Introduction
Goldman Sachs stands as a cornerstone of the global financial services industry, delivering unparalleled expertise to corporations, governments, institutions, and individuals. With its headquarters in New York City, the firm has built a legacy of innovation, client-centricity, and financial excellence. Known for its leadership in investment banking, asset management, and wealth management, Goldman Sachs continues to shape the financial landscape through its strategic vision and operational prowess.
This comprehensive exploration covers Goldman Sachs’ company profile, its extensive range of products and services, brand identity, leadership structure, subsidiaries, and a detailed presentation of its financial performance. With a focus on its 2024 achievements, this post provides an in-depth look at what makes Goldman Sachs a global powerhouse, appealing to investors, clients, and financial enthusiasts alike.
Company Profile
Goldman Sachs, officially The Goldman Sachs Group, Inc., is a Delaware corporation operating as a bank holding company (BHC) and financial holding company (FHC) under the oversight of the Federal Reserve System. Its primary U.S. depository subsidiary, Goldman Sachs Bank USA, is a New York State-chartered bank, reinforcing its role in the U.S. financial ecosystem. The firm’s mission is to advance sustainable economic growth and financial opportunity, delivering a broad spectrum of services to a diverse client base that includes corporations, financial institutions, governments, and high-net-worth individuals.
Structured around three core business segments—Global Banking & Markets (GBM), Asset & Wealth Management (AWM), and Platform Solutions—Goldman Sachs reported net revenues of $53.5 billion in 2024, a 16% increase from the prior year. Its earnings per share soared by 77% to $40.54, with a return on equity (ROE) of 12.7% and an efficiency ratio of 63.1%. These metrics underscore the firm’s ability to deliver strong shareholder value while navigating a dynamic global market environment.
Goldman Sachs has maintained its position as the leading M&A advisor for 22 consecutive years and manages approximately $2.5 trillion in assets under supervision. Its strategic initiatives, such as the formation of the Capital Solutions Group in 2025, highlight its focus on capitalizing on emerging trends like private credit. The firm’s culture, rooted in partnership and innovation, is exemplified by its integration of AI-powered tools and a commitment to diversity, with 40% of its partners starting as campus hires and 95 new partners welcomed in 2024.
Over the past five years, Goldman Sachs has met or exceeded most of its performance targets set during its 2020 Investor Day, positioning itself for mid-teens returns through economic cycles. Its diversified franchise, global reach, and client-centric approach make it a resilient and forward-thinking leader in finance.
Products and Services
Goldman Sachs offers a wide array of financial services tailored to meet the needs of its global clientele. Below is a detailed overview of its offerings across its three business segments.
Global Banking & Markets (GBM)
The GBM segment serves public and private sector clients, delivering advisory, financing, and market-making services. Key offerings include:
- Investment Banking Fees: Goldman Sachs excels in advisory services for mergers and acquisitions, divestitures, restructurings, and spin-offs, as well as underwriting equity and debt securities. In 2024, it maintained its #1 ranking in advisory net revenues, with durable FICC and Equities financing revenues reaching a record $9.1 billion, growing at a 15% compounded annual rate since 2019.
- Fixed Income, Currency, and Commodities (FICC): This includes market-making in interest rate products, credit products, mortgages, currencies, and commodities, alongside financing activities like structured credit and asset-backed lending. FICC intermediation and financing ensure liquidity and risk management for clients.
- Equities: The firm facilitates client transactions in equity securities, ETFs, and derivatives, offering prime financing, securities lending, and swap transactions. It is a leading participant in global exchanges, providing high-touch and low-touch execution services.
- Capital Solutions Group: Launched in 2025, this group integrates financing, origination, and risk management to capitalize on private credit and alternative asset opportunities, enhancing synergies between GBM and AWM.
Asset & Wealth Management (AWM)
AWM provides investment and advisory services to institutional and individual clients, with offerings including:
- Investment Management: Managing assets across equity, fixed income, and alternatives, with $2.5 trillion under supervision in 2024. The segment achieved 28 consecutive quarters of long-term fee-based inflows.
- Wealth Advisory: Tailored financial planning and investment solutions for ultra-high-net-worth clients, with total client assets of $1.6 trillion.
- Private Banking and Lending: Includes deposit products and loans through Marcus by Goldman Sachs, supporting clients’ investment and liquidity needs.
- Alternatives: A top-five global alternatives business, raising over $70 billion in 2024, with a focus on private equity, credit, and real estate.
Platform Solutions
This segment focuses on consumer and transaction banking, offering:
- Consumer Platforms: Marcus by Goldman Sachs provides retail deposits, personal loans, and credit cards.
- Transaction Banking: Cash management and payment processing services for corporate clients.
Brand Details
Goldman Sachs’ brand is synonymous with trust, excellence, and innovation. Its core values—client-centricity, integrity, excellence, and teamwork—guide its operations. The Marcus brand extends its reach into consumer banking, offering transparent, user-friendly financial products. The Marquee platform enhances its digital presence, providing institutional clients with advanced analytics and execution tools. The Global Investment Research division bolsters its reputation as a thought leader, covering 3,000 companies and 50 economies.
Board of Directors
Goldman Sachs’ board, as of February 26, 2025, includes:
- David Solomon – Chairman and CEO
- M. Michele Burns – Director
- Mark A. Flaherty – Director
- Kimberley D. Harris – Director
- John B. Hess – Director
- Kevin R. Johnson – Director
- Ellen J. Kullman – Director
- KC McClure – Director
- Lakshmi N. Mittal – Director
- Thomas Montag – Director
- Peter Oppenheimer – Director
- Jan E. Tighe – Director
- David A. Viniar – Director
- John E. Waldron – Director, President, and COO
Subsidiary Details
Key subsidiaries include:
- Goldman Sachs Bank USA: A New York State-chartered bank handling depository functions.
- Goldman Sachs & Co. LLC: Broker-dealer for trading and client execution.
- Goldman Sachs International: Manages European operations.
- GS Finance Corp.: Issues debt securities.
- Goldman Sachs Headquarters LLC: Manages real estate holdings.
Financial Performance
Goldman Sachs’ financial performance in 2024 was exceptional, with detailed financial statements provided below as per the company’s records.
Consolidated Statement of Earnings
The following table presents the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023, and 2022:
| ($ in millions, except per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenues | |||
| Interest Income | $81,397 | $68,515 | $29,044 |
| Interest Expense | $73,341 | $62,164 | $21,366 |
| Net Interest Income | $8,056 | $6,351 | $7,678 |
| Non-Interest Revenues | $45,444 | $39,899 | $39,687 |
| Total Net Revenues | $53,500 | $46,250 | $47,365 |
| Expenses | |||
| Operating Expenses | $33,756 | $32,285 | $30,185 |
| Net Earnings | $13,181 | $8,516 | $11,261 |
| Earnings Per Common Share | $40.54 | $22.87 | $30.06 |
Analysis: The 16% increase in net revenues to $53.5 billion was driven by strong performance in GBM and AWM, with investment banking and wealth management fees showing significant growth. Net earnings rose to $13.181 billion, reflecting improved efficiency and a robust ROE of 12.7%.
Consolidated Balance Sheet
The Consolidated Balance Sheet as of December 31, 2024, and December 31, 2023, is partially available from the document. Below are the provided details:
| ($ in millions) | 2024 | 2023 |
|---|---|---|
| Assets | ||
| Collateralized Agreements | $391,060 | $373,120 |
| Loans | $200,866 | $181,810 |
| Liabilities | ||
| Deposits | $428,934 | $390,007 |
| Collateralized Financings | $316,690 | $248,040 |
| Trading Liabilities | $2,911 | $2,453 |
| Short-Term Borrowings | $2,112 | $1,322 |
| Long-Term Borrowings | $11,010 | $11,084 |
| Other Interest-Bearing Liabilities | $19,664 | $17,590 |
Note: Complete balance sheet data (e.g., cash, trading assets, total assets, and shareholders’ equity) was not provided in the document. The available data shows growth in deposits to $428.934 billion, driven by Marcus and institutional banking, and loans increasing to $200.866 billion, reflecting expanded lending activities.
Supplemental Financial Information
The document provides detailed supplemental financial data, including interest income, deposits, and loan portfolio details, which are presented below.
Interest Income and Expense
The table below presents interest income and expense for 2024, 2023, and 2022:
| ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Interest Income | |||
| U.S. | $58,159 | $45,407 | $19,377 |
| Non-U.S. | $23,238 | $23,108 | $9,667 |
| Total Interest Income | $81,397 | $68,515 | $29,044 |
| Interest Expense | |||
| U.S. | $52,729 | $43,305 | $13,092 |
| Non-U.S. | $20,612 | $18,859 | $8,274 |
| Total Interest Expense | $73,341 | $62,164 | $21,366 |
| Net Interest Income | |||
| U.S. | $5,430 | $2,102 | $6,285 |
| Non-U.S. | $2,626 | $5,249 | $1,393 |
| Total Net Interest Income | $8,056 | $6,351 | $7,678 |
Interest Rates:
| (%) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Assets | |||
| Deposits with Banks (U.S.) | 5.32% | 5.45% | 1.85% |
| Deposits with Banks (Non-U.S.) | 3.53% | 3.05% | 0.41% |
| Collateralized Agreements (U.S.) | 5.75% | 5.26% | 1.43% |
| Collateralized Agreements (Non-U.S.) | 4.00% | 5.26% | 1.00% |
| Trading Assets (U.S.) | 3.28% | 2.79% | 2.03% |
| Trading Assets (Non-U.S.) | 2.47% | 1.87% | 1.40% |
| Investments (U.S.) | 3.53% | 2.47% | 1.70% |
| Investments (Non-U.S.) | 3.53% | 2.34% | 1.70% |
| Loans (U.S.) | 6.82% | 6.51% | 4.33% |
| Loans (Non-U.S.) | 8.09% | 7.37% | 3.11% |
| Other Interest-Earning Assets | 11.36% | 9.83% | 3.11% |
| Interest-Earning Assets | 5.18% | 4.77% | 2.08% |
| Liabilities | |||
| Interest-Bearing Deposits (U.S.) | 4.75% | 4.44% | 1.64% |
| Interest-Bearing Deposits (Non-U.S.) | 4.66% | 4.07% | 1.16% |
| Collateralized Financings (U.S.) | 5.83% | 5.87% | 1.89% |
| Collateralized Financings (Non-U.S.) | 4.76% | 4.22% | 0.93% |
| Trading Liabilities (U.S.) | 2.25% | 1.66% | 1.06% |
| Trading Liabilities (Non-U.S.) | 2.01% | 1.75% | 1.26% |
| Short-Term Borrowings (U.S.) | 3.33% | 2.13% | 1.19% |
| Short-Term Borrowings (Non-U.S.) | 3.33% | 2.13% | 1.19% |
| Long-Term Borrowings (U.S.) | 5.53% | 5.49% | 2.51% |
| Long-Term Borrowings (Non-U.S.) | 5.52% | 5.49% | 2.51% |
| Other Interest-Bearing Liabilities (U.S.) | 5.83% | 5.78% | 1.42% |
| Other Interest-Bearing Liabilities (Non-U.S.) | 5.83% | 6.70% | 2.22% |
| Interest-Bearing Liabilities | 5.05% | 4.64% | 1.62% |
| Interest Rate Spread | 0.13% | 0.13% | 0.46% |
| Net Yield on Interest-Earning Assets | 0.51% | 0.43% | 0.55% |
Notes:
- Assets, liabilities, and interest are classified as U.S. and non-U.S. based on the location of the legal entity.
- Derivative instruments and commodities are included in other non-interest-earning assets and liabilities.
- Average collateralized agreements included $188.06 billion of resale agreements and $203.00 billion of securities borrowed for 2024.
- Other interest-earning assets primarily consist of certain receivables from customers and counterparties.
Changes in Net Interest Income, Volume, and Rate Analysis
The table below presents the effect on net interest income of volume and rate changes for 2024 vs. 2023:
| ($ in millions) | Increase/(Decrease) due to Change in: | ||
|---|---|---|---|
| Volume | Rate | Total | |
| Interest Income | |||
| Deposits with Banks | $1,319 | $(350) | $969 |
| Collateralized Agreements | $1,592 | $92 | $1,684 |
| Trading Assets | $1,745 | $(292) | $1,453 |
| Investments | $367 | $245 | $612 |
| Loans | $2,112 | $790 | $2,902 |
| Other Interest-Earning Assets | $10,728 | $(110) | $10,618 |
| Total Interest Income | $17,863 | $375 | $18,238 |
| Interest Expense | |||
| Interest-Bearing Deposits | $1,828 | $969 | $2,797 |
| Collateralized Financings | $1,592 | $1,684 | $3,276 |
| Trading Liabilities | $1,745 | $708 | $2,453 |
| Short-Term Borrowings | $367 | $122 | $489 |
| Long-Term Borrowings | $2,112 | $(74) | $2,038 |
| Other Interest-Bearing Liabilities | $10,728 | $110 | $10,838 |
| Total Interest Expense | $18,372 | $3,509 | $21,881 |
| Net Interest Income | $(509) | $(3,134) | $(3,643) |
Notes: Changes due to volume/rate variance are allocated to volume.
Deposits
The table below presents information about interest-bearing deposits:
| ($ in millions) | 2024 | 2023 |
|---|---|---|
| Average Balances | ||
| U.S. – Savings and Demand | $242,378 | $211,356 |
| U.S. – Time | $90,372 | $66,330 |
| Total U.S. | $332,750 | $307,696 |
| Non-U.S. – Demand | $64,678 | $67,506 |
| Non-U.S. – Time | $31,506 | $24,815 |
| Total Non-U.S. | $96,184 | $92,321 |
| Total | $428,934 | $390,007 |
| Average Interest Rates | ||
| U.S. – Savings and Demand | 4.72% | 4.57% |
| U.S. – Time | 4.81% | 3.97% |
| Total U.S. | 4.75% | 4.44% |
| Non-U.S. – Demand | 4.53% | 3.99% |
| Non-U.S. – Time | 4.92% | 4.26% |
| Total Non-U.S. | 4.66% | 4.07% |
| Total | 4.73% | 4.36% |
Additional Details:
Uninsured Time Deposits by Maturity (As of December 2024):
| ($ in millions) | U.S. | Non-U.S. |
|---|---|---|
| 3 months or less | $4,999 | $11,167 |
| 3 to 6 months | $3,563 | $9,449 |
| 6 to 12 months | $2,760 | $1,788 |
| Greater than 12 months | $711 | $1,204 |
| Total | $12,033 | $23,608 |
Loan Portfolio
The table below presents information about gross loans:
| ($ in millions) | 2024 | % | 2023 | % |
|---|---|---|---|---|
| Corporate | $29,972 | 15% | $35,874 | 19% |
| Commercial Real Estate | $29,989 | 15% | $26,028 | 14% |
| Residential Real Estate | $25,969 | 13% | $25,386 | 13% |
| Other Collateralized | $75,107 | 37% | $62,225 | 33% |
| Consumer – Installment | $70 | – | $3,296 | 2% |
| Consumer – Credit Cards | $21,403 | 11% | $19,361 | 10% |
| Consumer – Other | $2,079 | 1% | $1,613 | 1% |
| Total | $200,866 | 100% | $181,810 | 100% |
Loans by Tenor (As of December 2024):
| ($ in millions) | 1 year or less | More than 1 year to 5 years | More than 5 years to 15 years | More than 15 years | Total |
|---|---|---|---|---|---|
| Corporate | $4,432 | $23,845 | $1,510 | $2 | $29,789 |
| Commercial Real Estate | $4,999 | $8,624 | $132 | $12,214 | $25,969 |
| Residential Real Estate | $2,204 | $1,683 | $16 | – | $3,903 |
| Other Collateralized | $25,806 | $47,133 | $1,598 | $570 | $75,107 |
| Consumer – Installment | – | – | – | – | $70 |
| Consumer – Credit Cards | $21,403 | – | – | – | $21,403 |
| Consumer – Other | $1,060 | $941 | $74 | – | $2,079 |
| Total | $74,612 | $107,653 | $5,810 | $12,791 | $200,866 |
Loans by Tenor and Interest Rate Type (As of December 2024):
| ($ in millions) | 1 year or less | More than one year – Fixed | More than one year – Floating | Total |
|---|---|---|---|---|
| Corporate | $2,134 | $340 | $27,498 | $29,972 |
| Commercial Real Estate | $4,432 | – | $24,651 | $29,789 |
| Residential Real Estate | $2,134 | – | $24,651 | $25,969 |
| Other Collateralized | $25,806 | – | $49,301 | $75,107 |
| Consumer – Installment | – | – | $70 | $70 |
| Consumer – Credit Cards | $21,403 | – | – | $21,403 |
| Consumer – Other | $1,060 | – | $1,019 | $2,079 |
| Total | $74,612 | $13,372 | $112,882 | $200,866 |
Net Charge-Off Ratio for Loans:
| ($ in millions) | Net Charge-Offs | Average Balance | Net Charge-Off Ratio |
|---|---|---|---|
| Year Ended December 2024 | |||
| Wholesale | $48 | $164,688 | – |
| Consumer – Installment | $13 | $155 | 8.4% |
| Consumer – Credit Cards | $1,354 | $17,730 | 7.6% |
| Total Consumer | $1,367 | $17,885 | 7.6% |
| Total | $1,415 | $182,573 | 0.8% |
| Year Ended December 2023 | |||
| Wholesale | $400 | $151,834 | – |
| Consumer – Installment | $86 | $3,721 | – |
| Consumer – Credit Cards | $1,062 | $17,028 | 6.2% |
| Total Consumer | $1,148 | $20,749 | 5.5% |
| Total | $1,548 | $172,583 | 0.9% |
Notes: Net charge-offs for wholesale loans were not material for 2024 and were primarily related to corporate loans for 2023.
Strategic Outlook and Industry Context
Goldman Sachs is poised to capitalize on the growing private credit market through its Capital Solutions Group, integrating advisory and investment capabilities. The firm’s adoption of AI-powered tools enhances operational efficiency, positioning it to deliver superior client experiences. Despite global challenges like inflation and geopolitical tensions, Goldman Sachs remains optimistic about the U.S. economy’s dynamism, anticipating increased deal-making in 2025.
The firm’s diversified revenue streams, with GBM averaging $33 billion annually and AWM surpassing $10 billion in management fees, ensure resilience. Its focus on talent development, with 380 alumni returning as “boomerang hires” in 2024, and its commitment to diversity strengthen its competitive edge.
Industry Trends: The financial services sector is undergoing rapid transformation, with private credit and digital banking gaining prominence. Goldman Sachs’ strategic moves align with these trends, positioning it to outperform competitors like JPMorgan Chase and Morgan Stanley.
Conclusion
Goldman Sachs exemplifies financial excellence, blending tradition with innovation to serve a global clientele. Its robust financial performance, strategic initiatives, and commitment to client service make it a leader in the industry.
