Form 8-K - Current report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K


		CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		Date of Report (Date of earliest event reported): October 15, 2024

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965


Delaware		13-4019460
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

200 West Street, New York, N.Y.		10282
(Address of principal executive offices)		(Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Exchange on which registered

Common stock, par value $.01 per share	GS	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A	GS PrA	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C	GS PrC	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D	GS PrD	NYSE

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II	GS/43PE	NYSE

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III	GS/43PF	NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.	GS/31B	NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.	GS/31X	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

TABLE OF CONTENTS


Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURE
Exhibit 99.1: PRESS RELEASE
Exhibit 99.2: PRESENTATION

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2024, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the third quarter ended September 30, 2024. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On October 15, 2024, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press release of Group Inc. dated October 15, 2024 containing financial information for its third quarter ended September 30, 2024.

The quotation on page 1 of Exhibit 99.1 and the information under the caption “Quarterly Highlights” on the following page (Excluded Sections) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Sections, shall be deemed “filed” for purposes of the Exchange Act.

99.2

Presentation of Group Inc. dated October 15, 2024, for the conference call on October 15, 2024.

Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.

101

Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).

104

Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	THE GOLDMAN SACHS GROUP, INC.
			(Registrant)

Date: October 15, 2024	By:	/s/ Denis P. Coleman III
		Name: Denis P. Coleman III
		Title: Chief Financial Officer

Exhibit 99.1

LOGO

Third Quarter 2024

Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

Third Quarter 2024 Earnings Results

Goldman Sachs Reports Third Quarter Earnings Per Common Share of $8.40

“Our performance demonstrates the strength of our world-class franchise in an improving operating environment. We continue to lean into our strengths – exceptional talent, execution capabilities and risk management expertise – allowing us to effectively serve our clients against a complex backdrop and deliver for shareholders.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues

Net Earnings

EPS

3Q24 $12.70 billion

3Q24 $2.99 billion

3Q24 $8.40

3Q24 YTD $39.64 billion

3Q24 YTD $10.17 billion

3Q24 YTD $28.64

Annualized ROE¹

Annualized ROTE¹

Book Value Per Share

3Q24 10.4%

3Q24 11.1%

3Q24 $332.96

3Q24 YTD 12.0%

3Q24 YTD 12.9%

YTD Growth 6.2%

NEW YORK, October 15, 2024 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $12.70 billion and net earnings of $2.99 billion for the third quarter ended September 30, 2024. Net revenues were $39.64 billion and net earnings were $10.17 billion for the first nine months of 2024.

Diluted earnings per common share (EPS) was $8.40 for the third quarter of 2024 compared with $5.47 for the third quarter of 2023 and $8.62 for the second quarter of 2024, and was $28.64 for the first nine months of 2024 compared with $17.39 for the first nine months of 2023.

Annualized return on average common shareholders’ equity (ROE)¹ was 10.4% for the third quarter of 2024 and 12.0% for the first nine months of 2024. Annualized return on average tangible common shareholders’ equity (ROTE)¹ was 11.1% for the third quarter of 2024 and 12.9% for the first nine months of 2024.

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

Quarterly Highlights

◾

Global Banking & Markets generated quarterly net revenues of $8.55 billion, including strong performance in Equities and record quarterly net revenues in Fixed Income, Currency and Commodities (FICC) financing.

◾

The firm ranked #1 in worldwide announced and completed mergers and acquisitions and common stock offerings for the year-to-date.²

◾

Asset & Wealth Management generated quarterly net revenues of $3.75 billion, including record quarterly Management and other fees.

◾

Assets under supervision³ increased $169 billion during the quarter to a record $3.10 trillion.

◾

Book value per common share increased by 1.8% during the quarter to $332.96.

Net Revenues


Net revenues were $12.70 billion for the third quarter of 2024, 7% higher than the third quarter of 2023 and essentially unchanged compared with the second quarter of 2024. The increase compared with the third quarter of 2023 reflected higher net revenues in Global Banking & Markets and Asset & Wealth Management, partially offset by lower net revenues in Platform Solutions.				Net Revenues
				$12.70 billion

Goldman Sachs Reports

Third Quarter 2024 Earnings Results


				Global Banking & Markets


Net revenues in Global Banking & Markets were $8.55 billion for the third quarter of 2024, 7% higher than the third quarter of 2023 and 5% higher than the second quarter of 2024. Investment banking fees were $1.87 billion, 20% higher than the third quarter of 2023, primarily reflecting significantly higher net revenues in Debt underwriting, driven by leveraged finance and investment-grade activity, and higher net revenues in Equity underwriting, driven by secondary offerings. Net revenues in Advisory were slightly higher. The firm’s Investment banking fees backlog³ increased compared with both the end of the second quarter of 2024 and the end of 2023. Net revenues in FICC were $2.96 billion, 12% lower than the third quarter of 2023, reflecting significantly lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and commodities, partially offset by significantly higher net revenues in currencies and credit products and higher net revenues in mortgages. This decrease was partially offset by significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. Net revenues in Equities were $3.50 billion, 18% higher than the third quarter of 2023, primarily reflecting significantly higher net revenues in Equities intermediation in both derivatives and cash products. Net revenues in Equities financing were slightly higher. Net revenues in Other were $227 million for the third quarter of 2024, compared with $110 million for the third quarter of 2023, primarily reflecting higher net gains from direct investments.	Global Banking & Markets
	$8.55 billion
	Advisory	$ 875 million
	Equity underwriting	$ 385 million
	Debt underwriting	$ 605 million
	Investment banking fees	$ 1.87 billion
	FICC intermediation	$ 2.01 billion
	FICC financing	$ 949 million
	FICC	$ 2.96 billion
	Equities intermediation	$ 2.21 billion
	Equities financing	$ 1.29 billion
	Equities	$ 3.50 billion
	Other	$ 227 million


				Asset & Wealth Management


Net revenues in Asset & Wealth Management were $3.75 billion for the third quarter of 2024, 16% higher than the third quarter of 2023 and 3% lower than the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflected net gains in Equity investments compared with net losses in the prior year period and higher Management and other fees, partially offset by significantly lower net revenues in Debt investments. In addition, net revenues in Private banking and lending and Incentive fees were higher. The increase in Equity investments net revenues primarily reflected net gains from investments in corporate private and public equities, compared with net losses in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The decrease in Debt investments net revenues primarily reflected lower net interest income due to a reduction in the debt investments balance sheet. The increase in Private banking and lending net revenues primarily reflected the impact of higher deposit balances, and the increase in Incentive fees was driven by harvesting.	Asset & Wealth Management
	$3.75 billion
	Management and other fees	$ 2.62 billion
	Incentive fees	$ 85 million
	Private banking and lending	$ 756 million
	Equity investments	$ 116 million
	Debt investments	$ 178 million

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

Platform Solutions


Net revenues in Platform Solutions were $391 million for the third quarter of 2024, 32% lower than the third quarter of 2023 and 42% lower than the second quarter of 2024. The decrease compared with the third quarter of 2023 primarily reflected significantly lower net revenues in Consumer platforms. The decrease in Consumer platforms net revenues reflected lower net revenues from the General Motors (GM) credit card program, including a loss related to the planned transitioning of the program to another issuer, partially offset by higher average credit card balances. Transaction banking and other net revenues were lower, primarily reflecting mark-downs related to the seller financing loans portfolio that was transferred to held for sale, and lower average deposit balances.	Platform Solutions
	$391 million
	Consumer platforms	$333 million
	Transaction banking and other	$ 58 million

Provision for Credit Losses


Provision for credit losses was $397 million for the third quarter of 2024, compared with $7 million for the third quarter of 2023 and $282 million for the second quarter of 2024. Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans). Provisions for the third quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (driven by impairments, partially offset by a reserve reduction based on increased stability in the macroeconomic environment), offset by a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale).				Provision for Credit Losses
				$397 million

Operating Expenses


Operating expenses were $8.32 billion for the third quarter of 2024, 8% lower than the third quarter of 2023 and 3% lower than the second quarter of 2024. The firm’s efficiency ratio³ was 64.3% for the first nine months of 2024, compared with 74.4% for the first nine months of 2023. Operating expenses, compared with the third quarter of 2023, reflected decreases driven by a write-down of intangibles related to GreenSky in the prior year period (in depreciation and amortization) and significantly lower expenses, including impairments, related to consolidated real estate investments (largely in depreciation and amortization), partially offset by increases driven by higher transaction based expenses and a write-down of intangibles related to the GM credit card program in the current period (in depreciation and amortization). Net provisions for litigation and regulatory proceedings were $41 million for the third quarter of 2024 compared with $15 million for the third quarter of 2023. Headcount increased 5% compared with the end of the second quarter of 2024, reflecting the timing of campus hires.				Operating Expenses
				$8.32 billion


				YTD Efficiency Ratio
				64.3%

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

Provision for Taxes


The effective income tax rate for the first nine months of 2024 was 22.6%, up from 21.6% for the first half of 2024, primarily due to a decrease in the impact of permanent tax benefits.				YTD Effective Tax Rate
				22.6%

Other Matters


◾ On October 11, 2024, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $3.00 per common share to be paid on December 30, 2024 to common shareholders of record on December 2, 2024. ◾ During the quarter, the firm returned $1.98 billion of capital to common shareholders, including $1.00 billion of common share repurchases (2.0 million shares at an average cost of $489.50) and $978 million of common stock dividends.³ ◾ Global core liquid assets³ averaged $447 billion for the third quarter of 2024, compared with an average of $424 billion for the second quarter of 2024.				Declared Quarterly Dividend Per Common Share
				$3.00

				Common Share Repurchases
				2.0 million shares for $1.00 billion

				Average GCLA
				$447 billion

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


				Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.


				Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	SEPTEMBER 30, 2024		JUNE 30, 2024		SEPTEMBER 30, 2023		JUNE 30, 2024		SEPTEMBER 30, 2023
GLOBAL BANKING & MARKETS
Advisory		$ 875		$ 688		$ 831		27 %		5 %
Equity underwriting		385		423		308		(9)		25
Debt underwriting		605		622		415		(3)		46
Investment banking fees		1,865		1,733		1,554		8		20

FICC intermediation		2,013		2,330		2,654		(14)		(24)
FICC financing		949		850		730		12		30
FICC		2,962		3,180		3,384		(7)		(12)

Equities intermediation		2,209		1,786		1,713		24		29
Equities financing		1,291		1,383		1,248		(7)		3
Equities		3,500		3,169		2,961		10		18

Other		227		102		110		123		106
Net revenues		8,554		8,184		8,009		5		7

ASSET & WEALTH MANAGEMENT
Management and other fees		2,619		2,536		2,405		3		9
Incentive fees		85		46		24		85		254
Private banking and lending		756		707		687		7		10
Equity investments		116		292		(212)		(60)		N.M.
Debt investments		178		297		326		(40)		(45)
Net revenues		3,754		3,878		3,230		(3)		16

PLATFORM SOLUTIONS
Consumer platforms		333		599		501		(44)		(34)
Transaction banking and other		58		70		77		(17)		(25)
Net revenues		391		669		578		(42)		(32)

Total net revenues		$ 12,699		$ 12,731		$ 11,817		–		7
Geographic Net Revenues (unaudited)³
$ in millions

	THREE MONTHS ENDED

	SEPTEMBER 30, 2024		JUNE 30, 2024		SEPTEMBER 30, 2023
Americas		$ 8,045		$ 8,125		$ 7,570
EMEA		3,076		2,931		2,811
Asia		1,578		1,675		1,436
Total net revenues		$ 12,699		$ 12,731		$ 11,817

Americas		63%		64%		64%
EMEA		24%		23%		24%
Asia		13%		13%		12%
Total		100%		100%		100%

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	NINE MONTHS ENDED				% CHANGE FROM

	SEPTEMBER 30, 2024		SEPTEMBER 30, 2023		SEPTEMBER 30, 2023
GLOBAL BANKING & MARKETS
Advisory		$ 2,574		$ 2,294		12 %
Equity underwriting		1,178		901		31
Debt underwriting		1,926		1,369		41
Investment banking fees		5,678		4,564		24

FICC intermediation		7,814		8,023		(3)
FICC financing		2,651		2,003		32
FICC		10,465		10,026		4

Equities intermediation		5,984		4,987		20
Equities financing		3,996		3,955		1
Equities		9,980		8,942		12

Other		341		110		210
Net revenues		26,464		23,642		12

ASSET & WEALTH MANAGEMENT
Management and other fees		7,607		7,041		8
Incentive fees		219		102		115
Private banking and lending		2,145		1,915		12
Equity investments		630		(496)		N.M.
Debt investments		820		931		(12)
Net revenues		11,421		9,493		20

PLATFORM SOLUTIONS
Consumer platforms		1,550		1,568		(1)
Transaction banking and other		208		233		(11)
Net revenues		1,758		1,801		(2)

Total net revenues		$ 39,643		$ 34,936		13
Geographic Net Revenues (unaudited)³
$ in millions

	NINE MONTHS ENDED

	SEPTEMBER 30, 2024		SEPTEMBER 30, 2023
Americas		$ 25,351		$ 21,565
EMEA		9,477		9,263
Asia		4,815		4,108
Total net revenues		$ 39,643		$ 34,936

Americas		64%		62%
EMEA		24%		26%
Asia		12%		12%
Total		100%		100%

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts and headcount



	THREE MONTHS ENDED						% CHANGE FROM

	SEPTEMBER 30, 2024		JUNE 30, 2024		SEPTEMBER 30, 2023		JUNE 30, 2024		SEPTEMBER 30, 2023
REVENUES
Investment banking		$ 1,864		$ 1,733		$ 1,555		8 %		20 %
Investment management		2,649		2,533		2,409		5		10
Commissions and fees		873		1,051		883		(17)		(1)
Market making		4,005		4,225		4,958		(5)		(19)
Other principal transactions		685		947		465		(28)		47
Total non-interest revenues		10,076		10,489		10,270		(4)		(2)

Interest income		21,448		20,440		18,257		5		17
Interest expense		18,825		18,198		16,710		3		13
Net interest income		2,623		2,242		1,547		17		70

Total net revenues		12,699		12,731		11,817		-		7

Provision for credit losses		397		282		7		41		N.M.

OPERATING EXPENSES
Compensation and benefits		4,122		4,240		4,188		(3)		(2)
Transaction based		1,701		1,654		1,452		3		17
Market development		159		153		136		4		17
Communications and technology		498		500		468		-		6
Depreciation and amortization		621		646		1,512		(4)		(59)
Occupancy		242		244		267		(1)		(9)
Professional fees		400		393		377		2		6
Other expenses		572		703		654		(19)		(13)
Total operating expenses		8,315		8,533		9,054		(3)		(8)

Pre-tax earnings		3,987		3,916		2,756		2		45
Provision for taxes		997		873		698		14		43
Net earnings		2,990		3,043		2,058		(2)		45
Preferred stock dividends		210		152		176		38		19
Net earnings applicable to common shareholders		$ 2,780		$ 2,891		$ 1,882		(4)		48

EARNINGS PER COMMON SHARE
Basic³		$ 8.52		$ 8.73		$ 5.52		(2) %		54 %
Diluted		$ 8.40		$ 8.62		$ 5.47		(3)		54

AVERAGE COMMON SHARES
Basic		324.8		329.8		338.7		(2)		(4)
Diluted		330.8		335.5		343.9		(1)		(4)

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 107,947		$ 106,710		$ 106,074		1		2
Basic shares³		324.2		326.2		338.0		(1)		(4)
Book value per common share		$ 332.96		$ 327.13		$ 313.83		2		6

Headcount		46,400		44,300		45,900		5		1

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts



	NINE MONTHS ENDED				% CHANGE FROM

	SEPTEMBER 30, 2024		SEPTEMBER 30, 2023		SEPTEMBER 30, 2023
REVENUES
Investment banking		$ 5,682		$ 4,565		24 %
Investment management		7,673		7,054		9
Commissions and fees		3,001		2,864		5
Market making		14,222		14,742		(4)
Other principal transactions		2,592		699		271
Total non-interest revenues		33,170		29,924		11

Interest income		61,443		50,031		23
Interest expense		54,970		45,019		22
Net interest income		6,473		5,012		29

Total net revenues		39,643		34,936		13

Provision for credit losses		997		451		121

OPERATING EXPENSES
Compensation and benefits		12,947		11,897		9
Transaction based		4,852		4,242		14
Market development		465		454		2
Communications and technology		1,468		1,416		4
Depreciation and amortization		1,894		4,076		(54)
Occupancy		733		785		(7)
Professional fees		1,177		1,152		2
Other expenses		1,970		1,978		–
Total operating expenses		25,506		26,000		(2)

Pre-tax earnings		13,140		8,485		55
Provision for taxes		2,975		1,977		50
Net earnings		10,165		6,508		56
Preferred stock dividends		563		468		20
Net earnings applicable to common shareholders		$ 9,602		$ 6,040		59

EARNINGS PER COMMON SHARE
Basic³		$ 28.98		$ 17.52		65 %
Diluted		$ 28.64		$ 17.39		65

AVERAGE COMMON SHARES
Basic		330.0		342.5		(4)
Diluted		335.3		347.4		(3)

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)³

$ in billions

AS OF

SEPTEMBER 30,
2024

JUNE 30,
2024

ASSETS

Cash and cash equivalents

$ 155

$ 206

Collateralized agreements

417

403

Customer and other receivables

145

142

Trading assets

601

522

Investments

183

161

Loans

192

184

Other assets

Total assets

$ 1,728

$ 1,653

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 445

$ 433

Collateralized financings

348

325

Customer and other payables

251

243

Trading liabilities

215

200

Unsecured short-term borrowings

Unsecured long-term borrowings

250

235

Other liabilities

Total liabilities

1,607

1,534

Shareholders’ equity

121

119

Total liabilities and shareholders’ equity

$ 1,728

$ 1,653

Capital Ratios and Supplementary Leverage Ratio (unaudited)³

$ in billions

AS OF

SEPTEMBER 30,
2024

JUNE 30,
2024

Common equity tier 1 capital

$ 102.2

$ 100.8

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 699

$ 677

Common equity tier 1 capital ratio

14.6%

14.9%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 658

$ 633

Common equity tier 1 capital ratio

15.5%

15.9%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

5.5%

5.4%

Average Daily VaR (unaudited)³

$ in millions

THREE MONTHS ENDED

SEPTEMBER 30,
2024

JUNE 30,
2024

RISK CATEGORIES

Interest rates

$ 75

$ 81

Equity prices

Currency rates

Commodity prices

Diversification effect

(68)

(71)

Total

$ 92

$ 91

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)³

$ in billions



	AS OF

	SEPTEMBER 30, 2024		JUNE 30, 2024		SEPTEMBER 30, 2023
ASSET CLASS
Alternative investments		$ 328		$ 314		$ 267
Equity		780		735		607
Fixed income		1,220		1,147		1,031
Total long-term AUS		2,328		2,196		1,905
Liquidity products		775		738		775
Total AUS		$ 3,103		$ 2,934		$ 2,680


	THREE MONTHS ENDED

	SEPTEMBER 30, 2024		JUNE 30, 2024		SEPTEMBER 30, 2023
Beginning balance		$ 2,934		$ 2,848		$ 2,714
Net inflows / (outflows):
Alternative investments		9		18		2
Equity		4		6		–
Fixed income		16		7		5
Total long-term AUS net inflows / (outflows)		29		31		7
Liquidity products		37		40		11
Total AUS net inflows / (outflows)		66		71		18
Acquisitions / (dispositions)		–		–		–
Net market appreciation / (depreciation)		103		15		(52)
Ending balance		$ 3,103		$ 2,934		$ 2,680

Goldman Sachs Reports

Third Quarter 2024 Earnings Results

Footnotes

Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized ROTE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity (tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets). Management believes that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally, and that tangible common shareholders’ equity is meaningful because it is a measure that the firm and investors use to assess capital adequacy. ROTE and tangible common shareholders’ equity are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:



	AVERAGE FOR THE

Unaudited, $ in millions	THREE MONTHS ENDED SEPTEMBER 30, 2024		NINE MONTHS ENDED SEPTEMBER 30, 2024
Total shareholders’ equity		$ 119,900		$ 118,653
Preferred stock		(12,878)		(12,183)
Common shareholders’ equity		107,022		106,470
Goodwill		(5,905)		(5,902)
Identifiable intangible assets		(978)		(1,042)
Tangible common shareholders’ equity		$ 100,139		$ 99,526

Dealogic – January 1, 2024 through September 30, 2024.

For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management – Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

Represents a preliminary estimate for the third quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024.

Exhibit 99.2 Third Quarter 2024 Earnings Results Presentation October 15, 2024

Results Snapshot Net Revenues Net Earnings EPS 3Q24 $12.70 billion 3Q24 $2.99 billion 3Q24 $8.40 3Q24 YTD $ 3 9 . 6 4 bi llion 3Q24 YTD $ 1 0 . 1 7 bi l l i on 3Q24 YTD $28. 64 1 1 Annualized ROE Annualized ROTE Book Value Per Share 3Q24 10.4% 3Q24 11.1% 3Q24 $332.96 3Q24 YTD 12.0% 3Q24 YTD 12.9% YTD Growth 6.2% 4 Quarterly Highlights Selected Items and FDIC Special Assessment Fee 2 $ in millions, except per share amounts #1 in M&A and common stock offerings 3Q24 3Q24 YTD Pre-tax earnings: 5 $ 135 $ 467 AWM historical principal investments Strong performance in Equities; (415) (597) Record FICC financing net revenues GM Card / Seller financing / GreenSky 17 (80) FDIC special assessment fee $ (263) $ (210) Total impact to pre-tax earnings Record Management and other fees of $2.62 billion $ (204) $ (163) Impact to net earnings $ (0.62) $ (0.48) Impact to EPS 3 Record AUS of $3.10 trillion (0.8)pp (0.2)pp Impact to ROE th 27 consecutive quarter of long-term fee-based net inflows 1

Financial Overview Financial Results Financial Overview Highlights vs.n 3Q24 results included EPS of $8.40 and ROE of 10.4% vs. vs. 3Q24 3Q23 $ in millions, — 3Q24 net revenues were higher YoY, reflecting higher net revenues in Global Banking & except per share amounts 3Q24 2Q24 3Q23 YTD YTD Markets and Asset & Wealth Management, partially offset by lower net revenues in Platform Solutions $ 8,554 5% 7% $ 26,464 12% Global Banking & Markets — 3Q24 provision for credit losses was $397 million, reflecting net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit Asset & Wealth Management 3,754 (3)% 16% 11,421 20% related to the wholesale portfolio (driven by recoveries on previously impaired loans) — 3Q24 operating expenses were lower YoY, reflecting decreases driven by a write-down of 391 (42)% (32)% 1,758 (2)% Platform Solutions intangibles related to GreenSky in 3Q23 and significantly lower expenses, including impairments, related to consolidated real estate investments, partially offset by increases 12,699 – 7% 39,643 13% Net revenues driven by higher transaction based expenses and a write-down of intangibles related to the GM credit card program in 3Q24 397 41% N.M. 997 121% Provision for credit losses 8,315 (3)% (8)% 25,506 (2)% Operating expenses Net Revenues by Segment ($ in millions) 3,987 2% 45% $ 13,140 55% Pre-tax earnings $ $12,731 $12,699 $ 2,990 (2)% 45% $ 10,165 56% Net earnings $11,817 $ 2,780 (4)% 48% $ 9,602 59% Net earnings to common Global Banking & Markets $8,184 $ 8.40 (3)% 54% $ 28.64 65% $8,554 Diluted EPS $8,009 Asset & Wealth 1 ROE 10.4% (0.5)pp 3.3pp 12.0% 4.4pp Management 1 ROTE 11.1% (0.5)pp 3.4pp 12.9% 4.7pp Platform Solutions $3,878 $3,754 $3,230 3 65.5% (1.5)pp (11.1)pp 64.3% (10.1)pp Efficiency Ratio $669 $578 $391 3Q24 2Q24 3Q23 2

Global Banking & Markets Financial Results Global Banking & Markets Highlights vs.n 3Q24 net revenues were higher YoY vs. vs. 3Q24 3Q23 — Investment banking fees reflected significantly higher net revenues in Debt underwriting, $ in millions 3Q24 2Q24 3Q23 YTD YTD higher net revenues in Equity underwriting and slightly higher net revenues in Advisory — FICC reflected significantly lower net revenues in intermediation, partially offset by $ 1,865 8% 20% $ 5,678 24% Investment banking fees significantly higher net revenues in financing — Equities reflected significantly higher net revenues in intermediation and slightly higher net 2,962 (7)% (12)% 10,465 4% FICC revenues in financing 3 n Investment banking fees backlog increased QoQ, driven by an increase in Advisory 3,500 10% 18% 9,980 12% Equities 3 n 3Q24 select data : — Total assets of $1.47 trillion 227 123% 106% 341 210% Other — Loan balance of $129 billion 8,554 5% 7% 26,464 12% Net revenues — Net interest income of $1.11 billion Provision for credit losses 54 N.M. 86% 95 (56)% Global Banking & Markets Net Revenues ($ in millions) Operating expenses 4,969 (2)% 4% 15,197 11% $8,554 $8,184 $8,009 Pre-tax earnings $ 3,531 12% 11% $ 11,172 15% $1,865 $1,733 Investment $1,554 Net earnings $ 2,653 8% 11% $ 8,643 16% banking fees FICC Net earnings to common $ 2,490 7% 11% $ 8,205 15% $2,962 $3,180 $3,384 Equities Average common equity $ 76,039 – 5% $ 75,575 6% Other Return on average common equity 13.1% 0.8pp 0.7pp 14.5% 1.1pp $3,500 $3,169 $2,961 $227 $102 $110 3Q24 2Q24 3Q23 3

Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights vs.n 3Q24 Investment banking fees were significantly higher YoY vs. vs. 3Q24 3Q23 — Advisory net revenues were slightly higher $ in millions 3Q24 2Q24 3Q23 YTD YTD — Equity underwriting reflected an increase in secondary offerings $ 875 27% 5% $ 2,574 12% Advisory — Debt underwriting reflected an increase in leveraged finance and investment-grade activity n 3Q24 FICC net revenues were lower YoY 385 (9)% 25% 1,178 31% Equity underwriting — FICC intermediation reflected significantly lower net revenues in interest rate products and 605 (3)% 46% 1,926 41% Debt underwriting commodities, partially offset by significantly higher net revenues in currencies and credit products and higher net revenues in mortgages 1,865 8% 20% 5,678 24% Investment banking fees — Record FICC financing primarily reflected significantly higher net revenues from mortgages and structured lending 2,013 (14)% (24)% 7,814 (3)% FICC intermediation n 3Q24 Equities net revenues were higher YoY — Equities intermediation reflected significantly higher net revenues in both derivatives and FICC financing 949 12% 30% 2,651 32% cash products — Equities financing net revenues were slightly higher FICC 2,962 (7)% (12)% 10,465 4% n 3Q24 Other net revenues YoY primarily reflected higher net gains from direct investments Equities intermediation 2,209 24% 29% 5,984 20% Equities financing 1,291 (7)% 3% 3,996 1% Equities 3,500 10% 18% 9,980 12% Other 227 123% 106% 341 210% Net revenues $ 8,554 5% 7% $ 26,464 12% 4

Asset & Wealth Management Financial Results Asset & Wealth Management Highlights vs.n 3Q24 net revenues were higher YoY vs. vs. 3Q24 3Q23 — Management and other fees primarily reflected the impact of higher average AUS $ in millions 3Q24 2Q24 3Q23 YTD YTD — Incentive fees were driven by harvesting Management and other fees: — Private banking and lending net revenues primarily reflected the impact of higher deposit balances Asset management $ 1,179 7% 12% $ 3,391 9% — Equity investments primarily reflected net gains from investments in corporate private and public equities, compared with net losses in 3Q23 1,440 – 6% 4,216 7% Wealth management — Debt investments primarily reflected lower net interest income due to a reduction in the debt Total Management and other fees 2,619 3% 9% 7,607 8% investments balance sheet n 3Q24 YTD pre-tax margin of 24% 85 85% 254% 219 115% Incentive fees 3 n 3Q24 select data : — Total assets of $195 billion Private banking and lending 756 7% 10% 2,145 12% — Loan balance of $45 billion, of which $36 billion related to Private banking and lending 116 (60)% N.M. 630 N.M. — Net interest income of $766 million Equity investments 6 — Total Wealth management client assets of ~$1.6 trillion Debt investments 178 (40)% (45)% 820 (12)% Asset & Wealth Management Net Revenues ($ in millions) Net revenues 3,754 (3)% 16% 11,421 20% $3,878 Provision for credit losses (109) (88)% N.M. (189) 62% $3,754 $3,230 Management and other fees 2,848 (6)% (5)% 8,819 (7)% Operating expenses Incentive fees Pre-tax earnings $ 1,015 13% 483% $ 2,791 413% $2,536 $2,619 Private banking $2,405 and lending $ 767 10% 495% $ 2,159 418% Net earnings Equity investments $46 Net earnings to common $ 727 8% 682% $ 2,053 546% $85 $24 $707 Debt $756 $687 investments $116 $ 26,475 2% (7)% $ 26,348 (14)% Average common equity $292 $178 $297 $326 Return on average common equity 11.0% 0.7pp 9.7pp 10.4% 9.0pp $(212) 3Q24 2Q24 3Q23 5

Asset & Wealth Management – Assets Under Supervision 3 3 AUS Highlights AUS by Asset Class n During the quarter, AUS increased $169 billion to a record $3.10 trillion $ in billions 3Q24 2Q24 3Q23 — Net inflows across all asset classes, particularly in liquidity products and fixed income $ 328 $ 314 $ 267 Alternative investments assets Equity 780 735 607 — Net market appreciation primarily in fixed income and equity assets Fixed income 1,220 1,147 1,031 n Total AUS net inflows of $66 billion during the quarter, of which: Long-term AUS 2,328 2,196 1,905 — $36 billion of net inflows in Third-party distributed client channel Liquidity products 775 738 775 — $17 billion of net inflows in Wealth management client channel 3,103 2,934 2,680 Total AUS $ $ $ — $13 billion of net inflows in Institutional client channel 3 AUS by Client Channel $ in billions 3Q24 2Q24 3Q23 Institutional $ 1,126 $ 1,063 $ 924 3 AUS Rollforward 913 865 771 Wealth management $ in billions 3Q24 2Q24 3Q23 Third-party distributed 1,064 1,006 985 Beginning balance $ 2,934 $ 2,848 $ 2,714 Total AUS $ 3,103 $ 2,934 $ 2,680 29 31 7 Long-term AUS net inflows / (outflows) Liquidity products 37 40 11 3 3Q24 AUS by Region and Vehicle 66 71 18 Total AUS net inflows / (outflows) 7% Acquisitions / (dispositions) – – – 13% Separate Net market appreciation / (depreciation) 103 15 (52) accounts Americas 23% Ending balance $ 3,103 $ 2,934 $ 2,680 Region Vehicle Public funds EMEA 31% 56% Asia Private funds 70% and other 6

Asset & Wealth Management – Alternative Investments 3 3 Alternative Investments Highlights On-Balance Sheet Alternative Investments n 3Q24 Management and other fees from alternative investments were $527 million, down 3% $ in billions 3Q24 compared with 3Q23, reflecting lower placement fees, partially offset by the impact of higher average assets under supervision Loans $ 9.4 n During the quarter, alternative investments AUS increased $14 billion to $328 billion Debt securities 9.4 Equity securities 13.4 n 3Q24 gross third-party alternatives fundraising across strategies was $16 billion, including: 7 CIE investments and other 6.3 — $6 billion in corporate equity, $5 billion in credit, $1 billion in real estate and $4 billion in Total On-B/S alternative investments $ 38.5 hedge funds and other — $303 billion raised since the end of 2019 n During the quarter, on-balance sheet alternative investments declined by $2.2 billion to $38.5 $ in billions 3Q24 billion 5 Client co-invest $ 19.1 — Historical principal investments declined by $1.7 billion to $10.9 billion (attributed equity of $4 billion) and included $2.0 billion of loans, $2.8 billion of debt securities, $3.6 billion of Firmwide initiatives / CRA investments 8.5 equity securities and $2.5 billion of CIE investments and other 5 Historical principal investments 10.9 Total On-B/S alternative investments $ 3 38.5 Alternative Investments AUS and Effective Fees 3Q24 $ in billions Average AUS Effective Fees (bps) Historical Principal Investments Rollforward Corporate equity $ 121 74 $ in billions 3Q24 62 71 Credit Beginning balance $ 12.6 Real estate 30 51 Additions 0.1 72 61 Hedge funds and other Dispositions / paydowns (2.0) Funds and discretionary accounts 285 68 Net mark-ups / (mark-downs) 0.2 Net change $ (1.7) 37 17 Advisory accounts Ending balance $ 10.9 Total alternative investments AUS $ 322 62 7

Platform Solutions Financial Results Platform Solutions Highlights vs.n 3Q24 net revenues were lower YoY vs. vs. 3Q24 3Q23 — Consumer platforms reflected lower net revenues from the GM credit card program, including $ in millions 3Q24 2Q24 3Q23 YTD YTD a loss related to the planned transitioning of the program to another issuer, partially offset by higher average credit card balances $ 333 (44)% (34)% $ 1,550 (1)% Consumer platforms — Transaction banking and other primarily reflected mark-downs related to the seller financing loans portfolio that was transferred to held for sale, and lower average deposit balances 58 (17)% (25)% 208 (11)% Transaction banking and other n 3Q24 provision for credit losses of $452 million reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs) Net revenues 391 (42)% (32)% 1,758 (2)% 3 n 3Q24 select data : 452 14% N.M. 1,091 48% Provision for credit losses — Total assets of $60 billion — Loan balance of $18 billion 498 18% (60)% 1,490 (48)% Operating expenses — Net interest income of $744 million Pre-tax earnings / (loss) $ (559) (280)% 8% $ (823) 54% Platform Solutions Net Revenues ($ in millions) Net earnings / (loss) $ (430) (274)% 5% $ (637) 53% $669 Net earnings / (loss) to common $ (437) (264)% 5% $ (656) 53% $578 Average common equity $ 4,508 4% 7% $ 4,547 12% Consumer platforms $391 Return on average common equity (38.8)% (27.8)pp 4.8pp (19.2)% 26.3pp $599 Transaction $501 banking and other $333 $77 $70 $58 3Q24 2Q24 3Q23 8

Loans and Net Interest Income 3 3 Loans by Segment ($ in billions) Loans and Net Interest Income Highlights n 3Q24 loans increased QoQ $192 — Gross loans by type: $188 billion - amortized cost, $6 billion - fair value, $3 billion - held for $184 $178 sale — Average loans of $189 billion Global Banking — Total allowance for loan losses and losses on lending commitments was $5.45 billion & Markets ($4.75 billion for funded loans) $129 $123 $109 Asset & Wealth o $3.00 billion for wholesale loans, $2.45 billion for consumer loans Management — Net charge-offs of $299 million for an annualized net charge-off rate of 0.7% Platform Solutions o 0.0% for wholesale loans, 6.9% for consumer loans n 3Q24 net interest income increased 70% YoY, reflecting an increase in interest-earning assets $47 $45 $44 — 3Q24 average interest-earning assets of $1.59 trillion $22 $18 $17 3Q24 2Q24 3Q23 3 Loans by Type Net Interest Income by Segment ($ in millions) Metrics $ in billions 3Q24 2Q24 3Q23 2.5% $2,623 ALLL to Total Corporate $ $ $ 33 35 37 Gross Loans, at $2,242 Amortized Cost Commercial real estate 28 27 26 $1,113 Residential real estate 25 24 24 1.4% Global Banking $815 & Markets ALLL to Gross Securities-based lending 16 15 15 $1,547 Wholesale Loans, at $171 Asset & Wealth Other collateralized lending 73 67 55 Amortized Cost Management $766 Installment – – 6 $723 $686 13.5% Platform ALLL to Gross Credit cards 20 19 18 Solutions Consumer Loans, at Other 2 2 2 Amortized Cost $744 $704 $690 Allowance for loan losses (5) (5) (5) ~80% Gross Loans Total loans $ $ $ 192 184 178 3Q24 2Q24 3Q23 Secured 9

Expenses Financial Results Expense Highlights n 3Q24 total operating expenses were lower YoY vs. vs. vs. 3Q24 3Q23 — Decreases due to: 3Q24 2Q24 3Q23 YTD YTD $ in millions o A write-down of intangibles related to GreenSky in 3Q23 (in depreciation and amortization) Compensation and benefits $ 4,122 (3)% (2)% $ 12,947 9% o Significantly lower expenses, including impairments, related to consolidated real estate investments (largely in depreciation and amortization) Transaction based 1,701 3% 17% 4,852 14% — Partially offset by increases due to: Market development 159 4% 17% 465 2% o Higher transaction based expenses o A write-down of intangibles related to the GM credit card program in 3Q24 (in Communications and technology 498 – 6% 1,468 4% depreciation and amortization) n 3Q24 YTD effective income tax rate was 22.6%, up from 21.6% for 2Q24 YTD, primarily due to 621 (4)% (59)% 1,894 (54)% Depreciation and amortization a decrease in the impact of permanent tax benefits 3 Occupancy 242 (1)% (9)% 733 (7)% Efficiency Ratio 74.4% Professional fees 400 2% 6% 1,177 2% 64.3% Other expenses 572 (19)% (13)% 1,970 – Total operating expenses $ 8,315 (3)% (8)% $ 25,506 (2)% 997 14% 43% $ 2,975 50% Provision for taxes $ Effective Tax Rate 22.6% (0.7)pp 3Q24 YTD 3Q23 YTD 10

Capital and Balance Sheet 3 3 Capital and Balance Sheet Highlights Selected Balance Sheet Data n Standardized CET1 capital ratio and Advanced CET1 capital ratio both decreased QoQ, primarily reflecting an increase in credit and market RWAs, partially offset by an increase in CET1 capital $ in billions 3Q24 2Q24 4Q23 n As of October 1, 2024, the firm’s Standardized CET1 capital ratio requirement is 13.7%, reflecting Total assets $ 1,728 $ 1,653 $ 1, 642 an SCB of 6.2% (an increase of 70bps from the prior SCB of 5.5%) n Returned $1.98 billion of capital to common shareholders during the quarter Deposits $ 445 $ 433 $ 428 — 2.0 million common shares repurchased for a total cost of $1.00 billion Unsecured long-term borrowings $ 250 $ 235 $ 242 — $978 million of common stock dividends n Deposits of $445 billion consisted of consumer $182 billion, private bank $98 billion, transaction Shareholders’ equity $ 121 $ 119 $ 117 banking $61 billion, brokered CDs $43 billion, deposit sweep programs $33 billion and other $28 billion Average GCLA $ 447 $ 424 $ 414 n BVPS increased 1.8% QoQ, driven by net earnings 3 Capital Book Value In millions, except per share amounts 3Q24 2Q24 4Q23 3Q24 2Q24 4Q23 3 Standardized CET1 capital ratio Basic shares 324.2 326.2 337.1 14.6% 14.9% 14.4% Advanced CET1 capital ratio Book value per common share $ 332.96 $ 327.13 $ 313.56 15.5% 15.9% 14.9% 1 Supplementary leverage ratio (SLR) 5.5% 5.4% 5.5% Tangible book value per common share $ 311.88 $ 306.02 $ 292.52 11

Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals, (iii) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (iv) the firm’s prospective capital distributions (including dividends and repurchases), (v) the firm’s future effective income tax rate, (vi) the firm’s Investment banking fees backlog and future results, (vii) the firm’s planned 2024 benchmark debt issuances, (viii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position, and (ix) the firm’s ability to sell, and the terms of any proposed or pending sale of, Asset & Wealth Management historical principal investments and the seller financing loans portfolio, and the firm’s ability to transition the GM credit card program are forward-looking statements. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, potential future changes to regulatory capital rules, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2024 benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments and the impact of the conflict in the Middle East on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to the firm, and that the performance of these activities may deteriorate as a result of the proposed and pending sales, and statements about the planned sale of the seller financing loans portfolio and the process to transition the GM credit card program are subject to the risk that a transaction may not close on the anticipated timeline or at all, including due to a failure to obtain requisite regulatory approvals. 12

Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: AVERAGE FOR THE AS OF THREE MONTHS ENDED NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2024 SEPTEMBER 30, 2024 SEPTEMBER 30, 2024 JUNE 30, 2024 DECEMBER 31, 2023 Total shareholders’ equity $ 119,900 $ 118,653 $ 121,200 $ 119,463 $ 116,905 Preferred stock (12,878) (12,183) (13,253) (12,753) (11,203) Common shareholders’ equity 107,022 106,470 107,947 106,710 105,702 Goodwill (5,905) (5,902) (5,909) (5,893) (5,916) Identifiable intangible assets (978) (1,042) (925) (992) (1,177) Tangible common shareholders’ equity $ 100,139 $ 99,526 $ 101,113 $ 99,825 $ 98,609 2. Dealogic – January 1, 2024 through September 30, 2024. 3. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management – Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2024: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy.” Represents a preliminary estimate for the third quarter of 2024 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2024. 4. Includes selected items that the firm has sold or is selling related to the narrowing of the firm’s ambitions in consumer-related activities and related to the transitioning of Asset & Wealth Management to a less capital- intensive business. Pre-tax earnings for each selected item includes the operating results of the item and additionally, for General Motors (GM) Card, a loss related to the planned transitioning of the GM credit card program to another issuer and a write-down of intangibles, and for seller financing, net impairments in provision for credit losses and a mark-down in net revenues related to the transfer of the portfolio to held for sale. In the first half of 2024, the FDIC notified banks subject to the special assessment fee that the estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank had increased and the firm recognized an incremental pre-tax expense. In 3Q24, based on additional information received from the FDIC, the firm recognized a reduction in the estimated cost of the FDIC special assessment fee. Net earnings reflects the 3Q24 and 3Q24 YTD effective income tax rate for the respective segment of each item. 13

Footnotes - Continued 5. Includes consolidated investment entities (CIEs) and other legacy investments the firm intends to exit over the medium term (refers to a 3-5 year time horizon from year-end 2022). 6. Consists of AUS, brokerage assets and Marcus deposits. 7. Includes CIEs and other investments. CIEs are generally accounted for at historical cost less depreciation. Substantially all of the firm’s CIEs are engaged in commercial real estate investment activities. Assets held by CIEs of $3 billion as of September 30, 2024 were funded with liabilities of approximately $2 billion as of September 30, 2024. Substantially all such liabilities are nonrecourse, thereby reducing the firm’s equity at risk. 14

Document and Entity Information	Oct. 15, 2024
Document And Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 15, 2024
Entity Registrant Name	GOLDMAN SACHS GROUP INC
Entity File Number	001-14965
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-4019460
Entity Address Address Line 1	200 West Street
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10282
City Area Code	212
Local Phone Number	902-1000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000886982
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common stock, par value $.01 per share
Trading Symbol	GS
Security Exchange Name	NYSE
Series A Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A
Trading Symbol	GS PrA
Security Exchange Name	NYSE
Series C Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol	GS PrC
Security Exchange Name	NYSE
Series D Floating Rate Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D
Trading Symbol	GS PrD
Security Exchange Name	NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II
Trading Symbol	GS/43PE
Security Exchange Name	NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Iii [Member]
Document And Entity Information [Line Items]
Security 12b Title	Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III
Trading Symbol	GS/43PF
Security Exchange Name	NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due March 2031 Of GS Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.
Trading Symbol	GS/31B
Security Exchange Name	NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due May 2031 Of GS Finance Corp [Member]
Document And Entity Information [Line Items]
Security 12b Title	Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.
Trading Symbol	GS/31X
Security Exchange Name	NYSE