# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-23-007362
**Filing Date:** 2023-1
**Character Count:** 20822
**Document Hash:** 6e83e93b38af39ce523d608325887a33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-007362.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001193125-23-007362

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230112

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230112

**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:** 23526917

**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 12, 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. | 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 8.01 Other Events](#tx438911_1) |
|  [SIGNATURE](#tx438911_2) |

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#### Item 8.01 Other Events.
The Goldman Sachs Group, Inc. (together with its consolidated subsidiaries, the firm) has made certain changes to its business segments, consistent with its organizational changes, commencing with the fourth quarter of 2022.

Prior to the fourth quarter of 2022, the firm had four business segments: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management.

Beginning with the fourth quarter of 2022, the firm will report its results in the following three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The business segments and their revenue sources are presented below:

#### Structure

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![LOGO](g438911g05j00.jpg)

Prior results beginning with the firm's 2020 fiscal year are presented on a comparable basis in the tables on pages 4 - 5.

The changes to the firm's business segments have no effect on the firm's historical total net revenues, total provision for credit losses, total operating expenses and total pre-tax earnings in the consolidated statements of earnings. Prior period segment results have been conformed to the new business segments.

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The primary changes made were as follows:

![LOGO](g438911g06y00.jpg)

• Global Banking & Markets is a new segment that includes the results previously reported in Investment Banking and Global Markets, and additionally includes the results from equity and debt investments related to the firm's global banking and markets activities, previously reported in Asset Management.

• Asset & Wealth Management is a new segment that includes the results previously reported in Asset Management and Wealth Management (previously included in Consumer & Wealth Management), and additionally includes the results from the firm's direct-to-consumer banking business, which includes lending, deposit-taking and investing, previously reported in Consumer & Wealth Management, as well as the results from middle-market lending related to the firm's asset management activities, previously reported in Investment Banking.

• Platform Solutions is a new segment that includes the results from the firm's consumer platforms, such as partnerships offering credit cards and point-of-sale financing, previously reported in Consumer & Wealth Management, and the results from the firm's transaction banking business, previously reported in Investment Banking.

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The firm's three business segments are as follows:

**Global Banking & Markets**, which is comprised of:

• Investment banking fees, which includes:

• Advisory, which includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs.

• Equity underwriting, which includes offerings of common stock, preferred stock, convertible securities and exchangeable securities.

• Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans, and structuring of asset-backed securities.

• Fixed Income, Currency and Commodities (FICC), which includes:

• FICC intermediation, which includes client execution activities related to making markets in interest rate products, credit products, mortgages, currencies and commodities.

• FICC financing, which includes providing financing to clients through warehouse loans (backed by mortgages, corporate loans and consumer loans), structured credit, asset-backed lending and repurchase agreements.

• Equities, which includes:

• Equities intermediation, which includes client execution activities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions.

• Equities financing, which includes prime brokerage and other equities financing activities, including securities lending, margin lending and swaps.

• Other, which includes relationship lending and acquisition financing (and related hedges), and investing activities related to the firm's global banking and markets activities.

**Asset & Wealth Management**, which is comprised of:

• Activities related to managing client assets across traditional and alternative assets classes, as well as providing investing and wealth advisory solutions, providing financial planning and counseling services, and executing brokerage transactions for wealth management clients. These activities generate:

• Management and other fees.

• Incentive fees.

• Private banking and lending, which includes lending and deposit-taking activities for the firm's wealth management clients, including the direct-to-consumer banking business.

• Equity investments, which includes investing activities related to the firm's asset management activities, primarily related to public and private equity investments in corporate, real estate and infrastructure entities, as well as making investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities.

• Debt investments, which includes lending activities related to the firm's asset management activities, including investing in corporate debt, lending to middle-market clients and providing financing for real estate and other assets.

**Platform Solutions**, which is comprised of:

• Consumer platforms, which includes partnerships offering credit cards and point-of-sale financing.

• Transaction banking and other, which includes cash management services, such as deposit-taking and payment solutions for corporate and institutional clients.

------

The Goldman Sachs Group, Inc. and Subsidiaries

#### Segment Operating Results (unaudited)
*$ in millions* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED | THREE MONTHS ENDED |
|  | SEPTEMBER 30, <br> 2022 | JUNE 30, <br> 2022 | MARCH 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> GLOBAL BANKING & MARKETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp; Equity underwriting | 244 | 145 | 276 | 1023 |
| &nbsp;&nbsp;&nbsp; Debt underwriting<br>| 328 | 457 | 741 | 947 |
| &nbsp;&nbsp;&nbsp; Investment banking fees | 1544 | 1799 | 2144 | 3601 |
| &nbsp;&nbsp;&nbsp; FICC intermediation | 2896 | 2921 | 4099 | 1313 |
| &nbsp;&nbsp;&nbsp; FICC financing<br>| 721 | 721 | 631 | 555 |
| &nbsp;&nbsp;&nbsp; FICC | 3617 | 3642 | 4730 | 1868 |
| &nbsp;&nbsp;&nbsp; Equities intermediation | 1608 | 1767 | 2178 | 1343 |
| &nbsp;&nbsp;&nbsp; Equities financing<br>| 1124 | 1177 | 1061 | 837 |
| &nbsp;&nbsp;&nbsp; Equities | 2732 | 2944 | 3239 | 2180 |
| &nbsp;&nbsp;&nbsp; Other<br>| (329) | (43) | (51) | (59) |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| 7564 | 8342 | 10062 | 7590 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 63 | 208 | 191 | (16) |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 4224 | 4431 | 4973 | 4090 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516 |
| &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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management and other fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; Incentive fees | 56 | 185 | 79 | 235 |
| &nbsp;&nbsp;&nbsp; Private banking and lending | 675 | 538 | 492 | 426 |
| &nbsp;&nbsp;&nbsp; Equity investments | 721 | (104) | (294) | 1447 |
| &nbsp;&nbsp;&nbsp; Debt investments<br>| 326 | 317 | 291 | 705 |
| &nbsp;&nbsp;&nbsp; **Net revenues** | 4033 | 3179 | 2603 | 4860 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | (13) | 149 | 203 | 72 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 2955 | 2823 | 2409 | 2876 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings / (loss)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1912 |
| &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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer platforms | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Transaction banking and other<br>| 88 | 91 | 67 | 64 |
| &nbsp;&nbsp;&nbsp; **Net revenues** | 378 | 343 | 268 | 189 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 465 | 310 | 167 | 288 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 525 | 399 | 334 | 304 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings / (loss)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (233) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (403) |
| &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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11975 | $&nbsp;&nbsp;&nbsp;&nbsp; 11864 | $&nbsp;&nbsp;&nbsp;&nbsp; 12933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12639 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 515 | 667 | 561 | 344 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 7704 | 7653 | 7716 | 7270 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5025 |

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------

The Goldman Sachs Group, Inc. and Subsidiaries

*$ in millions* 

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| | | | |
|:---|:---|:---|:---|
|  | NINE MONTHS ENDED | YEAR ENDED | YEAR ENDED |
|  | SEPTEMBER 30, <br> 2022 | DECEMBER 31, <br> 2021 | DECEMBER 31, <br> 2020 |
| &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 |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp; Equity underwriting | 665 | 4985 | 3376 |
| &nbsp;&nbsp;&nbsp; Debt underwriting<br>| 1526 | 3497 | 2660 |
| &nbsp;&nbsp;&nbsp; Investment banking fees | 5487 | 14136 | 9100 |
| &nbsp;&nbsp;&nbsp; FICC intermediation | 9916 | 8714 | 10106 |
| &nbsp;&nbsp;&nbsp; FICC financing<br>| 2073 | 1897 | 1347 |
| &nbsp;&nbsp;&nbsp; FICC | 11989 | 10611 | 11453 |
| &nbsp;&nbsp;&nbsp; Equities intermediation | 5553 | 7707 | 7069 |
| &nbsp;&nbsp;&nbsp; Equities financing<br>| 3362 | 4015 | 2815 |
| &nbsp;&nbsp;&nbsp; Equities | 8915 | 11722 | 9884 |
| &nbsp;&nbsp;&nbsp; Other<br>| (423) | 265 | 32 |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| 25968 | 36734 | 30469 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 462 | (171) | 1216 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 13628 | 19542 | 18884 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11878 | $&nbsp;&nbsp;&nbsp;&nbsp; 17363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369 |
| &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 |  |  |  |
| &nbsp;&nbsp;&nbsp; Management and other fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6750 |
| &nbsp;&nbsp;&nbsp; Incentive fees | 320 | 616 | 401 |
| &nbsp;&nbsp;&nbsp; Private banking and lending | 1705 | 1661 | 1372 |
| &nbsp;&nbsp;&nbsp; Equity investments | 323 | 8794 | 3902 |
| &nbsp;&nbsp;&nbsp; Debt investments<br>| 934 | 3144 | 1332 |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| 9815 | 21965 | 13757 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 339 | (169) | 1395 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 8187 | 11406 | 9469 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | $&nbsp;&nbsp;&nbsp;&nbsp; 10728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2893 |
| &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 |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer platforms | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; Transaction banking and other | 246 | 216 | 146 |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| 989 | 640 | 334 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 942 | 697 | 487 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 1258 | 990 | 630 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings / (loss)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1211) | $&nbsp;&nbsp;&nbsp;&nbsp; (1047) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783) |
| &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 |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net revenues**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36772 | $&nbsp;&nbsp;&nbsp;&nbsp; 59339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44560 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | 1743 | 357 | 3098 |
| &nbsp;&nbsp;&nbsp; Operating expenses<br>| 23073 | 31938 | 28983 |
| &nbsp;&nbsp;&nbsp; **Pre-tax earnings**<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11956 | $&nbsp;&nbsp;&nbsp;&nbsp; 27044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12479 |

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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 12, 2023 | By: | /s/ Denis P. Coleman III |
|  |  | Name: Denis P. Coleman III |
|  |  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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