Question: How did Goldman Sachs’ Operating Profit Margin fare in the first quarter of 2024?

The Operating Profit Margin for Goldman Sachs for the first quarter of 2024 is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2024 Q1) = $5,237 million (Pre-tax earnings)
Revenue (2024 Q1) = $14,213 million
Operating Profit Margin = (5,237 / 14,213) * 100 = 36.84%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q


Question: What was Goldman Sachs' Return on Equity (ROE) for Q1 2024?

The Return on Equity (ROE) for Goldman Sachs for the first quarter of 2024 is calculated as follows:
ROE = (Net Income after prefered stock dividend / Shareholder's Equity) * 100
Net Earnings Applicable to Common Shareholders (2024 Q1) = $3,931 million
Average Shareholder's Equity (2024 Q1) = (Total Shareholders' Equity at Q1 2024 + Total Shareholders' Equity at Q4 2023) / 2
= ($118,546 million + $116,905 million) / 2
= $117,725.5 million
ROE = (3,931 / 117,275.5) * 100 = 3.34%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | March     | December  |           |    |           |
|  3 | $ in millions                                                                                | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                    |    |
|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | March     | December  |           |    |           |
|  3 | $ in millions                                                                                | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                    |    |
|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2


Question: For the first quarter of 2024, what was Goldman Sachs’ Return on Assets (ROA)?

The Return on Assets (ROA) for Goldman Sachs for the first quarter of 2024 is calculated as follows:
ROA = (Net Income / Total Assets) * 100
Net Income (2024 Q1) = $4,132 million
Total Assets (2024 Q1) = $1,698,440 million
ROA = (4,132 / 1,698,440) * 100 = 0.24%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | March     | December  |           |    |           |
|  3 | $ in millions                                                                                | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                    |    |
|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | March     | December  |           |    |           |
|  3 | $ in millions                                                                                | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                    |    |
|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2


Question: As of March 2024, what is Goldman Sachs' Debt to Equity Ratio?

The Debt Equity Ratio for Goldman Sachs as of March 2024 is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2024) = $1,579,894 million
Shareholders' Equity (2024) = $118,546 million
Debt Equity Ratio = 1,579,894 / 118,546 = 13.33

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2


Question: How was Goldman Sachs' Interest Coverage Ratio for the first quarter of 2024?

The Interest Coverage Ratio for Goldman Sachs for the first quarter of 2024 is calculated as follows:
Interest Coverage Ratio = EBIT / Interest Expenses
EBIT (2024 Q1) = $5,237 million (Pre-tax earnings)
Interest Expenses (2024 Q1) = $17,947 million
Interest Coverage Ratio = 5,237 / 17,947 = 0.29

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                         |       |       |        |    |       |
|---:|:-----------------------------------------------|:------------------------|:------|:------|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded March |       |       |        |    |       |
|  3 | in millions, except per share amounts          | 2024                    |       | 2023  |        |    |       |
|  4 | Revenues                                       |                         |       |       |        |    |       |
|  5 | Investment banking                             | $                       | 2,085 |       |        | $  | 1,578 |
|  6 | Investment management                          | 2,491                   |       |       | 2,289  |    |       |
|  7 | Commissions and fees                           | 1,077                   |       |       | 1,088  |    |       |
|  8 | Market making                                  | 5,992                   |       |       | 5,433  |    |       |
|  9 | Other principal transactions                   | 960                     |       |       | 55     |    |       |
| 10 | Total non-interest revenues                    | 12,605                  |       |       | 10,443 |    |       |
| 12 | Interest income                                | 19,555                  |       |       | 14,938 |    |       |
| 13 | Interest expense                               | 17,947                  |       |       | 13,157 |    |       |
| 14 | Net interest income                            | 1,608                   |       |       | 1,781  |    |       |
| 15 | Total net revenues                             | 14,213                  |       |       | 12,224 |    |       |
| 16 | Provision for credit losses                    | 318                     |       |       | (171)  |    |       |
| 17 | Operating expenses                             |                         |       |       |        |    |       |
| 18 | Compensation and benefits                      | 4,585                   |       |       | 4,090  |    |       |
| 19 | Transaction based                              | 1,497                   |       |       | 1,405  |    |       |
| 20 | Market development                             | 153                     |       |       | 172    |    |       |
| 21 | Communications and technology                  | 470                     |       |       | 466    |    |       |
| 22 | Depreciation and amortization                  | 627                     |       |       | 970    |    |       |
| 23 | Occupancy                                      | 247                     |       |       | 265    |    |       |
| 24 | Professional fees                              | 384                     |       |       | 383    |    |       |
| 25 | Other expenses                                 | 695                     |       |       | 651    |    |       |
| 26 | Total operating expenses                       | 8,658                   |       |       | 8,402  |    |       |
| 28 | Pre-tax earnings                               | 5,237                   |       |       | 3,993  |    |       |
| 29 | Provision for taxes                            | 1,105                   |       |       | 759    |    |       |
| 30 | Net earnings                                   | 4,132                   |       |       | 3,234  |    |       |
| 31 | Preferred stock dividends                      | 201                     |       |       | 147    |    |       |
| 32 | Net earnings applicable to common shareholders | $                       | 3,931 |       |        | $  | 3,087 |
| 34 | Earnings per common share                      |                         |       |       |        |    |       |
| 35 | Basic                                          | $                       | 11.67 |       |        | $  | 8.87  |
| 36 | Diluted                                        | $                       | 11.58 |       |        | $  | 8.79  |
| 38 | Average common shares                          |                         |       |       |        |    |       |
| 39 | Basic                                          | 335.6                   |       | 346.6 |        |    |       |
| 40 | Diluted                                        | 339.5                   |       | 351.3 |        |    |       |

Consolidated Statements of Comprehensive Income

(Unaudited)
|    |                                                            |                         |       |      |      |    |       |
|---:|:-----------------------------------------------------------|:------------------------|:------|:-----|:-----|:---|:------|
|  2 |                                                            | Three MonthsEnded March |       |      |      |    |       |
|  3 | $ in millions                                              | 2024                    |       | 2023 |      |    |       |
|  4 | Net earnings                                               | $                       | 4,132 |      |      | $  | 3,234 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                         |       |      |      |    |       |
|  6 | Currency translation                                       | 26                      |       |      | (31) |    |       |
|  7 | Debt valuation adjustment                                  | (556)                   |       |      | (1)  |    |       |
|  8 | Pension and postretirement liabilities                     | 16                      |       |      | 14   |    |       |
|  9 | Available-for-sale securities                              | 115                     |       |      | 427  |    |       |
| 10 | Other comprehensive income/(loss)                          | (399)                   |       |      | 409  |    |       |
| 11 | Comprehensive income                                       | $                       | 3,733 |      |      | $  | 3,643 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |    |                                    |
|---:|---:|:-----------------------------------|
|  1 |  1 | Goldman Sachs March 2024 Form 10-Q |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 1:
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

 	Three MonthsEnded March

in millions, except per share amounts	2024		2023

Revenues

Investment banking	$	2,085 			$	1,578

Investment management	2,491 			2,289

Commissions and fees	1,077 			1,088

Market making	5,992 			5,433

Other principal transactions	960 			55

Total non-interest revenues	12,605 			10,443

Interest income	19,555 			14,938

Interest expense	17,947 			13,157

Net interest income	1,608 			1,781

Total net revenues	14,213 			12,224

Provision for credit losses	318 			(171)

Operating expenses

Compensation and benefits	4,585 			4,090

Transaction based	1,497 			1,405

Market development	153 			172

Communications and technology	470 			466

Depreciation and amortization	627 			970

Occupancy	247 			265

Professional fees	384 			383

Other expenses	695 			651

Total operating expenses	8,658 			8,402

Pre-tax earnings	5,237 			3,993

Provision for taxes	1,105 			759

Net earnings	4,132 			3,234

Preferred stock dividends	201 			147

Net earnings applicable to common shareholders	$	3,931 			$	3,087

Earnings per common share

Basic	$	11.67 			$	8.87

Diluted	$	11.58 			$	8.79

Average common shares

Basic	335.6		346.6

Diluted	339.5		351.3

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded March

$ in millions	2024		2023

Net earnings	$	4,132 			$	3,234

Other comprehensive income/(loss) adjustments, net of tax:

Currency translation	26 			(31)

Debt valuation adjustment	(556)			(1)

Pension and postretirement liabilities	16 			14

Available-for-sale securities	115 			427

Other comprehensive income/(loss)	(399)			409

Comprehensive income	$	3,733 			$	3,643

The accompanying notes are an integral part of these consolidated financial statements.

1		Goldman Sachs March 2024 Form 10-Q


Question: What was the Financial Leverage Ratio for Goldman Sachs as of March 2024?

The Financial Leverage Ratio for Goldman Sachs as of March 2024 is calculated as follows:
Financial Leverage Ratio = Total Assets / Shareholders' Equity
Total Assets (2024) = $1,698,440 million
Shareholders' Equity (2024) = $118,546 million
Financial Leverage Ratio = 1,698,440 / 118,546 = 14.33

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	March	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	209,385 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)	231,918 		223,805

Securities borrowed (includes $48,624 and $44,930 at fair value)	214,913 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	160,419 		132,495

Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)	507,718 		477,510

Investments (includes $81,777 and $75,767 at fair value)	154,900 		146,839

Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)	183,934 		183,358

Other assets (includes $248 and $366 at fair value)	35,253 		36,590

Total assets	$	1,698,440 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $31,370 and $29,460 at fair value)	$	440,662 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	267,479 		249,887

Securities loaned (includes $10,289 and $8,934 at fair value)	66,261 		60,483

Other secured financings (includes $14,798 and $12,554 at fair value)	15,052 		13,194

Customer and other payables	256,662 		230,728

Trading liabilities (at fair value)	201,142 		200,355

Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)	78,603 		75,945

Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)	233,919 		241,877

Other liabilities (includes $150 and $266 at fair value)	20,114 		23,803

Total liabilities	1,579,894 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $11,203	11,203 		11,203

Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding	9 		9

Share-based awards	4,564 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,314 		60,247

Retained earnings	146,690 		143,688

Accumulated other comprehensive loss	(3,317)		(2,918)

Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares	(101,917)		(100,445)

Total shareholders' equity	118,546 		116,905

Total liabilities and shareholders' equity	$	1,698,440 		$	1,641,594

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs March 2024 Form 10-Q		2