Question: What is Goldman Sachs' Long-term Debt to Capitalization Ratio as of March 2024?

The Long-term Debt to Capitalization Ratio for Goldman Sachs as of March 2024 is calculated as follows:
Long-term Debt to Capitalization Ratio = Long-term Debt / (Long-term Debt + Shareholders' Equity)
Long-term Debt (2024) = $233,919 million
Shareholders' Equity (2024) = $118,546 million
Long-term Debt to Capitalization Ratio = 233,919 / (233,919 + 118,546) = 0.66

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: For the half-year ending June 2024, what was Goldman Sachs' Return on Equity (ROE)?

The Return on Equity (ROE) for Goldman Sachs for the six months ended June 2024 is calculated as follows:
ROE = (Net Income / Shareholder's Equity) * 100
Net Income (2024) = $7,175 million
Shareholder's Equity (2024) = $119,463 million
ROE = (7,175 / 119,463) * 100 = 6.01%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: Could you provide the Return on Assets (ROA) for Goldman Sachs over the six months ending June 2024?

The Return on Assets (ROA) for Goldman Sachs for the six months ended June 2024 is calculated as follows:
ROA = (Net Income / Total Assets) * 100
Net Income (2024) = $7,175 million
Total Assets (2024) = $1,653,313 million
ROA = (7,175 / 1,653,313) * 100 = 0.43%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: What Net Profit Margin did Goldman Sachs post for the six months ending June 2024?

The Net Profit Margin for Goldman Sachs for the six months ended June 2024 is calculated as follows:
Net Profit Margin = (Net Income / Revenue) * 100
Net Income (2024) = $7,175 million
Revenue (2024) = $26,944 million
Net Profit Margin = (7,175 / 26,944) * 100 = 26.63%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q


Question: How was the Operating Profit Margin for Goldman Sachs in the first half of 2024?

The Operating Profit Margin for Goldman Sachs for the six months ended June 2024 is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2024) = $9,153 million
Revenue (2024) = $26,944 million
Operating Profit Margin = (9,153 / 26,944) * 100 = 33.97%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q


Question: What is the Earnings Per Share (EPS) for Goldman Sachs over the six months ending June 2024?

The Earnings Per Share (EPS) for Goldman Sachs for the six months ended June 2024 is calculated as follows:
EPS = (Net Income - Dividends on Preferred Stock) / Outstanding Shares
Net Income (2024) = $7,175 million
Dividends on Preferred Stock (2024) = $353 million
Outstanding Shares (2024) = 332.6 million (Basic)
EPS = (7,175 - 353) / 332.6 = $20.44

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q


Question: What is Goldman Sachs' Debt to Equity Ratio as of June 2024?

The Debt Equity Ratio for Goldman Sachs as of June 2024 is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2024) = $1,533,850 million
Shareholders' Equity (2024) = $119,463 million
Debt Equity Ratio = 1,533,850 / 119,463 = 12.84

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: For Goldman Sachs, what was the Interest Coverage Ratio for the six-month period ending in June 2024?

The Interest Coverage Ratio for Goldman Sachs for the six months ended June 2024 is calculated as follows:
Interest Coverage Ratio = EBIT / Interest Expenses
EBIT (2024) = $9,153 million
Interest Expenses (2024) = $36,145 million
Interest Coverage Ratio = 9,153 / 36,145 = 0.25

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, 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 June		Six MonthsEnded June

in millions, except per share amounts	2024		2023		2024		2023

Revenues

Investment banking	$	1,733 			$	1,432 			$	3,818 			$	3,010

Investment management	2,533 			2,356 			5,024 			4,645

Commissions and fees	1,051 			893 			2,128 			1,981

Market making	4,225 			4,351 			10,217 			9,784

Other principal transactions	947 			179 			1,907 			234

Total non-interest revenues	10,489 			9,211 			23,094 			19,654

Interest income	20,440 			16,836 			39,995 			31,774

Interest expense	18,198 			15,152 			36,145 			28,309

Net interest income	2,242 			1,684 			3,850 			3,465

Total net revenues	12,731 			10,895 			26,944 			23,119

Provision for credit losses	282 			615 			600 			444

Operating expenses

Compensation and benefits	4,240 			3,619 			8,825 			7,709

Transaction based	1,654 			1,385 			3,151 			2,790

Market development	153 			146 			306 			318

Communications and technology	500 			482 			970 			948

Depreciation and amortization	646 			1,594 			1,273 			2,564

Occupancy	244 			253 			491 			518

Professional fees	393 			392 			777 			775

Other expenses	703 			673 			1,398 			1,324

Total operating expenses	8,533 			8,544 			17,191 			16,946

Pre-tax earnings	3,916 			1,736 			9,153 			5,729

Provision for taxes	873 			520 			1,978 			1,279

Net earnings	3,043 			1,216 			7,175 			4,450

Preferred stock dividends	152 			145 			353 			292

Net earnings applicable to common shareholders	$	2,891 			$	1,071 			$	6,822 			$	4,158

Earnings per common share

Basic	$	8.73 			$	3.09 			$	20.44 			$	12.00

Diluted	$	8.62 			$	3.08 			$	20.21 			$	11.91

Average common shares

Basic	329.8		342.3		332.6		344.4

Diluted	335.5		347.2		337.5		349.2

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded June		Six MonthsEnded June

$ in millions	2024		2023		2024		2023

Net earnings	$	3,043 			$	1,216 			$	7,175 			$	4,450

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

Currency translation	(4)			(12)			22 			(43)

Debt valuation adjustment	268 			(610)			(288)			(611)

Pension and postretirement liabilities	6 			10 			22 			24

Available-for-sale securities	147 			(24)			262 			403

Other comprehensive income/(loss)	417 			(636)			18 			(227)

Comprehensive income	$	3,460 			$	580 			$	7,193 			$	4,223

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

1		Goldman Sachs June 2024 Form 10-Q


Question: What is the Financial Leverage Ratio for Goldman Sachs as of June 2024?

The Financial Leverage Ratio for Goldman Sachs as of June 2024 is calculated as follows:
Financial Leverage Ratio = Total Assets / Shareholders' Equity
Total Assets (2024) = $1,653,313 million
Shareholders' Equity (2024) = $119,463 million
Financial Leverage Ratio = 1,653,313 / 119,463 = 13.84

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: Could you provide the Long-term Debt to Capitalization Ratio for Goldman Sachs as of June 2024?

The Long-term Debt to Capitalization Ratio for Goldman Sachs as of June 2024 is calculated as follows:
Long-term Debt to Capitalization Ratio = Long-term Debt / (Long-term Debt + Shareholders' Equity)
Long-term Debt (2024) = $234,632 million
Shareholders' Equity (2024) = $119,463 million
Long-term Debt to Capitalization Ratio = 234,632 / (234,632 + 119,463) = 0.66

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: What was the Current Ratio for Goldman Sachs as of June 2024?

The Current Ratio for Goldman Sachs as of June 2024 is calculated as follows:
Current Ratio = Current Assets / Current Liabilities
Current Assets (2024) = $1,653,313 million
Current Liabilities (2024) = $1,533,850 million
Current Ratio = 1,653,313 / 1,533,850 = 1.08

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: Could you share Goldman Sachs’ Working Capital as of June 2024?

To calculate the working capital, we need to subtract the current liabilities from the current assets.

From the given balance sheet, we can see that:
Current Assets=Cash and Cash Equivalents+Securities Purchased Under Agreements to Resell+Securities Borrowed+Customer and Other Receivables+Trading Assets

Current Assets (June 2024)=206,326+198,626+204,621+142,000+521,981

Current Assets (June 2024)=1,273,554

Current Liabilities=Deposits+Securities Sold Under Agreements to Repurchase+Securities Loaned+Other Secured Financings+Customer and Other Payables+Trading Liabilities+Unsecured Short-Term Borrowings

Current Liabilities (June 2024)=433,105+238,139+63,935+23,123+242,986+199,660+76,769

Current Liabilities (June 2024)=1,277,717

Now, we can calculate the working capital:

Working Capital = Current Assets - Current Liabilities
= 1,273,554 - 1,277,717
= -4,163

So, as of June 2024, Goldman Sachs' working capital is approximately -$4,163 million, meaning the company has a working capital deficit.

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: What is the Cash Ratio for Goldman Sachs as of June 2024?

The Cash Ratio for Goldman Sachs as of June 2024 is calculated as follows:
Cash Ratio = Cash & Cash Equivalents / Current Liabilities
Cash & Cash Equivalents (2024) = $206,326 million
Current Liabilities (2024) = $1,533,850 million
Cash Ratio = 206,326 / 1,533,850 = 0.13

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	June	December

$ in millions	2024	2023

Assets

Cash and cash equivalents	$	206,326 		$	241,577

Collateralized agreements:

Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)	198,626 		223,805

Securities borrowed (includes $45,819 and $44,930 at fair value)	204,621 		199,420

Customer and other receivables (includes $23 and $23 at fair value)	142,000 		132,495

Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)	521,981 		477,510

Investments (includes $86,855 and $75,767 at fair value)	160,924 		146,839

Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)	184,127 		183,358

Other assets (includes $243 and $366 at fair value)	34,708 		36,590

Total assets	$	1,653,313 		$	1,641,594

Liabilities and shareholders' equity

Deposits (includes $32,042 and $29,460 at fair value)	$	433,105 		$	428,417

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	238,139 		249,887

Securities loaned (includes $10,775 and $8,934 at fair value)	63,935 		60,483

Other secured financings (includes $22,868 and $12,554 at fair value)	23,123 		13,194

Customer and other payables	242,986 		230,728

Trading liabilities (at fair value)	199,660 		200,355

Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)	76,769 		75,945

Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)	234,632 		241,877

Other liabilities (includes $142 and $266 at fair value)	21,501 		23,803

Total liabilities	1,533,850 		1,524,689

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $12,753 and $11,203	12,753 		11,203

Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding	9 		9

Share-based awards	5,058 		5,121

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	61,350 		60,247

Retained earnings	148,652 		143,688

Accumulated other comprehensive loss	(2,900)		(2,918)

Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares	(105,459)		(100,445)

Total shareholders' equity	119,463 		116,905

Total liabilities and shareholders' equity	$	1,653,313 		$	1,641,594

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

Goldman Sachs June 2024 Form 10-Q		2


Question: How was Goldman Sachs' Return on Equity (ROE) for the nine months ending in September 2023?

The Return on Equity (ROE) for Goldman Sachs for the nine months ended September 2023 is calculated as follows:
ROE = (Net Income / Shareholder's Equity) * 100
Net Income (2023) = $6,508 million
Shareholder's Equity (2023) = $117,277 million
ROE = (6,508 / 117,277) * 100 = 5.55%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

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

Goldman Sachs September 2023 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

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

Goldman Sachs September 2023 Form 10-Q		2


Question: For Goldman Sachs, what was the Return on Assets (ROA) over the nine months up to September 2023?

The Return on Assets (ROA) for Goldman Sachs for the nine months ended September 2023 is calculated as follows:
ROA = (Net Income / Total Assets) * 100
Net Income (2023) = $6,508 million
Total Assets (2023) = $1,577,153 million
ROA = (6,508 / 1,577,153) * 100 = 0.41%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

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

Goldman Sachs September 2023 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q

,
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

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

Goldman Sachs September 2023 Form 10-Q		2


Question: What was the Net Profit Margin for Goldman Sachs over the nine-month span ending in September 2023?

The Net Profit Margin for Goldman Sachs for the nine months ended September 2023 is calculated as follows:
Net Profit Margin = (Net Income / Revenue) * 100
Net Income (2023) = $6,508 million
Revenue (2023) = $34,936 million
Net Profit Margin = (6,508 / 34,936) * 100 = 18.63%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q


Question: Can you provide the Operating Profit Margin for Goldman Sachs for the nine months ending September 2023?

The Operating Profit Margin for Goldman Sachs for the nine months ended September 2023 is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2023) = $8,485 million
Revenue (2023) = $34,936 million
Operating Profit Margin = (8,485 / 34,936) * 100 = 24.28%

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q


Question: How does Goldman Sachs' Earnings Per Share (EPS) for the first nine months of 2023 compare with that of 2022?

The Earnings Per Share (EPS) ratio for 2023 is lower compared to 2022 for the nine months ended September. In 2023, the EPS (Basic) is $17.52, and the EPS (Diluted) is $17.39, while in 2022, the EPS (Basic) was $27.03, and the EPS (Diluted) was $26.71.

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, 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 September		Nine MonthsEnded September

in millions, except per share amounts	2023		2022		2023		2022

Revenues

Investment banking	$	1,555 			$	1,544 			$	4,565 			$	5,487

Investment management	2,409 			2,283 			7,054 			6,747

Commissions and fees	883 			992 			2,864 			3,066

Market making	4,958 			4,641 			14,742 			15,583

Other principal transactions	465 			472 			699 			285

Total non-interest revenues	10,270 			9,932 			29,924 			31,168

Interest income	18,257 			8,550 			50,031 			16,613

Interest expense	16,710 			6,507 			45,019 			11,009

Net interest income	1,547 			2,043 			5,012 			5,604

Total net revenues	11,817 			11,975 			34,936 			36,772

Provision for credit losses	7 			515 			451 			1,743

Operating expenses

Compensation and benefits	4,188 			3,606 			11,897 			11,384

Transaction based	1,452 			1,317 			4,242 			3,878

Market development	136 			199 			454 			596

Communications and technology	468 			459 			1,416 			1,327

Depreciation and amortization	1,512 			666 			4,076 			1,728

Occupancy	267 			255 			785 			765

Professional fees	377 			465 			1,152 			1,392

Other expenses	654 			737 			1,978 			2,003

Total operating expenses	9,054 			7,704 			26,000 			23,073

Pre-tax earnings	2,756 			3,756 			8,485 			11,956

Provision for taxes	698 			687 			1,977 			2,021

Net earnings	2,058 			3,069 			6,508 			9,935

Preferred stock dividends	176 			107 			468 			356

Net earnings applicable to common shareholders	$	1,882 			$	2,962 			$	6,040 			$	9,579

Earnings per common share

Basic	$	5.52 			$	8.35 			$	17.52 			$	27.03

Diluted	$	5.47 			$	8.25 			$	17.39 			$	26.71

Average common shares

Basic	338.7		352.8		342.5		353.0

Diluted	343.9		359.2		347.4		358.6

Consolidated Statements of Comprehensive Income

(Unaudited)

 	Three MonthsEnded September		Nine MonthsEnded September

$ in millions	2023		2022		2023		2022

Net earnings	$	2,058 			$	3,069 			$	6,508 			$	9,935

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

Currency translation	(16)			26 			(59)			(5)

Debt valuation adjustment	328 			673 			(283)			2,601

Pension and postretirement liabilities	9 			(2)			33 			10

Available-for-sale securities	317 			(615)			720 			(2,410)

Other comprehensive income	638 			82 			411 			196

Comprehensive income	$	2,696 			$	3,151 			$	6,919 			$	10,131

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

1		Goldman Sachs September 2023 Form 10-Q


Question: What was Goldman Sachs' Debt to Equity Ratio as of September 2023?

The Debt Equity Ratio for Goldman Sachs as of September 2023 is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2023) = $1,459,876 million
Shareholders' Equity (2023) = $117,277 million
Debt Equity Ratio = 1,459,876 / 117,277 = 12.45

Item 1. Financial Statements (Unaudited)

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

|    |                                                                                |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                | As of     |           |           |    |           |
|  2 |                                                                                | September | December  |           |    |           |
|  3 | $ in millions                                                                                | 2023      | 2022      |           |    |           |
|  4 | Assets                                                                                |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                | $         | 239,879   |           | $  | 241,825   |
|  6 | Collateralized agreements:                                                                                |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)              | 190,695   |           | 225,117   |    |           |
|  8 | Securities borrowed (includes $36,792 and $38,578 at fair value)                                            | 196,925   |           | 189,041   |    |           |
|  9 | Customer and other receivables (includes $23 and $25 at fair value)                                         | 140,866   |           | 135,448   |    |           |
| 10 | Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)                       | 448,060   |           | 301,245   |    |           |
| 11 | Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)       | 145,530   |           | 130,629   |    |           |
| 12 | Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)                 | 178,257   |           | 179,286   |    |           |
| 13 | Other assets (includes $324 and $145 at fair value)                                                         | 36,941    |           | 39,208    |    |           |
| 14 | Total assets                                                                                | $         | 1,577,153 |           | $  | 1,441,799 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $28,557 and $15,746 at fair value)                                                       | $         | 402,962   |           | $  | 386,665   |
| 18 | Collateralized financings:                                                                                |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 225,679   |           | 110,349   |    |           |
| 20 | Securities loaned (includes $8,178 and $4,372 at fair value)                                                | 54,926    |           | 30,727    |    |           |
| 21 | Other secured financings (includes $14,114 and $12,756 at fair value)                                       | 14,728    |           | 13,946    |    |           |
| 22 | Customer and other payables                                                                                | 252,342   |           | 262,045   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 195,123   |           | 191,324   |    |           |
| 24 | Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)                                | 70,009    |           | 60,961    |    |           |
| 25 | Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)                                 | 224,024   |           | 247,138   |    |           |
| 26 | Other liabilities (includes $614 and $159 at fair value)                                                    | 20,083    |           | 21,455    |    |           |
| 27 | Total liabilities                                                                                | 1,459,876 |           | 1,324,610 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $10,703                                    | 11,203    |           | 10,703    |    |           |
| 31 | Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                | 5,117     |           | 5,696     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                | 60,233    |           | 59,050    |    |           |
| 35 | Retained earnings                                                                                | 142,743   |           | 139,372   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (2,599)   |           | (3,010)   |    |           |
| 37 | Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares                                         | (99,429)  |           | (94,631)  |    |           |
| 38 | Total shareholders' equity                                                                                | 117,277   |           | 117,189   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,577,153 |           | $  | 1,441,799 |
The accompanying notes are an integral part of these consolidated financial statements.

|    |                                        |    |
|---:|:---------------------------------------|---:|
|  1 | Goldman Sachs September 2023 Form 10-Q |  2 |

GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2:
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of

	September	December

$ in millions	2023	2022

Assets

Cash and cash equivalents	$	239,879 		$	241,825

Collateralized agreements:

Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)	190,695 		225,117

Securities borrowed (includes $36,792 and $38,578 at fair value)	196,925 		189,041

Customer and other receivables (includes $23 and $25 at fair value)	140,866 		135,448

Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)	448,060 		301,245

Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)	145,530 		130,629

Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)	178,257 		179,286

Other assets (includes $324 and $145 at fair value)	36,941 		39,208

Total assets	$	1,577,153 		$	1,441,799

Liabilities and shareholders' equity

Deposits (includes $28,557 and $15,746 at fair value)	$	402,962 		$	386,665

Collateralized financings:

Securities sold under agreements to repurchase (at fair value)	225,679 		110,349

Securities loaned (includes $8,178 and $4,372 at fair value)	54,926 		30,727

Other secured financings (includes $14,114 and $12,756 at fair value)	14,728 		13,946

Customer and other payables	252,342 		262,045

Trading liabilities (at fair value)	195,123 		191,324

Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)	70,009 		60,961

Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)	224,024 		247,138

Other liabilities (includes $614 and $159 at fair value)	20,083 		21,455

Total liabilities	1,459,876 		1,324,610

Commitments, contingencies and guarantees

Shareholders' equity

Preferred stock; aggregate liquidation preference of $11,203 and $10,703	11,203 		10,703

Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding	9 		9

Share-based awards	5,117 		5,696

Nonvoting common stock; no shares issued and outstanding	– 		–

Additional paid-in capital	60,233 		59,050

Retained earnings	142,743 		139,372

Accumulated other comprehensive loss	(2,599)		(3,010)

Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares	(99,429)		(94,631)

Total shareholders' equity	117,277 		117,189

Total liabilities and shareholders' equity	$	1,577,153 		$	1,441,799

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

Goldman Sachs September 2023 Form 10-Q		2