GOLDMAN SACHS GROUP INC

Overview

Goldman Sachs Group Inc. is a global financial institution focused on investment banking, markets, asset and wealth management, and platform-based banking activities. The firm provides financial services to corporations, financial institutions, governments and individuals, and reports its operations through three core segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. Its activities include advisory and underwriting, fixed income and equities intermediation and financing, relationship lending, investment management, wealth advisory and private banking, as well as consumer and transaction banking services [1]+4.

The company states that its purpose is to advance sustainable economic growth and financial opportunity, and it emphasizes delivering its services and expertise in a more accessible, comprehensive and efficient way across businesses and product areas [1]. Goldman Sachs has a broad international footprint, with offices in over 40 countries and revenue reported across the Americas, EMEA and Asia [6][7]. In 2024, the firm generated $53.5 billion in net revenues and had approximately 46,500 employees at year-end [8][6]. [1]+7

Products & services

Goldman Sachs’ product set is centered on financial intermediation, financing and investment products rather than physical goods. In investment banking, its named offerings include advisory assignments for mergers and acquisitions, divestitures, corporate defense, restructurings and spin-offs, as well as underwriting for public offerings and private placements across local and cross-border transactions; its equity underwriting specifically includes common stock, preferred stock, convertible securities and exchangeable securities. In corporate lending, it also provides relationship lending and acquisition financing.[9]+4

Its markets products are detailed by asset class. FICC intermediation covers market-making in cash and derivative instruments for interest rate products, including government bonds, government-backed securities, swaps and options; credit products such as investment-grade and high-yield corporate securities, credit derivatives, ETFs, bank and bridge loans, municipal securities, distressed debt and trade claims; mortgage products spanning commercial and residential mortgage-related securities, loans and derivatives; currency options, spot/forwards and other derivatives on G-10 and emerging-market currencies; and commodity derivatives plus some physical commodities across oil, natural gas, agriculture, metals, electricity including renewable power, and environmental products. FICC financing includes structured credit and asset-backed lending, warehouse loans backed by residential and commercial mortgages, corporate and consumer loans, resale agreements and commodity financing. In equities, Goldman Sachs makes markets in equity securities and equity-related products including ETFs, convertible securities, options, futures and OTC derivatives; its equities financing includes prime financing through generally collateralized margin loans, securities lending and borrowing, swap transactions that give clients exposure to securities and indices, portfolio financing, and securities-based loans to individuals, alongside low-touch and high-touch execution and clearing services on major stock, options and futures exchanges.[14]+9

In Asset & Wealth Management, Goldman Sachs offers investment solutions across equity, fixed income and alternatives through separately managed accounts, mutual funds, private partnerships and other commingled vehicles. Named alternative strategies include private equity, growth equity, private credit, liquid alternatives and real estate, as well as fund-of-funds investing with third-party private equity, hedge fund, real estate and credit managers. Its private equity funds target leveraged buyouts, recapitalizations, growth investments and distressed investments; credit funds invest in loans and other fixed-income instruments used in leveraged and management buyouts, recapitalizations, financings, refinancings, acquisitions and restructurings; and real estate funds invest in real estate companies, loan portfolios, debt recapitalizations and property. Wealth products also include private banking and lending, with loans to wealth-management clients and deposits raised from those clients, including through Marcus. In Platform Solutions, the company offers transaction banking services such as deposit-taking, payment solutions and other cash-management services for corporate and institutional clients, as well as consumer-platform products including credit cards and deposits from Apple Card customers; consumer deposits include both Marcus and Apple Card customers. On a 2024 net revenue basis, Global Banking & Markets represented about 65% of the firm total, Asset & Wealth Management about 30%, and Platform Solutions about 5%.[24]+9 [9]+24

Geographic presence

Goldman Sachs is headquartered in the New York metropolitan area, with principal executive offices at 200 West Street, New York, NY 10282. The firm identifies its primary locations as the New York metropolitan area, London, Bengaluru, Hyderabad, Hong Kong, Tokyo, Salt Lake City, Dallas, Singapore, Warsaw and Birmingham. It states that the majority of employees in these primary locations work in close proximity to one another, and that its largest employee concentration is in two principal office buildings near the Hudson River waterfront in the New York metropolitan area. As of December 2024, total headcount was 46,500.[33]+2

Geographically, net revenues are concentrated in the Americas, which accounted for $34.448 billion, or 64%, in 2024, compared with $12.250 billion, or 23%, from EMEA and $6.814 billion, or 13%, from Asia. Goldman Sachs notes that substantially all of the Americas amounts were attributable to the U.S., and that its Asia category includes Australia and New Zealand.[35]+2 [33]+5

Business segments

Goldman Sachs reports three business segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, with the segmentation organized around the products and services provided and the types of customers and counterparties served.[38]

Global Banking & Markets serves institutional clients including corporations, governments, states and municipalities, combining advisory and underwriting with market-making, financing and clearing across fixed income, currency, commodity and equity products. Its reported revenue streams include investment banking fees, FICC intermediation, and equities intermediation. Based on 2024 segment net revenues, it was the largest segment at about 65% of the total ($34.943 billion of $53.512 billion).[3]+4

Asset & Wealth Management provides investment services to institutional and individual clients, including asset management across equity, fixed income and alternative strategies, as well as wealth advisory, financial planning, deposits, lending, and principal investing activities. Its revenue sources include management and other fees, incentive fees, private banking and lending, and equity and debt investments. In 2024, this segment accounted for about 30% of segment net revenues ($16.142 billion).[4]+9

Platform Solutions consists of consumer platforms and transaction banking and other. The consumer platforms business includes credit card issuance and deposits from Apple Card customers, while transaction banking and other provides deposit-taking, payment solutions and cash-management services for corporate and institutional clients. In 2024, Platform Solutions contributed about 5% of segment net revenues ($2.427 billion).[5]+3 [38]+17

Company history

Goldman Sachs traces its origins to 1869, when Marcus Goldman opened a commercial paper business in New York; Samuel Sachs joined as a junior partner in 1882, and the firm adopted the name Goldman, Sachs & Co. in 1888.[49]+3 The firm joined the New York Stock Exchange in 1896.[53] In 1922 it transitioned from a partnership to a joint stock association, before reconstituting itself as a partnership in 1927.[54] In 1930, Sidney Weinberg became senior partner and led the firm through its recovery from the 1929 financial crash and decades of subsequent growth.[55] A notable mid-century milestone came in 1956, when Goldman Sachs led Ford Motor Company's $657 million IPO, described by the firm as the largest common stock offering in the United States at that time.[56]

In later decades, Goldman Sachs expanded its business mix and organizational structure through several major milestones. In 1981 it acquired J. Aron & Company, extending its presence in commodities and foreign exchange markets.[57] After partners voted in 1998 to take the firm public, Goldman Sachs completed its IPO in 1999.[58] In 2000 it acquired Spear, Leeds & Kellogg, strengthening its position in market making and clearing.[59] During the 2008 financial crisis, the firm transitioned to a bank holding company under Federal Reserve supervision, marking a significant change in its corporate structure.[60] [49]+11

Sources

• GOLDMAN SACHS GROUP INC — Full financial report (2024 Y)
  48 citations

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• GOLDMAN SACHS GROUP INC — Press release (2024 Y)[49]
• www.goldmansachs.com[50]
• www.goldmansachs.com[51]
• www.goldmansachs.com[52]
• www.goldmansachs.com[53]
• www.goldmansachs.com[54]
• www.goldmansachs.com[55]
• www.goldmansachs.com[56]
• www.goldmansachs.com[57]
• www.goldmansachs.com[58]
• www.goldmansachs.com[59]
• www.goldmansachs.com[60]