||||
Credit | 0 | 13,264 | 3,167 | 16,431 | Credit | — | 11,404 | 2,811 | 14,215 | |||||||||||||||||||||
Currencies | 0 | 104,035 | 176 | 104,211 | Currencies | — | 149,107 | 701 | 149,808 | |||||||||||||||||||||
Commodities | 0 | 69,604 | 1,665 | 71,269 | Commodities | — | 64,227 | 2,158 | 66,385 | |||||||||||||||||||||
Equities | 42 | 68,664 | 1,228 | 69,934 | Equities | 124 | 64,862 | 1,495 | 66,481 | |||||||||||||||||||||
Gross fair value | 60 | 500,142 | 7,617 | 507,819 | Gross fair value | 186 | 566,514 | 9,474 | 576,174 | |||||||||||||||||||||
Counterparty netting in levels | 0 | (355,001 | ) | (824 | ) | (355,825 | ) | Counterparty netting in levels | (417,307) | (1,039) | (418,346) | |||||||||||||||||||
Subtotal | $ 60 | $ 145,141 | $ 6,793 | $ 151,994 | Subtotal | $ | 186 | $ | 149,207 | $ | 8,435 | $ | 157,828 | |||||||||||||||||
Cross-level counterparty netting | (1,517 | ) | Cross-level counterparty netting | (4,029) | ||||||||||||||||||||||||||
Cash collateral netting | (67,526 | ) | Cash collateral netting | (73,678) | ||||||||||||||||||||||||||
Net fair value | $ 82,951 | Net fair value | $ | 80,121 | ||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||
Interest rates | $(45 | ) | $(213,961 | ) | $(1,058 | ) | $(215,064 | ) | Interest rates | $ | (14) | $ | (256,711) | $ | (836) | $ | (257,561) | |||||||||||||
Credit | 0 | (14,784 | ) | (1,333 | ) | (16,117 | ) | Credit | — | (11,588) | (1,145) | (12,733) | ||||||||||||||||||
Currencies | 0 | (100,973 | ) | (311 | ) | (101,284 | ) | Currencies | — | (147,804) | (576) | (148,380) | ||||||||||||||||||
Commodities | 0 | (58,835 | ) | (837 | ) | (59,672 | ) | Commodities | — | (53,923) | (641) | (54,564) | ||||||||||||||||||
Equities | (25 | ) | (72,239 | ) | (3,163 | ) | (75,427 | ) | Equities | (25) | (74,292) | (2,133) | (76,450) | |||||||||||||||||
Gross fair value | (70 | ) | (460,792 | ) | (6,702 | ) | (467,564 | ) | Gross fair value | (39) | (544,318) | (5,331) | (549,688) | |||||||||||||||||
Counterparty netting in levels | 0 | 355,001 | 824 | 355,825 | Counterparty netting in levels | 417,307 | 1,039 | 418,346 | ||||||||||||||||||||||
Subtotal | $(70 | ) | $(105,791 | ) | $(5,878 | ) | $(111,739 | ) | Subtotal | $ | (39) | $ | (127,011) | $ | (4,292) | $ | (131,342) | |||||||||||||
Cross-level counterparty netting | 1,517 | Cross-level counterparty netting | 4,029 | |||||||||||||||||||||||||||
Cash collateral netting | 46,996 | Cash collateral netting | 56,544 | |||||||||||||||||||||||||||
Net fair value | $ (63,226 | ) | Net fair value | $ | (70,769) | |||||||||||||||||||||||||
As of December 2021 | As of December 2021 | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||
Interest rates | $ | $ | $ | $ | Interest rates | $ | 2 | $ | 246,525 | $ | 1,065 | $ | 247,592 | |||||||||||||||||
Credit | 0 | 12,823 | 3,433 | 16,256 | Credit | — | 12,823 | 3,433 | 16,256 | |||||||||||||||||||||
Currencies | 0 | 86,773 | 237 | 87,010 | Currencies | — | 86,773 | 237 | 87,010 | |||||||||||||||||||||
Commodities | 0 | 34,501 | 1,044 | 35,545 | Commodities | — | 34,501 | 1,044 | 35,545 | |||||||||||||||||||||
Equities | 33 | 72,570 | 963 | 73,566 | Equities | 33 | 72,570 | 963 | 73,566 | |||||||||||||||||||||
Gross fair value | 35 | 453,192 | 6,742 | 459,969 | Gross fair value | 35 | 453,192 | 6,742 | 459,969 | |||||||||||||||||||||
Counterparty netting in levels | 0 | (329,164 | ) | (804 | ) | (329,968 | ) | Counterparty netting in levels | — | (329,164) | (804) | (329,968) | ||||||||||||||||||
Subtotal | $ | $ | $ | $ | Subtotal | $ | 35 | $ | 124,028 | $ | 5,938 | $ | 130,001 | |||||||||||||||||
Cross-level counterparty netting | (1,924 | ) | Cross-level counterparty netting | (1,924) | ||||||||||||||||||||||||||
Cash collateral netting | (64,117 | ) | Cash collateral netting | (64,117) | ||||||||||||||||||||||||||
Net fair value | $ | Net fair value | $ | 63,960 | ||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||
Interest rates | $ (2 | ) | $ | ) | $ | ) | $ | ) | Interest rates | $ | (2) | $ | (217,438) | $ | (882) | $ | (218,322) | |||||||||||||
Credit | 0 | (14,176 | ) | (1,579 | ) | (15,755 | ) | Credit | — | (14,176) | (1,579) | (15,755) | ||||||||||||||||||
Currencies | 0 | (85,925 | ) | (384 | ) | (86,309 | ) | Currencies | — | (85,925) | (384) | (86,309) | ||||||||||||||||||
Commodities | 0 | (31,925 | ) | (606 | ) | (32,531 | ) | Commodities | — | (31,925) | (606) | (32,531) | ||||||||||||||||||
Equities | (29 | ) | (77,393 | ) | (2,851 | ) | (80,273 | ) | Equities | (29) | (77,393) | (2,851) | (80,273) | |||||||||||||||||
Gross fair value | (31 | ) | (426,857 | ) | (6,302 | ) | (433,190 | ) | Gross fair value | (31) | (426,857) | (6,302) | (433,190) | |||||||||||||||||
Counterparty netting in levels | 0 | 329,164 | 804 | 329,968 | Counterparty netting in levels | — | 329,164 | 804 | 329,968 | |||||||||||||||||||||
Subtotal | $ | ) | $ | ) | $ | ) | $ | ) | Subtotal | $ | (31) | $ | (97,693) | $ | (5,498) | $ | (103,222) | |||||||||||||
Cross-level counterparty netting | 1,924 | Cross-level counterparty netting | 1,924 | |||||||||||||||||||||||||||
Cash collateral netting | 49,345 | Cash collateral netting | 49,345 | |||||||||||||||||||||||||||
Net fair value | Net fair value | $ | ) | Net fair value | $ | (51,953) |
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 March 2022 | As of December 2021 | |||||||||||||||||
$ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median | ||||||||||||||
Interest rates, net | $323 | $183 | ||||||||||||||||
Correlation | 25% to 81% | 63%/62% | 25% to 81% | 63%/62% | ||||||||||||||
Volatility (bps) | 31 to 100 | 59/54 | 31 to 100 | 59/54 | ||||||||||||||
Credit, net | $1,834 | $1,854 | ||||||||||||||||
Credit spreads (bps) | 3 to 973 | 165/107 | 1 to 568 | 136/107 | ||||||||||||||
Upfront credit points | (1) to 100 | 29/19 | 2 to 100 | 34/26 | ||||||||||||||
Recovery rates | 20% to 75% | 46%/40% | 20% to 50% | 37%/40% | ||||||||||||||
Currencies, net | $(135) | $(147) | ||||||||||||||||
Correlation | 20% to 71% | 40%/41% | 20% to 71% | 40%/41% | ||||||||||||||
Volatility | 20% to 20% | 20%/20% | 19% to 19% | 19%/19% | ||||||||||||||
Commodities, net | $828 | $438 | ||||||||||||||||
Volatility | 23% to 105% | 42%/37% | 15% to 93% | 32%/29% | ||||||||||||||
Natural gas spread | $(2.01) to $5.91 | $(0.18)/ $(0.12) | $(1.33) to $2.60 | $(0.11)/ $(0.07) | ||||||||||||||
Oil spread | N/A | N/A | $8.64 to $22.68 | $13.36/ $12.69 | ||||||||||||||
Electricity price | $3.20 to $378.49 | $50.34/ $42.40 | $1.50 to $289.96 | $37.42/ $32.20 | ||||||||||||||
Equities, net | $(1,935) | $(1,888) | ||||||||||||||||
Correlation | (70)% to 100% | 60%/61% | (70)% to 99% | 59%/62% | ||||||||||||||
Volatility | 3% to 264% | 18%/19% | 3% to 150% | 17%/17% |
Goldman Sachs September 2022 Form 10-Q | 22 |
23 | Goldman Sachs September 2022 Form 10-Q |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total level 3 derivatives, net | ||||||||
Beginning balance | $ | $1,175 | ||||||
Net realized gains/(losses) | 307 | (98 | ) | |||||
Net unrealized gains/(losses) | 1,248 | 40 | ||||||
Purchases | 73 | 192 | ||||||
Sales | (1,025 | ) | (908 | ) | ||||
Settlements | 41 | 207 | ||||||
Transfers into level 3 | (114 | ) | (69 | ) | ||||
Transfers out of level 3 | (55 | ) | 106 | |||||
Ending balance | $ | $ 645 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Interest rates, net | ||||||||
Beginning balance | $ | $ 267 | ||||||
Net realized gains/(losses) | 84 | 7 | ||||||
Net unrealized gains/(losses) | 242 | 111 | ||||||
Purchases | 12 | 4 | ||||||
Sales | (146 | ) | (23 | ) | ||||
Settlements | 61 | 2 | ||||||
Transfers into level 3 | 5 | (4 | ) | |||||
Transfers out of level 3 | (118 | ) | (45 | ) | ||||
Ending balance | $ | $ 319 | ||||||
Credit, net | ||||||||
Beginning balance | $ 1,854 | $ 1,778 | ||||||
Net realized gains/(losses) | 20 | (19 | ) | |||||
Net unrealized gains/(losses) | (13 | ) | 105 | |||||
Purchases | 6 | 42 | ||||||
Sales | (19 | ) | (13 | ) | ||||
Settlements | 9 | (43 | ) | |||||
Transfers into level 3 | 0 | (17 | ) | |||||
Transfers out of level 3 | (23 | ) | 42 | |||||
Ending balance | $ 1,834 | $ 1,875 | ||||||
Currencies, net | ||||||||
Beginning balance | $ | ) | $ (338 | ) | ||||
Net realized gains/(losses) | 2 | (1 | ) | |||||
Net unrealized gains/(losses) | 16 | (24 | ) | |||||
Purchases | 0 | 7 | ||||||
Sales | 0 | (12 | ) | |||||
Settlements | 20 | 63 | ||||||
Transfers into level 3 | 0 | 0 | ||||||
Transfers out of level 3 | (26 | ) | 16 | |||||
Ending balance | $ | ) | $ (289 | ) | ||||
Commodities, net | ||||||||
Beginning balance | $ | $ 300 | ||||||
Net realized gains/(losses) | (17 | ) | (55 | ) | ||||
Net unrealized gains/(losses) | 485 | 7 | ||||||
Purchases | 3 | 20 | ||||||
Sales | (27 | ) | (17 | ) | ||||
Settlements | (34 | ) | (27 | ) | ||||
Transfers into level 3 | 53 | 0 | ||||||
Transfers out of level 3 | (73 | ) | (16 | ) | ||||
Ending balance | $ | $ 212 | ||||||
Equities, net | ||||||||
Beginning balance | $(1,888 | ) | $ (832 | ) | ||||
Net realized gains/(losses) | 218 | (30 | ) | |||||
Net unrealized gains/(losses) | 518 | (159 | ) | |||||
Purchases | 52 | 119 | ||||||
Sales | (833 | ) | (843 | ) | ||||
Settlements | (15 | ) | 212 | |||||
Transfers into level 3 | (172 | ) | (48 | ) | ||||
Transfers out of level 3 | 185 | 109 | ||||||
Ending balance | $(1,935 | ) | $(1,472 | ) |
Goldman Sachs September 2022 Form 10-Q | 24 |
25 | Goldman Sachs |
$ 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 March 2022 | ||||||||||||||||
Assets | ||||||||||||||||
Interest rates | $10,282 | $12,218 | $57,472 | $ 79,972 | ||||||||||||
Credit | 1,451 | 2,816 | 2,884 | 7,151 | ||||||||||||
Currencies | 17,680 | 7,652 | 6,267 | 31,599 | ||||||||||||
Commodities | 22,116 | 10,040 | 1,503 | 33,659 | ||||||||||||
Equities | 8,987 | 7,670 | 2,312 | 18,969 | ||||||||||||
Counterparty netting in tenors | (4,100 | ) | (3,386 | ) | (2,625 | ) | (10,111 | ) | ||||||||
Subtotal | $56,416 | $37,010 | $67,813 | $161,239 | ||||||||||||
Cross-tenor counterparty netting | (17,765 | ) | ||||||||||||||
Cash collateral netting | (67,526 | ) | ||||||||||||||
Total OTC derivative assets | $ 75,948 | |||||||||||||||
Liabilities | ||||||||||||||||
Interest rates | $ 6,805 | $14,256 | $27,454 | $ 48,515 | ||||||||||||
Credit | 1,651 | 3,524 | 1,661 | 6,836 | ||||||||||||
Currencies | 17,068 | 6,269 | 5,538 | 28,875 | ||||||||||||
Commodities | 13,186 | 8,385 | 1,440 | 23,011 | ||||||||||||
Equities | 8,953 | 10,117 | 2,690 | 21,760 | ||||||||||||
Counterparty netting in tenors | (4,100 | ) | (3,386 | ) | (2,625 | ) | (10,111 | ) | ||||||||
Subtotal | $43,563 | $39,165 | $36,158 | $118,886 | ||||||||||||
Cross-tenor counterparty netting | (17,765 | ) | ||||||||||||||
Cash collateral netting | (46,996 | ) | ||||||||||||||
Total OTC derivative liabilities | $ 54,125 | |||||||||||||||
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 |
Goldman Sachs September 2022 Form 10-Q | 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 March 2022 | ||||||||||||||||||||
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor | ||||||||||||||||||||
Less than 1 year | $144,204 | $12,838 | $ 1,045 | $ 5,059 | $163,146 | |||||||||||||||
1 - 5 years | 312,901 | 21,790 | 11,734 | 9,146 | 355,571 | |||||||||||||||
Greater than 5 years | 88,908 | 9,892 | 5,910 | 1,195 | 105,905 | |||||||||||||||
Total | $546,013 | $44,520 | $18,689 | $15,400 | $624,622 | |||||||||||||||
Maximum Payout/Notional Amount of Purchased Credit Derivatives | ||||||||||||||||||||
Offsetting | $448,640 | $33,452 | $18,986 | $13,995 | $515,073 | |||||||||||||||
Other | $154,586 | $11,991 | $ 2,572 | $ 1,891 | $171,040 | |||||||||||||||
Fair Value of Written Credit Derivatives | ||||||||||||||||||||
Asset | $ 8,062 | $ | $ | $ | $ 8,814 | |||||||||||||||
Liability | 1,272 | 418 | 1,584 | 4,366 | 7,640 | |||||||||||||||
Net asset/(liability) | $ 6,790 | $ | ) | $ | ) | $ | ) | $ 1,174 | ||||||||||||
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 | $ | $ 11,182 | |||||||||||||||
Liability | 941 | 123 | 1,666 | 1,933 | 4,663 | |||||||||||||||
Net asset/(liability) | $ 8,862 | $ 801 | $ | ) | $ | ) | $ 6,519 |
27 | Goldman Sachs |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
CVA, net of hedges | $ | $ (108 | ) | |||||
FVA, net of hedges | (269 | ) | 12 | |||||
Total | $ | ) | $ (96 | ) |
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 | March 2022 | December 2021 | | |||||
Fair value of assets | $ | $ 845 | ||||||
Fair value of liabilities | (109 | ) | (124 | ) | ||||
Net asset/(liability) | $ | $ 721 | ||||||
Notional amount | $8,823 | $10,743 |
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 | March 2022 | December 2021 | | |||||
Net derivative liabilities under bilateral agreements | $33,697 | $34,315 | ||||||
Collateral posted | $26,850 | $29,214 | ||||||
Additional collateral or termination payments: | ||||||||
One-notch downgrade | $ | $ 345 | ||||||
Two-notch downgrade | $ 1,017 | $ 1,536 |
Goldman Sachs September 2022 Form 10-Q | 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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Interest rate hedges | $(8,742 | ) | $(5,405 | ) | ||||
Hedged borrowings and deposits | $ 8,695 | $ 5,185 | ||||||
Interest expense | $ 1,385 | $ 1,572 |
$ 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 March 2022 | ||||||||
Deposits | $ 9,985 | $ | ) | |||||
Unsecured short-term borrowings | $ 5,334 | $ | ||||||
Unsecured long-term borrowings | $146,061 | $(2,400 | ) | |||||
As of December 2021 | ||||||||
Deposits | $ 14,131 | $ | ||||||
Unsecured short-term borrowings | $ 2,167 | $ | ||||||
Unsecured long-term borrowings | $144,934 | $ |
29 | Goldman Sachs |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Hedges: | ||||||||
Foreign currency forward contract | $109 | $460 | ||||||
Foreign currency-denominated debt | $168 | $265 |
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 | March 2022 | December 2021 | | |||||
Equity securities, at fair value | $17,285 | $18,937 | ||||||
Debt instruments, at fair value | 15,258 | 15,558 | ||||||
Available-for-sale | 48,286 | 48,932 | ||||||
Investments, at fair value | 80,829 | 83,427 | ||||||
Held-to-maturity | 10,586 | 4,699 | ||||||
Equity method investments | 669 | 593 | ||||||
Total investments | $92,084 | $88,719 |
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 | March 2022 | December 2021 | | |||||
Equity securities, at fair value | $17,285 | $18,937 | ||||||
Equity Type | ||||||||
Public equity | 22% | 24% | ||||||
Private equity | 78% | 76% | ||||||
Total | 100% | 100% | ||||||
Asset Class | ||||||||
Corporate | 76% | 78% | ||||||
Real estate | 24% | 22% | ||||||
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 | March 2022 | December 2021 | | |||||
Corporate debt securities | $ 9,893 | $ 9,793 | ||||||
Securities backed by real estate | 2,038 | 2,280 | ||||||
Money market instruments | 1,238 | 1,396 | ||||||
Other | 2,089 | 2,089 | ||||||
Total | $15,258 | $15,558 |
$ in millions | Fair Value of Investments | Unfunded Commitments | ||||||
As of September 2022 | ||||||||
Private equity funds | $ | 955 | $ | 589 | ||||
Credit funds | 1,649 | 417 | ||||||
Hedge funds | 70 | — | ||||||
Real estate funds | 297 | 129 | ||||||
Total | $ | 2,971 | $ | 1,135 | ||||
As of December 2021 | ||||||||
Private equity funds | $ | 1,411 | $ | 619 | ||||
Credit funds | 1,686 | 556 | ||||||
Hedge funds | 84 | — | ||||||
Real estate funds | 288 | 147 | ||||||
Total | $ | 3,469 | $ | 1,322 |
$ in millions | Fair Value of Investments | | Unfunded Commitments | | ||||
As of March 2022 | ||||||||
Private equity funds | $1,196 | $ | ||||||
Credit funds | 1,676 | 468 | ||||||
Hedge funds | 83 | 0 | ||||||
Real estate funds | 282 | 145 | ||||||
Total | $3,237 | $1,196 | ||||||
As of December 2021 | ||||||||
Private equity funds | $1,411 | $ 619 | ||||||
Credit funds | 1,686 | 556 | ||||||
Hedge funds | 84 | 0 | ||||||
Real estate funds | 288 | 147 | ||||||
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 March 2022 | ||||||||||||
Less than 1 year | $ | $ | 0.13% | |||||||||
1 year to 5 years | 41,666 | 39,796 | 0.49% | |||||||||
5 years to 10 years | 5,339 | 4,938 | 0.92% | |||||||||
Greater than 10 years | 1 | 1 | 2.00% | |||||||||
Total U.S. government obligations | 47,911 | 45,632 | 0.53% | |||||||||
5 years to 10 years | 2,838 | 2,654 | 0.41% | |||||||||
Total non-U.S. government obligations | 2,838 | 2,654 | 0.41% | |||||||||
Total available-for-sale | $50,749 | $48,286 | 0.52% | |||||||||
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 | $49,593 | $48,932 | 0.52% |
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 |
Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Gross realized gains | $ 0 | $ 130 | ||||||
Proceeds from sales | $ 1 | $10,198 |
$ 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 March 2022 | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $45,632 | $ | $ | $45,632 | ||||||||||||
Non-U.S. | 2,654 | 76 | 0 | 2,730 | ||||||||||||
Corporate debt securities | 69 | 5,179 | 4,645 | 9,893 | ||||||||||||
Securities backed by real estate | 0 | 978 | 1,060 | 2,038 | ||||||||||||
Money market instruments | 41 | 1,197 | 0 | 1,238 | ||||||||||||
Other debt obligations | 0 | 28 | 322 | 350 | ||||||||||||
Equity securities | 2,401 | 5,169 | 8,141 | 15,711 | ||||||||||||
Subtotal | $50,797 | $12,627 | $14,168 | $77,592 | ||||||||||||
Investments in funds at NAV | 3,237 | |||||||||||||||
Total investments | $80,829 | |||||||||||||||
As of December 2021 | ||||||||||||||||
Government and agency obligations: | ||||||||||||||||
U.S. | $46,322 | $ | $ | $46,322 | ||||||||||||
Non-U.S. | 2,612 | 0 | 0 | 2,612 | ||||||||||||
Corporate debt securities | 65 | 5,201 | 4,527 | 9,793 | ||||||||||||
Securities backed by real estate | 0 | 1,202 | 1,078 | 2,280 | ||||||||||||
Money market instruments | 41 | 1,355 | 0 | 1,396 | ||||||||||||
Other debt obligations | 0 | 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 |
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 March 2022 | As of December 2021 | |||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | | |||||||||||||
Corporate debt securities | ||||||||||||||||||
Level 3 assets | $4,645 | $4,527 | ||||||||||||||||
Yield | 2.0% to 21.0% | 11.1% | 2.0% to 29.0% | 10.8% | ||||||||||||||
Recovery rate | 9.1% to 78.5% | 57.7% | 9.1% to 76.0% | 59.1% | ||||||||||||||
Duration (years) | 1.6 to 5.4 | 3.7 | 1.4 to 6.4 | 3.8 | ||||||||||||||
Multiples | 0.9x to 25.1x | 7.6x | 0.5x to 28.2x | 6.9x | ||||||||||||||
Securities backed by real estate | ||||||||||||||||||
Level 3 assets | $1,060 | $1,078 | ||||||||||||||||
Yield | 8.3% to 32.1% | 17.7% | 8.3% to 20.3% | 13.1% | ||||||||||||||
Recovery rate | 52.0% to 58.6% | 57.9% | 55.1% to 61.0% | 56.4% | ||||||||||||||
Duration (years) | 0.9 to 5.6 | 4.7 | 0.1 to 2.6 | 1.2 | ||||||||||||||
Other debt obligations | ||||||||||||||||||
Level 3 assets | $322 | $382 | ||||||||||||||||
Yield | 3.3% to 21.2% | 4.4% | 2.3% to 10.6% | 3.2% | ||||||||||||||
Duration (years) | 0.9 to 5.8 | 3.1 | 0.9 to 9.3 | 4.8 | ||||||||||||||
Equity securities | ||||||||||||||||||
Level 3 assets | $8,141 | $7,915 | ||||||||||||||||
Multiples | 0.3x to 25.1x | 9.5x | 0.4x to 30.5x | 10.1x | ||||||||||||||
Discount rate/yield | 2.2% to 39.2% | 14.8% | 2.0% to 35.0% | 14.1% | ||||||||||||||
Capitalization rate | 3.5% to 11.5% | 5.5% | 3.5% to 14.0% | 5.7% |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Beginning balance | $13,902 | $16,423 | ||||||
Net realized gains/(losses) | 66 | 205 | ||||||
Net unrealized gains/(losses) | (1,116 | ) | 1,191 | |||||
Purchases | 277 | 397 | ||||||
Sales | (87 | ) | (92 | ) | ||||
Settlements | (594 | ) | (812 | ) | ||||
Transfers into level 3 | 2,087 | 901 | ||||||
Transfers out of level 3 | (367 | ) | (1,164 | ) | ||||
Ending balance | $14,168 | $17,049 |
33 | Goldman Sachs September 2022 Form 10-Q |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate debt securities | ||||||||
Beginning balance | $4,527 | $ 5,286 | ||||||
Net realized gains/(losses) | 32 | 151 | ||||||
Net unrealized gains/(losses) | 28 | 266 | ||||||
Purchases | 100 | 159 | ||||||
Sales | (1 | ) | (73 | ) | ||||
Settlements | (419 | ) | (435 | ) | ||||
Transfers into level 3 | 422 | 519 | ||||||
Transfers out of level 3 | (44 | ) | (559 | ) | ||||
Ending balance | $4,645 | $ 5,314 | ||||||
Securities backed by real estate | ||||||||
Beginning balance | $1,078 | $ 998 | ||||||
Net realized gains/(losses) | 9 | 17 | ||||||
Net unrealized gains/(losses) | (152 | ) | (4 | ) | ||||
Purchases | 30 | 48 | ||||||
Sales | (9 | ) | 0 | |||||
Settlements | (41 | ) | (107 | ) | ||||
Transfers into level 3 | 145 | 87 | ||||||
Ending balance | $1,060 | $ 1,039 | ||||||
Other debt obligations | ||||||||
Beginning balance | $ | $ 497 | ||||||
Net realized gains/(losses) | 3 | 3 | ||||||
Net unrealized gains/(losses) | (3 | ) | (1 | ) | ||||
Purchases | 21 | 30 | ||||||
Sales | (9 | ) | (3 | ) | ||||
Settlements | (72 | ) | (3 | ) | ||||
Ending balance | $ | $ 523 | ||||||
Equity securities | ||||||||
Beginning balance | $7,915 | $ 9,642 | ||||||
Net realized gains/(losses) | 22 | 34 | ||||||
Net unrealized gains/(losses) | (989 | ) | 930 | |||||
Purchases | 126 | 160 | ||||||
Sales | (68 | ) | (16 | ) | ||||
Settlements | (62 | ) | (267 | ) | ||||
Transfers into level 3 | 1,520 | 295 | ||||||
Transfers out of level 3 | (323 | ) | (605 | ) | ||||
Ending balance | $8,141 | $10,173 |
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 March 2022 | ||||||||||||
1 year to 5 years | $10,378 | $10,359 | 2.32% | |||||||||
Total U.S. government obligations | 10,378 | 10,359 | 2.32% | |||||||||
5 years to 10 years | 3 | 3 | 3.14% | |||||||||
Greater than 10 years | 205 | 206 | 0.81% | |||||||||
Total securities backed by real estate | 208 | 209 | 0.85% | |||||||||
Total held-to-maturity | $10,586 | $10,568 | 2.29% | |||||||||
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 | $ 4,699 | $ 4,873 | 2.13% |
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 March 2022 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 54,480 | $ 2,430 | $1,291 | $ 58,201 | ||||||||||||
Wealth management | 39,713 | 5,347 | 0 | 45,060 | ||||||||||||
Commercial real estate | 22,004 | 1,636 | 4,990 | 28,630 | ||||||||||||
Residential real estate | 14,590 | 430 | 1 | 15,021 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | 4,053 | 0 | 0 | 4,053 | ||||||||||||
Credit cards | 10,585 | 0 | 0 | 10,585 | ||||||||||||
Other | 6,833 | 384 | 834 | 8,051 | ||||||||||||
Total loans, gross | 152,258 | 10,227 | 7,116 | 169,601 | ||||||||||||
Allowance for loan losses | (4,086 | ) | 0 | 0 | (4,086 | ) | ||||||||||
Total loans | $148,172 | $10,227 | $7,116 | $165,515 | ||||||||||||
As of December 2021 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 50,960 | $ 2,492 | $2,475 | $ 55,927 | ||||||||||||
Wealth management | 38,062 | 5,936 | 0 | 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 | 0 | 0 | 3,672 | ||||||||||||
Credit cards | 8,212 | 0 | 0 | 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 | ) | 0 | 0 | (3,573 | ) | ||||||||||
Total loans | $139,934 | $10,769 | $7,859 | $158,562 |
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 March 2022 | ||||||||||||||||
Accounting Method | ||||||||||||||||
Amortized cost | $53,100 | $78,662 | $20,496 | $152,258 | ||||||||||||
Fair value | 2,217 | 4,633 | 3,377 | 10,227 | ||||||||||||
Held for sale | 2,427 | 4,559 | 130 | 7,116 | ||||||||||||
Total | $57,744 | $87,854 | $24,003 | $169,601 | ||||||||||||
Loan Type | ||||||||||||||||
Corporate | $16,101 | $42,051 | $ | $ 58,201 | ||||||||||||
Wealth management | 32,008 | 6,076 | 6,976 | 45,060 | ||||||||||||
Real estate: | ||||||||||||||||
Commercial | 4,550 | 23,786 | 294 | 28,630 | ||||||||||||
Residential | 1,739 | 12,329 | 953 | 15,021 | ||||||||||||
Consumer: | ||||||||||||||||
Installment | 0 | 0 | 4,053 | 4,053 | ||||||||||||
Credit cards | 0 | 0 | 10,585 | 10,585 | ||||||||||||
Other | 3,346 | 3,612 | 1,093 | 8,051 | ||||||||||||
Total | $57,744 | $87,854 | $24,003 | $169,601 | ||||||||||||
Secured | 86% | 93% | 35% | 82% | ||||||||||||
Unsecured | 14% | 7% | 65% | 18% | ||||||||||||
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 | 0 | 0 | 3,672 | 3,672 | ||||||||||||
Credit cards | 0 | 0 | 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% |
37 | Goldman Sachs |
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 March 2022 | ||||||||||||||||
$ in millions | Investment- Grade | Non-Investment- Grade | Unrated | Total | ||||||||||||
2022 | $ | $ 1,684 | $ | $ 2,181 | ||||||||||||
2021 | 4,563 | 10,361 | 0 | 14,924 | ||||||||||||
2020 | 1,863 | 4,351 | 0 | 6,214 | ||||||||||||
2019 | 457 | 3,836 | 0 | 4,293 | ||||||||||||
2018 | 1,844 | 2,451 | 0 | 4,295 | ||||||||||||
2017 or earlier | 979 | 3,570 | 0 | 4,549 | ||||||||||||
Revolving | 4,912 | 13,100 | 12 | 18,024 | ||||||||||||
Corporate | 15,115 | 39,353 | 12 | 54,480 | ||||||||||||
2022 | 501 | 251 | 298 | 1,050 | ||||||||||||
2021 | 1,495 | 1,128 | 1,238 | 3,861 | ||||||||||||
2020 | 570 | 289 | 0 | 859 | ||||||||||||
2019 | 536 | 241 | 0 | 777 | ||||||||||||
2018 | 348 | 38 | 0 | 386 | ||||||||||||
2017 or earlier | 578 | 664 | 0 | 1,242 | ||||||||||||
Revolving | 26,717 | 2,200 | 2,621 | 31,538 | ||||||||||||
Wealth management | 30,745 | 4,811 | 4,157 | 39,713 | ||||||||||||
2022 | 0 | 1,435 | 49 | 1,484 | ||||||||||||
2021 | 442 | 4,123 | 0 | 4,565 | ||||||||||||
2020 | 95 | 1,841 | 0 | 1,936 | ||||||||||||
2019 | 51 | 1,200 | 0 | 1,251 | ||||||||||||
2018 | 206 | 784 | 0 | 990 | ||||||||||||
2017 or earlier | 756 | 1,089 | 6 | 1,851 | ||||||||||||
Revolving | 804 | 9,082 | 41 | 9,927 | ||||||||||||
Commercial real estate | 2,354 | 19,554 | 96 | 22,004 | ||||||||||||
2022 | 547 | 58 | 56 | 661 | ||||||||||||
2021 | 91 | 1,415 | 243 | 1,749 | ||||||||||||
2020 | 224 | 508 | 98 | 830 | ||||||||||||
2019 | 0 | 0 | 134 | 134 | ||||||||||||
2018 | 0 | 73 | 156 | 229 | ||||||||||||
2017 or earlier | 7 | 63 | 113 | 183 | ||||||||||||
Revolving | 821 | 9,963 | 20 | 10,804 | ||||||||||||
Residential real estate | 1,690 | 12,080 | 820 | 14,590 | ||||||||||||
2022 | 0 | 49 | 29 | 78 | ||||||||||||
2021 | 0 | 726 | 205 | 931 | ||||||||||||
2020 | 0 | 52 | 355 | 407 | ||||||||||||
2019 | 0 | 22 | 17 | 39 | ||||||||||||
2018 | 0 | 21 | 7 | 28 | ||||||||||||
2017 or earlier | 0 | 5 | 7 | 12 | ||||||||||||
Revolving | 3,196 | 1,989 | 153 | 5,338 | ||||||||||||
Other | 3,196 | 2,864 | 773 | 6,833 | ||||||||||||
Total | $53,100 | $78,662 | $5,858 | $137,620 | ||||||||||||
Percentage of total | 39% | 57% | 4% | 100% |
As of December 2021 | ||||||||||||||||||||||||||||||
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 | $ 4,687 | $10,424 | $ | $ 15,163 | 2021 | $ | 4,687 | $ | 10,424 | $ | 52 | $ | 15,163 | |||||||||||||||||
2020 | 1,911 | 4,561 | 7 | 6,479 | 2020 | 1,911 | 4,561 | 7 | 6,479 | |||||||||||||||||||||
2019 | 451 | 3,949 | 0 | 4,400 | 2019 | 451 | 3,949 | — | 4,400 | |||||||||||||||||||||
2018 | 1,842 | 2,901 | 0 | 4,743 | 2018 | 1,842 | 2,901 | — | 4,743 | |||||||||||||||||||||
2017 | 733 | 1,857 | 0 | 2,590 | 2017 | 733 | 1,857 | — | 2,590 | |||||||||||||||||||||
2016 or earlier | 274 | 1,693 | 0 | 1,967 | 2016 or earlier | 274 | 1,693 | — | 1,967 | |||||||||||||||||||||
Revolving | 3,800 | 11,744 | 74 | 15,618 | Revolving | 3,800 | 11,744 | 74 | 15,618 | |||||||||||||||||||||
Corporate | 13,698 | 37,129 | 133 | 50,960 | Corporate | 13,698 | 37,129 | 133 | 50,960 | |||||||||||||||||||||
2021 | 1,405 | 1,186 | 1,265 | 3,856 | 2021 | 1,405 | 1,186 | 1,265 | 3,856 | |||||||||||||||||||||
2020 | 558 | 287 | 0 | 845 | 2020 | 558 | 287 | — | 845 | |||||||||||||||||||||
2019 | 537 | 352 | 0 | 889 | 2019 | 537 | 352 | — | 889 | |||||||||||||||||||||
2018 | 334 | 38 | 0 | 372 | 2018 | 334 | 38 | — | 372 | |||||||||||||||||||||
2017 | 380 | 31 | 0 | 411 | 2017 | 380 | 31 | — | 411 | |||||||||||||||||||||
2016 or earlier | 565 | 243 | 0 | 808 | 2016 or earlier | 565 | 243 | — | 808 | |||||||||||||||||||||
Revolving | 26,349 | 2,127 | 2,405 | 30,881 | Revolving | 26,349 | 2,127 | 2,405 | 30,881 | |||||||||||||||||||||
Wealth management | 30,128 | 4,264 | 3,670 | 38,062 | Wealth management | 30,128 | 4,264 | 3,670 | 38,062 | |||||||||||||||||||||
2021 | 334 | 4,084 | 94 | 4,512 | 2021 | 334 | 4,084 | 94 | 4,512 | |||||||||||||||||||||
2020 | 127 | 1,890 | 0 | 2,017 | 2020 | 127 | 1,890 | — | 2,017 | |||||||||||||||||||||
2019 | 52 | 1,336 | 0 | 1,388 | 2019 | 52 | 1,336 | — | 1,388 | |||||||||||||||||||||
2018 | 207 | 829 | 0 | 1,036 | 2018 | 207 | 829 | — | 1,036 | |||||||||||||||||||||
2017 | 398 | 624 | 0 | 1,022 | 2017 | 398 | 624 | — | 1,022 | |||||||||||||||||||||
2016 or earlier | 405 | 583 | 7 | 995 | 2016 or earlier | 405 | 583 | 7 | 995 | |||||||||||||||||||||
Revolving | 1,768 | 8,412 | 0 | 10,180 | Revolving | 1,768 | 8,412 | — | 10,180 | |||||||||||||||||||||
Commercial real estate | 3,291 | 17,758 | 101 | 21,150 | Commercial real estate | 3,291 | 17,758 | 101 | 21,150 | |||||||||||||||||||||
2021 | 113 | 1,944 | 253 | 2,310 | 2021 | 113 | 1,944 | 253 | 2,310 | |||||||||||||||||||||
2020 | 260 | 557 | 103 | 920 | 2020 | 260 | 557 | 103 | 920 | |||||||||||||||||||||
2019 | 0 | 0 | 173 | 173 | 2019 | — | — | 173 | 173 | |||||||||||||||||||||
2018 | 0 | 84 | 165 | 249 | 2018 | — | 84 | 165 | 249 | |||||||||||||||||||||
2017 | 8 | 65 | 119 | 192 | 2017 | 8 | 65 | 119 | 192 | |||||||||||||||||||||
2016 or earlier | 0 | 1 | 56 | 57 | 2016 or earlier | — | 1 | 56 | 57 | |||||||||||||||||||||
Revolving | 673 | 10,919 | 0 | 11,592 | Revolving | 673 | 10,919 | — | 11,592 | |||||||||||||||||||||
Residential real estate | 1,054 | 13,570 | 869 | 15,493 | Residential real estate | 1,054 | 13,570 | 869 | 15,493 | |||||||||||||||||||||
2021 | 0 | 694 | 261 | 955 | 2021 | — | 694 | 261 | 955 | |||||||||||||||||||||
2020 | 0 | 59 | 378 | 437 | 2020 | — | 59 | 378 | 437 | |||||||||||||||||||||
2019 | 0 | 25 | 19 | 44 | 2019 | — | 25 | 19 | 44 | |||||||||||||||||||||
2018 | 0 | 30 | 0 | 30 | 2018 | — | 30 | — | 30 | |||||||||||||||||||||
2017 | 0 | 5 | 8 | 13 | 2017 | — | 5 | 8 | 13 | |||||||||||||||||||||
Revolving | 2,752 | 1,645 | 82 | 4,479 | Revolving | 2,752 | 1,645 | 82 | 4,479 | |||||||||||||||||||||
Other | 2,752 | 2,458 | 748 | 5,958 | Other | 2,752 | 2,458 | 748 | 5,958 | |||||||||||||||||||||
Total | $50,923 | $75,179 | $5,521 | $131,623 | Total | $ | 50,923 | $ | 75,179 | $ | 5,521 | $ | 131,623 | |||||||||||||||||
Percentage of total | 39% | 57% | 4% | 100% | Percentage of total | 39 | % | 57 | % | 4 | % | 100 | % |
Goldman Sachs September 2022 Form 10-Q | 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 March 2022 | ||||||||||||
2022 | $ | $ | $ | |||||||||
2021 | 1,763 | 69 | 1,832 | |||||||||
2020 | 528 | 37 | 565 | |||||||||
2019 | 381 | 48 | 429 | |||||||||
2018 | 187 | 31 | 218 | |||||||||
2017 or earlier | 21 | 5 | 26 | |||||||||
Installment | 3,855 | 198 | 4,053 | |||||||||
Credit cards | 7,810 | 2,775 | 10,585 | |||||||||
Total | $11,665 | $2,973 | $14,638 | |||||||||
Percentage of total: | ||||||||||||
Installment | 95% | 5% | 100% | |||||||||
Credit cards | 74% | 26% | 100% | |||||||||
Total | 80% | 20% | 100% | |||||||||
As of December 2021 | ||||||||||||
2021 | $ 2,017 | $ | $ 2,059 | |||||||||
2020 | 665 | 40 | 705 | |||||||||
2019 | 508 | 61 | 569 | |||||||||
2018 | 257 | 42 | 299 | |||||||||
2017 | 32 | 7 | 39 | |||||||||
2016 | 1 | 0 | 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 | 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 March 2022 | ||||||||||||||||||||
Corporate | $ 58,201 | 56% | 35% | 9% | 100% | |||||||||||||||
Wealth management | 45,060 | 88% | 10% | 2% | 100% | |||||||||||||||
Commercial real estate | 28,630 | 80% | 15% | 5% | 100% | |||||||||||||||
Residential real estate | 15,021 | 91% | 7% | 2% | 100% | |||||||||||||||
Consumer: | ||||||||||||||||||||
Installment | 4,053 | 100% | 0 | 0 | 100% | |||||||||||||||
Credit cards | 10,585 | 100% | 0 | 0 | 100% | |||||||||||||||
Other | 8,051 | 85% | 15% | 0 | 100% | |||||||||||||||
Total | $169,601 | 77% | 18% | 5% | 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% | 0 | 0 | 100% | |||||||||||||||
Credit cards | 8,212 | 100% | 0 | 0 | 100% | |||||||||||||||
Other | 8,530 | 84% | 15% | 1% | 100% | |||||||||||||||
Total | $162,135 | 76% | 19% | 5% | 100% |
39 | Goldman Sachs |
$ 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 March 2022 | ||||||||||||
Corporate | $ 84 | $140 | $ | |||||||||
Wealth management | 70 | 65 | 135 | |||||||||
Commercial real estate | 18 | 329 | 347 | |||||||||
Residential real estate | 3 | 3 | 6 | |||||||||
Consumer: | ||||||||||||
Installment | 19 | 7 | 26 | |||||||||
Credit cards | 138 | 106 | 244 | |||||||||
Other | 24 | 5 | 29 | |||||||||
Total | $356 | $655 | $1,011 | |||||||||
Total divided by gross loans at amortized cost | 0.7% | |||||||||||
As of December 2021 | ||||||||||||
Corporate | $ 5 | $ 90 | $ | |||||||||
Wealth management | 0 | 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 | $ | |||||||||
Total divided by gross loans at amortized cost | 0.3% |
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 | March 2022 | December 2021 | | |||||
Corporate | $1,861 | $1,559 | ||||||
Wealth management | 127 | 21 | ||||||
Commercial real estate | 862 | 841 | ||||||
Residential real estate | 5 | 5 | ||||||
Installment | 39 | 43 | ||||||
Other | 1 | 0 | ||||||
Total | $2,895 | $2,469 | ||||||
Total divided by gross loans at amortized cost | 1.9% | 1.7% |
Goldman Sachs September 2022 Form 10-Q | 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 | ||||||||||||||||||
March 2022 | December 2021 | |||||||||||||||||
$ in millions | Loans | Lending Commitments | Loans | Lending Commitments | | |||||||||||||
Wholesale | ||||||||||||||||||
Corporate | $ 54,480 | $143,139 | $ 50,960 | $143,296 | ||||||||||||||
Wealth management | 39,713 | 4,809 | 38,062 | 4,091 | ||||||||||||||
Commercial real estate | 22,004 | 3,540 | 21,150 | 4,306 | ||||||||||||||
Residential real estate | 14,590 | 2,800 | 15,493 | 3,317 | ||||||||||||||
Other | 6,833 | 5,930 | 5,958 | 6,169 | ||||||||||||||
Consumer | ||||||||||||||||||
Installment | 4,053 | 16 | 3,672 | 9 | ||||||||||||||
Credit cards | 10,585 | 53,481 | 8,212 | 35,932 | ||||||||||||||
Total | $152,258 | $213,715 | $143,507 | $197,120 |
41 | Goldman Sachs |
$ 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 March 2022 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $2,135 | $1,438 | $3,573 | |||||||||
Net charge-offs | (86 | ) | (68 | ) | (154 | ) | ||||||
Provision | 257 | 416 | 673 | |||||||||
Other | (6 | ) | 0 | (6 | ) | |||||||
Ending balance | $2,300 | $1,786 | $4,086 | |||||||||
Allowance ratio | 1.7% | 12.2% | 2.7% | |||||||||
Net charge-off ratio | 0.3% | 2.1% | 0.4% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ | $ | $ 776 | |||||||||
Provision | 73 | (185 | ) | (112 | ) | |||||||
Ending balance | $ | $ | $ 664 | |||||||||
Three Months Ended March 2021 | ||||||||||||
Allowance for loan losses | ||||||||||||
Beginning balance | $2,584 | $1,290 | $3,874 | |||||||||
Net charge-offs | (17 | ) | (61 | ) | (78 | ) | ||||||
Provision | (130 | ) | (122 | ) | (252 | ) | ||||||
Other | (29 | ) | 0 | (29 | ) | |||||||
Ending balance | $2,408 | $1,107 | $3,515 | |||||||||
Allowance ratio | 2.4% | 14.1% | 3.3% | |||||||||
Net charge-off ratio | 0.1% | 3.1% | 0.3% | |||||||||
Allowance for losses on lending commitments | ||||||||||||
Beginning balance | $ | $ | $ | |||||||||
Provision | 2 | 180 | 182 | |||||||||
Other | (18 | ) | 0 | (18 | ) | |||||||
Ending balance | $ | $ | $ |
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 | % |
As of March 2022 | ||||
U.S. unemployment rate | ||||
Forecast for the quarter ended: | ||||
June 2022 | 3.6% | |||
December 2022 | 3.5% | |||
June 2023 | 3.4% | |||
Growth in U.S. GDP | ||||
Forecast for the year: | ||||
2022 | 3.3% | |||
2023 | 2.0% | |||
2024 | 1.8% |
43 | Goldman Sachs September 2022 Form 10-Q |
$ 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 March 2022 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 0 | $1,476 | $ | $ 2,430 | ||||||||||||
Wealth management | 0 | 5,285 | 62 | 5,347 | ||||||||||||
Commercial real estate | 0 | 654 | 982 | 1,636 | ||||||||||||
Residential real estate | 0 | 276 | 154 | 430 | ||||||||||||
Other | 0 | 45 | 339 | 384 | ||||||||||||
Total | $ 0 | $7,736 | $2,491 | $10,227 | ||||||||||||
As of December 2021 | ||||||||||||||||
Loan Type | ||||||||||||||||
Corporate | $ 0 | $1,655 | $ | $ 2,492 | ||||||||||||
Wealth management | 0 | 5,873 | 63 | 5,936 | ||||||||||||
Commercial real estate | 0 | 605 | 983 | 1,588 | ||||||||||||
Residential real estate | 0 | 115 | 205 | 320 | ||||||||||||
Other | 0 | 167 | 266 | 433 | ||||||||||||
Total | $ 0 | $8,415 | $2,354 | $10,769 |
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 March 2022 | As of December 2021 | |||||||||||||||||
$ in millions | Amount or Range | Weighted Average | Amount or Range | Weighted Average | | |||||||||||||
Corporate | ||||||||||||||||||
Level 3 assets | $954 | $837 | ||||||||||||||||
Yield | 1.5% to 35.0% | 9.9% | 1.5% to 55.6% | 14.9% | ||||||||||||||
Recovery rate | 7.3% to 95.0% | 38.8% | 15.0% to 92.0% | 40.8% | ||||||||||||||
Duration (years) | 0.7 to 9.5 | 3.4 | 0.9 to 6.8 | 2.7 | ||||||||||||||
Commercial real estate | ||||||||||||||||||
Level 3 assets | $982 | $983 | ||||||||||||||||
Yield | 3.1% to 18.7% | 12.4% | 3.2% to 18.7% | 12.6% | ||||||||||||||
Recovery rate | 6.3% to 99.5% | 46.9% | 4.1% to 99.5% | 41.4% | ||||||||||||||
Duration (years) | 0.6 to 3.9 | 2.1 | 0.4 to 4.0 | 1.7 | ||||||||||||||
Residential real estate | ||||||||||||||||||
Level 3 assets | $154 | $205 | ||||||||||||||||
Yield | 8.0% to 20.0% | 15.6% | 2.1% to 20.0% | 16.1% | ||||||||||||||
Duration (years) | 0.6 to 2.7 | 1.2 | 0.1 to 2.4 | 1.0 | ||||||||||||||
Wealth management and other | ||||||||||||||||||
Level 3 assets | $401 | $329 | ||||||||||||||||
Yield | 4.4% to 18.7% | 8.1% | 3.6% to 18.7% | 7.1% | ||||||||||||||
Duration (years) | 2.9 to 5.3 | 3.6 | 2.9 to 5.5 | 3.6 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Beginning balance | $2,354 | $2,678 | ||||||
Net realized gains/(losses) | 57 | 26 | ||||||
Net unrealized gains/(losses) | (82 | ) | (11 | ) | ||||
Purchases | 129 | 31 | ||||||
Settlements | (203 | ) | (164 | ) | ||||
Transfers into level 3 | 279 | 84 | ||||||
Transfers out of level 3 | (43 | ) | (113 | ) | ||||
Ending balance | $2,491 | $2,531 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | ||||||||
Beginning balance | $837 | $ | ||||||
Net realized gains/(losses) | 11 | 6 | ||||||
Net unrealized gains/(losses) | (30 | ) | 6 | |||||
Purchases | 42 | 22 | ||||||
Settlements | (54 | ) | (33 | ) | ||||
Transfers into level 3 | 184 | 84 | ||||||
Transfers out of level 3 | (36 | ) | (38 | ) | ||||
Ending balance | $954 | $ | ||||||
Commercial real estate | ||||||||
Beginning balance | $983 | $1,104 | ||||||
Net realized gains/(losses) | 35 | 7 | ||||||
Net unrealized gains/(losses) | (37 | ) | (14 | ) | ||||
Purchases | 53 | 8 | ||||||
Settlements | (55 | ) | (73 | ) | ||||
Transfers into level 3 | 9 | 0 | ||||||
Transfers out of level 3 | (6 | ) | (4 | ) | ||||
Ending balance | $982 | $1,028 | ||||||
Residential real estate | ||||||||
Beginning balance | $205 | $ | ||||||
Net realized gains/(losses) | 1 | 3 | ||||||
Net unrealized gains/(losses) | (5 | ) | (1 | ) | ||||
Settlements | (66 | ) | (15 | ) | ||||
Transfers into level 3 | 19 | 0 | ||||||
Transfers out of level 3 | 0 | (71 | ) | |||||
Ending balance | $154 | $ | ||||||
Wealth management and other | ||||||||
Beginning balance | $329 | $ | ||||||
Net realized gains/(losses) | 10 | 10 | ||||||
Net unrealized gains/(losses) | (10 | ) | (2 | ) | ||||
Purchases | 34 | 1 | ||||||
Settlements | (28 | ) | (43 | ) | ||||
Transfers into level 3 | 67 | 0 | ||||||
Transfers out of level 3 | (1 | ) | 0 | |||||
Ending balance | $401 | $ |
45 | Goldman Sachs September 2022 Form 10-Q |
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||
$ in millions | Level 2 | Level 3 | Total | $ in millions | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||
As of March 2022 | |||||||||||||||||||||||||||||||||||
As of September 2022 | As of September 2022 | ||||||||||||||||||||||||||||||||||
Amortized cost | $148,172 | $85,089 | $64,851 | $149,940 | Amortized cost | $ | 161,619 | $ | 85,846 | $ | 77,386 | $ | 163,232 | ||||||||||||||||||||||
Held for sale | $ 7,116 | $ 6,180 | $ | $ 7,120 | Held for sale | $ | 6,800 | $ | 3,589 | $ | 3,221 | $ | 6,810 | ||||||||||||||||||||||
As of December 2021 | As of December 2021 | ||||||||||||||||||||||||||||||||||
Amortized cost | $139,934 | $87,676 | $54,127 | $141,803 | Amortized cost | $ | 139,934 | $ | 87,676 | $ | 54,127 | $ | 141,803 | ||||||||||||||||||||||
Held for sale | $ 7,859 | $ 5,970 | $ 1,917 | $ 7,887 | Held for sale | $ | 7,859 | $ | 5,970 | $ | 1,917 | $ | 7,887 |
Goldman Sachs |
$ 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 March 2022 | ||||||||||||||||
Assets | ||||||||||||||||
Resale agreements | $ 0 | $ 262,060 | $ | $ 262,060 | ||||||||||||
Securities borrowed | 0 | 37,724 | 0 | 37,724 | ||||||||||||
Customer and other receivables | 0 | 31 | 0 | 31 | ||||||||||||
Total | $ 0 | $ 299,815 | $ | $ 299,815 | ||||||||||||
Liabilities | ||||||||||||||||
Deposits | $ 0 | $ (30,309 | ) | $ (3,244 | ) | $ (33,553 | ) | |||||||||
Repurchase agreements | 0 | (164,569 | ) | 0 | (164,569 | ) | ||||||||||
Securities loaned | 0 | (9,055 | ) | 0 | (9,055 | ) | ||||||||||
Other secured financings | 0 | (14,477 | ) | (2,589 | ) | (17,066 | ) | |||||||||
Unsecured borrowings: | ||||||||||||||||
Short-term | 0 | (26,969 | ) | (7,028 | ) | (33,997 | ) | |||||||||
Long-term | 0 | (47,678 | ) | (10,670 | ) | (58,348 | ) | |||||||||
Other liabilities | 0 | (30 | ) | (97 | ) | (127 | ) | |||||||||
Total | $ 0 | $(293,087 | ) | $(23,628 | ) | $(316,715 | ) | |||||||||
As of December 2021 | ||||||||||||||||
Assets | ||||||||||||||||
Resale agreements | $ 0 | $ | $ | $ | ||||||||||||
Securities borrowed | 0 | 39,955 | 0 | 39,955 | ||||||||||||
Customer and other receivables | 0 | 42 | 0 | 42 | ||||||||||||
Total | $ 0 | $ | $ | $ | ||||||||||||
Liabilities | ||||||||||||||||
Deposits | $ 0 | $ | ) | $ | ) | $ | ) | |||||||||
Repurchase agreements | 0 | (165,883 | ) | 0 | (165,883 | ) | ||||||||||
Securities loaned | 0 | (9,170 | ) | 0 | (9,170 | ) | ||||||||||
Other secured financings | 0 | (14,508 | ) | (2,566 | ) | (17,074 | ) | |||||||||
Unsecured borrowings: | ||||||||||||||||
Short-term | 0 | (22,003 | ) | (7,829 | ) | (29,832 | ) | |||||||||
Long-term | 0 | (42,977 | ) | (9,413 | ) | (52,390 | ) | |||||||||
Other liabilities | 0 | (213 | ) | (146 | ) | (359 | ) | |||||||||
Total | $ 0 | $ | ) | $ | ) | $ | ) |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Beginning balance | $(23,567 | ) | $(28,058 | ) | ||||
Net realized gains/(losses) | (166 | ) | (146 | ) | ||||
Net unrealized gains/(losses) | 2,075 | 375 | ||||||
Issuances | (5,175 | ) | (8,645 | ) | ||||
Settlements | 3,801 | 7,070 | ||||||
Transfers into level 3 | (1,907 | ) | (641 | ) | ||||
Transfers out of level 3 | 1,311 | 2,254 | ||||||
Ending balance | $(23,628 | ) | $(27,791 | ) |
Goldman Sachs |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Deposits | ||||||||
Beginning balance | $ (3,613 | ) | $ (4,221 | ) | ||||
Net realized gains/(losses) | (5 | ) | (7 | ) | ||||
Net unrealized gains/(losses) | 145 | (2 | ) | |||||
Issuances | (183 | ) | (93 | ) | ||||
Settlements | 379 | 307 | ||||||
Transfers into level 3 | (8 | ) | (27 | ) | ||||
Transfers out of level 3 | 41 | 59 | ||||||
Ending balance | $ (3,244 | ) | $ (3,984 | ) | ||||
Repurchase agreements | ||||||||
Beginning balance | $ | $ �� (2 | ) | |||||
Settlements | 0 | 1 | ||||||
Ending balance | $ | $ | ) | |||||
Other secured financings | ||||||||
Beginning balance | $ (2,566 | ) | $ (3,474 | ) | ||||
Net realized gains/(losses) | (3 | ) | 3 | |||||
Net unrealized gains/(losses) | 12 | 36 | ||||||
Issuances | (39 | ) | (66 | ) | ||||
Settlements | 104 | 99 | ||||||
Transfers into level 3 | (190 | ) | (266 | ) | ||||
Transfers out of level 3 | 93 | 444 | ||||||
Ending balance | $ (2,589 | ) | $ (3,224 | ) | ||||
Unsecured short-term borrowings | ||||||||
Beginning balance | $ (7,829 | ) | $ (7,523 | ) | ||||
Net realized gains/(losses) | (76 | ) | (74 | ) | ||||
Net unrealized gains/(losses) | 546 | (62 | ) | |||||
Issuances | (2,880 | ) | (6,891 | ) | ||||
Settlements | 2,684 | 3,607 | ||||||
Transfers into level 3 | (395 | ) | (202 | ) | ||||
Transfers out of level 3 | 922 | 899 | ||||||
Ending balance | $ (7,028 | ) | $(10,246 | ) | ||||
Unsecured long-term borrowings | ||||||||
Beginning balance | $ (9,413 | ) | $(12,576 | ) | ||||
Net realized gains/(losses) | (82 | ) | (76 | ) | ||||
Net unrealized gains/(losses) | 1,323 | 300 | ||||||
Issuances | (2,073 | ) | (1,587 | ) | ||||
Settlements | 634 | 3,056 | ||||||
Transfers into level 3 | (1,314 | ) | (146 | ) | ||||
Transfers out of level 3 | 255 | 852 | ||||||
Ending balance | $(10,670 | ) | $(10,177 | ) | ||||
Other liabilities | ||||||||
Beginning balance | $ | ) | $ (262 | ) | ||||
Net realized gains/(losses) | 0 | 8 | ||||||
Net unrealized gains/(losses) | 49 | 103 | ||||||
Issuances | 0 | (8 | ) | |||||
Ending balance | $ | ) | $ (159 | ) |
49 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Unsecured short-term borrowings | $1,705 | $ (960 | ) | |||||
Unsecured long-term borrowings | 2,547 | (229 | ) | |||||
Other | 330 | 106 | ||||||
Total | $4,582 | $(1,083 | ) |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Pre-tax DVA | $993 | $(29 | ) | |||||
After tax DVA | $740 | $(19 | ) |
51 | Goldman Sachs |
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 | March 2022 | December 2021 | ||||||
Performing loans | ||||||||
Aggregate contractual principal in excess of fair value | $1,509 | $1,373 | ||||||
Loans on nonaccrual status and/or more than 90 days past due | ||||||||
Aggregate contractual principal in excess of fair value | $7,580 | $8,600 | ||||||
Aggregate fair value | $3,301 | $3,559 |
Goldman Sachs September 2022 Form 10-Q | 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 March 2022 | ||||||||||||||||||
Included in the consolidated balance sheets | ||||||||||||||||||
Gross carrying value | $ 341,884 | $ 204,551 | $ 244,393 | $ 56,970 | ||||||||||||||
Counterparty netting | (79,824 | ) | (13,195 | ) | (79,824 | ) | (13,195 | ) | ||||||||||
Total | 262,060 | 191,356 | 164,569 | 43,775 | ||||||||||||||
Amounts not offset | ||||||||||||||||||
Counterparty netting | (37,578 | ) | (10,314 | ) | (37,578 | ) | (10,314 | ) | ||||||||||
Collateral | (216,800 | ) | (168,522 | ) | (119,602 | ) | (33,151 | ) | ||||||||||
Total | $ 7,682 | $ 12,520 | $ 7,389 | $ 310 | ||||||||||||||
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 |
53 | Goldman Sachs |
$ 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 March 2022 | ||||||||
Money market instruments | $ 997 | $ | ||||||
U.S. government and agency obligations | 125,335 | 779 | ||||||
Non-U.S. government and agency obligations | 90,495 | 1,470 | ||||||
Securities backed by commercial real estate | 403 | 0 | ||||||
Securities backed by residential real estate | 425 | 0 | ||||||
Corporate debt securities | 14,880 | 317 | ||||||
State and municipal obligations | 14 | 11 | ||||||
Other debt obligations | 224 | 0 | ||||||
Equity securities | 11,620 | 54,393 | ||||||
Total | $244,393 | $56,970 | ||||||
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 | 0 | ||||||
Securities backed by residential real estate | 919 | 0 | ||||||
Corporate debt securities | 11,034 | 510 | ||||||
State and municipal obligations | 248 | 0 | ||||||
Other debt obligations | 374 | 0 | ||||||
Equity securities | 23,194 | 55,650 | ||||||
Total | $294,905 | $57,931 |
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 March 2022 | ||||||||
$ in millions | Repurchase agreements | Securities loaned | ||||||
No stated maturity and overnight | $ 96,910 | $34,291 | ||||||
2 - 30 days | 56,851 | 262 | ||||||
31 - 90 days | 25,075 | 112 | ||||||
91 days - 1 year | 49,668 | 15,725 | ||||||
Greater than 1 year | 15,889 | 6,580 | ||||||
Total | $244,393 | $56,970 |
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 March 2022 | ||||||||||||
Other secured financings (short-term): | ||||||||||||
At fair value | $ 7,709 | $1,759 | $ 9,468 | |||||||||
At amortized cost | – | 181 | 181 | |||||||||
Other secured financings (long-term): | ||||||||||||
At fair value | 3,981 | 3,617 | 7,598 | |||||||||
At amortized cost | 848 | 427 | 1,275 | |||||||||
Total other secured financings | $12,538 | $5,984 | $18,522 | |||||||||
Other secured financings collateralized by: | ||||||||||||
Financial instruments | $ 8,031 | $4,773 | $12,804 | |||||||||
Other assets | $ 4,507 | $1,211 | $ 5,718 | |||||||||
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 |
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 March 2022 | |||
Other secured financings (short-term) | $ 9,649 | |||
Other secured financings (long-term): | ||||
2023 | 2,890 | |||
2024 | 2,153 | |||
2025 | 954 | |||
2026 | 1,021 | |||
2027 | 136 | |||
2028 - thereafter | 1,719 | |||
Total other secured financings (long-term) | 8,873 | |||
Total other secured financings | $18,522 |
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 | March 2022 | December 2021 | | |||||
Collateral available to be delivered or repledged | $1,031,923 | $1,057,195 | ||||||
Collateral that was delivered or repledged | $ 848,880 | $ |
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 | March 2022 | December 2021 | | |||||
Pledged to counterparties that had the right to deliver or repledge | ||||||||
Trading assets | $ 77,092 | $ | ||||||
Investments | $ 11,750 | $ | ||||||
Pledged to counterparties that did not have the right to deliver or repledge | ||||||||
Trading assets | $ 96,623 | $ | ||||||
Investments | $ 6,729 | $ | ||||||
Loans | $ 7,506 | $ | ||||||
Other assets | $ 8,846 | $ |
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 | March 2022 | December 2021 | | |||||
Property, leasehold improvements and equipment | $18,353 | $18,094 | ||||||
Goodwill | 5,272 | 4,285 | ||||||
Identifiable intangible assets | 1,209 | 418 | ||||||
Operating lease right-of-use | 2,272 | 2,292 | ||||||
Income tax-related assets | 4,366 | 3,860 | ||||||
Miscellaneous receivables and other | 5,700 | 5,659 | ||||||
Total | $37,172 | $34,608 |
Goldman Sachs September 2022 Form 10-Q | 56 |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | $ | 281 | $ | 281 | ||||
Global Markets: | ||||||||
FICC | 269 | 269 | ||||||
Equities | 2,637 | 2,638 | ||||||
Asset Management | 1,299 | 349 | ||||||
Consumer & Wealth Management: | ||||||||
Consumer banking | 1,102 | 48 | ||||||
Wealth management | 700 | 700 | ||||||
Total | $ | 6,288 | $ | 4,285 |
As of | ||||||||
$ in millions | March 2022 | December 2021 | | |||||
Investment Banking | $ 281 | $ | ||||||
Global Markets: | ||||||||
FICC | 269 | 269 | ||||||
Equities | 2,638 | 2,638 | ||||||
Asset Management | 351 | 349 | ||||||
Consumer & Wealth Management: | ||||||||
Consumer banking | 1,033 | 48 | ||||||
Wealth management | 700 | 700 | ||||||
Total | $5,272 | $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 | March 2022 | December 2021 | | |||||
By Reporting Unit | ||||||||
Global Markets: | ||||||||
FICC | $ 1 | $ 1 | ||||||
Equities | 42 | 43 | ||||||
Asset Management | 114 | 122 | ||||||
Consumer & Wealth Management: | ||||||||
Consumer banking | 810 | 0 | ||||||
Wealth management | 242 | 252 | ||||||
Total | $ 1,209 | $ 418 | ||||||
By Type | ||||||||
Customer lists and merchant relationships | ||||||||
Gross carrying value | $ 2,270 | $ 1,460 | ||||||
Accumulated amortization | (1,142 | ) | (1,130 | ) | ||||
Net carrying value | 1,128 | 330 | ||||||
Acquired leases and other | ||||||||
Gross carrying value | 494 | 500 | ||||||
Accumulated amortization | (413 | ) | (412 | ) | ||||
Net carrying value | 81 | 88 | ||||||
Total gross carrying value | 2,764 | 1,960 | ||||||
Total accumulated amortization | (1,555 | ) | (1,542 | ) | ||||
Total net carrying value | $ 1,209 | $ 418 |
Three Months Ended September | Nine Months Ended September | ||||||||||||||||
$ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Amortization | $ | 54 | $ | 22 | $ | 124 | $ | 89 |
Three Months Ended March | |||||||||||||
As of | |||||||||||||
$ in millions | 2022 | 2021 | $ in millions | September 2022 | |||||||||
Amortization | $19 | $ 36 | |||||||||||
Estimated future amortization | Estimated future amortization | ||||||||||||
Remainder of 2022 | Remainder of 2022 | $ | 48 | ||||||||||
2023 | 2023 | $ | 193 | ||||||||||
2024 | 2024 | $ | 181 | ||||||||||
2025 | 2025 | $ | 164 | ||||||||||
2026 | 2026 | $ | 156 | ||||||||||
2027 | 2027 | $ | 155 |
$ in millions | As of March 2022 | |||
Estimated future amortization | ||||
Remainder of 2022 | $104 | |||
2023 | $136 | |||
2024 | $123 | |||
2025 | $106 | |||
2026 | $ 98 | |||
2027 | $ 97 |
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 March 2022 | ||||||||||||
Consumer | $ 92,297 | $ 19,878 | $112,175 | |||||||||
Private bank | 84,727 | 11,370 | 96,097 | |||||||||
Brokered certificates of deposit | 0 | 33,076 | 33,076 | |||||||||
Deposit sweep programs | 41,230 | 0 | 41,230 | |||||||||
Transaction banking | 56,952 | 5,562 | 62,514 | |||||||||
Other | 1,219 | 40,497 | 41,716 | |||||||||
Total | $276,425 | $110,383 | $386,808 | |||||||||
As of December 2021 | ||||||||||||
Consumer | $ 89,150 | $ 20,533 | $109,683 | |||||||||
Private bank | 85,427 | 9,665 | 95,092 | |||||||||
Brokered certificates of deposit | 0 | 30,816 | 30,816 | |||||||||
Deposit sweep programs | 37,965 | 0 | 37,965 | |||||||||
Transaction banking | 48,618 | 5,689 | 54,307 | |||||||||
Other | 275 | 36,089 | 36,364 | |||||||||
Total | $261,435 | $102,792 | $364,227 |
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 | March 2022 | December 2021 | | |||||
U.S. offices | $306,726 | $283,705 | ||||||
Non-U.S. offices | 80,082 | 80,522 | ||||||
Total | $386,808 | $364,227 |
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 March 2022 | ||||||||||||
$ in millions | U.S. | Non-U.S. | Total | |||||||||
Remainder of 2022 | $45,368 | $27,252 | $ 72,620 | |||||||||
2023 | 20,803 | 3,641 | 24,444 | |||||||||
2024 | 5,528 | 112 | 5,640 | |||||||||
2025 | 2,519 | 239 | 2,758 | |||||||||
2026 | 2,413 | 297 | 2,710 | |||||||||
2027 | 499 | 215 | 714 | |||||||||
2028 - thereafter | 1,091 | 406 | 1,497 | |||||||||
Total | $78,221 | $32,162 | $110,383 |
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 | March 2022 | December 2021 | | |||||
Unsecured short-term borrowings | $ 58,076 | $ 46,955 | ||||||
Unsecured long-term borrowings | 258,392 | 254,092 | ||||||
Total | $316,468 | $301,047 |
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 | March 2022 | December 2021 | | |||||
Current portion of unsecured long-term borrowings | $24,008 | $18,118 | ||||||
Hybrid financial instruments | 22,369 | 20,073 | ||||||
Commercial paper | 9,264 | 6,730 | ||||||
Other unsecured short-term borrowings | 2,435 | 2,034 | ||||||
Total unsecured short-term borrowings | $58,076 | $46,955 | ||||||
Weighted average interest rate | 1.29% | 2.34% |
Goldman Sachs September 2022 Form 10-Q | 60 |
$ 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 March 2022 | ||||||||||||
Fixed-rate obligations | $129,237 | $43,658 | $172,895 | |||||||||
Floating-rate obligations | 53,703 | 31,794 | 85,497 | |||||||||
Total | $182,940 | $75,452 | $258,392 | |||||||||
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 |
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 March 2022 | |||
2023 | $ 29,988 | |||
2024 | 37,901 | |||
2025 | 33,894 | |||
2026 | 21,895 | |||
2027 | 23,396 | |||
2028 - thereafter | 111,318 | |||
Total | $258,392 |
As of | ||||||||
$ in millions | March 2022 | December 2021 | | |||||
Fixed-rate obligations: | ||||||||
At fair value | $ 5,034 | $ 4,863 | ||||||
At amortized cost | 28,908 | 30,370 | ||||||
Floating-rate obligations: | ||||||||
At fair value | 53,314 | 47,527 | ||||||
At amortized cost | 171,136 | 171,332 | ||||||
Total | $258,392 | $254,092 |
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 |
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 March 2022 | ||||||||||||
Subordinated debt | $12,363 | $14,124 | 2.47% | |||||||||
Junior subordinated debt | 968 | 1,215 | 1.55% | |||||||||
Total | $13,331 | $15,339 | 2.41% | |||||||||
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% |
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 | March 2022 | December 2021 | | |||||
Compensation and benefits | $ 4,010 | $10,838 | ||||||
Income tax-related liabilities | 2,686 | 2,360 | ||||||
Operating lease liabilities | 2,261 | 2,288 | ||||||
Noncontrolling interests | 903 | 840 | ||||||
Employee interests in consolidated funds | 31 | 29 | ||||||
Accrued expenses and other | 7,971 | 8,146 | ||||||
Total | $17,862 | $24,501 |
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 March 2022 | ||||
Remainder of 2022 | $ | |||
2023 | 314 | |||
2024 | 289 | |||
2025 | 262 | |||
2026 | 220 | |||
2027 - thereafter | 1,647 | |||
Total undiscounted lease payments | 2,973 | |||
Imputed interest | (712 | ) | ||
Total operating lease liabilities | $2,261 | |||
Weighted average remaining lease term | 14 years | |||
Weighted average discount rate | 3.58% | |||
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% |
63 | Goldman Sachs September 2022 Form 10-Q |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Residential mortgages | $11,730 | $ 4,939 | ||||||
Commercial mortgages | 6,221 | 5,371 | ||||||
Other financial assets | 2,021 | 1,112 | ||||||
Total financial assets securitized | $19,972 | $11,422 | ||||||
Retained interests cash flows | $ 193 | $ 149 |
$ 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 March 2022 | ||||||||||||
U.S. government agency-issued CMOs | $ 36,345 | $1,750 | $ | |||||||||
Other residential mortgage-backed | 25,943 | 1,098 | 118 | |||||||||
Other commercial mortgage-backed | 54,159 | 1,148 | 143 | |||||||||
Corporate debt and other asset-backed | 9,191 | 405 | 45 | |||||||||
Total | $125,638 | $4,401 | $306 | |||||||||
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 |
Goldman Sachs |
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 | March 2022 | December 2021 | | |||||
Fair value of retained interests | $4,020 | $3,209 | ||||||
Weighted average life (years) | 6.2 | 5.1 | ||||||
Constant prepayment rate | 12.3% | 14.1% | ||||||
Impact of 10% adverse change | $ | ) | $ (38 | ) | ||||
Impact of 20% adverse change | $ | ) | $ (69 | ) | ||||
Discount rate | 6.1% | 5.6% | ||||||
Impact of 10% adverse change | $ | ) | $ (49 | ) | ||||
Impact of 20% adverse change | $ | ) | $ (96 | ) |
65 | Goldman Sachs September 2022 Form 10-Q |
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 | March 2022 | December 2021 | ||||||
Total nonconsolidated VIEs | ||||||||
Assets in VIEs | $176,567 | $176,809 | ||||||
Carrying value of variable interests — assets | $ 10,620 | $ 9,582 | ||||||
Carrying value of variable interests — liabilities | $ 756 | $ 928 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 4,401 | $ 3,552 | ||||||
Purchased interests | 646 | 1,071 | ||||||
Commitments and guarantees | 2,640 | 2,440 | ||||||
Derivatives | 8,588 | 8,682 | ||||||
Debt and equity | 5,270 | 4,639 | ||||||
Total | $ 21,545 | $ 20,384 |
Goldman Sachs |
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 | March 2022 | December 2021 | ||||||
Mortgage-backed | ||||||||
Assets in VIEs | $119,524 | $120,343 | ||||||
Carrying value of variable interests — assets | $ 4,519 | $ 4,147 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 3,996 | $ 3,192 | ||||||
Purchased interests | 523 | 955 | ||||||
Commitments and guarantees | 30 | 34 | ||||||
Derivatives | 18 | 18 | ||||||
Total | $ 4,567 | $ 4,199 | ||||||
Real estate, credit- and power-related and other investing | ||||||||
Assets in VIEs | $ 25,852 | $ 26,867 | ||||||
Carrying value of variable interests — assets | $ 4,016 | $ 3,923 | ||||||
Carrying value of variable interests — liabilities | $ 6 | $ 8 | ||||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ 2,061 | $ 2,030 | ||||||
Derivatives | 56 | 64 | ||||||
Debt and equity | 4,011 | 3,923 | ||||||
Total | $ 6,128 | $ 6,017 | ||||||
Corporate debt and other asset-backed | ||||||||
Assets in VIEs | $ 20,821 | $ 18,391 | ||||||
Carrying value of variable interests — assets | $ 1,752 | $ 1,156 | ||||||
Carrying value of variable interests — liabilities | $ 750 | $ 920 | ||||||
Maximum exposure to loss: | ||||||||
Retained interests | $ 405 | $ 360 | ||||||
Purchased interests | 123 | 116 | ||||||
Commitments and guarantees | 389 | 250 | ||||||
Derivatives | 8,512 | 8,597 | ||||||
Debt and equity | 926 | 360 | ||||||
Total | $ 10,355 | $ 9,683 | ||||||
Investments in funds | ||||||||
Assets in VIEs | $ 10,370 | $ 11,208 | ||||||
Carrying value of variable interests — assets | $ 333 | $ 356 | ||||||
Maximum exposure to loss: | ||||||||
Commitments and guarantees | $ 160 | $ 126 | ||||||
Derivatives | 2 | 3 | ||||||
Debt and equity | 333 | 356 | ||||||
Total | $ 495 | $ 485 |
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 | March 2022 | December 2021 | ||||||
Total consolidated VIEs | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 382 | $ 501 | ||||||
Trading assets | 184 | 122 | ||||||
Investments | 180 | 153 | ||||||
Loans | 1,786 | 1,988 | ||||||
Other assets | 315 | 314 | ||||||
Total | $2,847 | $3,078 | ||||||
Liabilities | ||||||||
Other secured financings | $1,041 | $1,143 | ||||||
Customer and other payables | 33 | 34 | ||||||
Trading liabilities | 2 | 7 | ||||||
Unsecured short-term borrowings | 127 | 146 | ||||||
Unsecured long-term borrowings | 77 | 81 | ||||||
Other liabilities | 185 | 163 | ||||||
Total | $1,465 | $1,574 |
67 | Goldman Sachs September 2022 Form 10-Q |
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 | March 2022 | December 2021 | ||||||
Real estate, credit-related and other investing | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 310 | $ 274 | ||||||
Trading assets | 35 | 16 | ||||||
Investments | 180 | 153 | ||||||
Loans | 1,786 | 1,988 | ||||||
Other assets | 315 | 314 | ||||||
Total | $2,626 | $2,745 | ||||||
Liabilities | ||||||||
Other secured financings | $ 138 | $ 150 | ||||||
Customer and other payables | 33 | 34 | ||||||
Trading liabilities | 2 | 7 | ||||||
Other liabilities | 185 | 163 | ||||||
Total | $ 358 | $ 354 | ||||||
Corporate debt and other asset-backed | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 72 | $ 227 | ||||||
Trading assets | 85 | 17 | ||||||
Total | $ 157 | $ 244 | ||||||
Liabilities | ||||||||
Other secured financings | $ 533 | $ 602 | ||||||
Total | $ 533 | $ 602 | ||||||
Principal-protected notes | ||||||||
Assets | ||||||||
Trading assets | $ 64 | $ 89 | ||||||
Total | $ 64 | $ 89 | ||||||
Liabilities | ||||||||
Other secured financings | $ 370 | $ 391 | ||||||
Unsecured short-term borrowings | 127 | 146 | ||||||
Unsecured long-term borrowings | 77 | 81 | ||||||
Total | $ 574 | $ 618 |
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 | March 2022 | December 2021 | ||||||
Commitment Type | ||||||||
Commercial lending: | ||||||||
Investment-grade | $ 92,146 | $ 95,585 | ||||||
Non-investment-grade | 70,697 | 69,644 | ||||||
Warehouse financing | 10,515 | 10,391 | ||||||
Credit cards | 53,481 | 35,932 | ||||||
Total lending | 226,839 | 211,552 | ||||||
Risk participations | 10,684 | 10,016 | ||||||
Collateralized agreement | 93,390 | 101,031 | ||||||
Collateralized financing | 34,351 | 29,561 | ||||||
Investment | 9,839 | 11,381 | ||||||
Other | 10,315 | 9,143 | ||||||
Total commitments | $385,418 | $372,684 |
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 March 2022 | ||||||||||||||||
$ in millions | Remainder of 2022 | 2023 - 2024 | 2025 - 2026 | 2027 - Thereafter | ||||||||||||
Commitment Type | ||||||||||||||||
Commercial lending: | ||||||||||||||||
Investment-grade | $ 9,718 | $28,232 | $44,353 | $ 9,843 | ||||||||||||
Non-investment-grade | 3,205 | 21,134 | 27,725 | 18,633 | ||||||||||||
Warehouse financing | 2,303 | 5,069 | 2,721 | 422 | ||||||||||||
Credit cards | 53,481 | 0 | 0 | 0 | ||||||||||||
Total lending | 68,707 | 54,435 | 74,799 | 28,898 | ||||||||||||
Risk participations | 1,472 | 6,084 | 2,799 | 329 | ||||||||||||
Collateralized agreement | 91,827 | 1,563 | 0 | 0 | ||||||||||||
Collateralized financing | 33,601 | 750 | 0 | 0 | ||||||||||||
Investment | 4,257 | 1,169 | 1,489 | 2,924 | ||||||||||||
Other | 9,009 | 1,034 | 0 | 272 | ||||||||||||
Total commitments | $208,873 | $65,035 | $79,087 | $32,423 |
Goldman Sachs |
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 | March 2022 | December 2021 | ||||||
Held for investment | $213,715 | $197,120 | ||||||
Held for sale | 12,126 | 13,175 | ||||||
At fair value | 998 | 1,257 | ||||||
Total | $226,839 | $211,552 |
69 | Goldman Sachs September 2022 Form 10-Q |
$ 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 March 2022 | ||||||||||||
Carrying Value of Net Liability | $ 3,927 | $ | $ 232 | |||||||||
Maximum Payout/Notional Amount by Period of Expiration | ||||||||||||
Remainder of 2022 | $ 55,371 | $14,680 | $ 803 | |||||||||
2023 - 2024 | 71,343 | – | 3,597 | |||||||||
2025 - 2026 | 26,808 | – | 2,111 | |||||||||
2027 - thereafter | 31,704 | – | 158 | |||||||||
Total | $185,226 | $14,680 | $6,669 | |||||||||
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 |
Goldman Sachs |
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 March | ||||||||
in millions, except per share amounts | 2022 | 2021 | ||||||
Common share repurchases | 1.4 | 8.7 | ||||||
Average cost per share | $363.53 | $310.04 | ||||||
Total cost of common share repurchases | $ | $ 2,700 |
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 March | ||||||||
2022 | 2021 | |||||||
Dividends declared per common share | $2.00 | $1.25 |
Goldman Sachs |
Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share | ||||||||||
A | 50,000 | 30,000 | 29,999 | 1,000 | ||||||||||
C | 25,000 | 8,000 | 8,000 | 1,000 | ||||||||||
D | 60,000 | 54,000 | 53,999 | 1,000 | ||||||||||
E | 17,500 | 7,667 | 7,667 | N/A | ||||||||||
F | 5,000 | 1,615 | 1,615 | N/A | ||||||||||
J | 46,000 | 40,000 | 40,000 | 1,000 | ||||||||||
K | 32,200 | 28,000 | 28,000 | 1,000 | ||||||||||
O | 26,000 | 26,000 | 26,000 | 25 | ||||||||||
P | 66,000 | 60,000 | 60,000 | 25 | ||||||||||
Q | 20,000 | 20,000 | 20,000 | 25 | ||||||||||
R | 24,000 | 24,000 | 24,000 | 25 | ||||||||||
S | 14,000 | 14,000 | 14,000 | 25 | ||||||||||
T | 27,000 | 27,000 | 27,000 | 25 | ||||||||||
U | 30,000 | 30,000 | 30,000 | 25 | ||||||||||
V | 30,000 | 30,000 | 30,000 | 25 | ||||||||||
Total | 472,700 | 400,282 | 400,280 |
Series | Shares Authorized | Shares Issued | Shares Outstanding | Depositary Shares Per Share | Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | |||||||||||||||||||
A | 50,000 | 30,000 | 29,999 | 1,000 | A | Currently redeemable | $ | 25,000 | $ | 750 | |||||||||||||||||
C | 25,000 | 8,000 | 8,000 | 1,000 | C | Currently redeemable | $ | 25,000 | 200 | ||||||||||||||||||
D | 60,000 | 54,000 | 53,999 | 1,000 | D | Currently redeemable | $ | 25,000 | 1,350 | ||||||||||||||||||
E | 17,500 | 7,667 | 7,667 | N/A | E | Currently redeemable | $ | 100,000 | 767 | ||||||||||||||||||
F | 5,000 | 1,615 | 1,615 | N/A | F | Currently redeemable | $ | 100,000 | 161 | ||||||||||||||||||
J | 46,000 | 40,000 | 40,000 | 1,000 | J | May 10, 2023 | $ | 25,000 | 1,000 | ||||||||||||||||||
K | 32,200 | 28,000 | 28,000 | 1,000 | K | May 10, 2024 | $ | 25,000 | 700 | ||||||||||||||||||
O | 26,000 | 26,000 | 26,000 | 25 | O | November 10, 2026 | $ | 25,000 | 650 | ||||||||||||||||||
P | 66,000 | 60,000 | 60,000 | 25 | P | November 10, 2022 | $ | 25,000 | 1,500 | ||||||||||||||||||
Q | 20,000 | 20,000 | 20,000 | 25 | Q | August 10, 2024 | $ | 25,000 | 500 | ||||||||||||||||||
R | 24,000 | 24,000 | 24,000 | 25 | R | February 10, 2025 | $ | 25,000 | 600 | ||||||||||||||||||
S | 14,000 | 14,000 | 14,000 | 25 | S | February 10, 2025 | $ | 25,000 | 350 | ||||||||||||||||||
T | 27,000 | 27,000 | 27,000 | 25 | T | May 10, 2026 | $ | 25,000 | 675 | ||||||||||||||||||
U | 30,000 | 30,000 | 30,000 | 25 | U | August 10, 2026 | $ | 25,000 | 750 | ||||||||||||||||||
V | 30,000 | 30,000 | 30,000 | 25 | V | November 10, 2026 | $ | 25,000 | 750 | ||||||||||||||||||
Total | 472,700 | 400,282 | 400,280 | Total | $ | 10,703 |
Series | Earliest Redemption Date | Liquidation Preference | Redemption Value ($ in millions) | |||||||
A | Currently redeemable | $ 25,000 | $ 750 | |||||||
C | Currently redeemable | $ 25,000 | 200 | |||||||
D | Currently redeemable | $ 25,000 | 1,350 | |||||||
E | Currently redeemable | $100,000 | 767 | |||||||
F | Currently redeemable | $100,000 | 161 | |||||||
J | May 10, 2023 | $ 25,000 | 1,000 | |||||||
K | May 10, 2024 | $ 25,000 | 700 | |||||||
O | November 10, 2026 | $ 25,000 | 650 | |||||||
P | November 10, 2022 | $ 25,000 | 1,500 | |||||||
Q | August 10, 2024 | $ 25,000 | 500 | |||||||
R | February 10, 2025 | $ 25,000 | 600 | |||||||
S | February 10, 2025 | $ 25,000 | 350 | |||||||
T | May 10, 2026 | $ 25,000 | 675 | |||||||
U | August 10, 2026 | $ 25,000 | 750 | |||||||
V | November 10, 2026 | $ 25,000 | 750 | |||||||
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 |
2022 | 2021 | |||||||||||||||||
Series | per share | $ in millions | per share | $ in millions | ||||||||||||||
Three Months Ended March | ||||||||||||||||||
A | $ | $ 7 | $ 239.58 | $ 7 | ||||||||||||||
C | $ | 2 | $ 255.56 | 2 | ||||||||||||||
D | $ | 14 | $ 255.56 | 14 | ||||||||||||||
E | $1,000.00 | 7 | $1,000.00 | 7 | ||||||||||||||
F | $1,000.00 | 2 | $1,000.00 | 2 | ||||||||||||||
J | $ | 14 | $ 343.75 | 14 | ||||||||||||||
K | $ | 11 | $ 398.44 | 11 | ||||||||||||||
N | $ | 0 | $ 393.75 | 10 | ||||||||||||||
Q | $ | 14 | $ 687.50 | 14 | ||||||||||||||
R | $ | 15 | $ 618.75 | 15 | ||||||||||||||
S | $ | 8 | $ 550.00 | 8 | ||||||||||||||
U | $ | 14 | $ | 0 | ||||||||||||||
Total | $108 | $104 |
Goldman Sachs September 2022 Form 10-Q | 74 |
$ 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 March 2022 | ||||||||||||
Currency translation | $ | ) | $ | ) | $ | ) | ||||||
Debt valuation adjustment | (511 | ) | 740 | 229 | ||||||||
Pension and postretirement liabilities | (327 | ) | 13 | (314 | ) | |||||||
Available-for-sale | (492 | ) | (1,354 | ) | (1,846 | ) | ||||||
Total | $(2,068 | ) | $ | ) | $(2,684 | ) | ||||||
Three Months Ended March 2021 | ||||||||||||
Currency translation | $ | ) | $ | $ | ) | |||||||
Debt valuation adjustment | (833 | ) | (19 | ) | (852 | ) | ||||||
Pension and postretirement liabilities | (368 | ) | 7 | (361 | ) | |||||||
Available-for-sale | 463 | (628 | ) | (165 | ) | |||||||
Total | $ | ) | $ | ) | $ | ) |
75 | Goldman Sachs |
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 | 13.4% | 9.5% | ||||||
Tier 1 capital ratio | 14.9% | 11.0% | ||||||
Total capital ratio | 16.9% | 13.0% |
$ in millions | Standardized | Advanced | ||||||
As of March 2022 | ||||||||
CET1 capital | $ 98,270 | $ 98,270 | ||||||
Tier 1 capital | $108,724 | $108,724 | ||||||
Tier 2 capital | $ 14,976 | $ 12,282 | ||||||
Total capital | $123,700 | $121,006 | ||||||
RWAs | $682,044 | $674,023 | ||||||
CET1 capital ratio | 14.4% | 14.6% | ||||||
Tier 1 capital ratio | 15.9% | 16.1% | ||||||
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% |
$ 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 | ||||||||
$ in millions | March 2022 | December 2021 | ||||||
Tier 1 capital | $ | $ | ||||||
Average total assets | $1,528,232 | $1,466,770 | ||||||
Deductions from Tier 1 capital | (6,839 | ) | (4,583 | ) | ||||
Average adjusted total assets | 1,521,393 | 1,462,187 | ||||||
Off-balance sheet and other exposures | 421,104 | 448,334 | ||||||
Total leverage exposure | $1,942,497 | $1,910,521 | ||||||
Tier 1 leverage ratio | 7.1% | 7.3% | ||||||
SLR | 5.6% | 5.6% |
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 2022 Form 10-Q | 76 |
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 | March 2022 | | December 2021 | | ||||
Common shareholders’ equity | $104,536 | $ 99,223 | ||||||
Impact of CECL transition | 829 | 1,105 | ||||||
Deduction for goodwill | (4,597 | ) | (3,610 | ) | ||||
Deduction for identifiable intangible assets | (1,197 | ) | (401 | ) | ||||
Other adjustments | (1,301 | ) | (63 | ) | ||||
CET1 capital | 98,270 | 96,254 | ||||||
Preferred stock | 10,703 | 10,703 | ||||||
Deduction for investments in covered funds | (247 | ) | (189 | ) | ||||
Other adjustments | (2 | ) | (2 | ) | ||||
Tier 1 capital | $108,724 | $106,766 | ||||||
Standardized Tier 2 and Total capital | ||||||||
Tier 1 capital | $108,724 | $106,766 | ||||||
Qualifying subordinated debt | 11,274 | 11,554 | ||||||
Junior subordinated debt | – | 94 | ||||||
Allowance for credit losses | 3,764 | 3,034 | ||||||
Other adjustments | (62 | ) | (46 | ) | ||||
Standardized Tier 2 capital | 14,976 | 14,636 | ||||||
Standardized Total capital | $123,700 | $121,402 | ||||||
Advanced Tier 2 and Total capital | ||||||||
Tier 1 capital | $108,724 | $106,766 | ||||||
Standardized Tier 2 capital | 14,976 | 14,636 | ||||||
Allowance for credit losses | (3,764 | ) | (3,034 | ) | ||||
Other adjustments | 1,070 | 449 | ||||||
Advanced Tier 2 capital | 12,282 | 12,051 | ||||||
Advanced Total capital | $121,006 | $118,817 |
77 | Goldman Sachs |
$ 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 | ||||||
Three Months Ended March 2022 | ||||||||
CET1 capital | ||||||||
Beginning balance | $ 96,254 | $ 96,254 | ||||||
Change in: | ||||||||
Common shareholders’ equity | 5,313 | 5,313 | ||||||
Impact of CECL transition | (276 | ) | (276 | ) | ||||
Deduction for goodwill | (987 | ) | (987 | ) | ||||
Deduction for identifiable intangible assets | (796 | ) | (796 | ) | ||||
Other adjustments | (1,238 | ) | (1,238 | ) | ||||
Ending balance | $ 98,270 | $ 98,270 | ||||||
Tier 1 capital | ||||||||
Beginning balance | $106,766 | $106,766 | ||||||
Change in: | ||||||||
CET1 capital | 2,016 | 2,016 | ||||||
Deduction for investments in covered funds | (58 | ) | (58 | ) | ||||
Ending balance | 108,724 | 108,724 | ||||||
Tier 2 capital | ||||||||
Beginning balance | 14,636 | 12,051 | ||||||
Change in: | ||||||||
Qualifying subordinated debt | (280 | ) | (280 | ) | ||||
Junior subordinated debt | (94 | ) | (94 | ) | ||||
Allowance for credit losses | 730 | – | ||||||
Other adjustments | (16 | ) | 605 | |||||
Ending balance | 14,976 | 12,282 | ||||||
Total capital | $123,700 | $121,006 | ||||||
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 |
Goldman Sachs September 2022 Form 10-Q | 78 |
$ 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 March 2022 | ||||||||
Credit RWAs | ||||||||
Derivatives | $162,832 | $125,057 | ||||||
Commitments, guarantees and loans | 239,552 | 182,033 | ||||||
Securities financing transactions | 81,553 | 17,828 | ||||||
Equity investments | 36,755 | 38,716 | ||||||
Other | 79,342 | 93,779 | ||||||
Total Credit RWAs | 600,034 | 457,413 | ||||||
Market RWAs | ||||||||
Regulatory VaR | 16,947 | 16,947 | ||||||
Stressed VaR | 37,086 | 37,086 | ||||||
Incremental risk | 7,292 | 7,292 | ||||||
Comprehensive risk | 2,848 | 2,848 | ||||||
Specific risk | 17,837 | 17,837 | ||||||
Total Market RWAs | 82,010 | 82,010 | ||||||
Total Operational RWAs | – | 134,600 | ||||||
Total RWAs | $682,044 | $674,023 | ||||||
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 |
79 | Goldman Sachs |
$ 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 | ||||||
Three Months Ended March 2022 | ||||||||
RWAs | ||||||||
Beginning balance | $676,863 | $647,921 | ||||||
Credit RWAs | ||||||||
Change in: | ||||||||
Derivatives | (12,796 | ) | 15,525 | |||||
Commitments, guarantees and loans | 5,913 | (177 | ) | |||||
Securities financing transactions | 5,207 | 3,421 | ||||||
Equity investments | (6,501 | ) | (6,866 | ) | ||||
Other | 7,857 | 7,011 | ||||||
Change in Credit RWAs | (320 | ) | 18,914 | |||||
Market RWAs | ||||||||
Change in: | ||||||||
Regulatory VaR | 3,437 | 3,437 | ||||||
Stressed VaR | (1,836 | ) | (1,836 | ) | ||||
Incremental risk | 425 | 425 | ||||||
Comprehensive risk | 327 | 327 | ||||||
Specific risk | 3,148 | 3,148 | ||||||
Change in Market RWAs | 5,501 | 5,501 | ||||||
Change in Operational RWAs | 0 | 1,687 | ||||||
Ending balance | $682,044 | $674,023 | ||||||
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 | 0 | 4,600 | ||||||
Ending balance | $676,863 | $647,921 |
Goldman Sachs September 2022 Form 10-Q | 80 |
Requirements | “Well-capitalized” Requirements | Requirements | “Well-capitalized” 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 | |||||||||||||||
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 March 2022 | ||||||||
CET1 capital | $ 42,453 | $ 42,453 | ||||||
Tier 1 capital | $ 42,453 | $ 42,453 | ||||||
Tier 2 capital | $ 7,012 | $ 5,108 | ||||||
Total capital | $ 49,465 | $ 47,561 | ||||||
RWAs | $314,412 | $237,532 | ||||||
CET1 capital ratio | 13.5% | 17.9 % | ||||||
Tier 1 capital ratio | 13.5% | 17.9 % | ||||||
Total capital ratio | 15.7% | 20.0 % | ||||||
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% |
81 | Goldman Sachs |
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 | March 2022 | December 2021 | | |||||
Tier 1 capital | $ 42,453 | $ 42,535 | ||||||
Average adjusted total assets | $450,490 | $409,739 | ||||||
Total leverage exposure | $618,029 | $627,799 | ||||||
Tier 1 leverage ratio | 9.4% | 10.4% | ||||||
SLR | 6.9% | 6.8% |
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 | ||||||||
March 2022 | December 2021 | | ||||||
Risk-based capital requirements | ||||||||
CET1 capital ratio | 8.6% | 8.5% | ||||||
Tier 1 capital ratio | 10.6% | 10.5% | ||||||
Total capital ratio | 13.3% | 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 | ||||||||
$ in millions | March 2022 | December 2021 | | |||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ 3,440 | $ 3,408 | ||||||
Tier 1 capital | $ 3,440 | $ 3,408 | ||||||
Tier 2 capital | $ | $ 826 | ||||||
Total capital | $ 4,266 | $ 4,234 | ||||||
RWAs | $16,693 | $17,196 | ||||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 20.6% | 19.8% | ||||||
Tier 1 capital ratio | 20.6% | 19.8% | ||||||
Total capital ratio | 25.6% | 24.6% |
As of | As of | |||||||||||||||
September | December | |||||||||||||||
March 2022 | December 2021 | | 2022 | 2021 | ||||||||||||
Risk-based capital requirements | Risk-based capital requirements | |||||||||||||||
CET1 capital ratio | 9.0% | 8.7% | CET1 capital ratio | 9.0 | % | 8.7 | % | |||||||||
Tier 1 capital ratio | 11.1% | 10.8% | Tier 1 capital ratio | 11.1 | % | 10.8 | % | |||||||||
Total capital ratio | 13.8% | 13.5% | 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 | ||||||||
$ in millions | March 2022 | December 2021 | | |||||
Risk-based capital and risk-weighted assets | ||||||||
CET1 capital | $ 9,504 | $ 6,527 | ||||||
Tier 1 capital | $ 9,504 | $ 6,527 | ||||||
Tier 2 capital | $ 22 | $ 23 | ||||||
Total capital | $ 9,526 | $ 6,550 | ||||||
RWAs | $30,306 | $28,924 | ||||||
Risk-based capital ratios | ||||||||
CET1 capital ratio | 31.4% | 22.6% | ||||||
Tier 1 capital ratio | 31.4 % | 22.6% | ||||||
Total capital ratio | 31.4% | 22.6% |
As of | ||||||||
September | December | |||||||
2022 | 2021 | |||||||
Leverage ratio requirement | 3.0 | % | 3.0 | % | ||||
Leverage ratio | 7.8 | % | 7.6 | % |
As of | ||||||||
March 2022 | December 2021 | | ||||||
Leverage ratio requirement | 3.0% | 3.0% | ||||||
Leverage ratio | 11.6% | 7.6% |
83 | Goldman Sachs |
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 March | ||||||||
in millions, except per share amounts | 2022 | 2021 | ||||||
Net earnings to common | $3,831 | $6,711 | ||||||
Weighted average basic shares | 351.2 | 356.6 | ||||||
Effect of dilutive RSUs | 4.7 | 4.3 | ||||||
Weighted average diluted shares | 355.9 | 360.9 | ||||||
Basic EPS | $10.87 | $18.80 | ||||||
Diluted EPS | $10.76 | $18.60 |
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 March | As of | |||||||||||||||
September | December | |||||||||||||||
$ in millions | 2022 | 2021 | $ in millions | 2022 | 2021 | |||||||||||
Fees earned from funds | $ 962 | $ 818 | ||||||||||||||
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 | March 2022 | December 2021 | | |||||
Fees receivable from funds | $1,043 | $ 873 | ||||||
Aggregate carrying value of interests in funds | $4,113 | $4,321 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Deposits with banks | $ 8 | $ (3 | ) | |||||
Collateralized agreements | (202 | ) | (181 | ) | ||||
Trading assets | 1,090 | 1,193 | ||||||
Investments | 381 | 507 | ||||||
Loans | 1,550 | 1,220 | ||||||
Other interest | 385 | 318 | ||||||
Total interest income | 3,212 | 3,054 | ||||||
Deposits | 370 | 343 | ||||||
Collateralized financings | 11 | (17 | ) | |||||
Trading liabilities | 432 | 373 | ||||||
Short-term borrowings | 77 | 158 | ||||||
Long-term borrowings | 754 | 893 | ||||||
Other interest | (259 | ) | (178 | ) | ||||
Total interest expense | 1,385 | 1,572 | ||||||
Net interest income | $1,827 | $1,482 |
85 | Goldman Sachs |
As of | ||||||||
Jurisdiction | March | |||||||
U.S. Federal | 2011 | |||||||
New York State and City | 2015 | |||||||
United Kingdom | 2017 | |||||||
Japan | 2016 | |||||||
Hong Kong | 2016 |
Goldman Sachs September 2022 Form 10-Q | 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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | ||||||||
Non-interest revenues | $ 2,306 | $ 3,671 | ||||||
Net interest income | 105 | 100 | ||||||
Total net revenues | 2,411 | 3,771 | ||||||
Provision for credit losses | 164 | (163 | ) | |||||
Operating expenses | 1,248 | 1,863 | ||||||
Pre-tax earnings | $ 999 | $ 2,071 | ||||||
Net earnings | $ 845 | $ 1,698 | ||||||
Net earnings to common | $ 829 | $ 1,679 | ||||||
Average common equity | $ 11,730 | $10,564 | ||||||
Return on average common equity | 28.3% | 63.6% | ||||||
Global Markets | ||||||||
Non-interest revenues | $ 7,142 | $ 7,020 | ||||||
Net interest income | 730 | 561 | ||||||
Total net revenues | 7,872 | 7,581 | ||||||
Provision for credit losses | 102 | (20 | ) | |||||
Operating expenses | 3,761 | 4,185 | ||||||
Pre-tax earnings | $ 4,009 | $ 3,416 | ||||||
Net earnings | $ 3,392 | $ 2,801 | ||||||
Net earnings to common | $ 3,327 | $ 2,730 | ||||||
Average common equity | $ 52,484 | $41,044 | ||||||
Return on average common equity | 25.4% | 26.6% | ||||||
Asset Management | ||||||||
Non-interest revenues | $ 399 | $ 4,431 | ||||||
Net interest income | 147 | 183 | ||||||
Total net revenues | 546 | 4,614 | ||||||
Provision for credit losses | 41 | 53 | ||||||
Operating expenses | 1,095 | 1,890 | ||||||
Pre-tax earnings/(loss) | $ | ) | $ 2,671 | |||||
Net earnings/(loss) | $ | ) | $ 2,190 | |||||
Net earnings/(loss) to common | $ | ) | $ 2,165 | |||||
Average common equity | $ 23,992 | $24,604 | ||||||
Return on average common equity | (8.6)% | 35.2% | ||||||
Consumer & Wealth Management | ||||||||
Non-interest revenues | $ 1,259 | $ 1,100 | ||||||
Net interest income | 845 | 638 | ||||||
Total net revenues | 2,104 | 1,738 | ||||||
Provision for credit losses | 254 | 60 | ||||||
Operating expenses | 1,612 | 1,499 | ||||||
Pre-tax earnings | $ 238 | $ 179 | ||||||
Net earnings | $ 201 | $ 147 | ||||||
Net earnings to common | $ 191 | $ 137 | ||||||
Average common equity | $ 13,672 | $10,244 | ||||||
Return on average common equity | 5.6% | 5.3% | ||||||
Total | ||||||||
Non-interest revenues | $ 11,106 | $16,222 | ||||||
Net interest income | 1,827 | 1,482 | ||||||
Total net revenues | 12,933 | 17,704 | ||||||
Provision for credit losses | 561 | (70 | ) | |||||
Operating expenses | 7,716 | 9,437 | ||||||
Pre-tax earnings | $ 4,656 | $ 8,337 | ||||||
Net earnings | $ 3,939 | $ 6,836 | ||||||
Net earnings to common | $ 3,831 | $ 6,711 | ||||||
Average common equity | $101,878 | $86,456 | ||||||
Return on average common equity | 15.0% | 31.0% |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | $ 46 | $ 48 | ||||||
Global Markets | 221 | 168 | ||||||
Asset Management | 128 | 190 | ||||||
Consumer & Wealth Management | 97 | 92 | ||||||
Total | $ 492 | $ 498 |
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 | March 2022 | December 2021 | ||||||
Investment Banking | $ 152,791 | $ | ||||||
Global Markets | 1,185,696 | 1,082,378 | ||||||
Asset Management | 91,483 | 91,115 | ||||||
Consumer & Wealth Management | 159,471 | 146,338 | ||||||
Total | $1,589,441 | $1,463,988 |
87 | Goldman Sachs |
$ 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 | 2022 | 2021 | ||||||||||||||
Three Months Ended March | ||||||||||||||||
Americas | $ 7,386 | 57% | $10,825 | 61% | ||||||||||||
EMEA | 3,850 | 30% | 4,713 | 27% | ||||||||||||
Asia | 1,697 | 13% | 2,166 | 12% | ||||||||||||
Total net revenues | $12,933 | 100% | $17,704 | 100% | ||||||||||||
Americas | $ 2,316 | 50% | $ 5,015 | 60% | ||||||||||||
EMEA | 1,791 | 38% | 2,415 | 29% | ||||||||||||
Asia | 549 | 12% | 907 | 11% | ||||||||||||
Total pre-tax earnings | $ 4,656 | 100% | $ 8,337 | 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 | March 2022 | December 2021 | ||||||
U.S. government and agency obligations | $137,387 | $141,191 | ||||||
Percentage of total assets | 8.6% | 9.6% | ||||||
Non-U.S. government and agency obligations | $ 57,619 | $ 51,426 | ||||||
Percentage of total assets | 3.6% | 3.5% |
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 | March 2022 | December 2021 | ||||||
U.S. government and agency obligations | $158,868 | $ 86,274 | ||||||
Non-U.S. government and agency obligations | $117,239 | $141,588 |
89 | Goldman Sachs |
Goldman Sachs September 2022 Form 10-Q | 90 |
91 | Goldman Sachs |
Goldman Sachs September 2022 Form 10-Q | 92 |
93 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 94 |
95 | Goldman Sachs |
Goldman Sachs September 2022 Form 10-Q | 96 |
97 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 98 |
99 | Goldman Sachs |
Goldman Sachs September 2022 Form 10-Q | 100 |
The firm is cooperating with the Consumer Financial Protection Bureau in connection with an investigation of GS Bank USA’s credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus. Regulatory Investigations and Reviews and Related Litigation |
Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs | 102 |
Distribution of Assets, Liabilities and Shareholders’ Equity |
Average Balance for the Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Assets | ||||||||
U.S. | $ 132,461 | $ 78,748 | ||||||
Non-U.S. | 108,449 | 78,851 | ||||||
Deposits with banks | 240,910 | 157,599 | ||||||
U.S. | 264,740 | 174,032 | ||||||
Non-U.S. | 173,485 | 109,222 | ||||||
Collateralized agreements | 438,225 | 283,254 | ||||||
U.S. | 164,928 | 189,211 | ||||||
Non-U.S. | 131,247 | 130,127 | ||||||
Trading assets | 296,175 | 319,338 | ||||||
U.S. | 71,151 | 69,115 | ||||||
Non-U.S. | 16,957 | 18,565 | ||||||
Investments | 88,108 | 87,680 | ||||||
U.S. | 131,692 | 95,061 | ||||||
Non-U.S. | 23,258 | 21,053 | ||||||
Loans | 154,950 | 116,114 | ||||||
U.S. | 103,647 | 84,928 | ||||||
Non-U.S. | 62,119 | 56,495 | ||||||
Other interest-earning assets | 165,766 | 141,423 | ||||||
Interest-earning assets | 1,384,134 | 1,105,408 | ||||||
Cash and due from banks | 8,863 | 10,563 | ||||||
Other non-interest-earning assets | 134,406 | 132,735 | ||||||
Assets | $1,527,403 | $1,248,706 | ||||||
Liabilities | ||||||||
U.S. | $ 286,377 | $ 201,706 | ||||||
Non-U.S. | 79,038 | 62,419 | ||||||
Interest-bearing deposits | 365,415 | 264,125 | ||||||
U.S. | 115,343 | 102,735 | ||||||
Non-U.S. | 87,679 | 49,534 | ||||||
Collateralized financings | 203,022 | 152,269 | ||||||
U.S. | 73,864 | 72,367 | ||||||
Non-U.S. | 85,063 | 65,074 | ||||||
Trading liabilities | 158,927 | 137,441 | ||||||
U.S. | 27,421 | 35,726 | ||||||
Non-U.S. | 28,839 | 34,921 | ||||||
Short-term borrowings | 56,260 | 70,647 | ||||||
U.S. | 232,485 | 199,621 | ||||||
Non-U.S. | 32,393 | 28,407 | ||||||
Long-term borrowings | 264,878 | 228,028 | ||||||
U.S. | 164,233 | 124,324 | ||||||
Non-U.S. | 97,838 | 75,835 | ||||||
Other interest-bearing liabilities | 262,071 | 200,159 | ||||||
Interest-bearing liabilities | 1,310,573 | 1,052,669 | ||||||
Non-interest-bearing deposits | 5,338 | 6,499 | ||||||
Other non-interest-bearing liabilities | 98,911 | 93,379 | ||||||
Liabilities | 1,414,822 | 1,152,547 | ||||||
Shareholders’ equity | ||||||||
Preferred stock | 10,703 | 9,703 | ||||||
Common stock | 101,878 | 86,456 | ||||||
Shareholders’ equity | 112,581 | 96,159 | ||||||
Liabilities and shareholders’ equity | $1,527,403 | $1,248,706 | ||||||
Percentage attributable to non-U.S. operations | ||||||||
Interest-earning assets | 37.24% | 37.48% | ||||||
Interest-bearing liabilities | 31.35% | 30.04% |
Interest for the Three Months Ended March | Average Balance for the | |||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | |||||||||||||||||||||
$ in millions | 2022 | 2021 | $ in millions | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Assets | Assets | |||||||||||||||||||||
U.S. | $ 63 | $ 24 | U.S. | $ | 168,084 | $ | 111,594 | $ | 149,241 | $ | 99,735 | |||||||||||
Non-U.S. | (55 | ) | (27 | ) | Non-U.S. | 120,200 | 113,906 | 112,938 | 93,179 | |||||||||||||
Deposits with banks | 8 | (3 | ) | Deposits with banks | 288,284 | 225,500 | 262,179 | 192,914 | ||||||||||||||
U.S. | (87 | ) | (82 | ) | U.S. | 227,090 | 220,289 | 249,144 | 201,353 | |||||||||||||
Non-U.S. | (115 | ) | (99 | ) | Non-U.S. | 174,042 | 148,367 | 173,144 | 133,384 | |||||||||||||
Collateralized agreements | (202 | ) | (181 | ) | Collateralized agreements | 401,132 | 368,656 | 422,288 | 334,737 | |||||||||||||
U.S. | 737 | 792 | U.S. | 165,218 | 165,341 | 163,125 | 173,691 | |||||||||||||||
Non-U.S. | 353 | 401 | Non-U.S. | 125,816 | 135,757 | 127,958 | 135,784 | |||||||||||||||
Trading assets | 1,090 | 1,193 | Trading assets | 291,034 | 301,098 | 291,083 | 309,475 | |||||||||||||||
U.S. | 227 | 356 | U.S. | 106,377 | 70,566 | 90,758 | 69,849 | |||||||||||||||
Non-U.S. | 154 | 151 | Non-U.S. | 13,569 | 18,658 | 15,069 | 18,660 | |||||||||||||||
Investments | 381 | 507 | Investments | 119,946 | 89,224 | 105,827 | 88,509 | |||||||||||||||
U.S. | 1,308 | 1,013 | U.S. | 150,531 | 112,818 | 141,455 | 103,414 | |||||||||||||||
Non-U.S. | 242 | 207 | Non-U.S. | 21,543 | 21,652 | 22,861 | 21,406 | |||||||||||||||
Loans | 1,550 | 1,220 | Loans | 172,074 | 134,470 | 164,316 | 124,820 | |||||||||||||||
U.S. | 299 | 260 | U.S. | 91,188 | 98,929 | 98,721 | 93,677 | |||||||||||||||
Non-U.S. | 86 | 58 | Non-U.S. | 68,052 | 55,161 | 64,623 | 54,459 | |||||||||||||||
Other interest-earning assets | 385 | 318 | Other interest-earning assets | 159,240 | 154,090 | 163,344 | 148,136 | |||||||||||||||
Interest-earning assets | $3,212 | $3,054 | 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. | $ 301 | $ 291 | U.S. | $ | 316,845 | $ | 239,996 | $ | 300,297 | $ | 220,106 | |||||||||||
Non-U.S. | 69 | 52 | Non-U.S. | 71,787 | 75,853 | 75,102 | 71,420 | |||||||||||||||
Interest-bearing deposits | 370 | 343 | Interest-bearing deposits | 388,632 | 315,849 | 375,399 | 291,526 | |||||||||||||||
U.S. | 43 | 12 | U.S. | 106,562 | 111,012 | 110,478 | 106,427 | |||||||||||||||
Non-U.S. | (32 | ) | (29 | ) | Non-U.S. | 89,191 | 82,501 | 87,584 | 68,522 | |||||||||||||
Collateralized financings | 11 | (17 | ) | Collateralized financings | 195,753 | 193,513 | 198,062 | 174,949 | ||||||||||||||
U.S. | 212 | 149 | U.S. | 90,801 | 68,803 | 84,748 | 71,691 | |||||||||||||||
Non-U.S. | 220 | 224 | Non-U.S. | 83,924 | 76,562 | 86,175 | 73,154 | |||||||||||||||
Trading liabilities | 432 | 373 | Trading liabilities | 174,725 | 145,365 | 170,923 | 144,845 | |||||||||||||||
U.S. | 61 | 144 | U.S. | 36,371 | 31,248 | 32,875 | 33,993 | |||||||||||||||
Non-U.S. | 16 | 14 | Non-U.S. | 30,263 | 34,097 | 29,788 | 35,492 | |||||||||||||||
Short-term borrowings | 77 | 158 | Short-term borrowings | 66,634 | 65,345 | 62,663 | 69,485 | |||||||||||||||
U.S. | 730 | 868 | U.S. | 218,298 | 224,645 | 224,555 | 213,048 | |||||||||||||||
Non-U.S. | 24 | 25 | Non-U.S. | 39,900 | 30,577 | 36,047 | 29,357 | |||||||||||||||
Long-term borrowings | 754 | 893 | Long-term borrowings | 258,198 | 255,222 | 260,602 | 242,405 | |||||||||||||||
U.S. | (287 | ) | (157 | ) | U.S. | 166,913 | 143,807 | 167,553 | 134,356 | |||||||||||||
Non-U.S. | 28 | (21 | ) | Non-U.S. | 100,113 | 88,103 | 98,679 | 82,522 | ||||||||||||||
Other interest-bearing liabilities | (259 | ) | (178 | ) | Other interest-bearing liabilities | 267,026 | 231,910 | 266,232 | 216,878 | |||||||||||||
Interest-bearing liabilities | $1,385 | $1,572 | Interest-bearing liabilities | 1,350,968 | 1,207,204 | 1,333,881 | 1,140,088 | |||||||||||||||
Net interest income | ||||||||||||||||||||||
U.S. | $1,487 | $1,056 | ||||||||||||||||||||
Non-U.S. | 340 | 426 | ||||||||||||||||||||
Net interest income | $1,827 | $1,482 | ||||||||||||||||||||
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 |
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 March | ||||||||
2022 | 2021 | |||||||
Assets | ||||||||
U.S. | 0.19% | 0.12% | ||||||
Non-U.S. | (0.21)% | (0.14)% | ||||||
Deposits with banks | 0.01% | (0.01)% | ||||||
U.S. | (0.13)% | (0.19)% | ||||||
Non-U.S. | (0.27)% | (0.37)% | ||||||
Collateralized agreements | (0.19)% | (0.26)% | ||||||
U.S. | 1.81% | 1.70% | ||||||
Non-U.S. | 1.09% | 1.25% | ||||||
Trading assets | 1.49% | 1.52% | ||||||
U.S. | 1.29% | 2.09% | ||||||
Non-U.S. | 3.67% | 3.30% | ||||||
Investments | 1.75% | 2.35% | ||||||
U.S. | 4.02% | 4.32% | ||||||
Non-U.S. | 4.21% | 3.99% | ||||||
Loans | 4.05% | 4.26% | ||||||
U.S. | 1.17% | 1.24% | ||||||
Non-U.S. | 0.56% | 0.42% | ||||||
Other interest-earning assets | 0.94% | 0.91% | ||||||
Interest-earning assets | 0.94% | 1.12% | ||||||
Liabilities | ||||||||
U.S. | 0.43% | 0.59% | ||||||
Non-U.S. | 0.35% | 0.34% | ||||||
Interest-bearing deposits | 0.41% | 0.53% | ||||||
U.S. | 0.15% | 0.05% | ||||||
Non-U.S. | (0.15)% | (0.24)% | ||||||
Collateralized financings | 0.02% | (0.05)% | ||||||
U.S. | 1.16% | 0.84% | ||||||
Non-U.S. | 1.05% | 1.40% | ||||||
Trading liabilities | 1.10% | 1.10% | ||||||
U.S. | 0.90% | 1.63% | ||||||
Non-U.S. | 0.22% | 0.16% | ||||||
Short-term borrowings | 0.55% | 0.91% | ||||||
U.S. | 1.27% | 1.76% | ||||||
Non-U.S. | 0.30% | 0.36% | ||||||
Long-term borrowings | 1.15% | 1.59% | ||||||
U.S. | (0.71)% | (0.51)% | ||||||
Non-U.S. | 0.12% | (0.11)% | ||||||
Other interest-bearing liabilities | (0.40)% | (0.36)% | ||||||
Interest-bearing liabilities | 0.43% | 0.61% | ||||||
Interest rate spread | 0.51% | 0.51% | ||||||
U.S. | 0.69% | 0.62% | ||||||
Non-U.S. | 0.27% | 0.42% | ||||||
Net yield on interest-earning assets | 0.53% | 0.54% |
Goldman Sachs | 104 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
105 | Goldman Sachs |
Goldman Sachs September 2022 Form 10-Q | 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 2022 Form 10-Q | 110 |
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 March | ||||||||
$ in millions, except per share amounts | 2022 | 2021 | ||||||
Net revenues | $12,933 | $17,704 | ||||||
Pre-tax earnings | $ 4,656 | $ 8,337 | ||||||
Net earnings | $ 3,939 | $ 6,836 | ||||||
Net earnings to common | $ 3,831 | $ 6,711 | ||||||
Diluted EPS | $ 10.76 | $ 18.60 | ||||||
ROE | 15.0% | 31.0% | ||||||
ROTE | 15.8% | 32.9% | ||||||
Net earnings to average assets | 1.0% | 2.2% | ||||||
Return on average shareholders’ equity | 14.0% | 28.4% | ||||||
Average equity to average assets | 7.4% | 7.7% | ||||||
Dividend payout ratio | 18.6% | 6.7% |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Total shareholders’ equity | $112,581 | $96,159 | ||||||
Preferred stock | (10,703 | ) | (9,703 | ) | ||||
Common shareholders’ equity | 101,878 | 86,456 | ||||||
Goodwill | (4,532 | ) | (4,332 | ) | ||||
Identifiable intangible assets | (634 | ) | (608 | ) | ||||
Tangible common shareholders’ equity | $ 96,712 | $81,516 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Investment banking | $ 2,131 | $ 3,566 | ||||||
Investment management | 2,064 | 1,796 | ||||||
Commissions and fees | 1,011 | 1,073 | ||||||
Market making | 5,990 | 5,893 | ||||||
Other principal transactions | (90 | ) | 3,894 | |||||
Total non-interest revenues | 11,106 | 16,222 | ||||||
Interest income | 3,212 | 3,054 | ||||||
Interest expense | 1,385 | 1,572 | ||||||
Net interest income | 1,827 | 1,482 | ||||||
Total net revenues | $ 12,933 | $17,704 |
111 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Provision for credit losses | $561 | $(70 | ) |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Compensation and benefits | $ 4,083 | $ 6,043 | ||||||
Transaction based | 1,244 | 1,256 | ||||||
Market development | 162 | 80 | ||||||
Communications and technology | 424 | 375 | ||||||
Depreciation and amortization | 492 | 498 | ||||||
Occupancy | 251 | 247 | ||||||
Professional fees | 437 | 360 | ||||||
Other expenses | 623 | 578 | ||||||
Total operating expenses | $ 7,716 | $ 9,437 | ||||||
Headcount at period-end | 45,100 | 40,300 |
113 | Goldman Sachs September 2022 Form 10-Q |
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 | March 2022 | | December 2021 | | ||||
Investment Banking | $ | $ | ||||||
Global Markets | 1,185,696 | 1,082,378 | ||||||
Asset Management | 91,483 | 91,115 | ||||||
Consumer & Wealth Management | 159,471 | 146,338 | ||||||
Total | $1,589,441 | $1,463,988 |
Goldman Sachs | 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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Investment Banking | ||||||||
Net revenues | $ 2,411 | $ 3,771 | ||||||
Provision for credit losses | 164 | (163 | ) | |||||
Operating expenses | 1,248 | 1,863 | ||||||
Pre-tax earnings | $ | $ 2,071 | ||||||
Net earnings to common | $ | $ 1,679 | ||||||
Average common equity | $ 11,730 | $10,564 | ||||||
Return on average common equity | 28.3% | 63.6% | ||||||
Global Markets | ||||||||
Net revenues | $ 7,872 | $ 7,581 | ||||||
Provision for credit losses | 102 | (20 | ) | |||||
Operating expenses | 3,761 | 4,185 | ||||||
Pre-tax earnings | $ 4,009 | $ 3,416 | ||||||
Net earnings to common | $ 3,327 | $ 2,730 | ||||||
Average common equity | $ 52,484 | $41,044 | ||||||
Return on average common equity | 25.4% | 26.6% | ||||||
Asset Management | ||||||||
Net revenues | $ | $ 4,614 | ||||||
Provision for credit losses | 41 | 53 | ||||||
Operating expenses | 1,095 | 1,890 | ||||||
Pre-tax earnings/(loss) | $ | ) | $ 2,671 | |||||
Net earnings/(loss) to common | $ | ) | $ 2,165 | |||||
Average common equity | $ 23,992 | $24,604 | ||||||
Return on average common equity | (8.6)% | 35.2% | ||||||
Consumer & Wealth Management | ||||||||
Net revenues | $ 2,104 | $ 1,738 | ||||||
Provision for credit losses | 254 | 60 | ||||||
Operating expenses | 1,612 | 1,499 | ||||||
Pre-tax earnings | $ | $ | ||||||
Net earnings to common | $ | $ | ||||||
Average common equity | $ 13,672 | $10,244 | ||||||
Return on average common equity | 5.6% | 5.3% | ||||||
Total net revenues | $ 12,933 | $17,704 | ||||||
Total provision for credit losses | 561 | (70 | ) | |||||
Total operating expenses | 7,716 | 9,437 | ||||||
Total pre-tax earnings | $ 4,656 | $ 8,337 | ||||||
Net earnings to common | $ 3,831 | $ 6,711 | ||||||
Average common equity | $101,878 | $86,456 | ||||||
Return on average common equity | 15.0% | 31.0% |
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 | March 2022 | | December 2021 | | ||||
Cash and cash equivalents | $ 68,156 | $ 64,437 | ||||||
Collateralized agreements | 23,494 | 21,354 | ||||||
Customer and other receivables | 5,542 | 5,248 | ||||||
Trading assets | 20,920 | 20,338 | ||||||
Investments | 1,112 | 1,053 | ||||||
Loans | 31,397 | 29,555 | ||||||
Other assets | 2,170 | 2,172 | ||||||
Total | $152,791 | $144,157 |
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 |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Corporate | $ 32,345 | $ 30,421 | ||||||
Loans, gross | 32,345 | 30,421 | ||||||
Allowance for loan losses | (948 | ) | (866 | ) | ||||
Total loans | $ 31,397 | $ 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 |
Average for the Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $31,187 | $27,828 | ||||||
Loans, gross | $31,187 | $27,828 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Financial advisory | $ 1,127 | $ 1,117 | ||||||
Equity underwriting | 261 | 1,569 | ||||||
Debt underwriting | 743 | 880 | ||||||
Underwriting | 1,004 | 2,449 | ||||||
Corporate lending | 280 | 205 | ||||||
Net revenues | 2,411 | 3,771 | ||||||
Provision for credit losses | 164 | (163 | ) | |||||
Operating expenses | 1,248 | 1,863 | ||||||
Pre-tax earnings | 999 | 2,071 | ||||||
Provision for taxes | 154 | 373 | ||||||
Net earnings | 845 | 1,698 | ||||||
Preferred stock dividends | 16 | 19 | ||||||
Net earnings to common | $ | $ 1,679 | ||||||
Average common equity | $11,730 | $10,564 | ||||||
Return on average common equity | 28.3% | 63.6% |
Three Months Ended March | |||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||
$ in billions | 2022 | 2021 | $ in billions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Announced mergers and acquisitions | $ | $ | Announced mergers and acquisitions | $ | 189 | $ | 471 | $ | 1,004 | $ | 1,414 | ||||||||||||||
Completed mergers and acquisitions | $ | $ | Completed mergers and acquisitions | $ | 225 | $ | 418 | $ | 988 | $ | 1,070 | ||||||||||||||
Equity and equity-related offerings | $ | $ | Equity and equity-related offerings | $ | 10 | $ | 25 | $ | 27 | $ | 111 | ||||||||||||||
Debt offerings | $ | $ | Debt offerings | $ | 39 | $ | 81 | $ | 177 | $ | 269 |
Goldman Sachs September 2022 Form 10-Q | 116 |
117 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs September 2022 Form 10-Q | 118 |
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 | March 2022 | | December 2021 | | ||||
Cash and cash equivalents | $ 134,218 | $ 131,390 | ||||||
Collateralized agreements | 407,230 | 343,535 | ||||||
Customer and other receivables | 156,551 | 142,547 | ||||||
Trading assets | 351,543 | 337,040 | ||||||
Investments | 60,451 | 55,285 | ||||||
Loans | 63,118 | 60,916 | ||||||
Other assets | 12,585 | 11,665 | ||||||
Total | $1,185,696 | $1,082,378 |
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 |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Corporate | $ 19,299 | $ 18,578 | ||||||
Real estate | 37,034 | 34,986 | ||||||
Other | 7,374 | 7,838 | ||||||
Loans, gross | 63,707 | 61,402 | ||||||
Allowance for loan losses | (589 | ) | (486 | ) | ||||
Total loans | $ 63,118 | $ 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 |
Average for the Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ 19,097 | $ 13,412 | ||||||
Real estate | 35,147 | 18,343 | ||||||
Other | 7,875 | 3,575 | ||||||
Loans, gross | $ 62,119 | $ 35,330 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
FICC intermediation | $ 4,038 | $ 3,451 | ||||||
FICC financing | 685 | 442 | ||||||
FICC | 4,723 | 3,893 | ||||||
Equities intermediation | 2,161 | 2,586 | ||||||
Equities financing | 988 | 1,102 | ||||||
Equities | 3,149 | 3,688 | ||||||
Net revenues | 7,872 | 7,581 | ||||||
Provision for credit losses | 102 | (20 | ) | |||||
Operating expenses | 3,761 | 4,185 | ||||||
Pre-tax earnings | 4,009 | 3,416 | ||||||
Provision for taxes | 617 | 615 | ||||||
Net earnings | 3,392 | 2,801 | ||||||
Preferred stock dividends | 65 | 71 | ||||||
Net earnings to common | $ 3,327 | $ 2,730 | ||||||
Average common equity | $ 52,484 | $ 41,044 | ||||||
Return on average common equity | 25.4% | 26.6% |
$ 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 March 2022 | ||||||||||||
Market making | $3,897 | $2,093 | $5,990 | |||||||||
Commissions and fees | – | 1,010 | 1,010 | |||||||||
Other principal transactions | 138 | 4 | 142 | |||||||||
Net interest income | 688 | 42 | 730 | |||||||||
Total | $4,723 | $3,149 | $7,872 | |||||||||
Three Months Ended March 2021 | ||||||||||||
Market making | $3,259 | $2,634 | $5,893 | |||||||||
Commissions and fees | – | 1,019 | 1,019 | |||||||||
Other principal transactions | 108 | – | 108 | |||||||||
Net interest income | 526 | 35 | 561 | |||||||||
Total | $3,893 | $3,688 | $7,581 |
119 | Goldman Sachs September 2022 Form 10-Q |
Goldman Sachs |
As of | ||||||||
September | December | |||||||
$ in millions | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 17,154 | $ | 16,636 | ||||
Collateralized agreements | 4,212 | 5,227 | ||||||
Customer and other receivables | 1,205 | 946 | ||||||
Trading assets | 5,554 | 5,000 | ||||||
Investments | 27,732 | 32,318 | ||||||
Loans | 12,103 | 13,698 | ||||||
Other assets | 17,854 | 17,290 | ||||||
Total | $ | 85,814 | $ | 91,115 |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Cash and cash equivalents | $18,500 | $16,636 | ||||||
Collateralized agreements | 6,085 | 5,227 | ||||||
Customer and other receivables | 941 | 946 | ||||||
Trading assets | 5,377 | 5,000 | ||||||
Investments | 30,458 | 32,318 | ||||||
Loans | 13,158 | 13,698 | ||||||
Other assets | 16,964 | 17,290 | ||||||
Total | $91,483 | $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 |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Corporate | $ 6,557 | $ 6,928 | ||||||
Real estate | 6,617 | 6,810 | ||||||
Other | 677 | 692 | ||||||
Loans, gross | 13,851 | 14,430 | ||||||
Allowance for loan losses | (693 | ) | (732 | ) | ||||
Total loans | $13,158 | $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 |
Average for the Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Corporate | $ 6,844 | $ 7,674 | ||||||
Real estate | 6,651 | 9,221 | ||||||
Other | 678 | 662 | ||||||
Loans, gross | $14,173 | $17,557 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Management and other fees | $ 772 | $ 693 | ||||||
Incentive fees | 52 | 42 | ||||||
Equity investments | (367 | ) | 3,120 | |||||
Lending and debt investments | 89 | 759 | ||||||
Net revenues | 546 | 4,614 | ||||||
Provision for credit losses | 41 | 53 | ||||||
Operating expenses | 1,095 | 1,890 | ||||||
Pre-tax earnings/(loss) | (590 | ) | 2,671 | |||||
Provision/(benefit) for taxes | (91 | ) | 481 | |||||
Net earnings/(loss) | (499 | ) | 2,190 | |||||
Preferred stock dividends | 17 | 25 | ||||||
Net earnings/(loss) to common | $ | ) | $ 2,165 | |||||
Average common equity | $23,992 | $24,604 | ||||||
Return on average common equity | (8.6)% | 35.2% |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Equity Type | ||||||||
Private equity | $ 255 | $ 2,781 | ||||||
Public equity | (622 | ) | 339 | |||||
Total | $ | ) | $ 3,120 | |||||
Asset Class | ||||||||
Real estate | $ 396 | $ 300 | ||||||
Corporate | (763 | ) | 2,820 | |||||
Total | $ | ) | $ 3,120 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Fair value net gains/(losses) | $(191 | ) | $460 | |||||
Net interest income | 280 | 299 | ||||||
Total | $ 89 | $759 |
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 | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Cash and cash equivalents | $ 53,290 | $ 48,573 | ||||||
Collateralized agreements | 16,607 | 14,358 | ||||||
Customer and other receivables | 11,603 | 11,932 | ||||||
Trading assets | 14,613 | 13,538 | ||||||
Investments | 63 | 63 | ||||||
Loans | 57,842 | 54,393 | ||||||
Other assets | 5,453 | 3,481 | ||||||
Total | $159,471 | $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 |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Wealth management | $ 45,060 | $ 43,998 | ||||||
Installment | 4,053 | 3,672 | ||||||
Credit cards | 10,585 | 8,212 | ||||||
Loans, gross | 59,698 | 55,882 | ||||||
Allowance for loan losses | (1,856 | ) | (1,489 | ) | ||||
Total loans | $ 57,842 | $ 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 |
Average for the Three Months Ended March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Wealth management | $ 44,728 | $ 34,198 | ||||||
Installment | 3,855 | 3,665 | ||||||
Credit cards | 9,286 | 4,229 | ||||||
Loans, gross | $ 57,869 | $ 42,092 |
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 March | ||||||||
$ in millions | 2022 | 2021 | ||||||
Management and other fees | $ 1,255 | $ 1,077 | ||||||
Incentive fees | 27 | 26 | ||||||
Private banking and lending | 339 | 264 | ||||||
Wealth management | 1,621 | 1,367 | ||||||
Consumer banking | 483 | 371 | ||||||
Net revenues | 2,104 | 1,738 | ||||||
Provision for credit losses | 254 | 60 | ||||||
Operating expenses | 1,612 | 1,499 | ||||||
Pre-tax earnings | 238 | 179 | ||||||
Provision for taxes | 37 | 32 | ||||||
Net earnings | 201 | 147 | ||||||
Preferred stock dividends | 10 | 10 | ||||||
Net earnings to common | $ 191 | $ 137 | ||||||
Average common equity | $13,672 | $10,244 | ||||||
Return on average common equity | 5.6% | 5.3% |
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 March | ||||||||
$ in billions | 2022 | 2021 | ||||||
Segment | ||||||||
Asset Management | $1,656 | $1,567 | ||||||
Consumer & Wealth Management | 738 | 637 | ||||||
Total AUS | $2,394 | $2,204 | ||||||
Asset Class | ||||||||
Alternative investments | $ 240 | $ 197 | ||||||
Equity | 592 | 516 | ||||||
Fixed income | 887 | 885 | ||||||
Total long-term AUS | 1,719 | 1,598 | ||||||
Liquidity products | 675 | 606 | ||||||
Total AUS | $2,394 | $2,204 | ||||||
Distribution Channel | ||||||||
Institutional | $ 790 | $ 762 | ||||||
Wealth management | 738 | 637 | ||||||
Third-party distributed | 866 | 805 | ||||||
Total AUS | $2,394 | $2,204 | ||||||
Region | ||||||||
Americas | $1,879 | $1,723 | ||||||
EMEA | 341 | 316 | ||||||
Asia | 174 | 165 | ||||||
Total AUS | $2,394 | $2,204 | ||||||
Vehicle | ||||||||
Separate accounts | $1,296 | $1,208 | ||||||
Public funds | 797 | 732 | ||||||
Private funds and other | 301 | 264 | ||||||
Total AUS | $2,394 | $2,204 |
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 |
Three Months Ended March | ||||||||
$ in billions | 2022 | 2021 | ||||||
Asset Management | ||||||||
Beginning balance | $1,719 | $1,530 | ||||||
Net inflows/(outflows): | ||||||||
Alternative investments | 2 | 3 | ||||||
Equity | 6 | 3 | ||||||
Fixed income | 2 | 16 | ||||||
Total long-term AUS net inflows/(outflows) | 10 | 22 | ||||||
Liquidity products | (7 | ) | 29 | |||||
Total AUS net inflows/(outflows) | 3 | 51 | ||||||
Net market appreciation/(depreciation) | (66 | ) | (14 | ) | ||||
Ending balance | $1,656 | $1,567 | ||||||
Consumer & Wealth Management | ||||||||
Beginning balance | $ | $ 615 | ||||||
Net inflows/(outflows): | ||||||||
Alternative investments | 3 | 2 | ||||||
Equity | 11 | 11 | ||||||
Fixed income | – | 2 | ||||||
Total long-term AUS net inflows/(outflows) | 14 | 15 | ||||||
Liquidity products | 1 | (6 | ) | |||||
Total AUS net inflows/(outflows) | 15 | 9 | ||||||
Net market appreciation/(depreciation) | (28 | ) | 13 | |||||
Ending balance | $ 738 | $ 637 | ||||||
Firmwide | ||||||||
Beginning balance | $2,470 | $2,145 | ||||||
Net inflows/(outflows): | ||||||||
Alternative investments | 5 | 5 | ||||||
Equity | 17 | 14 | ||||||
Fixed income | 2 | 18 | ||||||
Total long-term AUS net inflows/(outflows) | 24 | 37 | ||||||
Liquidity products | (6 | ) | 23 | |||||
Total AUS net inflows/(outflows) | 18 | 60 | ||||||
Net market appreciation/(depreciation) | (94 | ) | (1 | ) | ||||
Ending balance | $2,394 | $2,204 |
125 | Goldman Sachs |
Average for the Three Months Ended March | Average for the | ||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||
$ in billions | 2022 | 2021 | $ in billions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Asset Management | $1,670 | $1,532 | Asset Management | $ | 1,824 | $ | 1,663 | $ | 1,806 | $ | 1,602 | ||||||||||||||
Consumer & Wealth Management | 737 | 624 | Consumer & Wealth Management | 683 | 688 | 707 | 656 | ||||||||||||||||||
Total AUS | $2,407 | $2,156 | Total AUS | $ | 2,507 | $ | 2,351 | $ | 2,513 | $ | 2,258 | ||||||||||||||
Asset Class | Asset Class | ||||||||||||||||||||||||
Alternative investments | $ 237 | $ 193 | Alternative investments | $ | 256 | $ | 217 | $ | 251 | $ | 205 | ||||||||||||||
Equity | 592 | 490 | Equity | 556 | 569 | 586 | 532 | ||||||||||||||||||
Fixed income | 913 | 895 | Fixed income | 999 | 932 | 995 | 911 | ||||||||||||||||||
Total long-term AUS | 1,742 | 1,578 | Total long-term AUS | 1,811 | 1,718 | 1,832 | 1,648 | ||||||||||||||||||
Liquidity products | 665 | 578 | Liquidity products | 696 | 633 | 681 | 610 | ||||||||||||||||||
Total AUS | $2,407 | $2,156 | 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 March | |||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||
Effective fees (bps) | 2022 | 2021 | Effective fees (bps) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Asset Class | |||||||||||||||||||||||||
Alternative investments | 65 | 64 | Alternative investments | 64 | 64 | 64 | 63 | ||||||||||||||||||
Equity | 59 | 60 | Equity | 58 | 59 | 58 | 60 | ||||||||||||||||||
Fixed income | 17 | 17 | Fixed income | 18 | 17 | 17 | 17 | ||||||||||||||||||
Liquidity products | 10 | 8 | Liquidity products | 15 | 5 | 13 | 6 | ||||||||||||||||||
Total average effective fee | 31 | 29 | 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 |
$ in billions | | Direct Strategies | | | Fund of Funds | | Total | |||||
Three Months Ended March 2022 | ||||||||||||
Average AUS | ||||||||||||
Corporate equity | $ 26 | $59 | $ 85 | |||||||||
Credit | 24 | 2 | 26 | |||||||||
Real estate | 10 | 7 | 17 | |||||||||
Hedge funds and other | 58 | 11 | 69 | |||||||||
Funds and discretionary accounts | $118 | $79 | $197 | |||||||||
Advisory accounts | 40 | |||||||||||
Total average AUS for alternative investments | $237 | |||||||||||
Effective Fees (bps) | ||||||||||||
Corporate equity | 130 | 57 | 80 | |||||||||
Credit | 105 | 61 | 102 | |||||||||
Real estate | 96 | 52 | 77 | |||||||||
Hedge funds and other | 57 | 68 | 59 | |||||||||
Funds and discretionary accounts | 86 | 58 | 75 | |||||||||
Advisory accounts | 18 | |||||||||||
Total average effective fee | 65 | |||||||||||
Three Months Ended March 2021 | ||||||||||||
Average AUS | ||||||||||||
Corporate equity | $ 16 | $58 | $ 74 | |||||||||
Credit | 17 | 2 | 19 | |||||||||
Real estate | 7 | 7 | 14 | |||||||||
Hedge funds and other | 45 | 10 | 55 | |||||||||
Funds and discretionary accounts | $ 85 | $77 | $162 | |||||||||
Advisory accounts | 31 | |||||||||||
Total average AUS for alternative investments | $193 | |||||||||||
Effective Fees (bps) | ||||||||||||
Corporate equity | 135 | 57 | 73 | |||||||||
Credit | 102 | 52 | 98 | |||||||||
Real estate | 98 | 59 | 80 | |||||||||
Hedge funds and other | 61 | 65 | 62 | |||||||||
Funds and discretionary accounts | 86 | 58 | 73 | |||||||||
Advisory accounts | 15 | |||||||||||
Total average effective fee | 64 |
Goldman Sachs September 2022 Form 10-Q | 126 |
$ 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 March 2022 | ||||||||||||
Corporate equity | $ 85 | $ 83 | $168 | |||||||||
Credit | 27 | 67 | 94 | |||||||||
Real estate | 17 | 39 | 56 | |||||||||
Hedge funds and other | 72 | 2 | 74 | |||||||||
Funds and discretionary accounts | 201 | 191 | 392 | |||||||||
Advisory accounts | 39 | – | 39 | |||||||||
Total alternative investments | $240 | $191 | $431 | |||||||||
As of March 2021 | ||||||||||||
Corporate equity | $ 75 | $ 57 | $132 | |||||||||
Credit | 19 | 73 | 92 | |||||||||
Real estate | 13 | 44 | 57 | |||||||||
Hedge funds and other | 58 | 2 | 60 | |||||||||
Funds and discretionary accounts | 165 | 176 | 341 | |||||||||
Advisory accounts | 32 | 2 | 34 | |||||||||
Total alternative investments | $197 | $178 | $375 |
As of | ||||||||
$ in billions | March | |||||||
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 March 2022 | ||||||||||||||||||||
Corporate equity | $ | $ | $14 | $ | $14 | |||||||||||||||
Credit | 7 | 10 | – | – | 17 | |||||||||||||||
Real estate | 6 | 2 | 4 | 14 | 26 | |||||||||||||||
Other | – | – | – | 1 | 1 | |||||||||||||||
Total | $13 | $12 | $18 | $15 | $58 | |||||||||||||||
As of March 2021 | ||||||||||||||||||||
Corporate equity | $ | $ | $16 | $ | $16 | |||||||||||||||
Credit | 8 | 12 | – | – | 20 | |||||||||||||||
Real estate | 8 | 2 | 3 | 19 | 32 | |||||||||||||||
Other | – | – | – | 1 | 1 | |||||||||||||||
Total | $16 | $14 | $19 | $20 | $69 |
127 | Goldman Sachs September 2022 Form 10-Q |
As of March | ||||||||||||||||
As of September | ||||||||||||||||
$ in billions | 2022 | 2021 | $ in billions | 2022 | 2021 | |||||||||||
Loans | $13 | $16 | Loans | $12 | $16 | |||||||||||
Debt securities | 12 | 14 | Debt securities | 12 | 13 | |||||||||||
Total | $25 | $30 | Total | $24 | $29 | |||||||||||
Accounting Classification | Accounting Classification | |||||||||||||||
Debt securities at fair value | 49% | 45% | Debt securities at fair value | 49 | % | 45 | % | |||||||||
Loans at amortized cost | 40% | 43% | Loans at amortized cost | 38 | % | 38 | % | |||||||||
Loans at fair value | 11% | 12% | Loans at fair value | 9 | % | 12 | % | |||||||||
Loans held for sale | Loans held for sale | 4 | % | 5 | % | |||||||||||
Total | 100% | 100% | Total | 100 | % | 100 | % | |||||||||
Region | Region | |||||||||||||||
Americas | 46% | 46% | Americas | 47 | % | 47 | % | |||||||||
EMEA | 33% | 33% | EMEA | 34 | % | 34 | % | |||||||||
Asia | 21% | 21% | Asia | 19 | % | 19 | % | |||||||||
Total | 100% | 100% | Total | 100 | % | 100 | % | |||||||||
Industry | Industry | |||||||||||||||
Consumers | 3% | 5% | Consumers | 4 | % | 4 | % | |||||||||
Financial Institutions | 8% | 7% | Financial Institutions | 8 | % | 8 | % | |||||||||
Healthcare | 11% | 8% | Healthcare | 11 | % | 9 | % | |||||||||
Industrials | 14% | 16% | Industrials | 13 | % | 15 | % | |||||||||
Natural Resources & Utilities | 4% | 4% | Natural Resources & Utilities | 3 | % | 3 | % | |||||||||
Real Estate | 32% | 35% | Real Estate | 27 | % | 36 | % | |||||||||
Technology, Media & Telecommunications | 17% | 15% | Technology, Media & Telecommunications | 22 | % | 14 | % | |||||||||
Other | 11% | 10% | Other | 12 | % | 11 | % | |||||||||
Total | 100% | 100% | 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 March | ||||||||
$ in billions | 2022 | 2021 | ||||||
Equity securities | $18 | $19 | ||||||
Region | ||||||||
Americas | 60% | 48% | ||||||
EMEA | 21% | 21% | ||||||
Asia | 19% | 31% | ||||||
Total | 100% | 100% | ||||||
Industry | ||||||||
Consumers | 4% | 4% | ||||||
Financial Institutions | 11% | 20% | ||||||
Healthcare | 12% | 8% | ||||||
Industrials | 7% | 5% | ||||||
Natural Resources & Utilities | 10% | 8% | ||||||
Real Estate | 24% | 18% | ||||||
Technology, Media & Telecommunications | 29% | 33% | ||||||
Other | 3% | 4% | ||||||
Total | 100% | 100% |
Vintage | ||||||||
As of | ||||||||
2015 or earlier | 30 | % | ||||||
2016 - 2018 | 25 | % | ||||||
2019 - thereafter | 45 | % | ||||||
Total | 100 | % | ||||||
As of | ||||||||
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 March | ||||||||
$ in billions | 2022 | 2021 | ||||||
CIE assets, net of financings | $7 | $9 | ||||||
Region | ||||||||
Americas | 64% | 63% | ||||||
EMEA | 24% | 22% | ||||||
Asia | 12% | 15% | ||||||
Total | 100% | 100% | ||||||
Asset Class | ||||||||
Hospitality | 4% | 4% | ||||||
Industrials | 11% | 9% | ||||||
Multifamily | 22% | 25% | ||||||
Office | 23% | 26% | ||||||
Retail | 4% | 6% | ||||||
Senior Housing | 16% | 13% | ||||||
Student Housing | 6% | 7% | ||||||
Other | 14% | 10% | ||||||
Total | 100% | 100% |
Vintage | ||||||||
As of | ||||||||
2015 or earlier | 4 | % | ||||||
2016 - 2018 | 46 | % | ||||||
2019 - thereafter | 50 | % | ||||||
Total | 100 | % | ||||||
As of | ||||||||
2014 or earlier | 2 | % | ||||||
2015 - 2017 | 27 | % | ||||||
2018 - thereafter | 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 | March 2022 | | December 2021 | | ||||
Total assets | $1,589,441 | $1,463,988 | ||||||
Unsecured long-term borrowings | $ 258,392 | $ 254,092 | ||||||
Total shareholders’ equity | $ 115,239 | $ 109,926 | ||||||
Leverage ratio | 13.8x | 13.3x | ||||||
Debt-to-equity | 2.2x | 2.3x |
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 | March 2022 | | December 2021 | | ||||
Total shareholders’ equity | $115,239 | $109,926 | ||||||
Preferred stock | (10,703 | ) | (10,703 | ) | ||||
Common shareholders’ equity | 104,536 | 99,223 | ||||||
Goodwill | (5,272 | ) | (4,285 | ) | ||||
Identifiable intangible assets | (1,209 | ) | (418 | ) | ||||
Tangible common shareholders’ equity | $ 98,055 | $ 94,520 | ||||||
Book value per common share | $ 293.31 | $ 284.39 | ||||||
Tangible book value per common share | $ 275.13 | $ 270.91 |
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 | March 2022 | December 2021 | ||||||||||||||
Deposits | $ 386,808 | 37% | $ 364,227 | 36% | ||||||||||||
Collateralized financings | 226,866 | 22% | 230,932 | 23% | ||||||||||||
Unsecured short-term borrowings | 58,076 | 5% | 46,955 | 5% | ||||||||||||
Unsecured long-term borrowings | 258,392 | 25% | 254,092 | 25% | ||||||||||||
Total shareholders’ equity | 115,239 | 11% | 109,926 | 11% | ||||||||||||
Total | $1,045,381 | 100% | $1,006,132 | 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 March 2022 | ||||||||||||||||||||
2023 | $ – | $9,715 | $9,295 | $10,978 | $ 29,988 | |||||||||||||||
2024 | $12,825 | $8,902 | $8,641 | $ 7,533 | 37,901 | |||||||||||||||
2025 | $12,485 | $9,397 | $5,586 | $ 6,426 | 33,894 | |||||||||||||||
2026 | $ 6,051 | $3,712 | $3,295 | $ 8,837 | 21,895 | |||||||||||||||
2027 | $ 9,261 | $ 915 | $4,280 | $ 8,940 | 23,396 | |||||||||||||||
2028 - thereafter | 111,318 | |||||||||||||||||||
Total | $258,392 |
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 | % |
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 | March 2022 | | December 2021 | | ||||
TLAC | $ 307,723 | $ 297,765 | ||||||
External long-term debt | $ 183,900 | $ 174,500 | ||||||
RWAs | $ 682,044 | $ 676,863 | ||||||
Leverage exposure | $1,942,497 | $1,910,521 | ||||||
TLAC to RWAs | 45.1% | 44.0% | ||||||
TLAC to leverage exposure | 15.8% | 15.6% | ||||||
External long-term debt to RWAs | 27.0% | 25.8% | ||||||
External long-term debt to leverage exposure | 9.5% | 9.1% |
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 | % |
Goldman Sachs |
As of | As of | |||||||||||||||
September | December | |||||||||||||||
$ in millions | March 2022 | | December 2021 | | $ in millions | 2022 | 2021 | |||||||||
Risk-based capital and risk-weighted assets | Risk-based capital and risk-weighted assets | |||||||||||||||
CET1 capital | $ 29,593 | $ 28,810 | CET1 capital | $ | 31,331 | $ | 28,810 | |||||||||
Tier 1 capital | $ 37,893 | $ 37,110 | Tier 1 capital | $ | 39,631 | $ | 37,110 | |||||||||
Tier 2 capital | $ 5,377 | $ 5,377 | Tier 2 capital | $ | 5,377 | $ | 5,377 | |||||||||
Total capital | $ 43,270 | $ 42,487 | Total capital | $ | 45,008 | $ | 42,487 | |||||||||
RWAs | $274,945 | $269,762 | RWAs | $ | 267,737 | $ | 269,762 | |||||||||
Risk-based capital ratios | Risk-based capital ratios | |||||||||||||||
CET1 capital ratio | 10.8% | 10.7% | CET1 capital ratio | 11.7% | 10.7% | |||||||||||
Tier 1 capital ratio | 13.8% | 13.8% | Tier 1 capital ratio | 14.8% | 13.8% | |||||||||||
Total capital ratio | 15.7% | 15.7% | Total capital ratio | 16.8% | 15.7% |
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, and lending and other commitments | 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. |
Goldman Sachs |
Goldman Sachs |
Goldman Sachs |
Goldman Sachs |
Goldman Sachs |
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 | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Denomination | ||||||||
U.S. dollar | $246,642 | $230,720 | ||||||
Non-U.S. dollar | 128,215 | 122,401 | ||||||
Total | $374,857 | $353,121 | ||||||
Asset Class | ||||||||
Overnight cash deposits | $211,593 | $188,223 | ||||||
U.S. government obligations | 112,847 | 107,898 | ||||||
U.S. agency obligations | 10,388 | 13,154 | ||||||
Non-U.S. government obligations | 40,029 | 43,846 | ||||||
Total | $374,857 | $353,121 | ||||||
Entity Type | ||||||||
Group Inc. and Funding IHC | $ 61,523 | $ 54,489 | ||||||
Major broker-dealer subsidiaries | 111,090 | 107,279 | ||||||
Major bank subsidiaries | 202,244 | 191,353 | ||||||
Total | $374,857 | $353,121 |
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 | March 2022 | | December 2021 | | ||||
Total HQLA | $365,250 | $342,047 | ||||||
Eligible HQLA | $255,055 | $248,570 | ||||||
Net cash outflows | $202,714 | $203,623 | ||||||
LCR | 126% | 122% |
147 | Goldman Sachs September 2022 Form 10-Q |
As of | ||||||||||||||||||||||||||||||||
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 2022 Form 10-Q | 148 |
As of September 2022 | ||||||||||||||||||||
Fitch | 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 | |||||||||||||||||
Goldman Sachs |
Goldman Sachs |
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 | ||||||||||||
$ in millions | March 2022 | | December 2021 | | | March 2021 | | |||||
Categories | ||||||||||||
Interest rates | $ 74 | $ 58 | $ 58 | |||||||||
Equity prices | 33 | 34 | 51 | |||||||||
Currency rates | 25 | 15 | 12 | |||||||||
Commodity prices | 49 | 32 | 22 | |||||||||
Diversification effect | (83 | ) | (56 | ) | (54 | ) | ||||||
Total | $ 98 | $ 83 | $ 89 |
As of | ||||||||||||
$ in millions | March 2022 | | December 2021 | | | March 2021 | | |||||
Categories | ||||||||||||
Interest rates | $106 | $ 69 | $ 59 | |||||||||
Equity prices | 33 | 31 | 54 | |||||||||
Currency rates | 26 | 19 | 14 | |||||||||
Commodity prices | 60 | 30 | 16 | |||||||||
Diversification effect | (98 | ) | (58 | ) | (59 | ) | ||||||
Total | $127 | $ 91 | $ 84 |
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 |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 2022 | December 2021 | March 2021 | ||||||||||||||||||||||||||||||
$ in millions | High | Low | High | Low | High | Low | ||||||||||||||||||||||||||
Categories | ||||||||||||||||||||||||||||||||
Interest rates | $106 | $57 | $69 | $49 | $ 67 | $50 | ||||||||||||||||||||||||||
Equity prices | $ 45 | $27 | $40 | $30 | $ 71 | $40 | ||||||||||||||||||||||||||
Currency rates | $ 36 | $19 | $20 | $ 9 | $ 16 | $ 9 | ||||||||||||||||||||||||||
Commodity prices | $ 82 | $30 | $45 | $21 | $ 34 | $14 | ||||||||||||||||||||||||||
Firmwide | ||||||||||||||||||||||||||||||||
VaR | $129 | $76 | $93 | $69 | $105 | $74 |
Goldman Sachs |
Three Months Ended March | |||||||||||||||||||||||||
Three Months Ended September | Nine Months Ended September | ||||||||||||||||||||||||
$ in millions | 2022 | 2021 | $ in millions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
>$100 | 32 | 26 | >$100 | 22 | 13 | 85 | 47 | ||||||||||||||||||
$75 – $100 | 8 | 15 | $75 – $100 | 7 | 11 | 20 | 39 | ||||||||||||||||||
$50 – $75 | 5 | 9 | $50 – $75 | 7 | 11 | 20 | 30 | ||||||||||||||||||
$25 – $50 | 6 | 3 | $25 – $50 | 9 | 10 | 20 | 26 | ||||||||||||||||||
$0 – $25 | 5 | 6 | $0 – $25 | 10 | 11 | 22 | 31 | ||||||||||||||||||
$(25) – $0 | 1 | 2 | $(25) – $0 | 5 | 7 | 9 | 14 | ||||||||||||||||||
$(50) – $(25) | 3 | – | $(50) – $(25) | 2 | — | 6 | — | ||||||||||||||||||
$(75) – $(50) | – | – | $(75) – $(50) | — | — | 1 | — | ||||||||||||||||||
$(100) – $(75) | – | – | $(100) – $(75) | 2 | — | 3 | — | ||||||||||||||||||
<$(100) | 2 | – | <$(100) | — | 1 | 2 | 1 | ||||||||||||||||||
Total | 62 | 61 | 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 |
As of | ||||||||||||
$ in millions | March 2022 | | December 2021 | | | March 2021 | | |||||
Equity | $1,813 | $1,953 | $1,831 | |||||||||
Debt | 2,201 | 2,244 | 2,486 | |||||||||
Total | $4,014 | $4,197 | $4,317 |
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 |
Goldman Sachs |
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 | March 2022 | | December 2021 | | ||||
Cash and Cash Equivalents | $250,856 | $236,168 | ||||||
Industry | ||||||||
Financial Institutions | 5% | 5% | ||||||
Sovereign | 95% | 95% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 59% | 55% | ||||||
EMEA | 33% | 36% | ||||||
Asia | 8% | 9% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 67% | 64% | ||||||
AA | 23% | 24% | ||||||
A | 9% | 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 | % |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
OTC derivative assets | $ 75,948 | $ 58,637 | ||||||
Collateral (not netted under U.S. GAAP) | (20,552 | ) | (17,245 | ) | ||||
Net credit exposure | $ 55,396 | $ 41,392 | ||||||
Industry | ||||||||
Consumer & Retail | 2% | 2% | ||||||
Diversified Industrials | 9% | 10% | ||||||
Financial Institutions | 15% | 15% | ||||||
Funds | 17% | 13% | ||||||
Healthcare | 1% | 1% | ||||||
Municipalities & Nonprofit | 3% | 5% | ||||||
Natural Resources & Utilities | 41% | 33% | ||||||
Sovereign | 6% | 8% | ||||||
Technology, Media & Telecommunications | 4% | 8% | ||||||
Other (including Special Purpose Vehicles) | 2% | 5% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 52% | 53% | ||||||
EMEA | 36% | 37% | ||||||
Asia | 12% | 10% | ||||||
Total | 100% | 100% |
Goldman Sachs |
$ 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 March 2022 | ||||||||||||
Less than 1 year | $ 39,658 | $ 16,758 | $ 56,416 | |||||||||
1 – 5 years | 25,117 | 11,893 | 37,010 | |||||||||
Greater than 5 years | 61,176 | 6,637 | 67,813 | |||||||||
Total | 125,951 | 35,288 | 161,239 | |||||||||
Netting | (93,328 | ) | (12,515 | ) | (105,843 | ) | ||||||
Net credit exposure | $ 32,623 | $ 22,773 | $ 55,396 | |||||||||
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 |
Investment-Grade | ||||||||||||||||||||
$ in millions | AAA | AA | A | BBB | Total | |||||||||||||||
As of March 2022 | ||||||||||||||||||||
Less than 1 year | $ 821 | $ 6,272 | $ 17,112 | $ 15,453 | $ 39,658 | |||||||||||||||
1 – 5 years | 1,202 | 4,886 | 9,958 | 9,071 | 25,117 | |||||||||||||||
Greater than 5 years | 11,251 | 8,129 | 22,313 | 19,483 | 61,176 | |||||||||||||||
Total | 13,274 | 19,287 | 49,383 | 44,007 | 125,951 | |||||||||||||||
Netting | (10,545 | ) | (13,271 | ) | (39,034 | ) | (30,478 | ) | (93,328 | ) | ||||||||||
Net credit exposure | $ 2,729 | $ 6,016 | $ 10,349 | $ 13,529 | $ 32,623 | |||||||||||||||
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 March 2022 | ||||||||||||||||||||
Less than 1 year | $ 15,824 | $ 934 | $ 16,758 | |||||||||||||||||
1 – 5 years | 11,625 | 268 | 11,893 | |||||||||||||||||
Greater than 5 years | 6,411 | 226 | 6,637 | |||||||||||||||||
Total | 33,860 | 1,428 | 35,288 | |||||||||||||||||
Netting | (12,442 | ) | (73 | ) | (12,515 | ) | ||||||||||||||
Net credit exposure | $ 21,418 | $ 1,355 | $ 22,773 | |||||||||||||||||
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 | $ in millions | Loans | Lending Commitments | Total | ||||||||||||||
As of March 2022 | |||||||||||||||||||||||
As of September 2022 | As of September 2022 | ||||||||||||||||||||||
Corporate | $ 58,201 | $155,295 | $213,496 | Corporate | $ | 63,181 | $ | 145,607 | $ | 208,788 | |||||||||||||
Wealth management | 45,060 | 4,809 | 49,869 | Wealth management | 50,101 | 4,638 | 54,739 | ||||||||||||||||
Commercial real estate | 28,630 | 4,263 | 32,893 | Commercial real estate | 26,082 | 3,231 | 29,313 | ||||||||||||||||
Residential real estate | 15,021 | 2,845 | 17,866 | Residential real estate | 14,342 | 2,828 | 17,170 | ||||||||||||||||
Consumer: | Consumer: | ||||||||||||||||||||||
Installment | 4,053 | 16 | 4,069 | Installment | 5,157 | 957 | 6,114 | ||||||||||||||||
Credit cards | 10,585 | 53,481 | 64,066 | Credit cards | 13,691 | 60,655 | 74,346 | ||||||||||||||||
Other | 8,051 | 6,130 | 14,181 | Other | 8,961 | 5,021 | 13,982 | ||||||||||||||||
Total | $169,601 | $226,839 | $396,440 | Total | $ | 181,515 | $ | 222,937 | $ | 404,452 | |||||||||||||
Allowance for loan losses | $ (4,086 | ) | $ (664 | ) | $ | ) | Allowance for loan losses | $ | (4,846) | $ | (739) | $ | (5,585) | ||||||||||
As of December 2021 | As of December 2021 | ||||||||||||||||||||||
Corporate | $ 55,927 | $155,930 | $211,857 | Corporate | $ | 55,927 | $ | 155,930 | $ | 211,857 | |||||||||||||
Wealth management | 43,998 | 4,094 | 48,092 | Wealth management | 43,998 | 4,094 | 48,092 | ||||||||||||||||
Commercial real estate | 25,883 | 5,813 | 31,696 | Commercial real estate | 25,883 | 5,813 | 31,696 | ||||||||||||||||
Residential real estate | 15,913 | 3,396 | 19,309 | Residential real estate | 15,913 | 3,396 | 19,309 | ||||||||||||||||
Consumer: | Consumer: | ||||||||||||||||||||||
Installment | 3,672 | 9 | 3,681 | Installment | 3,672 | 9 | 3,681 | ||||||||||||||||
Credit cards | 8,212 | 35,932 | 44,144 | Credit cards | 8,212 | 35,932 | 44,144 | ||||||||||||||||
Other | 8,530 | 6,378 | 14,908 | Other | 8,530 | 6,378 | 14,908 | ||||||||||||||||
Total | $162,135 | $211,552 | $373,687 | Total | $ | 162,135 | $ | 211,552 | $ | 373,687 | |||||||||||||
Allowance for loan losses | $ | ) | $ (776 | ) | $ | ) | Allowance for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |
Goldman Sachs |
$ 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 March 2022 | ||||||||||||
Corporate | $58,201 | $155,295 | $213,496 | |||||||||
Industry | ||||||||||||
Consumer & Retail | 7% | 14% | 12% | |||||||||
Diversified Industrials | 13% | 16% | 15% | |||||||||
Financial Institutions | 8% | 7% | 7% | |||||||||
Funds | 20% | 4% | 9% | |||||||||
Healthcare | 7% | 9% | 8% | |||||||||
Natural Resources & Utilities | 9% | 16% | 14% | |||||||||
Real Estate | 7% | 7% | 7% | |||||||||
Technology, Media & Telecommunications | 18% | 21% | 21% | |||||||||
Other (including Special Purpose Vehicles) | 11% | 6% | 7% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Region | ||||||||||||
Americas | 56% | 75% | 70% | |||||||||
EMEA | 35% | 23% | 26% | |||||||||
Asia | 9% | 2% | 4% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
AAA | – | 1% | 1% | |||||||||
AA | 1% | 5% | 3% | |||||||||
A | 5% | 16% | 13% | |||||||||
BBB | 22% | 37% | 33% | |||||||||
BB or lower | 72% | 41% | 50% | |||||||||
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 | $ in millions | Loans | Lending Commitments | Total | ||||||||||||||
As of March 2022 | |||||||||||||||||||||||
As of September 2022 | As of September 2022 | ||||||||||||||||||||||
Wealth Management | $45,060 | $4,809 | $49,869 | Wealth Management | $50,101 | $4,638 | $54,739 | ||||||||||||||||
Region | Region | ||||||||||||||||||||||
Americas | 88% | 99% | 89% | Americas | 89 | % | 96 | % | 90 | % | |||||||||||||
EMEA | 10% | 1% | 9% | EMEA | 10 | % | 4 | % | 9 | % | |||||||||||||
Asia | 2% | – | 2% | Asia | 1 | % | — | 1 | % | ||||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | ||||||||||||||||||||||
Investment-grade | 71% | 64% | 70% | Investment-grade | 73 | % | 75 | % | 73 | % | |||||||||||||
Non-investment-grade | 14% | 19% | 14% | Non-investment-grade | 12 | % | 12 | % | 12 | % | |||||||||||||
Other metrics/unrated | 15% | 17% | 16% | Other metrics/unrated | 15 | % | 13 | % | 15 | % | |||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
As of December 2021 | As of December 2021 | ||||||||||||||||||||||
Wealth Management | $43,998 | $4,094 | $48,092 | Wealth Management | $43,998 | $4,094 | $48,092 | ||||||||||||||||
Region | Region | ||||||||||||||||||||||
Americas | 87% | 98% | 88% | Americas | 87 | % | 98 | % | 88 | % | |||||||||||||
EMEA | 10% | 2% | 9% | EMEA | 10 | % | 2 | % | 9 | % | |||||||||||||
Asia | 3% | – | 3% | Asia | 3 | % | — | 3 | % | ||||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Credit Quality (Credit Rating Equivalent) | Credit Quality (Credit Rating Equivalent) | ||||||||||||||||||||||
Investment-grade | 72% | 67% | 71% | Investment-grade | 72 | % | 67 | % | 71 | % | |||||||||||||
Non-investment-grade | 13% | 19% | 14% | Non-investment-grade | 13 | % | 19 | % | 14 | % | |||||||||||||
Other metrics/unrated | 15% | 14% | 15% | Other metrics/unrated | 15 | % | 14 | % | 15 | % | |||||||||||||
Total | 100% | 100% | 100% | Total | 100 | % | 100 | % | 100 | % |
Goldman Sachs |
$ 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 March 2022 | ||||||||||||
Commercial Real Estate | $28,630 | $4,263 | $32,893 | |||||||||
Region | ||||||||||||
Americas | 80% | 57% | 77% | |||||||||
EMEA | 15% | 26% | 16% | |||||||||
Asia | 5% | 17% | 7% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 16% | 5% | 15% | |||||||||
Non-investment-grade | 83% | 94% | 84% | |||||||||
Other metrics/unrated | 1% | 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 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of March 2022 | ||||||||||||
Residential Real Estate | $15,021 | $2,845 | $17,866 | |||||||||
Region | ||||||||||||
Americas | 91% | 96% | 92% | |||||||||
EMEA | 7% | 1% | 6% | |||||||||
Asia | 2% | 3% | 2% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 12% | 4% | 10% | |||||||||
Non-investment-grade | 82% | 94% | 84% | |||||||||
Other metrics/unrated | 6% | 2% | 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% |
Goldman Sachs |
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 | March 2022 | | December 2021 | | ||||
Installment | $ 4,053 | $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 | $10,585 | $8,212 | ||||||
California | 18% | 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 | 38% | 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 | % |
$ in millions | Loans | | Lending Commitments | | Total | |||||||
As of March 2022 | ||||||||||||
Other | $8,051 | $6,130 | $14,181 | |||||||||
Region | ||||||||||||
Americas | 85% | 100% | 91% | |||||||||
EMEA | 15% | – | 9% | |||||||||
Total | 100% | 100% | 100% | |||||||||
Credit Quality (Credit Rating Equivalent) | ||||||||||||
Investment-grade | 41% | 89% | 62% | |||||||||
Non-investment-grade | 45% | 11% | 30% | |||||||||
Other metrics/unrated | 14% | – | 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 |
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 | March 2022 | | December 2021 | | ||||
Securities Financing Transactions | $40,185 | $34,505 | ||||||
Industry | ||||||||
Financial Institutions | 32% | 34% | ||||||
Funds | 28% | 23% | ||||||
Municipalities & Nonprofit | 5% | 5% | ||||||
Sovereign | 34% | 35% | ||||||
Other (including Special Purpose Vehicles) | 1% | 3% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 39% | 36% | ||||||
EMEA | 42% | 44% | ||||||
Asia | 19% | 20% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 18% | 19% | ||||||
AA | 31% | 28% | ||||||
A | 34% | 33% | ||||||
BBB | 7% | 9% | ||||||
BB or lower | 10% | 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 | % |
As of | ||||||||
$ in millions | March 2022 | | December 2021 | | ||||
Other Credit Exposures | $63,863 | $61,187 | ||||||
Industry | ||||||||
Financial Institutions | 79% | 86% | ||||||
Funds | 12% | 9% | ||||||
Other (including Special Purpose Vehicles) | 9% | 5% | ||||||
Total | 100% | 100% | ||||||
Region | ||||||||
Americas | 47% | 50% | ||||||
EMEA | 44% | 43% | ||||||
Asia | 9% | 7% | ||||||
Total | 100% | 100% | ||||||
Credit Quality (Credit Rating Equivalent) | ||||||||
AAA | 4% | 4% | ||||||
AA | 46% | 47% | ||||||
A | 27% | 29% | ||||||
BBB | 8% | 6% | ||||||
BB or lower | 14% | 13% | ||||||
Unrated | 1% | 1% | ||||||
Total | 100% | 100% |
Goldman Sachs |
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Goldman Sachs |
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 | |||||||||||||
January | 11,595 | $379.58 | – | 34,390,960 | ||||||||||||
February | 1,375,419 | $363.53 | 1,375,419 | 33,015,541 | ||||||||||||
March | – | – | – | 33,015,541 | ||||||||||||
Total | 1,387,014 | 1,375,419 |
Goldman Sachs |
By: | /s/ | |||||||||||
Denis P. Coleman III | ||||||||||||
Name: | Denis P. Coleman III | |||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: | ||||||||||||
/s/ | Sheara J. Fredman | ||||||||||
Name: | Sheara J. Fredman | ||||||||||
Title: | Chief Accounting Officer (Principal Accounting Officer) | ||||||||||
Date: | November 2, 2022 |
171 | Goldman Sachs |