1、Annual Report2023THE GOLDMAN SACHS GROUP,INC.1Fellow Shareholders:Twenty twenty-three was a year of execution for Goldman Sachs.We took swift,decisive action to refocus the firms strategy while at the same time strengthening our core businesses,and Im proud of the progress we made.We put the firm in

2、 a stronger position for 2024 and beyond,as we continued to execute on our growth strategy,serve our clients with excellence and deliver for our shareholders.As we enter 2024,our strategy is centered on our two core businesses,where we have proven our “right to win”with our leadership positions,scal

3、e and exceptional talent,and as CEO,I am focused on our three strategic objectives:Harness One Goldman Sachs to serve our clients with excellence.Runworld-class,differentiatedanddurablebusinesses.Invest to operate at scale.Theres no ambiguity about who we are a preeminent global investment bank,serv

4、ing the most important companies,institutions and individuals in the world and were playing to our strengths as a trusted advisor,proven risk manager and experienced asset manager.ANNUAL REPORT 2023LETTER TO SHAREHOLDERSJohn WaldronPresidentandChiefOperatingOfficerDavid SolomonChairmanandChiefExecut

5、iveOfficerDenis Coleman ChiefFinancialOfficer3Enhancing the Strength of Our FranchiseOne reason Im excited about the future is the strength of our core franchise.We have two world-class and interconnected businesses:Global Banking&Markets,which comprises our top-ranked investment bank1 as well as FI

6、CC and Equities,and Asset&Wealth Management,a leading global active asset manager with a top 5 alternatives business2 and a premier ultrahigh net worth wealth management franchise.Over the past year,we have continued to enhance our franchise.In Global Banking&Markets,we have maintained and strengthe

7、ned our leadership positions.We were#1 in Advisory net revenues for the 21st year in a row as well as#1 in equity and equity-related underwriting volumes and#2 in high-yield debt volumes.3 We were also#1 in Equities and a top 3 player in FICC,4 where we achieved our second-highest net revenue year s

8、ince 2010.Its clear that our One Goldman Sachs operating ethos and client-centric approach are having an impact.In Global Banking&Markets,we have increased our wallet share by nearly 350 basis points since 2019,5 and in FICC and Equities,we are in the top 3 with 117 of the top 150 clients up from 77

9、 in 2019.6 Inaddition,since2019,ourfinancingrevenuesacross FICC and Equities have grown at a 15 percent compounded annual growth rate to a record of nearly$8 billion in 2023.Global Banking&Markets Strengthenedclientfranchisewithgrowthinwalletsharesince2019 RecordfinancingrevenuesacrossFICCandEquitie

10、sAsset&Wealth Management Grew more durable revenues and achieved new record for Management and other fees Reduced historical principal investments7 and surpassed alternatives fundraising targetSolid Progress on Execution Priorities in 2023David Solomon“Over the past year,we have continued to enhance

11、 our franchise.Its clear that our One Goldman Sachs operating ethos and client-centric approach are having an impact.”ANNUAL REPORT 2023LETTER TO SHAREHOLDERSDavid Solomon5“2023 was a year of execution for Goldman Sachs.”ANNUAL REPORT 2023LETTER TO SHAREHOLDERSThefirmsperformancehasproducedstrong re

12、turns for our shareholders.Over the past fiveyears,bookvaluepersharehasgrownby approximately50percent,ourstockpricehasrisenby approximately 130 percent(compared to a peer average of approximately 60 percent)and our quarterly dividend has more than tripled.For 2024,were focused on our execution prior

13、ities,which are highlighted in the table below.We believe our strategic objectives and these focus areas will help us achieve our desired outcomes:To continue to be a trusted advisor to our clients;To be an employer of choice for our people;and To generate mid-teens returns through the cycle and str

14、ong total shareholder return.I am now hearing consistently that our strategy has never been clearer,and Im proud to say thats a direct result of everything we achieved in 2023.In Asset&Wealth Management,we have continued to grow our more durable revenue base.Management and other fees and Private ban

15、king and lending net revenues both reached new records as we focused on strong client experience and investment performance.I am also proud to report that,since 2019,we have raised over$250 billion in alternatives,surpassing our$225 billion target a year early.When we were preparingforourfirstInvest

16、orDayfouryearsago,I remember how big of a reach our initial target of$150billionseemed.Tosurpassbothouroriginaland our higher,revised target one year ahead of schedule demonstrates the power of our platform.2024 Execution Focus Areas Enhance client experience Grow wallet share Drive investment perfo

17、rmance Grow more durable revenue streams Invest in people&culture Achieveagility,scale,efficiency and engineering excellence Optimize resource allocation Maintain and strengthen focus on risk management60%Peer average stock price increaseoverlastfiveyears130%Goldman Sachs stock price increaseoverlas

18、tfiveyearsProducing Strong Returns for Our Shareholders87ANNUAL REPORT 2023LETTER TO SHAREHOLDERSNavigating a Dynamic EnvironmentAnother reason Im optimistic about 2024 isthatthefirmstandstobenefitascapitalmarketsrebound.Ourcorebusinessesarehighlycorrelated with capital markets activity,and in 2023,

19、mergers-and-acquisitionsactivitydroppedtoa10-yearlow.Afteryearsofeasymonetarypolicyandfiscalstimulus,economic conditions tightened at the fastest rate in 40 years,and yet there was not arecession.TheU.S.economyhasprovenmoreresilient than expected,and markets are predicting ratecuts,thoughIthinkinfla

20、tionmayprovestickierthanmanyanticipate.Eitherway,thecostof capital is now materially higher,and markets areadjusting.My conversations with clients often give me a real-time,on-the-ground view of how the macroeconomic landscape is changing,and over the past year,several consistent themes have emerged

21、.Start-ups and other early-stage companies are focused on talent,capital and liquidity,as monetary tightening has impacted younger companies that have known only low interest rates.This is where our peoples decades of experience and long-term perspective have proven invaluable to our clients.By cont

22、rast,the CEOs of multinational corporations are more focused on the structural forces shaping theglobaleconomy,particularlyinflation,geopoliticsand generative AI.CEOs tell me that economic conditions for the consumer,particularly at the lower end of the income strata,have gotten tougher,and theyre s

23、eeing behavioral changes.But the Fed now has room to ease if economic conditions start todecline.Theres no question that generative AI is going to disrupt a wide range of industries.But I believe itsimportanttokeepperspective.SomepredictthatAI code generation tools could increase developer productiv

24、ity from 20 to 45 percent,9 and the pace of change in research and development is increasing at a remarkable rate.But adoption rates will lag,the most fascinating use cases are in their early stages,and alotofworkstillneedstobedoneindatasecurity,regulatory frameworks and ethical considerations for t

25、he technology to reach its full potential.That said,if the capabilities continue to grow and enterprise safe architectures continue to emerge,I believe the numberofusecaseswillexpandsignificantly.9Never far from our minds is geopolitics,particularly thethreeflashpointsofUkraine,theMiddleEastandChina

26、.LookingatChinaspecifically,CEOsaredebating whether and how to shift their supply chains,thoughChinaseconomyandtheU.S.swillcontinuetobesignificantlyintertwined.Italsoappears Chinas economic position may have peaked for the time being,but in the long run,Chinas growth and stability will be no less im

27、portant to theglobaleconomy.Regulatory LandscapeClients and investors are also concerned about theregulatoryenvironment.Oneeffortinparticularhascomeunderscrutiny.In2023,U.S.regulatorsunveiledaproposalto raise capital requirements for large banks known as Basel III reforms.We believe strongly in pres

28、erving and enhancing the safety and soundness of the financialsystem,butinourviewtheproposal would hurt economic activity without improving financialstability.Itwouldalsoresultinseveralunintended consequences.First,we believe the cost of credit would go up for many of our clients,ranging from manufa

29、cturers to energy companies to retirement savers,and they would likely pass on those higher costs to consumers.For example,we would need to hold in reserve substantially more capital for common transactions we make with pension funds that improve their returns for retirees.Second,webelievetheproposa

30、lwouldhurtU.S.competitiveness.U.S.regulatorsdidnotprovidemanyofthesameflexibilitiesthatEuropeanregulatorsdidfortheirbanks.Asaresult,U.S.bankswill be less able to provide credit and liquidity to clients,and costs will rise.Third,we believe the proposal would drive credit andlendingactivityoutofthereg

31、ulatedbankingsector and into unregulated parts of the economy.Because regulators have far less visibility into these sectors,we could see a buildup of risks that could ultimatelyleadtofinancialshocks.Inaddition,regulators have found that these so-called shadow bankscanpullbacksignificantlyduringperi

32、odsofstress,whichfurtherdecreasesmarketliquidity.We have been active in advocating for major revisions to the proposal,and we are not alone.According to public analysis,over 97 percent of comment letters expressed substantial concerns with at least one important aspect of the proposal.10 Many public

33、 and private companies,pension funds,and investing institutions argued it would reduce access to credit,make it harder to manage risks and harm capital markets.AsoundandsafefinancialsystemiscriticaltothefunctioningoftheU.S.economy,butwebelievethisproposal does not adequately serve the interests ofth

34、ebroaderpublicandmustberevised.ANNUAL REPORT 2023LETTER TO SHAREHOLDERS“Theres no ambiguity about who we are a preeminent global investment bank and were playing to our strengths.”11David SolomonANNUAL REPORT 2023LETTER TO SHAREHOLDERSInvesting in Our CultureIn2023,wemadeasignificantcommitmenttorein

35、vest in one of our biggest competitive advantages:our culture.Built upon our core values of partnership,client service,integrity and excellence,our culture is what definesus,itisouridentityanditisattheheartofour commercial success.In the aftermath of the pandemic and the further strains of a changin

36、g world,we launched the Cultural Stewardship Program to reinforce our individual andcollectiveresponsibilitytoprotectandenhanceour culture.Between late 2022 and early 2024,I met with almost all of our partners in 19 sessions,where we discussed what makes our culture special.There was widespread agre

37、ement that ours is a collaborative culture,and by“collaborative”I dont mean simply that we work together in an appropriate manner,but also that we provide mutual support inachievingsharedgoalsandoutcomes.Ourcultureemphasizes teamwork,trust and respect for others perspectives and expertise.Most of al

38、l,it encourages thefreeflowofideasandthesharingofknowledge.In the process,we create a feeling of belonging.We are also a culture of apprenticeship.We teach our colleagues who are just starting out in their careers how to conduct our business and how to engage with clients.But more importantly,each o

39、f us hasanobligationtopassdownthevaluesthatdefinewhat it means to be a Goldman Sachs professional.And that comes through our demonstrated actions:howwehandleourselvesindifficultmoments,ourthought process,and our ability to resist short-term thinking in order to maximize the clients and the firmslong

40、-terminterests.Throughoutthefirm,ourpeoplearepassionateabout our culture and understand we must continue to invest in it.After all,our culture fuels our success;we can never take it for granted.“Built upon our core values of partnership,client service,integrity and excellence,our culture is what def

41、ines us,it is our identity and it is at the heart of our commercial success.”David Solomon13ANNUAL REPORT 2023LETTER TO SHAREHOLDERSDavid Solomon ChairmanandChiefExecutiveOfficerThe Year AheadIn the year ahead,our focus is on strengthening the firm by providing world-class solutions for our clients

42、as well as investing in our culture and our people.Im confident that,if we continue to serve our clients well,we will build on last years progress and position the firm to deliver strong returns for shareholders.The changing environment and our streamlined strategy are ushering in a new chapter for

43、the firm.When I think about the strength of our market position,the depth and breadth of our client franchise,and the caliber of our people,I couldnt be more excited about the future of Goldman Sachs.15Goldman Sachs Business PrinciplesOur clients interests always come first.Our experience shows that

44、 if we serve our clients well,our own success will follow.Our assets are our people,capital and reputation.If any of these is ever diminished,the last is themostdifficulttorestore.Wearededicatedto complying fully with the letter and spirit of the laws,rules and ethical principles that govern us.Our

45、continued success depends upon unswerving adherence to this standard.Our goal is to provide superior returns to our shareholders.Profitabilityiscriticaltoachievingsuperiorreturns,building our capital,and attracting and keepingourbestpeople.Significantemployeestock ownership aligns the interests of o

46、ur employees and our shareholders.We take great pride in the professional quality of our work.We have an uncompromising determination to achieve excellence in everything we undertake.Though we may be involved in a wide variety and heavy volume of activity,we would,if it came to a choice,rather be be

47、st than biggest.We stress creativity and imagination in everything we do.While recognizing that the old way may still bethebestway,weconstantlystrivetofindabetter solution to a clients problems.We pride ourselves on having pioneered many of the practices and techniques that have become standard in t

48、he industry.We make an unusual effort to identify andrecruit the very best person for everyjob.Although our activities are measured in billions of dollars,we select our people one by one.Inaservicebusiness,weknowthatwithoutthebestpeople,wecannotbethebestfirm.We offer our people the opportunity tomov

49、e ahead more rapidly than is possibleat most other places.Advancement depends on merit and we have yettofindthelimitstotheresponsibilityourbestpeopleareabletoassume.Forustobesuccessful,ourpeoplemustreflectthediversity of the communities and cultures in which we operate.That means we must attract,ret

50、ain and motivate people from many backgrounds and perspectives.Being diverse is not optional;it is what we must be.We stress teamwork in everything we do.While individual creativity is always encouraged,wehavefoundthatteameffortoften produces the best results.We have no room for those who put their

51、personal interestsaheadoftheinterestsofthefirm and its clients.The dedication of our people to the firmand the intense effort they give their jobs are greater than one finds in most other organizations.We think that this is an important part of our success.We consider our size an asset that we try h

52、ard to preserve.We want to be big enough to undertake the largest project that any of our clients could contemplate,yet small enough to maintain the loyalty,the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success.We constantly strive to anticipate the rap

53、idly changing needs of our clients and to develop new services to meet those needs.Weknowthattheworldoffinancewillnotstand still and that complacency can lead toextinction.We regularly receive confidential information as part of our normal client relationships.Tobreachaconfidenceortouseconfidentiali

54、nformation improperly or carelessly would beunthinkable.Our business is highly competitive,and we aggressively seek to expand our client relationships.However,we must always be fair competitors andmustneverdenigrateotherfirms.Integrity and honesty are at the heart of our business.We expect our peopl

55、e to maintain high ethicalstandardsineverythingtheydo,bothintheirworkforthefirmandintheirpersonallives.Our PurposeWeaspiretobetheworldsmostexceptionalfinancialinstitution,unitedbyoursharedvaluesofpartnership,client service,integrity and excellence.PartnershipIntegrityClientServiceExcellenceOur Core

56、ValuesWe distilled our Business Principles into four core values that inform everything we do:ANNUAL REPORT 2023LETTER TO SHAREHOLDERSNOTES ABOUT THE LETTER TO SHAREHOLDERSForward-Looking StatementsThislettercontainsforward-lookingstatements,includingstatementsaboutourfinancialtargets,businessinitia

57、tives,capitalmarkets andM&Aactivitylevels,theimpactofAIonproductivity,thepotentialimpactofchangestoU.S.regulatorycapitalrules,andinterestrateandinflationtrends.Youshouldreadthecautionarynotesonforward-lookingstatementsinourForm10-KfortheperiodendedDecember31,2023.Forinformationaboutsomeoftherisksand

58、importantfactorsthatcouldaffectthefirmsfutureresultsandtheforward-lookingstatements,see“RiskFactors”inPartI,Item1AofthefirmsAnnualReportonForm10-KfortheyearendedDecember31,2023.1.BasedoncumulativepubliclydisclosedInvestmentBankingrevenuesfrom2020to2023.PeersincludeMS,JPM,BAC,C,BARC,DB,UBS,CS(through

59、2022).2.Rankingsasof4Q23.Peerdatacompiledfrompubliclyavailablecompanyfilings,earningsreleasesandsupplements,andwebsites,aswellaseVestmentdatabasesandMorningstarDirect.GStotalAlternativesinvestmentsof$485billionasof4Q23includes$295billionofAlternatives assetsundersupervision(AUS)and$190billionofnon-f

60、ee-earningAlternativesassets.3.Ranking for Advisory net revenues based on reported revenues(20032023).Ranking for equity and equity-related and high-yield debt underwritingvolumesareperDealogic(January1,2023,throughDecember31,2023).4.BasedonpubliclydisclosedFICCandEquitiesrevenuesfor2023.Peersinclud

61、eMS,JPM,BAC,C,BARC,DB,UBS.5.RevenuewalletsharesinceInvestorDay2020(2023vs.2019).BasedonreportedrevenuesforAdvisory,Equityunderwriting,Debtunderwriting,FICCandEquities.TotalwalletincludesGS,MS,JPM,BAC,C,BARC,DB,UBS,CS(through2022).6.Source:Top 150 client list and rankings compiled by GS through Clien

62、t Ranking/Scorecard/Feedback and/or Coalition Greenwich 1H23 and FY19 Institutional Client Analytics ranking.7.Historicalprincipalinvestmentsincludeconsolidatedinvestmententitiesandotherlegacyinvestmentsthefirmintendstoexitoverthemedium term(medium term refers to a 35-year time horizon from year-end

63、 2022).8.Five-yearstockpricereturnasofDecember31,2023.PeersincludeMS,JPM,BAC,C.9.McKinsey&Company.“The economic potential of generative AI:The next productivity frontier.”June 14,2023.10.Latham&Watkins,LLP.“The Basel III Endgame Proposal:Public Comments Snapshots.”February 2,2024.UNITED STATES SECUR

64、ITIES AND EXCHANGE COMMISSIONWashington,D.C.20549Form 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OFTHE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2023Commission File Number:001-14965The Goldman Sachs Group,Inc.(Exact name of registrant as specified in its charter)Dela

65、ware13-4019460(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)200 West Street,New York,NY10282(Address of principal executive offices)(Zip Code)(212)902-1000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b

66、)of the Act:Title of each classTradingSymbolExchangeon whichregisteredCommon stock,par value$.01 per shareGSNYSEDepositary Shares,Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock,Series AGS PRANYSEDepositary Shares,Each Representing 1/1,000th Interest i

67、n a Share of Floating Rate Non-Cumulative Preferred Stock,Series CGS PRCNYSEDepositary Shares,Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock,Series DGS PRDNYSEDepositary Shares,Each Representing 1/1,000th Interest in a Share of 6.375%Fixed-to-Floating

68、 Rate Non-Cumulative Preferred Stock,Series KGS PRKNYSE5.793%Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital IIGS/43PENYSEFloating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital IIIGS/43PFNYSEMedium-Term Not

69、es,Series F,Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.GS/31BNYSEMedium-Term Notes,Series F,Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.GS/31XNYSESecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the regis

70、trant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes NoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Act.Yes NoIndicate by check mark whether the registrant(1)has filed all reports required to be filed

71、 by Section 13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90days.Yes NoIndicate by check mark whether the registrant has

72、 submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes NoIndicate by check mark whether the regi

73、strant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growthcompany.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of theExchange Act.Large

74、 accelerated filerAccelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards

75、 provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of its internal control over financialreporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)

76、by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued f

77、inancial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mar

78、k whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes NoAs of June 30,2023,the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately$106.2 billion.As of February 9,2024,there were 325,562,747 sh

79、ares of the registrants common stock outstanding.Documents incorporated by reference:Portions of The Goldman Sachs Group,Inc.s Proxy Statement for its 2024 Annual Meeting of Shareholders are incorporated byreference in the Annual Report on Form 10-K in response to Part III,Items 10,11,12,13 and 14.T

80、HE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31,2023INDEXForm 10-K Item NumberPage No.PART I1Item 1Business1Introduction1Our Business Segments1Global Banking&Markets1Asset&Wealth Management4Platform Solutions5Business Continuity and Informa

81、tion Security5Human Capital Management5Sustainability7Competition9Regulation10Information about our Executive Officers27Available Information28Forward-Looking Statements28Item 1ARisk Factors31Item 1BUnresolved Staff Comments60Item 1CCybersecurity60Item 2Properties60Item 3Legal Proceedings60Item 4Min

82、e Safety Disclosures60PART II61Item 5Market for Registrants Common Equity,Related StockholderMatters and Issuer Purchases of Equity Securities61Page No.Item 7Managements Discussion and Analysis of Financial Conditionand Results of Operations62Introduction62Executive Overview63Business Environment64C

83、ritical Accounting Policies64Use of Estimates66Recent Accounting Developments67Results of Operations68Balance Sheet and Funding Sources83Capital Management and Regulatory Capital86Regulatory and Other Matters92Off-Balance Sheet Arrangements92Risk Management93Overview and Structure of Risk Management

84、93Liquidity Risk Management97Market Risk Management104Credit Risk Management109Operational Risk Management118Cybersecurity Risk Management120Model Risk Management121Other Risk Management122Item 7AQuantitative and Qualitative Disclosures About Market Risk124Goldman Sachs 2023 Form 10-KTHE GOLDMAN SAC

85、HS GROUP,INC.AND SUBSIDIARIESINDEXPage No.Item 8Financial Statements and Supplementary Data124Managements Report on Internal Control over Financial Reporting124Report of Independent Registered Public Accounting Firm125Consolidated Financial Statements128Consolidated Statements of Earnings128Consolid

86、ated Statements of Comprehensive Income128Consolidated Balance Sheets129Consolidated Statements of Changes in Shareholders Equity130Consolidated Statements of Cash Flows131Notes to Consolidated Financial Statements132Note 1.Description of Business132Note 2.Basis of Presentation133Note 3.Significant

87、Accounting Policies133Note 4.Fair Value Measurements139Note 5.Fair Value Hierarchy144Note 6.Trading Assets and Liabilities158Note 7.Derivatives and Hedging Activities159Note 8.Investments165Note 9.Loans168Note 10.Fair Value Option177Note 11.Collateralized Agreements and Financings179Note 12.Other As

88、sets183Note 13.Deposits187Note 14.Unsecured Borrowings188Note 15.Other Liabilities190Note 16.Securitization Activities191Note 17.Variable Interest Entities193Note 18.Commitments,Contingencies and Guarantees196Note 19.Shareholders Equity201Note 20.Regulation and Capital Adequacy203Note 21.Earnings Pe

89、r Common Share210Note 22.Transactions with Affiliated Funds210Note 23.Interest Income and Interest Expense211Note 24.Income Taxes211Note 25.Business Segments214Note 26.Credit Concentrations216Note 27.Legal Proceedings216Note 28.Employee Benefit Plans230Note 29.Employee Incentive Plans231Note 30.Pare

90、nt Company233Page No.Supplemental Financial Information235Common Stock Performance235Statistical Disclosures235Item 9Changes in and Disagreements with Accountants on Accountingand Financial Disclosure240Item 9AControls and Procedures240Item 9BOther Information240Item 9CDisclosure Regarding Foreign J

91、urisdictions that Prevent Inspections240PART III240Item 10Directors,Executive Officers and Corporate Governance240Item 11Executive Compensation240Item 12Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters241Item 13Certain Relationships and Related Transactio

92、ns,and DirectorIndependence241Item 14Principal Accountant Fees and Services241PART IV241Item 15Exhibit and Financial Statement Schedules241SIGNATURES246Goldman Sachs 2023 Form 10-KPART IItem 1.BusinessIntroductionGoldman Sachs is a leading global financial institution thatdelivers a broad range of f

93、inancial services to a large anddiversified client base that includes corporations,financialinstitutions,governments and individuals.Our purpose is toadvancesustainableeconomicgrowthandfinancialopportunity.Our goal,reflected in our One Goldman Sachsinitiative,is to deliver the full range of our serv

94、ices andexpertise to support our clients in a more accessible,comprehensive and efficient manner,across businesses andproduct areas.When we use the terms“Goldman Sachs,”“we,”“us,”“our”and the firm,we mean The Goldman Sachs Group,Inc.(Group Inc.or parent company),a Delaware corporation,and its consol

95、idated subsidiaries.When we use the term“oursubsidiaries,”we mean the consolidated subsidiaries ofGroup Inc.References to“this Form 10-K”are to our AnnualReport on Form 10-K for the year ended December 31,2023.All references to 2023,2022 and 2021 refer to our yearsended,or the dates,as the context r

96、equires,December 31,2023,December31,2022andDecember31,2021,respectively.Group Inc.is a bank holding company(BHC)and a financialholding company(FHC)regulated by the Board of Governorsof the Federal Reserve System(FRB).Our U.S.depositoryinstitution subsidiary,Goldman Sachs Bank USA(GS BankUSA),is a Ne

97、w York State-chartered bank.Our Business SegmentsWe manage and report our activities in three businesssegments:Global Banking&Markets,Asset&WealthManagement and Platform Solutions.Global Banking&Markets generates revenues from investment banking fees,including advisory,and equity and debt underwriti

98、ng fees,FixedIncome,CurrencyandCommodities(FICC)intermediationandfinancingactivitiesandEquitiesintermediationandfinancingactivities,aswellasrelationship lending and acquisition financing(and relatedhedges)and investing activities related to our Global Banking&Markets activities.Asset&Wealth Manageme

99、nt generatesrevenues from management and other fees,incentive fees,private banking and lending,equity investments and debtinvestments.Platform Solutions generates revenues fromconsumer platforms,and transaction banking and otherplatform businesses.The chart below presents our three business segments

100、 andtheir revenue sources.Global Banking&MarketsGlobal Banking&Markets serves public and private sectorclients and we seek to develop and maintain long-termrelationships with a diverse global group of institutionalclients,including corporations,governments,states andmunicipalities.Our goal is to del

101、iver to our institutionalclients all of our resources in a seamless fashion,with ouradvisory and underwriting activities serving as the maininitial point of contact.We make markets and facilitate clienttransactions in fixed income,currency,commodity andequity products and offer market expertise on a

102、 global basis.In addition,we make markets in,and clear client transactionson,major stock,options and futures exchanges worldwide.Our clients include companies that raise capital and fundingto grow and strengthen their businesses,and engage inmergers and acquisitions,divestitures,corporate defense,re

103、structurings and spin-offs,as well as companies that areprofessional market participants,who buy and sell financialproducts and manage risk,and investment entities whoseultimate clients include individual investors investing fortheir retirement,buying insurance or saving surplus cash.THE GOLDMAN SAC

104、HS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K1As a market maker,we provide prices to clients globallyacross thousands of products in all major asset classes andmarkets.At times,we take the other side of transactionsourselves if a buyer or seller is not readily available,and atother times

105、 we connect our clients to other parties who wantto transact.Our willingness to make markets,commit capitaland take risk in a broad range of products is crucial to ourclient relationships.Market makers provide liquidity andplay a critical role in price discovery,which contributes to theoverall effic

106、iency of the capital markets.In connection withour market-making activities,we maintain(i)market-makingpositions,typically for a short period of time,in response to,or in anticipation of,client demand,and(ii)positions toactively manage our risk exposures that arise from thesemarket-making activities

107、(collectively,inventory).We execute a high volume of transactions for our clients inlarge,highly liquid markets(such as markets for U.S.Treasury securities,stocks and certain agency mortgage pass-through securities).We also execute transactions for ourclients in less liquid markets(such as mid-cap c

108、orporatebonds,emerging market currencies and certain non-agencymortgage-backed securities)for spreads and fees that aregenerally somewhat larger than those charged in more liquidmarkets.Additionally,we structure and execute transactionsinvolving customized or tailor-made products that addressour cli

109、ents risk exposures,investment objectives or othercomplex needs,as well as derivative transactions related toclient advisory and underwriting activities.Through our global sales force,we maintain relationshipswith our clients,receiving orders and distributing investmentresearch,trading ideas,market

110、information and analysis.Much of this connectivity between us and our clients ismaintained on technology platforms,including Marquee,andoperates globally where markets are open for trading.Marqueeprovidesinstitutionalinvestorswithmarketintelligence,risk analytics,proprietary datasets and tradeexecut

111、ion across multiple asset classes.Our businesses are supported by our Global InvestmentResearch business,which,as of December 2023,providedfundamental research on approximately 3,000 companiesworldwide and on approximately 50 national economies,aswell as on industries,currencies and commodities.Our

112、activities are organized by asset class and include both“cash”and“derivative”instruments.“Cash”refers to tradingthe underlying instrument(such as a stock,bond or barrel ofoil).“Derivative”refers to instruments that derive their valuefrom underlying asset prices,indices,reference rates andother input

113、s,or a combination of these factors(such as anoption,which is the right or obligation to buy or sell a certainbond,stock or other asset on a specified date in the future ata certain price,or an interest rate swap,which is theagreement to convert a fixed rate of interest into a floatingrate or vice v

114、ersa).Global Banking&Markets generates revenues from thefollowing:Investment banking fees.We provide advisory andunderwriting services and help companies raise capital tostrengthen and grow their businesses.Investment banking fees includes the following:Advisory.We have been a leader for many years

115、inproviding advisory services,including strategic advisoryassignments with respect to mergers and acquisitions,divestitures,corporate defense activities,restructurings andspin-offs.In particular,we help clients execute large,complex transactions for which we provide multipleservices,including cross-

116、border structuring expertise.Wealso assist our clients in managing their asset and liabilityexposures and their capital.Underwriting.We help companies raise capital to fundtheir businesses.As a financial intermediary,our job is tomatch the capital of our investing clients,who aim to growthe savings

117、of millions of people,with the needs of ourpublic and private sector clients,who need financing togenerate growth,create jobs and deliver products andservices.Ourunderwritingactivitiesincludepublicofferings and private placements in both local and cross-border transactions of a wide range of securit

118、ies and otherfinancialinstruments,includingacquisitionfinancing.Underwriting consists of the following:Equity underwriting.We underwrite common stock,preferred stock,convertible securities and exchangeablesecurities.Weregularlyreceivemandatesforlarge,complex transactions and have held a leading posi

119、tion inworldwide public common stock offerings and worldwideinitial public offerings for many years.Debt underwriting.We originate and underwrite varioustypes of debt instruments,including investment-grade andhigh-yield debt,bank and bridge loans,including inconnection with acquisition financing,and

120、 emerging-andgrowth-market debt,which may be issued by,amongothers,corporate,sovereign,municipal and agency issuers.In addition,we underwrite and originate structuredsecurities,which include mortgage-related securities andother asset-backed securities.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES2Gol

121、dman Sachs 2023 Form 10-KFICC.FICC generates revenues from intermediation andfinancing activities.FICC intermediation.Includes client execution activitiesrelated to making markets in both cash and derivativeinstruments,as detailed below.Interest Rate Products.Government bonds(includinginflation-link

122、edsecurities)acrossmaturities,othergovernment-backed securities,and interest rate swaps,options and other derivatives.CreditProducts.Investment-gradeandhigh-yieldcorporate securities,credit derivatives,exchange-tradedfunds(ETFs),bank and bridge loans,municipal securities,distressed debt and trade cl

123、aims.Mortgages.Commercialmortgage-relatedsecurities,loansandderivatives,residentialmortgage-relatedsecurities,loans and derivatives(including U.S.governmentagency-issuedcollateralizedmortgageobligationsandothersecuritiesandloans),andotherasset-backedsecurities,loans and derivatives.Currencies.Curren

124、cy options,spot/forwards and otherderivativesonG-10currenciesandemerging-marketproducts.Commodities.Commodity derivatives and,to a lesserextent,physical commodities,involving crude oil andpetroleumproducts,naturalgas,agricultural,base,precious and other metals,electricity,including renewablepower,en

125、vironmental products and other commodityproducts.FICC financing.Includes(i)secured lending to our clientsthroughstructuredcreditandasset-backedlending,including warehouse loans backed by mortgages(includingresidential and commercial mortgage loans),corporateloans and consumer loans(including auto lo

126、ans and privatestudent loans),(ii)financing through securities purchasedunder agreements to resell(resale agreements)and(iii)commodityfinancingtoclientsthroughstructuredtransactions.Equities.Equities generates revenues from intermediationand financing activities.Equities intermediation.We make marke

127、ts in equitysecurities and equity-related products,including ETFs,convertiblesecurities,options,futuresandover-the-counter(OTC)derivative instruments.As a principal,wefacilitate client transactions by providing liquidity to ourclients,including by transacting in large blocks of stocks orderivatives,

128、requiring the commitment of our capital.We also structure and make markets in derivatives onindices,industry sectors,financial measures and individualcompany stocks.We develop strategies and provideinformation about portfolio hedging and restructuring andasset allocation transactions for our clients

129、.We also workwith our clients to create specially tailored instruments toenable sophisticated investors to establish or liquidateinvestment positions or undertake hedging strategies.Weare one of the leading participants in the trading anddevelopment of equity derivative instruments.Ourexchange-based

130、market-makingactivitiesincludemaking markets in stocks and ETFs,futures and options onmajor exchanges worldwide.In addition,we generate commissions and fees fromexecuting and clearing institutional client transactions onmajor stock,options and futures exchanges worldwide,aswell as OTC transactions.W

131、e provide our clients withaccess to a broad spectrum of equity execution services,including electronic“low-touch”access and more complex“high-touch”execution through both traditional andelectronic platforms.Equitiesfinancing.Includes prime financing,whichprovides financing to our clients for their s

132、ecurities tradingactivities through margin loans that are collateralized bysecurities,cash or other collateral.Prime financing alsoincludes services which involve lending securities to coverinstitutional clients short sales and borrowing securities tocover our short sales and to make deliveries into

133、 themarket.We are also an active participant in broker-to-broker securities lending and third-party agency lendingactivities.In addition,we execute swap transactions toprovide our clients with exposure to securities and indices.Financing activities also include portfolio financing,whichclients can u

134、tilize to manage their investment portfolios,and other equity financing activities,including securities-based loans to individuals.Other.We lend to corporate clients,including throughrelationship lending and acquisition financing.The hedgesrelated to this lending and financing activity are also repo

135、rtedas part of Other.Other also includes equity and debtinvesting activities related to our Global Banking&Marketsactivities.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K3Asset&Wealth ManagementAsset&Wealth Management provides investment services tohelp clients preserve an

136、d grow their financial assets andachieve their financial goals.We provide these services to ourclients,both institutional and individuals,including investorswho primarily access our products through a network ofthird-party distributors around the world.We manage client assets across a broad range of

137、 investmentstrategies and asset classes,including equity,fixed incomeandalternativeinvestments.Alternativeinvestmentsprimarily includes hedge funds,credit funds,private equity,real estate,currencies,commodities and asset allocationstrategies.Our investment offerings include those managedon a fiducia

138、ry basis by our portfolio managers,as well asthose managed by third-party managers.We offer ourinvestment solutions in a variety of structures,includingseparatelymanagedaccounts,mutualfunds,privatepartnerships and other commingled vehicles.We also provide customized investment advisory solutionsdesi

139、gned to address our clients investment needs.Thesesolutions begin with identifying clients objectives andcontinuethroughportfolioconstruction,ongoingassetallocation and risk management and investment realization.We draw from a variety of third-party managers,as well asour proprietary offerings,to im

140、plement solutions for clients.We also provide tailored wealth advisory services to clientsacross the wealth spectrum.We operate globally servingindividuals,families,family offices,and foundations andendowments.Our relationships are established directly orintroducedthroughcompaniesthatsponsorfinancia

141、lwellness or financial planning programs for their employees,as well as through corporate referrals.During 2023,we soldour Personal Financial Management(PFM)business.We offer personalized financial planning to individuals andalso provide customized investment advisory solutions,andoffer structuring

142、and execution capabilities in securities andderivative products across all major global markets.Inaddition,we offer clients a full range of private bankingservices,including a variety of deposit alternatives and loansthat our clients use to finance investments in both financialand nonfinancial asset

143、s,bridge cash flow timing gaps orprovide liquidity and flexibility for other needs.We invest alongside our clients that invest in investmentfunds that we raise or manage.We also have investments inalternative assets across a range of asset classes.Ourinvesting activities,which are typically longer-t

144、erm,includeinvestments in corporate equity,credit,real estate andinfrastructure assets.See“Managements Discussion andAnalysis of Financial Condition and Results of Operations Results of Operations Asset&Wealth Management”inPart II,Item 7 of this Form 10-K for information about ourtargets to reduce o

145、ur historical principal investments.We also raise deposits and have issued unsecured loans toconsumers through Marcus by Goldman Sachs(Marcus).During 2023,we completed the sale of substantially all of theMarcus loans portfolio.Asset&Wealth Management generates revenues from thefollowing:Management a

146、nd other fees.We receive fees related tomanaging assets for institutional and individual clients,providinginvestingandwealthadvisorysolutions,providing financial planning and counseling services,andexecuting brokerage transactions for wealth managementclients.The vast majority of revenues in managem

147、ent andother fees consists of asset-based fees on client assets thatwe manage.The fees that we charge vary by asset class,client channel and the types of services provided,and areaffected by investment performance,as well as assetinflows and redemptions.Incentive fees.In certain circumstances,we als

148、o receiveincentive fees based on a percentage of a funds or aseparately managed accounts return,or when the returnexceeds a specified benchmark or other performancetargets.Such fees include overrides,which consist of theincreased share of the income and gains derived primarilyfrom our private equity

149、 and credit funds when the returnon a funds investments over the life of the fund exceedscertain threshold returns.Private banking and lending.Our private banking andlending activities include issuing loans to our wealthmanagement clients.Such loans are generally secured bycommercial and residential

150、 real estate,securities or otherassets.We also accept deposits from wealth managementclients,includingthroughMarcus.Wealsoissuedunsecured loans to consumers through Marcus.During thefirst half of 2023,we completed the sale of substantially allof this portfolio.Additionally,we provide investingservic

151、es through Marcus Invest to U.S.customers.Privatebanking and lending revenues include net interest incomeallocated to deposits and net interest income earned onloans to individual clients.Equity investments.Includes investing activities relatedto our asset management activities primarily related top

152、ublic and private equity investments in corporate,realestate and infrastructure assets.We also make investmentsthrough consolidated investment entities,substantially allof which are engaged in real estate investment activities.Inaddition,we make investments in connection with ouractivities to satisf

153、y requirements under the CommunityReinvestment Act(CRA),primarily through our UrbanInvestment Group.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES4Goldman Sachs 2023 Form 10-K Debt investments.Includes lending activities related toour asset management activities,including investing incorporate debt,le

154、nding to middle-market clients,andproviding financing for real estate and other assets.Theseactivities include investments in mezzanine debt,seniordebt and distressed debt securities.Platform SolutionsPlatform Solutions includes our consumer platforms,such aspartnerships offering credit cards and po

155、int-of-sale financing,and transaction banking and other platform businesses.Platform Solutions generates revenues from the following:Consumer platforms.Our Consumer platforms businessissues credit cards and provides point-of-sale financingthrough GreenSky Holdings,LLC(GreenSky)to consumersto finance

156、 the purchases of goods or services.Consumerplatforms revenues primarily includes net interest incomeearned on credit card lending and point-of-sale financingactivities.WealsoacceptdepositsfromAppleCardcustomers.In the fourth quarter of 2023,we entered into anagreement to sell GreenSky,which is expe

157、cted to close in thefirst quarter of 2024,and also completed the sale of amajority of the GreenSky installment loan portfolio.In thefourth quarter of 2023,we also entered into an agreementwith General Motors(GM)regarding a process to transitiontheir credit card program to another issuer to be select

158、ed byGM.Transaction banking and other.We provide transactionbanking and other services,including cash managementservices,such as deposit-taking and payment solutions forcorporate and institutional clients.Transaction bankingrevenues include net interest income attributed to transactionbanking deposi

159、ts.Business Continuity and Information SecurityBusiness continuity and information security,includingcybersecurity,are high priorities for us.Their importance hasbeen highlighted by(i)the COVID-19 pandemic work-from-home-related developments,(ii)numerous highly publicizedevents in recent years,inclu

160、ding cyber attacks againstfinancialinstitutions,governmentalagencies,largeconsumer-basedcompanies,softwareandinformationtechnology service providers and other organizations,someof which have resulted in the unauthorized access to ordisclosure of personal information and other sensitive orconfidentia

161、linformation,thetheftanddestructionofcorporate information and requests for ransom payments,and(iii)extremeweatherevents.See“ManagementsDiscussion and Analysis of Financial Condition and Resultsof Operations Risk Management Cybersecurity RiskManagement”in Part II,Item 7 of this Form 10-K for further

162、information about cybersecurity.Our Business Continuity&Technology Resilience Programhas been developed to provide reasonable assurance ofbusiness continuity in the event of disruptions at our criticalfacilities or of our systems,and to comply with regulatoryrequirements,including those of FINRA.Bec

163、ause we are aBHC,our Business Continuity&Technology ResilienceProgram is also subject to review by the FRB.The keyelements of the program are crisis management,businesscontinuity,technologyresilience,businessrecovery,assurance and verification,and process improvement.In thearea of information securi

164、ty,we have developed andimplementedaframeworkofprinciples,policiesandtechnology designed to protect the information provided tous by our clients and our own information from cyber attacksand other misappropriation,corruption or loss.Safeguardsare designed to maintain the confidentiality,integrity an

165、davailability of information.Human Capital ManagementOur people are our greatest asset.We believe that a majorstrength and principal reason for our success is the quality,dedication,determination and collaboration of our people,which enables us to serve our clients,generate long-termvalue for our sh

166、areholders and contribute to the broadercommunity.We invest heavily in developing and supportingour people throughout their careers,and we strive tomaintain a work environment that fosters professionalism,excellence,high standards of business ethics,diversity,teamwork and cooperation among our emplo

167、yees worldwide.Diversity and InclusionThe strength of our culture,our ability to execute ourstrategy,and our relationships with clients all depend on adiverse workforce and an inclusive work environment thatencourages a wide range of perspectives.We believe thatdiversity at all levels of our organiz

168、ation,from entry-levelanalysts to senior management,as well as the Board ofDirectorsofGroupInc.(Board)isessentialtooursustainability.As of December 2023,approximately 54%ofour Board was diverse by race,gender or sexual orientation.Our management team works closely with our GlobalInclusion and Divers

169、ity Committee to foster the diversity ofour global workforce at all levels.In addition,we haveInclusion and Diversity Committees across regions,whichpromote an environment that values different perspectives,challenges conventional thinking and maximizes the potentialof all our people.We believe dive

170、rsity,including diversity of experience,genderidentity,race,ethnicity,sexual orientation,disability andveteran status,in addition to being a social imperative,isvital to our commercial success through the creativity that itfosters.For this reason,we have established a comprehensiveactionplanwithaspi

171、rationaldiversityhiringandrepresentation goals which are set forth below and arefocused on cultivating an inclusive environment for all ourcolleagues.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K5Diverse leadership is crucial to our long-term success and todriving innovati

172、on,and we have implemented and expandedoutreach and career development programs for rising diverseexecutive talent.For example,we are focused on ensuringthat vice presidents,including diverse vice presidents,havethe necessary coaching,sponsorship and advocacy to supporttheir career trajectories and

173、strengthen their leadershipplatforms.Many other career development initiatives areaimed at fostering talent,including diverse talent,at theanalyst and associate level.Our global and regional InclusionNetworks and Interest Forums are open to all professionalsat Goldman Sachs to promote and advance co

174、nnectivity,understanding,inclusion and diversity.PartnerandManagingDirectorPromotionsandProgress Toward Aspirational GoalsThe composition of our most recent partnership class was29%women professionals,24%Asian professionals,9%Black professionals,3%Hispanic/Latinx professionals,3%LGBTQ+professionals

175、and 3%professionals who aremilitary/veterans.The composition of our most recentmanaging director class was 31%women professionals,31%Asian professionals,2%Black professionals,4%Hispanic/Latinx professionals,3%LGBTQ+professionals and 3%professionals who are military/veterans.We have also set forth th

176、e following aspirational goals:Analyst and associate hiring of 50%women professionals,11%Blackprofessionalsand14%Hispanic/Latinxprofessionals in the Americas,and 9%Black professionalsin the U.K.In 2023,our analyst and associate hiresincluded49%womenprofessionals,9%Blackprofessionals and 13%Hispanic/

177、Latinx professionals in theAmericas,and 15%Black professionals in the U.K.Women professionals to represent 40%of our vicepresidents globally by 2025,and women professionals tocomprise 50%of our employees globally over time.As ofDecember 2023,women professionals represented 33%ofourvicepresidentpopul

178、ationgloballyandwomenprofessionals represented 42%of our employees globally.In addition,women professionals constituted 32%ofsenior talent(vice presidents and above)in the U.K.,abovethe 30%goal for U.K.senior talent(vice presidents andabove).Black professionals to represent 7%of our vice presidentpo

179、pulation in the Americas and in the U.K.,and forHispanic/Latinx professionals to represent 9%of our vicepresident population in the Americas,both by 2025.As ofDecember 2023,Black professionals represented 4%of ourvice president population in the Americas and 5%in theU.K.,and Hispanic/Latinx professi

180、onals represented 7%ofour vice president population in the Americas.Doubling the number of campus hires in the U.S.recruitedfrom Historically Black Colleges and Universities(HBCUs)in 2025 relative to 2020.Other than title,the metrics above are based on self-identification.Talent Development and Rete

181、ntionWe seek to help our people achieve their full potential byinvesting in them and supporting a culture of continuousdevelopment.Ourgoalsaretomaximizeindividualcapabilities,increasecommercialeffectivenessandinnovation,reinforceourculture,expandprofessionalopportunities,and help our people contribu

182、te positively totheir communities.Instilling our culture in all employees is a continuous process,in which training plays an important part.We offer ouremployeestheopportunitytoparticipateinongoingeducational offerings and periodic seminars facilitated by ourLearning&Engagement team.To accelerate th

183、eir integrationinto the firm and our culture,new hires have the opportunityto receive training before they start working via orientationprograms that emphasize culture and networking,and nearlyall employees participate in at least one training event eachyear.For our more senior employees,we provide

184、guidanceand training on how to manage people and projectseffectively,exhibit strong leadership and exemplify ourculture.Wearealsofocusedondevelopingahighperforming,diverse leadership pipeline and career planningfor our next generation of leaders.We maintain a variety ofprograms aimed at employees pr

185、ofessional growth andleadership development,including initiatives,such as ourVicePresidentandManagingDirectorLeadershipAcceleration Initiatives and Partner Development Initiative.Enhancing our peoples experience of internal mobility is akey focus,as we believe that this will inspire employees,helpre

186、tain top talent and create diverse experiences to buildfuture leaders.Another important part of instilling our culture is ouremployeeperformancereviewprocess.Employeesarereviewed by supervisors,co-workers and employees whomthey supervise in a 360-degree review process that is integralto our team app

187、roach and includes an evaluation of anemployees performance with respect to risk management,protecting our reputation,adherence to our code of conduct,compliance,and diversity and inclusion principles.Ourapproach to evaluating employee performance centers onproviding robust,timely and actionable fee

188、dback thatfacilitates professional development.We have directed ourmanagers,as leaders at the firm,to take an active coachingrole with their teams.We have also implemented“The ThreeConversations at GS”through which managers establishgoals with their team members at the start of the year,checkin mid-

189、year on progress and then close out the year with aconversation on performance against goals.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES6Goldman Sachs 2023 Form 10-KWe believe that our people value opportunities to contributeto their communities and that these opportunities enhancetheir job satisfa

190、ction.We also believe that being able tovolunteer together with colleagues and support communityorganizations through completing local service projectsstrengthensourpeoplesbondwithus.CommunityTeamWorks,our signature volunteering initiative,enablesourpeopletoparticipateinhigh-impact,team-basedvolunte

191、er opportunities,including projects coordinated withhundreds of nonprofit partner organizations worldwide.During 2023,our people volunteered approximately 94,000hours of service globally through Community TeamWorks,with approximately 18,000 employees partnering with 640nonprofit organizations on app

192、roximately 1,400 communityprojects.WellnessWe recognize that for our people to be successful in theworkplace they need support in their personal,as well astheir professional,lives and that is why our wellnessframework is designed to promote health and fitness,resilience,and work-life balance.We prov

193、ide a number ofpolicies for our employees that support taking time awayfrom the office when needed,including a minimum of 20weeks of parental leave and up to four weeks of family careleave in order to assist with the care of family members witha serious health condition,death of an immediate familym

194、ember or miscarriage,in addition to bereavement leave.Weallow managing directors to take time off without a fixedvacation day entitlement,and have also set a minimumannual expected vacation usage of 15 days for all employees.For longer-tenured employees,we offer an unpaid sabbaticalleave.We also con

195、tinue to advance our resilience programs,offering our people a range of counseling,coaching,medicaladvisory and personal wellness services.We have introducedand globally scaled the internationally recognized MentalHealth First Aid certification to our people.In 2023,wetrained 600 individuals and in

196、2024 plan to achieve at least1,000 employees certified across the firm.We have evolvedand strengthened virtual offerings to enhance access tosupport,with the aim of maintaining the physical and mentalwell-being of our people,and enhancing their effectivenessand productivity.We understand the crucial

197、 role caregiving plays in the lives ofour employees and to help enable employees to better balancetheir roles at work and their responsibilities at home we offera variety of family-centered benefits,including adoption andsurrogacy stipends and adult and childcare options to helpour people navigate c

198、aregiving across various life stages.In addition,to support the financial wellness of ouremployees,we offer a variety of resources that help themmanage their personal financial health and decision-making,including financial education information sessions,live andon-demand webinars,articles and inter

199、active digital tools.Global Reach and Strategic LocationsAs a firm with a global client base,we take a strategicapproach to attracting,developing and managing a globalworkforce.Our clients are located worldwide and we are anactive participant in financial markets around the world.Asof December 2023,

200、we had headcount of 45,300,offices inover 41 countries,and 51%of our headcount was based inthe Americas,20%in Europe,Middle East and Africa(EMEA)and 29%in Asia.Our employees come from over180 countries and speak more than 150 languages as ofDecember 2023.In addition to maintaining offices in major f

201、inancial centersaroundtheworld,wehaveestablishedkeystrategiclocations,including in Bengaluru,Salt Lake City,Dallas,Singapore,Warsaw and Hyderabad.We continue to evaluatethe expanded use of strategic locations,including cities inwhich we do not currently have a presence.As of December 2023,41%of our

202、employees were workingin strategic locations.We believe our investment in thesestrategic locations enables us to build centers of excellencearoundspecificcapabilitiesthatsupportourbusinessinitiatives.SustainabilityWe have a long-standing commitment to sustainability.Ourtwo priorities in this area ar

203、e helping clients across industriesdecarbonize their businesses to support their transition to alow-carbon economy(Climate Transition)and to advancesolutions that expand access,increase affordability,and driveoutcomes to support sustainable economic growth(InclusiveGrowth).Our strategy is to advance

204、 these two prioritiesthrough our work with our clients,and with strategicpartners whose strengths and areas of focus complement ourown,as well as through our supply chain.We established a Sustainable Finance Group(SFG),whichserves as the centralized group that drives climate strategyandsustainabilit

205、yeffortsacrossourfirm,includingcommercial efforts alongside our businesses,to advanceClimate Transition and Inclusive Growth.Since establishingSFG,our sustainable finance-related efforts have continuedto evolve.For example,within Global Banking&Markets,we established the Sustainable Banking Group,a

206、groupfocused on supporting our corporate clients in reducing theirdirect and indirect carbon emissions.Within Asset&WealthManagement there are multiple teams that specialize insustainable investing.The Sustainability&Impact Solutionsteam in Asset&Wealth Management also helps mobilize thefull range o

207、f insights,advisory services and investmentsolutions across our asset management client segments.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K7Our activities relating to sustainability present both financialand nonfinancial risks,and we have processes for managingthese ris

208、ks,similar to the other risks we face.We haveintegrated oversight of climate-related risks into our riskmanagement governance structure,from senior managementto our Board and its committees,including the Risk andPublic Responsibilities committees.The Risk Committee ofthe Board oversees firmwide fina

209、ncial and nonfinancial risks,which include climate risk,and,as part of its oversight,receives updates on our risk management approach to climaterisk.The Public Responsibilities Committee of the BoardassiststheBoardinitsoversightofourfirmwidesustainability strategy and sustainability issues affecting

210、 us,including with respect to climate change.As part of itsoversight,the Public Responsibilities Committee receivesperiodic updates on our sustainability strategy,and alsoperiodically reviews our governance and related policies andprocessesforsustainabilityandclimatechange-relatedmatters.We have als

211、o implemented an Environmental PolicyFramework to guide our overall approach to sustainabilityissues.WeapplythisFrameworkwhenevaluatingtransactions for environmental and social risks and impacts.Ouremployeesalsoreceivetrainingwithrespecttoenvironmental and social risks,including for sectors andindus

212、tries that we believe have higher potential for theserisks.See“ManagementsDiscussionandAnalysisofFinancial Condition and Results of Operations RiskManagement Other Risk Management Climate-Relatedand Environmental Risk Management”in Part II,Item 7 ofthis Form 10-K for further information about our cl

213、imate-related and environmental risk management.As a leading financial institution,we acknowledge theimportance of Climate Transition and Inclusive Growth forourbusiness.Wehavecompletedsustainabilitybondissuances,whichalignwithoursustainablefinanceframework for future issuances and fund a range of o

214、n-balance sheet sustainable finance activity.We believe we canadvance sustainability by partnering with our clients acrossour businesses,including by developing new sustainability-linked financing solutions,offering strategic advice,or co-investing alongside our clients in clean energy companies.Weh

215、ave announced a target to deploy$750 billion in sustainablefinancing,investing and advisory activity by the beginning of2030.As of December 2023,we achieved approximately 75%of that goal,with the majority dedicated to ClimateTransition.With respect to Climate Transition,we have announced ourcommitme

216、nt to align our financing activities with a net-zero-by-2050 pathway.In that context,we have set an initial set of2030 targets for our energy,power and auto manufacturingportfolios,three sectors where we see an opportunity toproactively engage our clients and investors,deploy capitalrequired for tra

217、nsition,and invest in new commercialsolutions to drive decarbonization in the real economy.Carbon neutrality is also a priority for the operation of ourfirm and our supply chain.In 2015,we achieved carbonneutrality in our operations and business travel,ahead of our2020 goal announced in 2009.We have

218、 expanded ouroperational carbon commitment to include our supply chain,targeting net-zero carbon emissions by 2030.InadditiontoClimateTransition,ourapproachtosustainability also centers on Inclusive Growth where we seektohelpdrivesolutionsthatexpandaccess,increaseaffordability,and support outcomes t

219、o advance sustainableeconomic growth.Commercial solutions that seek to supportInclusive Growth include,among others,those of our UrbanInvestment Group and our Sustainable Investing Group.Wealso seek to support Inclusive Growth through sponsoredinitiatives,such as One Million Black Women,10,000Women

220、and 10,000 Small Businesses.An overarching themeof our sustainability strategy is promoting diversity andinclusion as an imperative for us,as well as for our clientsand their boards.These efforts are further strengthened bystrategic partnerships that we have established in areas wherewe have identif

221、ied gaps or believe we are able to drive evengreater impact through collaboration.We believe our abilityto achieve our sustainability objectives is critically dependenton the strengths and talents of our people,and we recognizethat our people are able to maximize their impact bycollaborating in a di

222、verse and inclusive work environment.See“BusinessHumanCapitalManagement”forinformation about our human capital management goals,programs and policies.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES8Goldman Sachs 2023 Form 10-KCompetitionThe financial services industry and all of our businesses areinten

223、sely competitive,and we expect them to remain so.Ourcompetitors provide investment banking,market-making andasset management services,private banking and lending,commerciallending,creditcards,transactionbanking,deposit-taking and other banking products and services,andmake investments in securities,

224、commodities,derivatives,realestate,loans and other financial assets.Our competitorsinclude brokers and dealers,investment banking firms,commercial banks,credit card issuers,insurance companies,investment advisers,mutual funds,hedge funds,privateequity funds,merchant banks,consumer finance companiesa

225、nd financial technology and other internet-based companies.Some of our competitors operate globally and othersregionally,and we compete based on a number of factors,including transaction execution,client experience,productsand services,innovation,reputation and price.We have faced,and expect to cont

226、inue to face,pressure toretain market share by committing capital to businesses ortransactions on terms that offer returns that may not becommensurate with their risks.In particular,corporateclients seek such commitments(such as agreements toparticipate in their loan facilities)from financial servic

227、esfirms in connection with investment banking and otherassignments.Consolidation and convergence have significantly increasedthe capital base and geographic reach of some of ourcompetitors and have also hastened the globalization of thesecurities and other financial services markets.As a result,weha

228、ve had to commit capital to support our internationaloperations and to execute large global transactions.Tocapitalize on some of our most significant opportunities,wewill have to compete successfully with financial institutionsthat are larger and have more capital and that may have astronger local p

229、resence and longer operating history outsidethe U.S.We also compete with smaller institutions that offer moretargeted services,such as independent advisory firms.Someclients may perceive these firms to be less susceptible topotential conflicts of interest than we are,and,as describedbelow,our abilit

230、y to effectively compete with them could beaffected by regulations and limitations on activities thatapply to us but may not apply to them.A number of our businesses are subject to intense pricecompetition.Efforts by our competitors to gain market sharehave resulted in pricing pressure in our invest

231、ment banking,market-making,consumer,wealth management and assetmanagement businesses.For example,the increasing volumeof trades executed electronically,through the internet andthrough alternative trading systems,has increased thepressure on trading commissions,in that commissions forelectronic tradi

232、ng are generally lower than those for non-electronic trading.It appears that this trend toward low-commission trading will continue.Price competition has alsoled to compression in the difference between the price atwhich a market participant is willing to sell an instrumentand the price at which ano

233、ther market participant is willingto buy it(i.e.,bid/offer spread),which has affected ourmarket-making businesses.The increasing prevalence ofpassive investment strategies that typically have lower feesthan other strategies we offer has affected the competitiveand pricing dynamics for our asset mana

234、gement products andservices.In addition,we believe that we will continue toexperience competitive pressures in these and other areas inthe future as some of our competitors seek to obtain marketshare by further reducing prices,and as we enter into orexpand our presence in markets that rely more heav

235、ily onelectronic trading and execution.We and other banks alsocompete for deposits on the basis of the rates we offer.Increases in short-term interest rates have resulted in and maycontinue to result in more intense competition in depositpricing,as well as competition from non-deposit financialprodu

236、cts.We also compete on the basis of the types of financialproducts and client experiences that we and our competitorsoffer.In some circumstances,our competitors may offerfinancial products that we do not offer and that our clientsmay prefer,including cryptocurrencies and other digitalassets that we

237、cannot or may choose not to provide.Ourcompetitors may also develop technology platforms thatprovide a better client experience.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K9The provisions of the U.S.Dodd-Frank Wall Street ReformandConsumerProtectionAct(Dodd-FrankAct),ther

238、equirements promulgated by the Basel Committee onBanking Supervision(Basel Committee)and other financialregulations could affect our competitive position to theextent that limitations on activities,increased fees andcompliance costs or other regulatory requirements do notapply,or do not apply equall

239、y,to all of our competitors orare not implemented uniformly across different jurisdictions.For example,the provisions of the Dodd-Frank Act thatprohibit proprietary trading and restrict investments incertain hedge and private equity funds differentiate betweenU.S.-based and non-U.S.-based banking or

240、ganizations andgive non-U.S.-based banking organizations greater flexibilityto trade outside of the U.S.and to form and invest in fundsoutside the U.S.Likewise,theobligationswithrespecttoderivativetransactions under Title VII of the Dodd-Frank Act depend,in part,on the location of the counterparties

241、 to thetransaction.The impact of regulatory developments on ourcompetitive position has depended and will continue todepend to a large extent on the manner in which the requiredrulemaking and regulatory guidance evolve,the extent ofinternational convergence,and the development of marketpractice and

242、structures under the evolving regulatory regimes,as described further in“Regulation”below.We also face intense competition in attracting and retainingqualified employees.Our ability to continue to competeeffectively has depended and will continue to depend uponour ability to attract new employees,re

243、tain and motivate ourexisting employees and to continue to compensate employeescompetitively amid intense public and regulatory scrutiny onthe compensation practices of large financial institutions,including in jurisdictions such as New York State where weare required to publish certain compensation

244、 information aspart of the employee hiring process.Our pay practices andthose of certain of our competitors are subject to review by,and the standards of,the FRB and other regulators inside andoutsidetheU.S.,includingthePrudentialRegulationAuthority(PRA)and the Financial Conduct Authority(FCA)in the

245、 U.K.We also compete for employees with institutionswhose pay practices are not subject to regulatory oversight.See“Regulation Compensation Practices”and“RiskFactorsCompetitionOurbusinesseswouldbeadversely affected if we are unable to hire and retain qualifiedemployees”in Part I,Item 1A of this Form

246、 10-K for furtherinformation about such regulation.RegulationAs a participant in the global financial services industry,wearesubjecttoextensiveregulationandsupervisionworldwide.Theregulatoryregimesapplicabletoouroperations have been,and continue to be,subject tosignificant changes.New regulations ha

247、ve been adopted or are being consideredby regulators and policy makers worldwide,as describedbelow.The impacts of any changes to the regulationsaffecting our businesses,including as a result of the proposalsdescribed below,are uncertain and will not be known untilsuchchangesarefinalizedandmarketprac

248、ticesandstructures develop under the revised regulations.Group Inc.is a BHC under the U.S.Bank Holding CompanyAct of 1956(BHC Act)and an FHC under amendments to theBHC Act effected by the U.S.Gramm-Leach-Bliley Act of1999(GLBAct),andissubjecttosupervisionandexamination by the FRB,which is our primar

249、y regulator.Under the system of“functional regulation”establishedunder the GLB Act,the primary regulators of our U.S.non-bank subsidiaries directly regulate the activities of thosesubsidiaries,with the FRB exercising a supervisory role.Such“functionally regulated”subsidiaries include broker-dealersa

250、nd security-based swap dealers registered with the SEC,such as our principal U.S.broker-dealer,entities registeredwith or regulated by the CFTC with respect to futures-relatedandswaps-relatedactivitiesandinvestmentadvisersregistered with the SEC with respect to their investmentadvisory activities.Ou

251、r principal subsidiaries operating in the U.S.include GSBank USA,Goldman Sachs&Co.,LLC(GS&Co.),J.Aron&Company LLC(J.Aron)and Goldman Sachs AssetManagement,L.P.GS Bank USA is our principal U.S.bank subsidiary and issupervised and regulated by the FRB,the FDIC,the NewYork State Department of Financial

252、 Services(NYDFS)andthe Consumer Financial Protection Bureau(CFPB).GS BankUSA also has a London branch,which is regulated by theFCA and PRA.We conduct a number of our activitiespartiallyorentirelythroughGSBankUSAanditssubsidiaries,including:corporate loans(including leveragedlending);securities-based

253、 and collateralized loans;credit cardloans;smallbusinessloans;residentialmortgages;transaction banking;deposit-taking;interest rate,credit,currency and other derivatives;and agency lending.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES10Goldman Sachs 2023 Form 10-KGS&Co.is our principal U.S.broker-dea

254、ler and is registeredas a broker-dealer,a security-based swap dealer,a municipaladvisor and an investment adviser with the SEC and as abroker-dealer in all 50 states and the District of Columbia.U.S.self-regulatory organizations,such as FINRA and theNYSE,have adopted rules that apply to broker-deale

255、rs,suchas GS&Co.Our principal subsidiaries operating in Europe include:GoldmanSachsInternational(GSI),GoldmanSachsInternationalBank(GSIB),GoldmanSachsAssetManagement International(GSAMI),Goldman Sachs BankEurope SE(GSBE),Goldman Sachs Asset Management B.V.,and Goldman Sachs Paris Inc.et Cie(GSPIC).O

256、ur E.U.subsidiaries are subject to various E.U.regulations,as well as national laws,including those implementingEuropean directives.GSBE is directly supervised by theEuropean Central Bank(ECB)and additionally by BaFin andDeutsche Bundesbank in the context of the E.U.SingleSupervisory Mechanism.GSBEs

257、 London branch is regulatedby the FCA.GSBE engages in certain activities primarily inthe E.U.,including underwriting and market making in debtand equity securities and derivatives,investment,asset andwealthmanagementservices,deposit-taking,lending(including securities lending),and financial advisory

258、 services.GSBE is also registered with the CFTC as a swap dealer andwith the SEC as a security-based swap dealer and as aprimarydealerforgovernmentbondsissuedby E.U.sovereigns.Like our other foreign bank subsidiaries,GSBE issubject to limits on the nature and scope of its activities underthe FRBs Re

259、gulation K,including limits on its underwritingand market making in equity securities based on GSBEs and/or GS Bank USAs capital.GSPIC is an investment firm under the French PrudentialSupervisionandResolutionAuthorityandtheFrenchFinancial Markets Authority.GSPICs activities includecertain activities

260、 that GSBE is prevented from undertaking.GSPICisalsotransitioningin2024toadifferentclassificationasaninvestmentfirmundertheE.U.Investment Firm Regulation,the prudential regime for E.U.investment firms.GSI is a U.K.broker-dealer and a designated investment firm,and GSIB is a U.K.bank.Both GSI and GSI

261、B are regulated bythe PRA and the FCA.As a designated investment firm,GSIis subject to prudential requirements similar to thoseapplicabletobanks,includingcapitalandliquidityrequirements.GSI provides broker-dealer services in andfrom the U.K.and is registered with the CFTC as a swapdealer and with th

262、e SEC as a security-based swap dealer.GSIB engages in lending(including securities lending)anddeposit-taking activities(including by taking retail deposits)and is a primary dealer for U.K.government bonds.GSI andGSIB maintain branches outside of the U.K.and are subjectto the laws and regulations of

263、the jurisdictions where they arelocated.Our principal subsidiary operating in Asia is Goldman SachsJapan Co.,Ltd.(GSJCL).GSJCL is our regulated Japanesebroker-dealersubsidiaryandisregulatedbyJapansFinancial Services Agency,the Tokyo Stock Exchange,theBank of Japan and the Ministry of Finance,among o

264、thers.Banking Supervision and RegulationThe Basel Committee is the primary global standard setterforprudentialbankregulation.However,theBaselCommitteesstandardsdonotbecomeeffectiveinajurisdiction until the relevant regulators have adopted rulesto implement its standards.The implications of BaselComm

265、itteestandardsandrelatedregulationsforourbusinesses depend to a large extent on their implementationby the relevant regulators globally,and the market practicesand structures that develop.Capital and Liquidity Requirements.We and GS BankUSA are subject to risk-based regulatory capital and leveragere

266、quirements that are calculated in accordance with theregulations of the FRB(Capital Framework).The CapitalFramework is largely based on the Basel Committeesframework for strengthening the regulation,supervision andrisk management of banks(Basel III)and also implementscertain provisions of the Dodd-F

267、rank Act.Under the U.S.federal bank regulatory agencies tailoring framework,weand GS Bank USA are subject to“Category I”standardsbecause we have been designated as a global systemicallyimportant bank(G-SIB).Accordingly,we and GS Bank USAare“Advanced approach”banking organizations.Under theCapital Fr

268、amework,we and GS Bank USA must meet specificregulatory capital requirements that involve quantitativemeasures of assets,liabilities and certain off-balance sheetitems.The sufficiency of our capital levels is also subject toqualitative judgments by regulators.We and GS Bank USAare also subject to li

269、quidity requirements established by theU.S.federal bank regulatory agencies.GSBE is subject to capital and liquidity requirementsprescribed in the E.U.Capital Requirements Regulation,asamended(CRR),andtheE.U.CapitalRequirementsDirective,as amended(CRD),which are largely based onBasel III.The CRR req

270、uires large institutions with securitiestraded on a regulated market of a member state to makequalitativeandquantitativedisclosuresrelatingtoenvironmental,social and governance risks on a semi-annualbasis.These requirements will apply to our E.U.-regulatedentities beginning in January 2025.GSI and G

271、SIB are subject to the U.K.capital and liquidityframeworks prescribed in the PRA Rulebook and the U.K.Capital Requirements Regulation,which are also largelybased on Basel III and are generally aligned with the E.U.capital and liquidity frameworks.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman S

272、achs 2023 Form 10-K11Risk-BasedCapitalRatios.AsAdvancedapproachbanking organizations,we and GS Bank USA calculate risk-based capital ratios in accordance with both the Standardizedand Advanced Capital Rules.Both the Standardized andAdvanced Capital Rules include minimum risk-based capitalrequirement

273、s and additional capital conservation bufferrequirements that must be satisfied solely with CommonEquity Tier 1(CET1)capital.Failure to satisfy a bufferrequirement in full would result in constraints on capitaldistributions and discretionary executive compensation.Theseverity of the constraints woul

274、d depend on the amount oftheshortfallandtheorganizations“eligibleretainedincome,”defined as the greater of(i)net income for the fourpreceding quarters,net of distributions and associated taxeffects not reflected in net income;and(ii)the average of netincome over the preceding four quarters.For Group

275、 Inc.,thecapital conservation buffer requirements consist of a 2.5%buffer(under the Advanced Capital Rules),a stress capitalbuffer(SCB)(under the Standardized Capital Rules),andboth a countercyclical buffer and the G-SIB surcharge(underbothCapitalRules).ForGSBankUSA,thecapitalconservation buffer req

276、uirements consist of a 2.5%bufferand the countercyclical capital buffer.In July 2023,the FRB issued a proposal to implement arevised G-SIB assessment methodology and to revise certainsystemic indicators to be based on daily or monthly averagevalues during each year,instead of year-end values.The SCB

277、 is based on the results of the Federal Reservessupervisory stress tests and our planned common stockdividends and is likely to change over time based on theresults of the annual supervisory stress tests.See“Stress Testsand Capital Planning”below.The countercyclical capitalbuffer is designed to coun

278、teract systemic vulnerabilities andcurrently applies only to banking organizations subject toCategory I,II or III standards,including us and GS BankUSA.Severalothernationalsupervisorsalsorequirecountercyclical capital buffers.The G-SIB surcharge andcountercyclical capital buffer applicable to us may

279、 change inthe future,including due to additional guidance from ourregulators and/or positional changes.As a result,theminimum capital ratios to which we are subject are likely tochange over time.The U.S.federal bank regulatory agencies have adopted arule that implements the Basel Committees standard

280、izedapproach for measuring counterparty credit risk exposures inconnection with derivative contracts(SA-CCR).Under therule,“Advancedapproach”bankingorganizationsarerequiredtouseSA-CCRinthecalculationoftheirstandardized risk-weighted assets(RWAs)and,with someadjustments,in the determination of their

281、supplementaryleverage ratios(SLRs)discussed below.The capital requirements applicable to GSBE,GSI and GSIBincludebothminimumrequirementsandbuffers.See“ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsCapitalManagement and Regulatory Capital”in Part II,Item 7 ofthis Form 10-K

282、 and Note 20 to the consolidated financialstatements in Part II,Item 8 of this Form 10-K forinformation about our capital ratios and those of GS BankUSA,GSBE,GSI and GSIB.The Basel Committee standards include guidelines forcalculatingincrementalcapitalratiorequirementsforbanking institutions that ar

283、e systemically significant from adomestic but not global perspective(D-SIBs).Depending onhow these guidelines are implemented by national regulators,they may apply to certain subsidiaries of G-SIBs.Theseguidelines are in addition to the framework for G-SIBs,butare more principles-based.The U.S.feder

284、al bank regulatoryagencies have not designated any D-SIBs.The CRD and CRRprovide that institutions that are systemically important atthe E.U.or member state level,known as other systemicallyimportant institutions(O-SIIs),may be subject to additionalcapital ratio requirements,according to their degre

285、e ofsystemic importance(O-SII buffers).BaFin has identifiedGSBE as an O-SII in Germany and set an O-SII buffer.In the U.K.,the PRA has identified Goldman Sachs GroupUK Limited(GSG UK),the parent company of GSI and GSIB,as an O-SII but has not applied an O-SII buffer.The Basel Committee has finalized

286、 revisions to the Basel IIICapital Requirements(Basel III Revisions),and in July 2023,theU.S.bankregulatoryagenciesproposedaruleimplementing the Basel III Revisions and the FundamentalReview of the Trading Book(FRTB).The FRTB,amongother things,revises the standardized and internal model-based approa

287、ches used to calculate market risk requirementsand clarifies the scope of positions subject to market riskcapital requirements.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES12Goldman Sachs 2023 Form 10-KThe proposed effective date for the U.S.proposal is July 1,2025,with a three-year transition period

288、 for the calculationof Expanded Risk-Based approach RWAs.The proposalincludes the replacement of the Advanced approach with anExpanded Risk-Based approach,which eliminates the use ofinternal models to calculate RWAs for credit and operationalrisk.The proposal incorporates the application of the SCBr

289、equirements in the Expanded Risk-Based approach.Thecredit risk component of the Expanded Risk-Based approachwould include new risk weights for many counterparty andexposure types,a revised collateral haircut approach forcertain collateralized transactions and additional restrictionsfor recognizing c

290、ollateral in certain securities financingtransactions.Under the proposed rules,the RWAs foroperational risk would be calculated primarily based onrevenues and historical losses.In addition,the proposalintroduces the FRTB,which would replace the market riskrule for both the Standardized and Expanded

291、Risk-Basedapproaches and introduce a new credit valuation adjustment(CVA)risk RWA calculation for the Expanded Risk-Basedapproach.We continue to evaluate the impact of theproposed rules,but we preliminarily estimate that underthese rules,if adopted as proposed and if our assets andliabilities remain

292、 largely consistent with those as of December2023,our regulatory capital requirements could increase byapproximately 25%on a fully phased-in basis.The European Commission has proposed rules to implementthe Basel III Revisions and the FRTB,and the Council of theE.U.has published the consolidated vers

293、ion reflecting theE.U.trilogueagreement.TheagreedE.U.proposalcontemplates amendments to the CRR and the CRD,referredto as CRR III and CRD VI,generally taking effect in January2025.The proposed amendments include revised rules formarket risk capital,a new standardized approach foroperational risk and

294、 CVA risk capital and a floor oninternally modeled capital requirements at a percentage ofthe capital requirements under the standardized approach,commonly known as the“output floor.”In December 2023,the PRA issued near final market riskrules for the U.K.which are expected to be effective fromJuly 1

295、,2025.The PRA also issued its consultation on theimplementation of the Basel III Revisions,with a proposedeffective date of July 1,2025.Under the PRA consultation,our U.K.subsidiaries are not expected to be subject to a flooron internally modeled capital requirements.The PRA hasalso published near f

296、inal rules for CVA risk,counterpartycredit risk and operational risk,in addition to market risk.The Basel Committee has published an updated securitizationframework and a revised G-SIB assessment methodology.The U.S.federal bank regulatory agencies July 2023proposalwouldimplementtheupdatedsecuritiza

297、tionframework.The updated securitization framework has beenimplemented in the E.U.and U.K.The Basel Committee has also published a final standard onthe prudential treatment of cryptoasset exposures.The BaselCommittee contemplates that national regulators will haveincorporated the standard into local

298、 capital requirements byJanuary 1,2025.U.S.federal bank regulatory agencies andE.U.and U.K.authorities have not yet proposed rulesimplementing the standards.Leverage Ratios.Under the Capital Framework,we and GSBank USA are subject to Tier 1 leverage ratios and SLRsestablished by the FRB.As a G-SIB,t

299、he SLR requirementsapplicable to us include both a minimum requirement and abuffer requirement,which operates in the same manner as therisk-based buffer requirements described above.In April2018,the FRB and the OCC issued a proposed rule whichwould(i)replace the current 2%SLR buffer for G-SIBs,inclu

300、ding us,with a buffer equal to 50%of their G-SIBsurcharge and(ii)revise the 6%SLR requirement forCategory I banks,such as GS Bank USA,to be“wellcapitalized”with a requirement equal to 3%plus 50%oftheir parents G-SIB surcharge.GSBE and certain of our U.K.entities are also subject torequirements relat

301、ing to leverage ratios,which are generallybased on the Basel Committee leverage ratio standards.See“Managements Discussion and Analysis of FinancialConditionandResultsofOperationsCapitalManagement and Regulatory Capital”in Part II,Item 7 ofthis Form 10-K and Note 20 to the consolidated financialstat

302、ements in Part II,Item 8 of this Form 10-K forinformation about our and GS Bank USAs Tier 1 leverageratios and SLRs,and GSIs leverage ratio.Liquidity Ratios.The Basel Committees framework forliquidityriskmeasurement,standardsandmonitoringrequires banking organizations to measure their liquidityagain

303、st two specific liquidity tests:the Liquidity CoverageRatio(LCR)and the Net Stable Funding Ratio(NSFR).The LCR rule issued by the U.S.federal bank regulatoryagencies and applicable to both us and GS Bank USA isgenerally consistent with the Basel Committees frameworkand is designed to ensure that a b

304、anking organizationmaintains an adequate level of unencumbered,high-qualityliquid assets equal to or greater than the expected net cashoutflows under an acute short-term liquidity stress scenario.We and GS Bank USA are required to maintain a minimumLCR of 100%.GSBE is subject to the LCR rule approve

305、d by the EuropeanParliament and Council,and GSI and GSIB are subject to theU.K.regulatory authorities LCR rules,which are generallyconsistent with the Basel Committees framework.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIESGoldman Sachs 2023 Form 10-K13The NSFR is designed to promote medium-and long-

306、termstable funding of the assets and off-balance sheet activities ofbanking organizations over a one-year time horizon.TheBaselCommitteesNSFRframeworkrequiresbankingorganizations to maintain a minimum NSFR of 100%.We and GS Bank USA are subject to the U.S.NSFR rule andwe are required to disclose the

307、 quarterly average of our dailyNSFR on a semi-annual basis.The CRR implements theNSFR for certain E.U.financial institutions,including GSBE.The NSFR requirement implemented in the U.K.is applicableto both GSI and GSIB.The FRBs enhanced prudential standards require BHCs with$100 billion or more in to

308、tal consolidated assets to complywithenhancedliquidityandoverallriskmanagementstandards,which include maintaining a level of highly liquidassets based on projected funding needs for 30 days,andincreased involvement by boards of directors in liquidity andoverall risk management.Although the liquidity

309、 requirementunder these rules has some similarities to the LCR,it is aseparate requirement.GSBE also has its own liquidityplanning process,which incorporates internally designedstress tests and those required under German regulatoryrequirements and the ECB Guide to Internal LiquidityAdequacy Assessm

310、ent Process(ILAAP).GSI and GSIB havetheir own liquidity planning processes,which incorporateinternally designed stress tests developed in accordance withthe guidelines of the PRAs ILAAP.See“Available Information”below and“ManagementsDiscussion and Analysis of Financial Condition and Resultsof Operat

311、ions Risk Management Overview andStructure of Risk Management”and“Liquidity RiskManagement Liquidity Regulatory Framework”in Part II,Item 7 of this Form 10-K for information about the LCR andNSFR,as well as our risk management practices andliquidity.StressTestsandCapitalPlanning.TheFRBsComprehensive

312、 Capital Analysis and Review(CCAR)isdesigned to ensure that large BHCs,including us,havesufficient capital to permit continued operations during timesof economic and financial stress.As required by the FRB,weperform an annual capital stress test and incorporate theresults into an annual capital plan

313、,which we submit to theFRB for review.See“Managements Discussion and Analysisof Financial Condition and Results of Operations CapitalManagementandRegulatoryCapitalCapitalManagement Capital Planning and Stress Testing Process”in Part II,Item 7 of this Form 10-K for further informationabout our annual

314、 capital plan.As described in“AvailableInformation”below,summary results of the annual stress testare published on our website.As part of the CCAR process,the FRB evaluates our plan tomake capital distributions across a range of macroeconomicand company-specific assumptions,based on our and theFRBs

315、own stress tests.Under the FRBs rule applicable to BHCs with$100 billion ormore in total consolidated assets,including us,the SCBapplies to the Standardized approach capital requirements.TheSCBreflectsstressedlossesestimatedunderthesupervisory severely adverse scenario of the CCAR stresstests,as cal

316、culated by the FRB,and includes four quarters ofplanned common stock dividends.The SCB,which is subjectto a 2.5%floor,is generally effective on October 1 of eachyear and remains in effect until October 1 of the followingyear,unless it is reset in connection with the resubmission ofa capital plan.See

317、“Available Information”below and“ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsCapitalManagement and Regulatory Capital”in Part II,Item 7 ofthis Form 10-K for information about our SCB requirement.The SCB rule requires a BHC to receive the FRBs approvalforanydividend,stoc

318、krepurchaseorothercapitaldistribution,other than a capital distribution on a newlyissued capital instrument,if the BHC is required to resubmitits capital plan,which may occur if the BHC determines therehas been or will be a“material change”in its risk profile,financial condition or corporate structu

319、re since the plan waslast submitted,or if the FRB directs the BHC to revise andresubmit its capital plan.U.S.depository institutions with total consolidated assets of$250 billion or more that are subsidiaries of U.S.G-SIBs,suchas GS Bank USA,are required to submit annual company-runstress test resul

320、ts to the FRB.GSBE also has its own capitaland stress testing process,which incorporates internallydesigned stress tests and those required under Germanregulatory requirements and the ECB Guide to InternalCapital Adequacy Assessment Process(ICAAP).In addition,GSI and GSIB have their own capital plan

321、ning and stresstesting processes,which incorporate internally designed stresstests developed in accordance with the PRAs ICAAPguidelines.THE GOLDMAN SACHS GROUP,INC.AND SUBSIDIARIES14Goldman Sachs 2023 Form 10-KLimitations on the Payment of Dividends.U.S.federaland state laws impose limitations on t

322、he payment ofdividends by U.S.depository institutions,such as GS BankUSA.In general,the amount of dividends that may be paid byGS Bank USA is limited to the lesser of the amountscalculated under a recent earnings test and an undividedprofits test.Under the recent earnings test,a dividend maynot be p

323、aid if the total of all dividends declared by the entityin any calendar year is in excess of the current years netincome combined with the retained net income of the twoprecedingyears,unlesstheentityobtainsregulatoryapproval.Under the undivided profits test,a dividend maynot be paid in excess of the

324、 entitys undivided profits(generally,accumulated net profits that have not been paidout as dividends or transferred to surplus),unless the entityreceives regulatory and stockholder approval.The applicable U.S.banking regulators have authority toprohibit or limit the payment of dividends if,in the ba

325、nkingregulators opinion,payment of a dividend would constitutean unsafe or unsound practice in light of the financialcondition of the banking organization.Source of Strength.The Dodd-Frank Act requires BHCs toact as a source of strength to their U.S.bank subsidiaries andto commit capital and financi

326、al resources to support thosesubsidiaries.This support may be required by the FRB attimes when BHCs might otherwise determine not to provideit.Capital loans by a BHC to a U.S.subsidiary bank aresubordinate in right of payment to deposits and to certainother indebtedness of the subsidiary bank.In add

327、ition,if aBHC commits to a U.S.federal banking agency that it willmaintain the capital of its bank subsidiary,whether inresponsetotheFRBsinvokingitssource-of-strengthauthority or in response to other regulatory measures,thatcommitment will be assumed by the bankruptcy trustee forthe BHC and the bank

328、 will be entitled to priority payment inrespect of that commitment,ahead of other creditors of theBHC.Transactions Between Affiliates.Transactions betweenGS Bank USA or its subsidiaries,including GSBE,and GroupInc.or its other subsidiaries and affiliates are subject torestrictions under the Federal

329、Reserve Act and regulationsissued by the FRB.These laws and regulations generally limitthe types and amounts of transactions(such as loans andother credit extensions,including credit exposure arisingfrom resale agreements,securities borrowing and derivativetransactions,from GS Bank USA or its subsid

330、iaries to GroupInc.or its other subsidiaries and affiliates and purchases ofassets by GS Bank USA or its subsidiaries from Group Inc.orits other subsidiaries and affiliates)that may take place andgenerally require those transactions,to the extent permitted,to be on market terms or better to GS Bank

331、USA or itssubsidiaries.These laws and regulations generally do notapply to transactions between GS Bank USA and itssubsidiaries.Similarly,Germanregulatoryrequirementsprovide that certain transactions between GSBE and GS BankUSA or its other affiliates,including Group Inc.,must be onmarket terms and

332、are subject to special internal approvalrequirements.PRA rules also provide requirements fortransactions between GSI and GSIB and their respectiveaffiliates.Resolution and Recovery Plans.We are required by theFRB and the FDIC to submit a periodic plan for our rapidand orderly resolution in the event

333、 of material financialdistress or failure(resolution plan).If these regulators jointlydeterminethataninstitutionhasfailedtoremediateidentified shortcomings in its resolution plan or that itsresolution plan,after any permitted resubmission,is notcredible or would not facilitate an orderly resolution underthe U.S.Bankruptcy Code,they may jointly impose morestringent capital,leverage or liquidity req