# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-23-008906
**Filing Date:** 2023-1
**Character Count:** 224200
**Document Hash:** b04c6d1344a147916c69a09203362d5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-008906.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001193125-23-008906

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14965
- **FILM NUMBER:** 23530228

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104

?xml version="1.0" encoding="utf-8" ? 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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### Form 8-K

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|:---|
| CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Date of Report (Date of earliest event reported): January 17, 2023 |

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### The Goldman Sachs Group, Inc.
(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

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| | |
|:---|:---|
| Delaware | 13-4019460 |
| (State or other jurisdiction of<br> incorporation or organization) | (IRS Employer<br> Identification No.) |
| 200 West Street, New York, N.Y. | 10282 |
| (Address of principal executive offices) | (Zip Code) |

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(212) 902-1000

(Registrant's telephone number, including area code)

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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))

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol | Exchange<br> on which<br> 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 |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J | GS PrJ | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K | GS PrK | 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.<br>| GS/31X | NYSE |

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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 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. ☐

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#### **TABLE OF CONTENTS**

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|:---|
|  [Item 2.02 Results of Operations and Financial Condition](#tx387409_1) |
|  [Item 7.01 Regulation FD Disclosure](#tx387409_2) |
|  [Item 9.01 Financial Statements and Exhibits](#tx387409_3) |
|  [Signature](#tx387409_4) |
|  [Exhibit 99.1: PRESS RELEASE](d387409dex991.htm) |
|  [Exhibit 99.2: PRESENTATION](d387409dex992.htm) |

---

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#### Item 2.02 Results of Operations and Financial Condition.
On January 17, 2023, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the fourth quarter and year ended December 31, 2022. 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 January 17, 2023, 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.
&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

99.1 [Press release of Group Inc. dated January 17, 2023 containing financial information for its fourth quarter and year ended December 31, 2022.](d387409dex991.htm)

The quotation on page 1 of Exhibit 99.1 and the information under the caption "Annual 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 January 17, 2023, for the conference call on January 17, 2023.](d387409dex992.htm)

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).

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#### 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.

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| | | |
|:---|:---|:---|
|  | THE GOLDMAN SACHS GROUP, INC.  | THE GOLDMAN SACHS GROUP, INC.  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant) |
| Date: January 17, 2023 | By: | /s/ Denis P. Coleman III |
|  |  | Name: Denis P. Coleman III |
|  |  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g387409g52m75.jpg)

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Full Year and**<br>**Fourth Quarter 2022**<br>**Earnings Results**<br>Media Relations: Andrea Williams 212-902-5400<br> Investor Relations: Carey Halio 212-902-0300 <br>|
| <br> **The Goldman Sachs Group, Inc.** <br> **200 West Street \| New York, NY 10282** <br>|

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Full Year and Fourth Quarter 2022 Earnings Results

**Goldman Sachs Reports Earnings Per Common Share of $30.06 for 2022** 

Fourth Quarter Earnings Per Common Share was $3.32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> "Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022. Our clear, near term focus is realizing the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency. The foundation of all of our strategic efforts is our client franchise which is second to none."<br>

- **David Solomon**, *Chairman and Chief Executive Officer*<br>

**Financial Summary** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Net Revenues**<br>| <br> **Net Earnings**<br>| <br> **EPS**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **2022 $47.37 billion**<br>**4Q22 $10.59 billion** <br>| <br> **2022 $11.26 billion**<br>**4Q22 $1.33 billion**<br>| <br> **2022 $30.06** <br>**4Q22 $3.32** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **ROE<sup>1</sup>**<br>| <br> **ROTE<sup>1</sup>**<br>| <br> **Book Value Per Share**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **2022 10.2%**<br>**4Q22 4.4%**<br>| <br> **2022 11.0%**<br>**4Q22 4.8%**<br>| <br> **2022 $303.55** <br>**2022 Growth 6.7%** <br>|

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NEW YORK, January 17, 2023 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $47.37 billion and net earnings of $11.26 billion for the year ended December 31, 2022. Net revenues were $10.59 billion and net earnings were $1.33 billion for the fourth quarter of 2022.

Diluted earnings per common share (EPS) was $30.06 for the year ended December 31, 2022 compared with $59.45 for the year ended December 31, 2021, and was $3.32 for the fourth quarter of 2022 compared with $10.81 for the fourth quarter of 2021 and $8.25 for the third quarter of 2022.

Return on average common shareholders' equity (ROE)<sup>1</sup> was 10.2% for 2022 and annualized ROE was 4.4% for the fourth quarter of 2022. Return on average tangible common shareholders' equity (ROTE)<sup>1</sup> was 11.0% for 2022 and annualized ROTE was 4.8% for the fourth quarter of 2022.

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Annual Highlights** 

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| | |
|:---|:---|
| ◾ | During the year, the firm supported clients amid an evolving macroeconomic environment and executed on strategic priorities, which contributed to net revenues of $47.37 billion and EPS of $30.06, the second highest results for each.  |

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| | |
|:---|:---|
| ◾ | Global Banking & Markets<sup>2</sup> generated net revenues of $32.49 billion, driven by strong performances across Fixed Income, Currency and Commodities (FICC), Equities and Advisory, including the second highest net revenues in both FICC and Advisory.  |

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◾ The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.<sup>3</sup>

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| | |
|:---|:---|
| ◾ | Asset & Wealth Management<sup>2</sup> generated net revenues of $13.38 billion, including record Management and other fees.  |

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|:---|:---|
| ◾ | Assets under supervision<sup>4,5</sup> ended the year at a record $2.55 trillion.  |

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| | |
|:---|:---|
| ◾ | Platform Solutions<sup>2</sup> continued to grow at a strong pace, generating net revenues of $1.50 billion.  |

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| | |
|:---|:---|
| ◾ | Book value per common share increased by 6.7% during the year to $303.55.  |

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**Net Revenues** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Full Year</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $47.37 billion for 2022, 20% lower than a strong 2021, primarily reflecting significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. | <br> **2022 Net Revenues**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $47.37 billion for 2022, 20% lower than a strong 2021, primarily reflecting significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. | <br> **$47.37 billion**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Fourth Quarter</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $10.59 billion for the fourth quarter of 2022, 16% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. | <br> **4Q22 Net Revenues**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $10.59 billion for the fourth quarter of 2022, 16% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. | <br> **$10.59 billion**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $10.59 billion for the fourth quarter of 2022, 16% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues were $10.59 billion for the fourth quarter of 2022, 16% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets. |  |

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Global Banking & Markets**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Full Year</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | <br> **2022 Global Banking & Markets** | <br> **2022 Global Banking & Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | <br> **$32.49 billion** | <br> **$32.49 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Advisory** | **$4.70 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Equity underwriting** | **$848 million**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Debt underwriting** | **<u>$1.81 billion</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Investment banking fees** | **$7.36 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | <br> **FICC intermediation** | **$11.89 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **FICC financing** | **<u>$2.79 billion</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **FICC** | **$14.68 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | <br> **Equities intermediation** | **$6.66 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Equities financing** | **<u>$4.33 billion</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | **Equities** | **$10.99 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. | <br> **Other** | **$(537) million**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021.<br>Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year. The firm's Investment banking fees backlog<sup>4</sup> decreased significantly compared with the end of 2021.<br>Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark- downs on acquisition financing activities. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Fourth Quarter</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | <br> **4Q22 Global Banking & Markets** | <br> **4Q22 Global Banking & Markets** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | <br> **$6.52 billion** | <br> **$6.52 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Advisory** | **$1.41 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Equity underwriting** | **$183 million**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Debt underwriting** | **<u>$282 million</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Investment banking fees** | **$1.87 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | <br> **FICC intermediation** | **$1.97 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **FICC financing** | **<u>$713 million</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **FICC** | **$2.69 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | <br> **Equities intermediation** | **$1.11 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Equities financing** | **<u>$964 million</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | **Equities** | **$2.07 billion**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. | <br> **Other**<br>| **$(114) million** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Global Banking & Markets were $6.52 billion for the fourth quarter of 2022, 14% lower than both the fourth quarter of 2021 and the third quarter of 2022.<br>Investment banking fees were $1.87 billion, 48% lower than a strong fourth quarter of 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year period. The firm's Investment banking fees backlog<sup>4</sup> decreased compared with the end of the third quarter of 2022.<br>Net revenues in FICC were $2.69 billion, 44% higher than the fourth quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by significantly lower net revenues in currencies and mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.<br>Net revenues in Equities were $2.07 billion, 5% lower than the fourth quarter of 2021, due to lower net revenues in Equities intermediation, reflecting lower net revenues in both derivatives and cash products. Net revenues in Equities financing were higher, primarily reflecting increased client activity.<br>Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021. |  |  |

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Asset & Wealth Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Full Year</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | <br> **2022 Asset & Wealth Management** | <br> **2022 Asset & Wealth Management** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | <br> **2022 Asset & Wealth Management** | <br> **2022 Asset & Wealth Management** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | <br> **$13.38 billion** | <br> **$13.38 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | <br> **Management and other fees** | **$8.78 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | **Incentive fees** | **$359 million** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | **Private banking and**<br> &nbsp;&nbsp;&nbsp;&nbsp;**lending** | **$2.46 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | **Equity investments** | **$610 million** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. | **Debt investments**<br>| **$1.17 billion** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $13.38 billion for 2022, 39% lower than 2021, primarily reflecting significantly lower net revenues in Equity investments and Debt investments.<br>Broad macroeconomic and geopolitical concerns during the year led to a decline in global equity prices and wider credit spreads. As a result, net revenues in Equity investments reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year and lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year. Management and other fees were higher, reflecting the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Fourth Quarter</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | <br> **4Q22 Asset & Wealth Management** | <br> **4Q22 Asset & Wealth Management** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | <br> **4Q22 Asset & Wealth Management** | <br> **4Q22 Asset & Wealth Management** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | <br> **$3.56 billion** | <br> **$3.56 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | <br> **Management and other fees** | **$2.25 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | **Incentive fees** | **$39 million** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | **Private banking and**<br> &nbsp;&nbsp;&nbsp;&nbsp;**lending** | **$753 million** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | **Equity investments** | **$287 million** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. | **Debt investments**<br>| **$234 million** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Asset & Wealth Management were $3.56 billion for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021 and 12% lower than the third quarter of 2022. The decrease compared with the fourth quarter of 2021 primarily reflected significantly lower net revenues in Equity investments and Debt investments.<br>The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues reflected net mark-downs compared with net mark-ups in the prior year period and significantly lower net interest income. Incentive fees were significantly lower, primarily driven by harvesting in the prior year period. Private banking and lending net revenues were significantly higher, primarily reflecting higher deposit spreads, as well as higher loan and deposit balances. Management and other fees were higher, reflecting the inclusion of NNIP and a reduction in fee waivers on money market funds. |  |  |

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Platform Solutions**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Full Year</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $1.50 billion for 2022, 135% higher than 2021, reflecting significantly higher net revenues in both Consumer platforms and Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br> **2022 Platform Solutions** | <br> **2022 Platform Solutions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $1.50 billion for 2022, 135% higher than 2021, reflecting significantly higher net revenues in both Consumer platforms and Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br> **$1.50 billion** | <br> **$1.50 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $1.50 billion for 2022, 135% higher than 2021, reflecting significantly higher net revenues in both Consumer platforms and Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br>**Consumer platforms** | **$** **1.18 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $1.50 billion for 2022, 135% higher than 2021, reflecting significantly higher net revenues in both Consumer platforms and Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | **Transaction banking**<br> &nbsp;&nbsp;&nbsp;&nbsp;**and other**<br>| **$326 million** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $1.50 billion for 2022, 135% higher than 2021, reflecting significantly higher net revenues in both Consumer platforms and Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Fourth Quarter</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br> **4Q22 Platform Solutions** | <br> **4Q22 Platform Solutions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br> **$513 million** | <br> **$513 million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | <br> **Consumer platforms** | **$** **433 million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. | **Transaction banking**<br> &nbsp;&nbsp;&nbsp;&nbsp;**and other**<br>| **$80 million** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net revenues in Platform Solutions were $513 million for the fourth quarter of 2022, 171% higher than the fourth quarter of 2021 and 36% higher than the third quarter of 2022. The increase compared with the fourth quarter of 2021 reflected significantly higher net revenues in Consumer platforms and higher net revenues in Transaction banking and other.<br>The increase in Consumer platforms net revenues primarily reflected significantly higher credit card balances. The increase in Transaction banking and other net revenues reflected higher deposit balances. |  |  |

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**Provision for Credit Losses** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Full Year</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $2.72 billion for 2022, compared with $357 million for 2021. Provisions for 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns and net charge-offs. Provisions for 2021 reflected growth in the credit card and wholesale portfolios, largely offset by reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic. | <br> **2022 Provision for Credit Losses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $2.72 billion for 2022, compared with $357 million for 2021. Provisions for 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns and net charge-offs. Provisions for 2021 reflected growth in the credit card and wholesale portfolios, largely offset by reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic. | <br> **$2.72 billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $2.72 billion for 2022, compared with $357 million for 2021. Provisions for 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns and net charge-offs. Provisions for 2021 reflected growth in the credit card and wholesale portfolios, largely offset by reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $2.72 billion for 2022, compared with $357 million for 2021. Provisions for 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns and net charge-offs. Provisions for 2021 reflected growth in the credit card and wholesale portfolios, largely offset by reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $2.72 billion for 2022, compared with $357 million for 2021. Provisions for 2022 primarily reflected growth in the credit card portfolio, the impact of macroeconomic and geopolitical concerns and net charge-offs. Provisions for 2021 reflected growth in the credit card and wholesale portfolios, largely offset by reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Fourth Quarter</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. | <br> **4Q22 Provision for Credit Losses** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. | <br> **$972 million** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses was $972 million for the fourth quarter of 2022, compared with $344 million for the fourth quarter of 2021 and $515 million for the third quarter of 2022. Provisions for the fourth quarter of 2022 reflected provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans. Provisions for the fourth quarter of 2021 primarily reflected growth in the credit card portfolio.<br>The firm's allowance for credit losses was $6.32 billion as of December 31, 2022. |  |

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Operating Expenses** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Full Year</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. | <br> **2022 Operating Expenses**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. | <br> **$31.16 billion**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. | <br> **2022 Efficiency Ratio**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. | <br> **65.8%**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm's efficiency ratio<sup>4</sup> for 2022 was 65.8%, compared with 53.8% for 2021.<br>The decrease in operating expenses compared with 2021 was primarily due to lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year). This decrease was partially offset by the inclusion of NNIP and GreenSky, Inc. (GreenSky) and increases in transaction based expenses and technology expenses.<br>Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.<br>Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> <u>Fourth Quarter</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4Q22 Operating Expenses** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. | <br> **$8.09 billion**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses were $8.09 billion for the fourth quarter of 2022, 11% higher than the fourth quarter of 2021 and 5% higher than the third quarter of 2022.<br>The increase in operating expenses compared with the fourth quarter of 2021 reflected higher compensation and benefits expenses, higher transaction based expenses, the inclusion of NNIP and GreenSky and impairments related to consolidated investments.<br>Net provisions for litigation and regulatory proceedings for the fourth quarter of 2022 were $169 million compared with $182 million for the fourth quarter of 2021. |  |

---

**Provision for Taxes** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. | <br> **2022 Effective Tax Rate**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. | <br> **16.5%**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effective income tax rate for 2022 was 16.5%, down slightly from 16.9% for the first nine months of 2022, primarily due to an increase in permanent tax benefits for the full year compared with the first nine months of 2022. The 2022 effective income tax rate decreased from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings. |  |

---

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**Other Matters** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **Declared Quarterly**<br> **Dividend Per Common Share**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **$2.50**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **Capital Returned**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **$6.70 billion in 2022**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **Average GCLA**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. | <br> **$398 billion for 2022**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ On January 13, 2023, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $2.50 per common share to be paid on March 30, 2023 to common shareholders of record on March 2, 2023.<br>◾ During the year, the firm returned $6.70 billion of capital to common shareholders, including $3.50 billion of common share repurchases (10.1 million shares at an average cost of $346.07) and $3.20 billion of common stock dividends. This included $2.38 billion of capital returned to common shareholders during the fourth quarter, including $1.50 billion of share repurchases (4.2 million shares at an average cost of $358.48) and $880 million of common stock dividends.<sup>4</sup><br>◾ Global core liquid assets<sup>4</sup> averaged $398 billion<sup>5</sup> for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409 billion<sup>5</sup> for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022. |  |

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------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking 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, 2021.

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 the escalation or continuation of the war between Russia and Ukraine, continuing 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, 2021.

**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 1-888-205-6786 (in the U.S.) or 1-323-794-2558 (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, *<u>www.goldmansachs.com/investor-relations</u>*. 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 *<u>gs-investor-relations@gs.com</u>*.

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**The Goldman Sachs Group, Inc. and Subsidiaries** 

**Segment Net Revenues (unaudited)** 

*$ in millions* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** | **% CHANGE FROM** |
| | **DECEMBER 31,**<br> **2022** |  | **DECEMBER 31,**<br> **2021** | **DECEMBER 31,**<br> **2021** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **GLOBAL BANKING & MARKETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Advisory<br>| **$4704**  |  | $5654  | (17) %  |
| &nbsp;&nbsp;&nbsp; Equity underwriting<br>| **848**  |  | 4985  | (83)  |
| &nbsp;&nbsp;&nbsp; Debt underwriting | **1808**  |  | 3497  | (48)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Investment banking fees | **7360** |  | 14136 | (48) |
| &nbsp;&nbsp;&nbsp; FICC intermediation<br>| **11890**  |  | 8714  | 36  |
| &nbsp;&nbsp;&nbsp; FICC financing | **2786**  |  | 1897  | 47  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> FICC | **14676** |  | 10611 | 38 |
| &nbsp;&nbsp;&nbsp; Equities intermediation<br>| **6662**  |  | 7707  | (14)  |
| &nbsp;&nbsp;&nbsp; Equities financing | **4326**  |  | 4015  | 8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equities | **10988** |  | 11722 | (6) |
| &nbsp;&nbsp;&nbsp; Other | **(537)** |  | 265 | N.M. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net revenues**<br>| **32487**  |  | 36734  | (12)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **ASSET & WEALTH MANAGEMENT**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Management and other fees<br>| **8781**  |  | 7750  | 13  |
| &nbsp;&nbsp;&nbsp; Incentive fees<br>| **359**  |  | 616  | (42)  |
| &nbsp;&nbsp;&nbsp; Private banking and lending<br>| **2458**  |  | 1661  | 48  |
| &nbsp;&nbsp;&nbsp; Equity investments<br>| **610**  |  | 8794  | (93)  |
| &nbsp;&nbsp;&nbsp; Debt investments | **1168**  |  | 3144  | (63)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net revenues**<br>| **13376**  |  | 21965  | (39)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **PLATFORM SOLUTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Consumer platforms<br>| **1176**  |  | 424  | 177  |
| &nbsp;&nbsp;&nbsp; Transaction banking and other<br>| **326**  |  | 216  | 51  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net revenues**<br>| **1502**  |  | 640  | 135  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total net revenues**<br>| **$47365**  |  | $59339  | (20)  |
| <br> **Geographic Net Revenues (unaudited)<sup>2,4</sup>**<br> *$ in millions* | <br> **Geographic Net Revenues (unaudited)<sup>2,4</sup>**<br> *$ in millions* | <br>|  |  |
|  | **YEAR ENDED** | **YEAR ENDED** | **YEAR ENDED** |  |
|  | **DECEMBER 31,**<br> **2022** |  | **DECEMBER 31,**<br>**2021** |  |
| &nbsp;&nbsp;&nbsp; Americas<br>| **$28669**  |  | $37217  |  |
| &nbsp;&nbsp;&nbsp; EMEA<br>| **12860**  |  | 14474  |  |
| &nbsp;&nbsp;&nbsp; Asia<br>| **5836**  |  | 7648  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total net revenues**<br>| **$47365**  |  | $59339  |  |
| &nbsp;&nbsp;&nbsp; Americas<br>| **61%**  |  | 63%  |  |
| &nbsp;&nbsp;&nbsp; EMEA<br>| **27%**  |  | 24%  |  |
| &nbsp;&nbsp;&nbsp; Asia<br>| **12%**  |  | 13%  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total**<br>| **100%**  |  | 100%  |  |

---

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**The Goldman Sachs Group, Inc. and Subsidiaries** 

**Segment Net Revenues (unaudited)** 

*$ in millions* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **% CHANGE FROM** | **% CHANGE FROM** |
| | **DECEMBER 31,<br>2022** | **SEPTEMBER 30,<br>2022** | **DECEMBER 31,<br>2021** | **SEPTEMBER 30,<br>2022** | **DECEMBER 31,<br>2021** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **GLOBAL BANKING & MARKETS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory<br>| **$1408** | $972 | $1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) % |
| &nbsp;&nbsp;&nbsp; Equity underwriting<br>| **183**  | 244  | 1023  | (25)  | (82)  |
| &nbsp;&nbsp;&nbsp; Debt underwriting<br>| **282**  | 328  | 947  | (14)  | (70)  |
| &nbsp;&nbsp;&nbsp; Investment banking fees | **1873** | 1544 | 3601 | 21 | (48) |
| &nbsp;&nbsp;&nbsp; FICC intermediation<br>| **1974**  | 2896  | 1313  | (32)  | 50  |
| &nbsp;&nbsp;&nbsp; FICC financing<br>| **713**  | 721  | 555  | (1)  | 28  |
| &nbsp;&nbsp;&nbsp; FICC | **2687** | 3617 | 1868 | (26) | 44 |
| &nbsp;&nbsp;&nbsp; Equities intermediation | **1109**  | 1608  | 1343  | (31)  | (17)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equities financing | **964**  | 1124  | 837  | (14)  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equities<br>| **2073**  | 2732  | 2180  | (24)  | (5)  |
| &nbsp;&nbsp;&nbsp; Other<br>| **(114)**  | (329)  | (59)  | N.M.  | N.M.  |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| **6519**  | 7564  | 7590  | (14)  | (14)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **ASSET & WEALTH MANAGEMENT**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Management and other fees | **2248** | 2255 | 2047 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Incentive fees<br>| **39**  | 56  | 235  | (30)  | (83)  |
| &nbsp;&nbsp;&nbsp; Private banking and lending<br>| **753**  | 675  | 426  | 12  | 77  |
| &nbsp;&nbsp;&nbsp; Equity investments | **287** | 721 | 1447 | (60) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Debt investments<br>| **234**  | 326  | 705  | (28)  | (67)  |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| **3561**  | 4033  | 4860  | (12)  | (27)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **PLATFORM SOLUTIONS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Consumer platforms | **433** | 290 | 125 | 49 | 246 |
| &nbsp;&nbsp;&nbsp; Transaction banking and other<br>| **80**  | 88  | 64  | (9)  | 25  |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| **513**  | 378  | 189  | 36  | 171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total net revenues**<br>| **$10593**  | $11975  | $12639  | (12)  | (16)  |
| <br> **Geographic Net Revenues (unaudited)<sup>2,4</sup>** | <br> **Geographic Net Revenues (unaudited)<sup>2,4</sup>** |  |  |  |  |
| *$ in millions* |  |  |  |  |  |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |  |  |
|  | **DECEMBER 31,<br>2022** | **SEPTEMBER 30,<br>2022** | **DECEMBER 31,<br>2021** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Americas | **$6920** | $7435 | $8387 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> EMEA | **2406** | 3154 | 2813 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Asia<br>| **1267**  | 1386  | 1439  |  |  |
| &nbsp;&nbsp;&nbsp; **Total net revenues**<br>| **$10593**  | $11975  | $12639  |  |  |
| &nbsp;&nbsp;&nbsp; Americas | **65%** | 62% | 66% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> EMEA | **23%** | 26% | 22% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Asia<br>| **12%**  | 12%  | 12%  |  |  |
| &nbsp;&nbsp;&nbsp; **Total**<br>| **100%**  | 100%  | 100%  |  |  |

---

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**The Goldman Sachs Group, Inc. and Subsidiaries** 

**Consolidated Statements of Earnings (unaudited)** 

*In millions, except per share amounts* 

---

| | | | |
|:---|:---|:---|:---|
| | **YEAR ENDED** | **YEAR ENDED** | **% CHANGE FROM** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**DECEMBER 31,** <br> **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**DECEMBER 31,** <br> **2021** | **DECEMBER 31,**<br> **2021** |
| <br>&nbsp;&nbsp;&nbsp; **REVENUES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment banking<br>| **$7360**  | $14136  | (48) %  |
| &nbsp;&nbsp;&nbsp; Investment management<br>| **9005**  | 8171  | 10  |
| &nbsp;&nbsp;&nbsp; Commissions and fees<br>| **4034**  | 3590  | 12  |
| &nbsp;&nbsp;&nbsp; Market making<br>| **18634**  | 15357  | 21  |
| &nbsp;&nbsp;&nbsp; Other principal transactions<br>| **654**  | 11615  | (94)  |
| &nbsp;&nbsp;&nbsp; **Total non-interest revenues**<br>| **39687**  | 52869  | (25)  |
| &nbsp;&nbsp;&nbsp; Interest income<br>| **29024**  | 12120  | 139  |
| &nbsp;&nbsp;&nbsp; Interest expense<br>| **21346**  | 5650  | 278  |
| &nbsp;&nbsp;&nbsp; **Net interest income**<br>| **7678**  | 6470  | 19  |
| &nbsp;&nbsp;&nbsp; **Total net revenues**<br>| **47365**  | 59339  | (20)  |
| &nbsp;&nbsp;&nbsp; **Provision for credit losses**<br>| **2715**  | 357  | 661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **OPERATING EXPENSES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Compensation and benefits<br>| **15148**  | 17719  | (15)  |
| &nbsp;&nbsp;&nbsp; Transaction based<br>| **5312**  | 4710  | 13  |
| &nbsp;&nbsp;&nbsp; Market development<br>| **812**  | 553  | 47  |
| &nbsp;&nbsp;&nbsp; Communications and technology<br>| **1808**  | 1573  | 15 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization<br>| **2455**  | 2015  | 22  |
| &nbsp;&nbsp;&nbsp; Occupancy<br>| **1026**  | 981  | 5  |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| **1887**  | 1648  | 15  |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| **2716**  | 2739  | (1)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total operating expenses**<br>| **31164**  | 31938  | (2)  |
| &nbsp;&nbsp;&nbsp; Pre-tax earnings<br>| **13486**  | 27044  | (50)  |
| &nbsp;&nbsp;&nbsp; Provision for taxes<br>| **2225** | 5409 | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Net earnings**<br>| **11261** | 21635 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Preferred stock dividends<br>| <br> **497**  | <br> 484  | <br> 3  |
| &nbsp;&nbsp;&nbsp; **Net earnings applicable to common shareholders**<br>| **$10764** | $21151 | (49) |
| &nbsp;&nbsp;&nbsp; **EARNINGS PER COMMON SHARE**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Basic<sup>4</sup> | **$30.42** | $60.25 | (50) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Diluted | **$30.06** | $59.45 | (49) |
| &nbsp;&nbsp;&nbsp; **AVERAGE COMMON SHARES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Basic<br>| **352.1**  | 350.5  | –  |
| &nbsp;&nbsp;&nbsp; Diluted<br>| **358.1** | 355.8 | 1 |

---

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 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** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **% CHANGE FROM** | **% CHANGE FROM** |
| | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,** <br> **2022** | **DECEMBER 31,** <br> **2021** | **SEPTEMBER 30,** <br> **2022** | **DECEMBER 31,**<br> **2021** |
| <br>&nbsp;&nbsp;&nbsp; **REVENUES**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment banking<br>| **$1873**  | $1544  | $3601  | 21 <br>&nbsp;&nbsp;&nbsp;&nbsp;%  | (48 ) %  |
| &nbsp;&nbsp;&nbsp; Investment management<br>| **2258**  | 2283  | 2237  | (1 ) | 1  |
| &nbsp;&nbsp;&nbsp; Commissions and fees<br>| **968**  | 992  | 851  | (2 ) | 14  |
| &nbsp;&nbsp;&nbsp; Market making<br>| **3051**  | 4641  | 2282  | (34 ) | 34  |
| &nbsp;&nbsp;&nbsp; Other principal transactions<br>| **369**  | 472  | 1873  | (22 )  | (80 )  |
| &nbsp;&nbsp;&nbsp; **Total non-interest revenues**<br>| **8519**  | 9932  | 10844  | (14 )  | (21 )  |
| &nbsp;&nbsp;&nbsp; Interest income<br>| **12411**  | 8550  | 3010  | 45  | 312  |
| &nbsp;&nbsp;&nbsp; Interest expense<br>| **10337**  | 6507  | 1215  | 59  | 751  |
| &nbsp;&nbsp;&nbsp; **Net interest income**<br>| **2074**  | 2043  | 1795  | 2  | 16  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total net revenues**<br>| **10593**  | 11975  | 12639  | (12 )  | (16 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Provision for credit losses**<br>| **972**  | 515  | 344  | 89  | 183  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **OPERATING EXPENSES**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Compensation and benefits<br>| **3764**  | 3606  | 3246  | 4  | 16  |
| &nbsp;&nbsp;&nbsp; Transaction based<br>| **1434**  | 1317  | 1190  | 9  | 21  |
| &nbsp;&nbsp;&nbsp; Market development<br>| **216**  | 199  | 193  | 9  | 12  |
| &nbsp;&nbsp;&nbsp; Communications and technology<br>| **481**  | 459  | 430  | 5  | 12  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization<br>| **727**  | 666  | 488  | 9  | 49  |
| &nbsp;&nbsp;&nbsp; Occupancy<br>| **261**  | 255  | 254  | 2  | 3  |
| &nbsp;&nbsp;&nbsp; Professional fees<br>| **495**  | 465  | 511  | 6  | (3 ) |
| &nbsp;&nbsp;&nbsp; Other expenses<br>| **713**  | 737  | 958  | (3 )  | (26 )  |
| &nbsp;&nbsp;&nbsp; **Total operating expenses**<br>| **8091**  | 7704  | 7270  | 5  | 11  |
| &nbsp;&nbsp;&nbsp; Pre-tax earnings<br>| **1530**  | 3756  | 5025  | (59 ) | (70 ) |
| &nbsp;&nbsp;&nbsp; Provision for taxes<br>| **204**  | 687  | 1090  | (70 )  | (81 )  |
| &nbsp;&nbsp;&nbsp; **Net earnings**<br>| **1326**  | 3069  | 3935  | (57 )  | (66 )  |
| &nbsp;&nbsp;&nbsp; Preferred stock dividends<br>| **141**  | 107  | 126  | 32  | 12  |
| &nbsp;&nbsp;&nbsp; **Net earnings applicable to common shareholders**<br>| **$1185**  | $2962  | $3809  | (60 )  | (69 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **EARNINGS PER COMMON SHARE**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic<sup>4</sup><br>| **$3.35**  | $8.35  | $10.96  | (60 )% | (69 ) %  |
| &nbsp;&nbsp;&nbsp; Diluted<br>| **$3.32**  | $8.25  | $10.81  | (60 ) | (69 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **AVERAGE COMMON SHARES**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic<br>| **349.5**  | 352.8  | 346.6  | (1 ) | 1  |
| &nbsp;&nbsp;&nbsp; Diluted<br>| **356.7**  | 359.2  | 352.3  | (1 ) | 1  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **SELECTED DATA AT PERIOD-END**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common shareholders' equity<br>| **$106486**  | $108587  | $99223  | (2 ) | 7  |
| &nbsp;&nbsp;&nbsp; Basic shares<sup>4</sup><br>| **350.8**  | 352.3  | 348.9  | –  | 1  |
| &nbsp;&nbsp;&nbsp; Book value per common share<br>| **$303.55**  | $308.22  | $284.39  | (2 ) | 7  |
| &nbsp;&nbsp;&nbsp; Headcount<br>| **48500**  | 49100  | 43900  | (1 )  | 10  |

---

------

Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**The Goldman Sachs Group, Inc. and Subsidiaries** 

**Condensed Consolidated Balance Sheets (unaudited)<sup>5</sup>** 

*$ in billions* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AS OF** | **AS OF** | **AS OF** |  |  |  |
| | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,**<br> **2022** | **DECEMBER 31,**<br>**2021** |  |  |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **ASSETS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Cash and cash equivalents | **$242** | $284 | $261 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Collateralized agreements | **414** | 379 | 384 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Customer and other receivables | **136** | 166 | 161 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Trading assets | **301** | 384 | 376 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Investments | **131** | 127 | 89 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Loans | **179** | 177 | 158 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Other assets<br>| **39** | 39 | 35 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total assets**<br>| <br> **$1442** <br>| <br> $1556 <br>| <br> $1464 <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **LIABILITIES AND SHAREHOLDERS' EQUITY**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Deposits | **$387** | $395 | $364 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Collateralized financings | **155** | 219 | 231 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Customer and other payables | **262** | 278 | 252 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Trading liabilities | **191** | 232 | 181 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Unsecured short-term borrowings | **61** | 52 | 47 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Unsecured long-term borrowings | **247** | 240 | 254 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Other liabilities | **22** | 21 | 25 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total liabilities**<br>| <br> **1325** <br>| <br> 1437 <br>| <br> 1354 <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Shareholders' equity<br>| **117** | 119 | 110 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total liabilities and shareholders' equity**<br>| <br> **$1442** <br>| <br> $1556 <br>| <br> $1464 <br>|  |  |  |
| <br> **Capital Ratios and Supplementary Leverage Ratio (unaudited)<sup>4,5</sup>**<br> *$ in billions*  | <br> **Capital Ratios and Supplementary Leverage Ratio (unaudited)<sup>4,5</sup>**<br> *$ in billions*  | <br> **Capital Ratios and Supplementary Leverage Ratio (unaudited)<sup>4,5</sup>**<br> *$ in billions*  | <br> **Capital Ratios and Supplementary Leverage Ratio (unaudited)<sup>4,5</sup>**<br> *$ in billions*  | <br>|  |  |
|  | **AS OF** | **AS OF** | **AS OF** |  |  |  |
|  | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,**<br> **2022** | **DECEMBER 31,**<br>**2021** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Common equity tier 1 capital | **$98.1** | $98.7 | $96.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **STANDARDIZED CAPITAL RULES**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Risk-weighted assets<sup>6</sup> | **$649** | $689 | $677 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Common equity tier 1 capital ratio<sup>6</sup> | **15.1%** | 14.3% | 14.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **ADVANCED CAPITAL RULES**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Risk-weighted assets<sup>6</sup> | **$679** | $675 | $648 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Common equity tier 1 capital ratio<sup>6</sup> | **14.4%** | 14.6% | 14.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **SUPPLEMENTARY LEVERAGE RATIO**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Supplementary leverage ratio<br>| **5.8%** | 5.6% | 5.6% |  |  |  |
| <br> **Average Daily VaR (unaudited)<sup>4,5</sup>**<br> *$ in millions* | <br> **Average Daily VaR (unaudited)<sup>4,5</sup>**<br> *$ in millions* | <br> **Average Daily VaR (unaudited)<sup>4,5</sup>**<br> *$ in millions* | <br> **Average Daily VaR (unaudited)<sup>4,5</sup>**<br> *$ in millions* |  |  |  |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |  | **YEAR ENDED** | **YEAR ENDED** |
|  | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,<br>2022** | **DECEMBER 31,**<br>**2021** |  | **DECEMBER 31,<br>2022** | **DECEMBER 31,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **RISK CATEGORIES**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Interest rates | **$98** | $112 | $58 |  | **$97** | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equity prices | **30** | 34 | 34 |  | **33** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Currency rates | **42** | 36 | 15 |  | **32** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Commodity prices | **28** | 51 | 32 |  | **47** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Diversification effect | **(94)** | (103) | (56) |  | **(95)** | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total**<br>| <br> **$104** <br>| <br> $130 <br>| <br> $83 <br>|  | <br> **$114** <br>| <br> $86 <br>|

---

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

**The Goldman Sachs Group, Inc. and Subsidiaries** 

**Assets Under Supervision (unaudited)<sup>4,5</sup>** 

*$ in billions* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **AS OF** | **AS OF** | **AS OF** |  |  |
| | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,**<br> **2022** | **DECEMBER 31,**<br>**2021** |  |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **ASSET CLASS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Alternative investments | **$263** | $256 | $236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equity | **563** | 516 | 613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Fixed income | **1010** | 955 | 940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Total long-term AUS<br>| <br> **1836** <br>| <br> 1727 <br>| <br> 1789 <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Liquidity products<br>| **711** | 700 | 681 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Total AUS**<br>| <br> **$2547** <br>| <br> $2427 <br>| <br> $2470 <br>|  |  |
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **YEAR ENDED** | **YEAR ENDED** |
|  | **DECEMBER 31,**<br> **2022** | **SEPTEMBER 30,**<br> **2022** | **DECEMBER 31,**<br>**2021** | **DECEMBER 31,<br>2022** | **DECEMBER 31,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Beginning balance | **$2427**  | $2495  | $2372  | **$2470** <br>| $2145 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Net inflows / (outflows): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Alternative investments | **3** | 7 | 11 | **19** | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Equity | **–**  | (2)  | 12  | **13** <br>| 41 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Fixed income | **19** | 4 | (1) | **18** | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Total long-term AUS net inflows / (outflows)<br>| <br> **22** <br>| <br> 9 <br>| <br> 22 <br>| <br> **50** <br>| <br> 130 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Liquidity products<br>| **11**  | 18  | 42  | **16** <br>| 98 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Total AUS net inflows / (outflows)<br>| <br> **33** <br>| <br> 27 <br>| <br> 64 <br>| <br> **66** <br>| <br> 228 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Acquisitions / (dispositions)<br>| **–**  | 4  | –  | **316** <br>| – <br>|
| &nbsp;&nbsp;&nbsp; Net market appreciation / (depreciation) | **87** | (99) | 34 | **(305)** | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Ending balance**<br>| <br> **$2547** <br>| <br> $2427 <br>| <br> $2470 <br>| <br> **$2547** <br>| <br> $2470 <br>|

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Goldman Sachs Reports

**Full Year and Fourth Quarter 2022 Earnings Results** 

<br> **Footnotes**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. ROE is calculated by dividing net earnings (or annualized net earnings for annualized ROE)
applicable to common shareholders by average monthly common shareholders' equity. ROTE is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) 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** | **AVERAGE FOR THE** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unaudited, $ in millions*<br>| **THREE MONTHS ENDED** <br> **DECEMBER 31, 2022** | **YEAR ENDED** <br> **DECEMBER 31, 2022** |
| &nbsp;&nbsp;&nbsp; Total shareholders' equity<br>| $118244  | $115990  |
| &nbsp;&nbsp;&nbsp; Preferred stock<br>| (10703)  | (10703)  |
| &nbsp;&nbsp;&nbsp; Common shareholders' equity<br>| 107541  | 105287  |
| &nbsp;&nbsp;&nbsp; Goodwill | (6319)  | (5726)  |
| &nbsp;&nbsp;&nbsp; Identifiable intangible assets<br>| (1976)  | (1583)  |
| &nbsp;&nbsp;&nbsp; Tangible common shareholders' equity<br>| $99246  | $97978  |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. The firm made certain changes to its business segments, commencing with the fourth quarter of
2022. For information about these changes, see the firm's Form 8-K dated January 12, 2023. Reclassifications have been made to previously reported amounts to conform to the current presentation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Dealogic – January 1, 2022 through December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;4. 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 September 30, 2022: (i)
Investment banking fees backlog – see "Results of Operations – Investment Banking" (ii) assets under supervision – see "Results of Operations – 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 September 30, 2022: (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." <br>

&nbsp;&nbsp;&nbsp;&nbsp;5. Represents a preliminary estimate for the fourth quarter of 2022 and may be revised in the
firm's Annual Report on Form 10-K for the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;6. In the third quarter of 2022, based on regulatory feedback, the firm revised certain
interpretations of the Capital Rules underlying the calculation of Standardized risk-weighted assets and Advanced risk-weighted assets. As of December 31, 2021, this change would have increased both Standardized risk-weighted assets and Advanced risk-weighted assets by approximately $6 billion to $683 billion and $654 billion, respectively. These increases would have reduced the firm's
Standardized Common equity tier 1 (CET1) capital ratio of 14.2% by 0.1 percentage points and reduced the firm's Advanced CET1 capital ratio of 14.9% by 0.2 percentage points.

## Exhibit 99.2

![](g387409ex99_2p1g1.jpg)

Exhibit 99.2 Full Year and Fourth Quarter 2022 Earnings Results Presentation January 17, 2023

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![](g387409ex99_2p2g1.jpg)

Results Snapshot Net Revenues Net Earnings EPS 2022 $47.37 billion 2022 $11.26 billion 2022 $30.06 4Q22 $10.59 billion 4Q22 $1.33 billion 4Q22 $3.32 1 1 ROE ROTE Book Value Per Share 2022 10.2% 2022 11.0% 2022 $303.55 4Q22 4.4% 4Q22 4.8% 2022 Growth 6.7% Annual Highlights nd nd 2 highest firmwide net revenues 2 highest net revenues in FICC and Advisory nd 2 highest EPS Record net revenues in FICC financing and Equities financing Record Management and other fees of $8.78 billion 2 #1 in announced and completed M&A 3,4 Record AUS of $2.55 trillion 1

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![](g387409ex99_2p3g1.jpg)

Financial Overview Financial Results Financial Overview Highlights n 4Q22 results included EPS of $3.32 and ROE of 4.4% vs. vs. vs. $ in millions, — 4Q22 net revenues were lower YoY, reflecting significantly lower net revenues in Asset & except per share amounts 4Q22 3Q22 4Q21 2022 2021 Wealth Management and lower net revenues in Global Banking & Markets $6,519 (14)% (14)% $32,487 (12)% Global Banking & Markets — 4Q22 provision for credit losses was $972 million, reflecting provisions related to the credit card and point-of-sale loan portfolios, primarily from growth and net charge-offs, and individual impairments on wholesale loans Asset & Wealth Management 3,561 (12)% (27)% 13,376 (39)% — 4Q22 operating expenses were higher YoY, reflecting higher compensation and benefits 513 36% 171% 1,502 135% Platform Solutions expenses and higher non-compensation expenses 10,593 (12)% (16)% 47,365 (20)% Net revenues 972 89% 183% 2,715 661% Provision for credit losses 8,091 5% 11% 31,164 (2)% Operating expenses n 2022 results included EPS of $30.06 and ROE of 10.2% — 2022 net revenues were significantly lower compared to a record 2021, reflecting significantly $1,530 (59)% (70)% $13,486 (50)% Pre-tax earnings lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets $1,326 (57)% (66)% $11,261 (48)% Net earnings — 2022 provision for credit losses was $2.72 billion, reflecting growth in the credit card portfolio, the impact of broad macroeconomic and geopolitical concerns and net charge-offs $1,185 (60)% (69)% $10,764 (49)% Net earnings to common — 2022 operating expenses were slightly lower YoY, reflecting lower compensation and benefits expenses, partially offset by higher non-compensation expenses Diluted EPS $3.32 (60)% (69)% $30.06 (49)% 1 ROE 4.4% (6.6)pp (11.2)pp 10.2% (12.8)pp 1 ROTE 4.8% (7.2)pp (11.6)pp 11.0% (13.3)pp 3 76.4% 12.1pp 18.9pp 65.8% 12.0pp Efficiency Ratio 2

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![](g387409ex99_2p4g1.jpg)

Global Banking & Markets Financial Results Global Banking & Markets Highlights n 4Q22 net revenues were lower YoY compared to a strong 4Q21 vs. vs. vs. — Investment banking fees reflected significantly lower net revenues in both Equity and Debt $ in millions 4Q22 3Q22 4Q21 2022 2021 underwriting and lower net revenues in Advisory — FICC net revenues reflected significantly higher net revenues in both intermediation and Investment banking fees $1,873 21% (48)% $7,360 (48)% financing — Equities net revenues reflected lower net revenues in intermediation, partially offset by higher FICC 2,687 (26)% 44% 14,676 38% net revenues in financing 3 n Investment banking fees backlog decreased vs. 3Q22, primarily in Advisory 2,073 (24)% (5)% 10,988 (6)% Equities n 4Q22 loan balance of $108 billion n 4Q22 net interest income of $633 million (114) N.M. N.M. (537) N.M. Other 6,519 (14)% (14)% 32,487 (12)% Net revenues 6 (90)% N.M. 468 N.M. Provision for credit losses n 2022 net revenues were lower YoY compared to a strong 2021 — Investment banking fees reflected significantly lower net revenues in both Equity and Debt Operating expenses 4,223 – 3% 17,851 (9)% underwriting and lower net revenues in Advisory — FICC net revenues reflected significantly higher net revenues in both intermediation and Pre-tax earnings $2,290 (30)% (35)% $14,168 (18)% financing — Equities net revenues reflected lower net revenues in intermediation, partially offset by higher net revenues in financing Net earnings $1,960 (27)% (29)% $11,830 (15)% — Other net revenues reflected significantly lower net gains from investments in equities and net mark-downs on acquisition financing activities Net earnings to common $1,856 (28)% (30)% $11,458 (15)% 3 n Investment banking fees backlog decreased significantly vs. 2021, primarily in Advisory and Debt underwriting Average common equity $70,727 (2)% 10% $69,951 16% Return on average common equity 10.5% (3.9)pp (6.0)pp 16.4% (6.1)pp 3

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Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights n 4Q22 Investment banking fees were significantly lower YoY compared to a record 4Q21 vs. vs. vs. — Advisory net revenues reflected a significant decline in industry-wide completed mergers and $ in millions 4Q22 3Q22 4Q21 2022 2021 acquisitions transactions from elevated activity levels in 4Q21 — Equity and Debt underwriting net revenues reflected a significant decline in industry-wide Advisory $1,408 45% (14)% $4,704 (17)% volumes n 4Q22 FICC net revenues were significantly higher YoY Equity underwriting 183 (25)% (82)% 848 (83)% — FICC intermediation net revenues reflected significantly higher net revenues in interest rate products and commodities and higher net revenues in credit products, partially offset by 282 (14)% (70)% 1,808 (48)% Debt underwriting significantly lower net revenues in currencies and mortgages — FICC financing net revenues primarily reflected significantly higher net revenues from 1,873 21% (48)% 7,360 (48)% Investment banking fees secured lending n 4Q22 Equities net revenues were slightly lower YoY 1,974 (32)% 50% 11,890 36% FICC intermediation — Equities intermediation net revenues reflected lower net revenues in both derivatives and cash products 713 (1)% 28% 2,786 47% FICC financing — Equities financing net revenues primarily reflected increased client activity FICC 2,687 (26)% 44% 14,676 38% n 2022 Investment banking fees were significantly lower YoY compared to a record 2021 — Advisory net revenues reflected a decline in industry-wide completed mergers and Equities intermediation 1,109 (31)% (17)% 6,662 (14)% acquisitions transactions from elevated activity levels in 2021 — Equity and Debt underwriting net revenues reflected a significant decline in industry-wide Equities financing 964 (14)% 15% 4,326 8% volumes n 2022 FICC net revenues were significantly higher YoY Equities 2,073 (24)% (5)% 10,988 (6)% — FICC intermediation net revenues reflected significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in Other (114) N.M. N.M. (537) N.M. mortgages and lower net revenues in credit products — FICC financing net revenues primarily reflected significantly higher net revenues from Net revenues $6,519 (14)% (14)% $32,487 (12)% secured lending n 2022 Equities net revenues were lower YoY — Equities intermediation net revenues reflected significantly lower net revenues in cash products and lower net revenues in derivatives — Equities financing net revenues primarily reflected increased client activity 4

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![](g387409ex99_2p6g1.jpg)

Asset & Wealth Management Financial Results Asset & Wealth Management Highlights n 4Q22 net revenues were significantly lower YoY, primarily reflecting significantly lower net revenues in Equity investments and Debt investments vs. vs. vs. $ in millions 4Q22 3Q22 4Q21 2022 2021 — Management and other fees reflected the inclusion of NN Investment Partners (NNIP) and a reduction in fee waivers on money market funds $2,248 – 10% $8,781 13% Management and other fees — Incentive fees were significantly lower, primarily driven by harvesting in 4Q21 — Private banking and lending net revenues primarily reflected higher deposit spreads, as well 39 (30)% (83)% 359 (42)% Incentive fees as higher loan and deposit balances — Equity investments net revenues reflected significantly lower net gains from investments in 753 12% 77% 2,458 48% Private banking and lending private equities o Private: 4Q22 ~$770 million, compared to 4Q21 ~$1,900 million 287 (60)% (80)% 610 (93)% Equity investments o Public: 4Q22 ~$(485) million, compared to 4Q21 ~$(455) million — Debt investments net revenues reflected net mark-downs compared with net mark-ups in Debt investments 234 (28)% (67)% 1,168 (63)% 4Q21 and significantly lower net interest income n 4Q22 loan balance of $56 billion, of which $37 billion related to Private banking and lending Net revenues 3,561 (12)% (27)% 13,376 (39)% n 4Q22 private bank and direct-to-consumer deposits of $226 billion Provision for credit losses 180 N.M. 150% 519 N.M.n 4Q22 net interest income of $928 million n 2022 net revenues were significantly lower YoY, primarily reflecting significantly lower net Operating expenses 3,363 14% 17% 11,550 1% revenues in Equity investments and Debt investments — Management and other fees reflected the inclusion of NNIP and a reduction in fee waivers on Pre-tax earnings $18 (98)% (99)% $1,307 (88)% money market funds — Incentive fees were significantly lower, primarily driven by harvesting in 2021 Net earnings $21 (98)% (99)% $1,092 (87)% — Private banking and lending net revenues primarily reflected higher deposit spreads, as well as higher loan and deposit balances Net earnings / (loss) to common $(11) N.M. N.M. $979 (88)% — Equity investments net revenues reflected significantly lower net gains from investments in private equities and significant mark-to-market net losses from investments in public equities Average common equity $32,768 4% 6% $31,762 6% o Private: 2022 ~$2,080 million, compared to 2021 ~$8,825 million o Public: 2022 ~$(1,470) million, compared to 2021 ~$(30) million Return on average common equity (0.1)% (11.3)pp (19.1)pp 3.1% (25.1)pp — Debt investments net revenues reflected net mark-downs compared with mark-ups in 2021 and lower net interest income 5

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![](g387409ex99_2p7g1.jpg)

Assets Under Supervision 3,4 3,4 AUS Rollforward AUS Highlights n During the year, AUS increased $77 billion to a record $2.55 trillion $ in billions 4Q22 3Q22 4Q21 2022 2021 — Net inflows from acquisitions / (dispositions) of $316 billion, substantially all from the acquisition of NNIP Beginning balance $2,427 $2,495 $2,372 $2,470 $2,145 — Long-term net inflows of $50 billion and liquidity products net inflows of $16 billion 22 22 50 130 Long-term AUS net inflows / (outflows) 9 — Net market depreciation of $305 billion, driven by fixed income and equity assets Liquidity products 11 42 16 98 18 n During the quarter, AUS increased $120 billion, reflecting net market appreciation of $87 billion, long-term net inflows of $22 billion and liquidity products net inflows of $11 billion Total AUS net inflows / (outflows) 33 27 64 66 228 Acquisitions / (dispositions) – – 316 – 4 3,4 4Q22 AUS Mix Net market appreciation / (depreciation) 87 (99) 34 (305) 97 $2,547 $$2,470 $2,547 $2,470 10% Ending balance 2,427 Fixed income 28% Third-party Liquidity distributed 40% 36% 22% products Asset Client Institutional 3,4 Class Channel AUS by Asset Class Equity Wealth Alternative management $ in billions 4Q22 3Q22 4Q21 investments 28% 36% $263 $$ Alternative investments 256 236 Equity 563 516 613 8% 12% Fixed income 1,010 955 940 Separate accounts Long-term AUS 1,836 1,727 1,789 21% Liquidity products 711 700 681 Vehicle Region 54% Public funds 34% $2,547 $$ Total AUS 2,427 2,470 Private 71% funds and other 6

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![](g387409ex99_2p8g1.jpg)

Asset & Wealth Management – Alternative Investments 4 Alternative Investments AUS and Effective Fees Alternative Investments Highlights n 2022 Management and other fees from alternative investments were $1.85 billion (including $492 million in 4Q22), up 27% from 2021 4Q22 n During the year, alternative investments AUS increased $27 billion to $263 billion $ in billions Average AUS Effective Fees (bps) 93 86 Corporate equity $n 2022 gross third-party alternatives fundraising across strategies was $72 billion (including $15 billion raised in 4Q22) Credit 42 79 — $179 billion raised since the end of 2019 Real estate 19 69 n During the year, on-balance sheet alternative investments declined by $9 billion to $59 billion, Hedge funds and other 64 59 including $2 billion in 4Q22 Funds and discretionary accounts 218 75 Advisory accounts 42 16 Total alternative investments AUS $260 66 4 Alternatives Fundraising ($ in billions) On-Balance Sheet Alternative Investments $ in billions 4Q22 4Q21 $18 Equity securities $15 $18 $15 $6 Loans 19 22 $3 $12 $1 Debt securities $2 12 13 $2 $5 CIE investments and other 13 15 $5 $3 Total $59 $68 $9 $1 $5 $3 4Q22 3Q22 4Q21 Corporate equity Credit Real estate Hedge funds 7

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![](g387409ex99_2p9g1.jpg)

Platform Solutions Financial Results Platform Solutions Highlights n 4Q22 net revenues were significantly higher YoY vs. vs. vs. — Consumer platforms net revenues primarily reflected significantly higher credit card balances $ in millions 4Q22 3Q22 4Q21 2022 2021 — Transaction banking and other net revenues reflected higher deposit balances $433 49% 246% $1,176 177% Consumer platforms n 4Q22 provision for credit losses primarily reflected portfolio growth and net charge-offs n 4Q22 select data: 80 (9)% 25% 326 51% Transaction banking and other — Loan balance of $15 billion — Net interest income of $513 million Net revenues 513 36% 171% 1,502 135% — Active Consumer platforms customers of 13.4 million — Transaction banking deposits of $70 billion 786 69% 173% 1,728 148% Provision for credit losses 505 (4)% 66% 1,763 78% Operating expenses Pre-tax earnings / (loss) $(778) N.M. N.M. $(1,989) N.M. n 2022 net revenues were significantly higher YoY — Consumer platforms net revenues primarily reflected significantly higher credit card balances Net earnings / (loss) $(655) N.M. N.M. $(1,661) N.M. — Transaction banking and other net revenues reflected higher deposit balances n 2022 provision for credit losses primarily reflected growth in the credit card portfolio and net Net earnings / (loss) to common $(660) N.M. N.M. $(1,673) N.M. charge-offs Average common equity $4,046 3% 89% $3,574 101% Return on average common equity (65.2)% (13.9)pp (5.3)pp (46.8)% 0.6pp 8

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Net Interest Income and Loans 4 4 Loans by Segment ($ in billions) Loans by Type Metrics $ in billions 4Q22 3Q22 4Q21 Corporate $40 $40 $37 $179 $177 3.2% $158 Commercial real estate 29 30 29 ALLL to Total $7 $15 $13 Gross Loans, at Residential real estate 23 24 25 Amortized Cost $57 $56 $57 Securities-based lending 17 18 17 1.7% Other collateralized lending 52 49 38 ALLL to Gross Wholesale Loans, at Amortized Cost Installment 6 5 4 $107 $108 $94 Credit cards 16 14 8 13.5% ALLL to Gross Other 2 2 4 Consumer Loans, at Amortized Cost 4Q22 3Q22 4Q21 Allowance for loan losses (6) (5) (4) Global Banking & Markets Asset & Wealth Management Platform Solutions Total Loans $179 $177 $158 Net Interest Income by Segment ($ in millions) Net Interest Income & Loans Highlights $7,678 n Net interest income increased 16% YoY for 4Q22 and 19% YoY for 2022, both primarily reflecting higher loan balances and rates $6,470 $1,700 $2,074 n Total loans increased $21 billion, up 13% during 2022, primarily reflecting growth in other $2,043 $772 collateralized lending and credit cards $1,795 $513 $464 $254 — ~80% of gross loans were secured as of 4Q22 $3,533 $3,043 n Total allowance was $6.32 billion (including $5.54 billion for funded loans), up ~$1.97 billion YoY $776 $928 $948 — $3.27 billion for wholesale loans, $3.04 billion for consumer loans n Provision for credit losses of $2.72 billion in 2022, up from $357 million in 2021 $2,655 $2,445 $765 n 2022 net charge-offs of $726 million for a net charge-off rate of 0.5%, up 20bps YoY $633 $631 — Wholesale net charge-off rate of 0.2%, up 10bps YoY 4Q22 3Q22 4Q21 2022 2021 — Consumer net charge-off rate of 2.8%, up 50bps YoY 9 Global Banking & Markets Asset & Wealth Management Platform Solutions

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Expenses Financial Results Expense Highlights n 2022 total operating expenses decreased slightly YoY vs. vs. vs. — Compensation and benefits expenses down 15%, reflecting a decline in operating 4Q22 3Q22 4Q21 2022 2021 $ in millions performance compared with a strong 2021 — Non-compensation expenses were higher, reflecting: Compensation and benefits $3,764 4% 16% $15,148 (15)% o Inclusion of NNIP and GreenSky Transaction based 1,434 9% 21% 5,312 13% o Higher transaction based expenses o Higher technology expenses Market development 216 9% 12% 812 47% n 2022 effective income tax rate was 16.5%, down from 20.0% for 2021, primarily due to an increase in the impact of permanent tax benefits, partially offset by changes in the geographic mix of earnings Communications and technology 481 5% 12% 1,808 15% Depreciation and amortization 727 9% 49% 2,455 22% 3 Efficiency Ratio 261 2% 3% 1,026 5% Occupancy 65.8% 495 6% (3)% 1,887 15% Professional fees 53.8% 713 (3)% (26)% 2,716 (1)% Other expenses 8,091 5% 11% $31,164 (2)% Total operating expenses $204 (70)% (81)% $2,225 (59)% Provision for taxes $(3.5)pp Effective Tax Rate 16.5% 10 2022 2021

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Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Standardized CET1 capital ratio increased YoY 4Q22 3Q22 4Q21 — Decrease in credit RWAs and an increase in CET1 capital, reflecting net earnings in excess of share repurchases and dividends, partially offset by an increase in market RWAs 5 15.1% Standardized CET1 capital ratio 14.3% 14.2% n Advanced CET1 capital ratio decreased YoY 5 Advanced CET1 capital ratio 14.4% 14.6% 14.9% — Increase in credit and market RWAs, partially offset by an increase in CET1 capital, reflecting net earnings in excess of share repurchases and dividends Supplementary leverage ratio (SLR) 5.8% 5.6% 5.6% n Returned $6.70 billion of capital to common shareholders during the year 3 — 10.1 million common shares repurchased for a total cost of $3.50 billion — $3.20 billion of common stock dividends n Deposits increased $23 billion YoY, reflecting growth in transaction banking, private bank and direct-to-consumer deposits n BVPS increased 6.7% YoY, driven by net earnings 4 Selected Balance Sheet Data Book Value $ in billions 4Q22 3Q22 4Q21 In millions, except per share amounts 4Q22 3Q22 4Q21 Total assets $1,442 $1,556 $1, 464 3 Basic shares 350.8 352.3 348.9 Deposits $387 $395 $364 Book value per common share $303.55 $308.22 $284.39 Unsecured long-term borrowings $247 $240 $254 1 Tangible book value per common share $279.66 $284.80 $270.91 Shareholders' equity $117 $119 $110 3 Average GCLA $409 $417 $353 11

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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, 2021. 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 and interest rate and inflation trends, (ii) the impact of the COVID-19 pandemic on the firm's business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium- and long-term targets and goals, (iv) the future state of the firm's liquidity and regulatory capital ratios (including the firm's stress capital buffer and G-SIB buffer), (v) the firm's prospective capital distributions (including dividends and repurchases), (vi) the firm's future effective income tax rate, (vii) the firm's Investment banking fees backlog and future results, (viii) the firm's planned 2023 benchmark debt issuances, and (ix) the impact of Russia's invasion of Ukraine and related sanctions and other developments on the firm's business, results and financial position, are forward- looking statements. Statements regarding estimated GDP growth and interest rate and inflation trends are subject to the risk that actual GDP growth and interest rate and inflation trends may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the effects of the COVID-19 pandemic on the firm's business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives, business realignment and the achievability of medium and long-term targets and goals are based on the firm's current expectations regarding the firm's ability to effectively implement these initiatives and realignment 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, 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. 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 the U.S. IRS. Statements about the firm's Investment banking fees backlog and future results 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 the escalation or continuation of the war between Russia and Ukraine, continuing 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 2023 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 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. 12

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Footnotes 1. Return on average common shareholders' equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders' equity. Return on average tangible common shareholders' equity (ROTE) is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) 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 YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2022 DECEMBER 31, 2022 DECEMBER 31, 2022 SEPTEMBER 30, 2022 DECEMBER 31, 2021 Total shareholders' equity $118,244 $115,990 $117,189 $119,290 $109,926 Preferred stock (10,703) (10,703) (10,703) (10,703) (10,703) Common shareholders' equity 107,541 105,287 106,486 108,587 99,223 Goodwill (6,319) (5,726) (6,374) (6,288) (4,285) Identifiable intangible assets (1,976) (1,583) (2,009) (1,963) (418) Tangible common shareholders' equity $99,246 $97,978 $98,103 $100,336 $94,520 2. Dealogic – January 1, 2022 through December 31, 2022. 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 September 30, 2022: (i) Investment banking fees backlog – see "Results of Operations – Investment Banking" (ii) assets under supervision – see "Results of Operations – 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 risk-based capital ratios and the supplementary leverage ratio, see Note 20 "Regulation and Capital Adequacy" in Part I, Item 1 "Financial Statements (Unaudited)" in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2022. 4. Represents a preliminary estimate for the fourth quarter of 2022 and may be revised in the firm's Annual Report on Form 10-K for the year ended December 31, 2022. 5. In the third quarter of 2022, based on regulatory feedback, the firm revised certain interpretations of the Capital Rules underlying the calculation of Standardized RWAs and Advanced RWAs. As of December 31, 2021, this change would have increased both Standardized RWAs and Advanced RWAs by approximately $6 billion to $683 billion and $654 billion, respectively. These increases would have reduced the firm's Standardized CET1 capital ratio of 14.2% by 0.1 percentage points and Advanced CET1 capital ratio of 14.9% by 0.2 percentage points. 13