1、Annual Report2022THE GOLDMAN SACHS GROUP,INC.1Fellow Shareholders:In January 2020,I stood in the auditorium of our NewYork headquarters at 200 West Street and kicked off our first Investor Day.Back then,our leadership team and I laid out a comprehensive strategy to strengthen and grow the firm:First

2、,we would invest in our core businesses.Second,we would pursue four growth initiatives:asset management,wealth management,transaction banking and consumer banking.And third,we would run the firm more efficiently.In addition,for the first time,we set public,firmwide financial targets to help investor

3、s hold us accountable.In February 2023,we took another step on our journey when we held our second Investor Day,and as I said then,it has certainly been an interesting three years.Back in January 2020,nobody would have imagined that just a few weeks later a pandemic would break out and there would b

4、e such disruption in the global economy.Even today,were operating in an uncertain environment.The war in Ukraine has roiled energy markets,and an increase in inflation has triggered monetary tightening.But through it all,weve stayed focused on shareholders,and Im proud of what weve accomplished.Sinc

5、e our first Investor Day,our total shareholder return is 60 percent,outperforming our peer average meaningfully.1 Our book value per share is up by nearly 40 percent,roughly twice that of our closest competitor.1 Our earnings per share is up by over 40 percent.Weve returned nearly$18 billion in capi

6、tal to common shareholders.And our average returns over the past three years are in line with ANNUAL REPORT 2022LETTER TO SHAREHOLDERSJohn WaldronPresident and Chief Operating OfficerDavid SolomonChairman and Chief Executive OfficerDenis Coleman Chief Financial Officer3“Being exceptional is not a gi