GOLDMAN SACHS GROUP INC (GS)

The Goldman Sachs Group, Inc. (Group Inc.), a Delaware corporation, is a leading global financial institution providing a broad range of financial services to a diversified client base including corporations, financial institutions, governments, and individuals, with a stated purpose of advancing sustainable economic growth and financial opportunity through its "One Goldman Sachs" initiative. Group Inc. operates as a bank holding company (BHC) and financial holding company (FHC) regulated by the Federal Reserve, with its U.S. depository institution subsidiary, Goldman Sachs Bank USA, chartered in New York State. Beginning in the fourth quarter of 2022, the company restructured its reporting into three business segments—Global Banking & Markets, Asset & Wealth Management, and Platform Solutions—replacing the prior four-segment structure (Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management).

Global Banking & Markets serves institutional and corporate clients globally, generating revenue from investment banking fees (advisory and underwriting of equity and debt securities), Fixed Income, Currency and Commodities (FICC) intermediation and financing across interest rate products, credit products, mortgages, currencies, and commodities, as well as Equities intermediation and financing including market-making, prime brokerage, securities lending, and derivatives trading. This segment also includes relationship lending, acquisition financing, and related hedging and investing activities, supported by technology platforms like Marquee and a Global Investment Research division covering roughly 3,000 companies and 50 national economies. Asset & Wealth Management delivers investment management and wealth advisory services to institutional and individual clients worldwide, managing assets across equities, fixed income, and alternative investments (including hedge funds, credit funds, private equity, real estate, and other alternatives), offered through vehicles such as separately managed accounts, mutual funds, and private partnerships.

This segment also provides customized wealth advisory, financial planning, private banking, and lending services, along with proprietary investing activities in corporate equity, credit, real estate, and infrastructure, and generates revenue through management fees, incentive fees, and investment gains. It also includes the Marcus by Goldman Sachs consumer deposit and lending platform, though the company has begun winding down new loan originations through Marcus. Platform Solutions, the newest segment, encompasses consumer-facing platforms such as credit card and point-of-sale financing partnerships, along with transaction banking and other platform-based businesses, generating revenue from these consumer and transaction banking activities.