EX-99.1 2 d387409dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

 

Full Year and

 

Fourth Quarter 2022

 

Earnings Results

 

Media Relations: Andrea Williams 212-902-5400

Investor Relations: Carey Halio 212-902-0300    

 

   

 

The Goldman Sachs Group, Inc.              

200 West Street | New York, NY 10282              

 

   

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

 

 

 

“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.”

- David Solomon, Chairman and Chief Executive Officer

 

 

 

Financial Summary

 

 

 

     

    

     

  

 

Net Revenues

 

  

 

Net Earnings

 

  

 

EPS

 

 

2022                    $47.37 billion

 

4Q22                   $10.59 billion 

 

  

 

2022                     $11.26 billion

 

4Q22                      $1.33 billion

 

  

 

2022                          $30.06 

 

4Q22                           $3.32 

 

       

 

ROE1

 

    

 

ROTE1

 

    

 

Book Value Per Share

 

 

2022                                 10.2%

 

4Q22                                  4.4%

 

    

 

2022                                  11.0%

 

4Q22                                   4.8%

 

    

 

2022                        $303.55 

 

2022 Growth              6.7% 

 

       

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)1 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)1 was 11.0% for 2022 and annualized ROTE was 4.8% for the fourth quarter of 2022.

1      

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

Annual Highlights

 

 

  ◾  

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.

 

 

  ◾  

Global Banking & Markets2 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.

 

 

  ◾  

The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year.3

 

 

  ◾  

Asset & Wealth Management2 generated net revenues of $13.38 billion, including record Management and other fees.

 

 

  ◾  

Assets under supervision4,5 ended the year at a record $2.55 trillion.

 

 

  ◾  

Platform Solutions2 continued to grow at a strong pace, generating net revenues of $1.50 billion.

 

 

  ◾  

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

 

 

 

Net Revenues

 

 

Full Year

    

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.

  

  

  

 

2022 Net Revenues

 

   

 

$47.37 billion

 

 

Fourth Quarter

    

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.

    

 

4Q22 Net Revenues

 

   

 

$10.59 billion

 

   
   

2      

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

      

 

   Global Banking & Markets  

 

       

 

Full Year

      

Net  revenues  in Global  Banking  & Markets were $32.49  billion, 12%  lower  than  a strong 2021.

 

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 backlog4 decreased significantly compared with the end of 2021.

 

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.

 

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.

 

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.

 

    

 

2022 Global Banking & Markets

 

   

 

$32.49 billion

 

   

Advisory

  

$  4.70 billion 

   

Equity underwriting

  

$  848 million 

   

Debt underwriting

  

$  1.81 billion 

   

Investment banking fees

  

$  7.36 billion 

   

 

FICC intermediation

  

$ 11.89 billion 

   

FICC financing

  

$  2.79 billion 

   

FICC

  

$14.68 billion 

   

 

Equities intermediation

  

$  6.66 billion 

   

Equities financing

  

$  4.33 billion 

   

Equities

  

$10.99 billion 

   

 

Other

  

$(537) million 

     
     
     
     
     

Fourth Quarter

      

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.

 

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 backlog4 decreased compared with the end of the third quarter of 2022.

 

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.

 

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.

 

Net revenues in Other were $(114) million, compared with $(59) million for the fourth quarter of 2021.

    

 

4Q22 Global Banking & Markets

 

   

 

$6.52 billion

 

   

Advisory

  

$  1.41 billion 

   

Equity underwriting

  

$  183 million 

   

Debt underwriting

  

$  282 million 

   

Investment banking fees

  

$  1.87 billion 

   

 

FICC intermediation

  

$  1.97 billion 

   

FICC financing

  

$  713 million 

   

FICC

  

$  2.69 billion 

   

 

Equities intermediation

  

$  1.11 billion 

   

Equities financing

  

$  964 million 

   

Equities

  

$  2.07 billion 

   

 

Other

 

  

$(114) million 

 

     
     
     
     
     
     
     
     

3      

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

      

 

   Asset & Wealth Management  

 

       

 

Full Year

      

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.

 

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.

 

    

 

2022 Asset & Wealth Management

 
   

 

$13.38 billion

 

   

 

Management and   other fees

   $8.78 billion  
   

Incentive fees

   $359 million  
   

Private banking and

  lending

   $2.46 billion  
   

Equity investments

   $610 million  
 

  

  

Debt investments

 

  

$1.17 billion  

 

     
     
     
     
     
     
     

Fourth Quarter

      

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.

 

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.

    

 

4Q22 Asset & Wealth Management

 
   

 

$3.56 billion

 

   

 

Management and   other fees

   $2.25 billion  
   

Incentive fees

   $  39 million  
   

Private banking and

  lending

   $753 million  
   

Equity investments

   $287 million  
   

Debt investments

 

  

$234 million  

 

     
     
     
     
     
     
     
     

4      

 

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

      

 

   Platform Solutions  

 

       

 

Full Year

  

  

  

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.

 

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.

    

 

2022 Platform Solutions

 

   

 

$1.50 billion

 

   

 

 

Consumer platforms

   $ 1.18  billion  
   

Transaction banking

  and other

 

  

$326 million  

 

     

 

Fourth Quarter

      

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.

 

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.

    

 

4Q22 Platform Solutions

 

 

   

 

$513 million

 

   

 

Consumer platforms

   $ 433  million  
   

Transaction banking

  and other

 

  

$  80 million  

 

     
     
     

 

 

Provision for Credit Losses

 

 

Full Year

  

  

  

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.

    

 

2022 Provision for Credit Losses

   

 

$2.72 billion

 

     
     
     

 

Fourth Quarter

      

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.

 

The firm’s allowance for credit losses was $6.32 billion as of December 31, 2022.

    

 

4Q22 Provision for Credit Losses

 

   

 

$972 million

 

     
     
     
     
     

5      

 

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

Operating Expenses

 

 

Full Year

    

Operating expenses were $31.16 billion for 2022, 2% lower than 2021. The firm’s efficiency ratio4 for 2022 was 65.8%, compared with 53.8% for 2021.

 

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.

 

Net provisions for litigation and regulatory proceedings for 2022 were $576 million compared with $534 million for 2021.

 

Headcount increased 10% during 2022, primarily reflecting investments in growth initiatives and the acquisitions of NNIP and GreenSky.

  

 

  

 

2022 Operating Expenses

 

 

 

$31.16 billion

 

 
 

 

2022 Efficiency Ratio

 

 

 

65.8%

 

 
   
   
   

 

Fourth Quarter

    

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.

 

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.

 

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.

    

 

    4Q22 Operating Expenses    

 

   

 

$8.09 billion

 

   
   
   
   
   

 

Provision for Taxes

 

 

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.

      

 

2022 Effective Tax Rate

 

   

 

16.5%

 

   
   
   
   

6      

 

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

Other Matters

 

◾ 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.

 

◾ 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.4

 

◾ Global core liquid assets4 averaged $398 billion5 for 2022, compared with an average of $335 billion for 2021. Global core liquid assets averaged $409  billion5 for the fourth quarter of 2022, compared with an average of $417 billion for the third quarter of 2022.

      

 

Declared Quarterly

Dividend Per Common Share

 

 

 

$2.50

 

 
 

 

Capital Returned

 

 

 

$6.70 billion in 2022

 

   
   

 

Average GCLA

 

   

 

$398 billion for 2022

 

   
   
   
   

7      

 

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, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

8      

 

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          % CHANGE FROM                                 
     
    

DECEMBER 31,

2022

    

DECEMBER 31,

2021

           

DECEMBER 31,

2021

      

 

GLOBAL BANKING & MARKETS

 

                            

 

Advisory

 

    

 

 $           4,704   

 

  

 

    

 

 $           5,654   

 

  

 

      

 

 (17) %

 

  

 

  

Equity underwriting

 

    

 

 848   

 

  

 

    

 

 4,985   

 

  

 

      

 

 (83)    

 

  

 

  
     

Debt underwriting

    

 

 1,808   

 

  

 

    

 

 3,497   

 

  

 

      

 

 (48)    

 

  

 

  

 

Investment banking fees

     7,360          14,136            (48)        
               

FICC intermediation

 

    

 

 11,890   

 

  

 

    

 

 8,714   

 

  

 

      

 

 36     

 

  

 

  

FICC financing

    

 

 2,786   

 

  

 

    

 

 1,897   

 

  

 

      

 

 47     

 

  

 

  

 

FICC

     14,676          10,611            38         
               

Equities intermediation

 

    

 

 6,662   

 

  

 

    

 

 7,707   

 

  

 

      

 

 (14)    

 

  

 

  

Equities financing

    

 

 4,326   

 

  

 

    

 

 4,015   

 

  

 

      

 

 8     

 

  

 

  

 

Equities

     10,988          11,722            (6)        
               

Other

     (537)         265            N.M.         

 

Net revenues

 

    

 

 32,487   

 

  

 

    

 

 36,734   

 

  

 

      

 

 (12)    

 

  

 

  
               

 

ASSET & WEALTH MANAGEMENT

 

                            

 

Management and other fees

 

    

 

 8,781   

 

  

 

    

 

 7,750   

 

  

 

      

 

 13     

 

  

 

  

Incentive fees

 

    

 

 359   

 

  

 

    

 

 616   

 

  

 

      

 

 (42)    

 

  

 

  

Private banking and lending

 

    

 

 2,458   

 

  

 

    

 

 1,661   

 

  

 

      

 

 48     

 

  

 

  

Equity investments

 

    

 

 610   

 

  

 

    

 

 8,794   

 

  

 

      

 

 (93)    

 

  

 

  

Debt investments

    

 

 1,168   

 

  

 

    

 

 3,144   

 

  

 

      

 

 (63)    

 

  

 

  

 

Net revenues

 

    

 

 13,376   

 

  

 

    

 

 21,965   

 

  

 

      

 

 (39)    

 

  

 

  
               

 

PLATFORM SOLUTIONS

 

                            

 

Consumer platforms

 

    

 

 1,176   

 

  

 

    

 

 424   

 

  

 

      

 

 177     

 

  

 

  

Transaction banking and other

 

    

 

 326   

 

  

 

    

 

 216   

 

  

 

      

 

 51     

 

  

 

  

 

Net revenues

 

    

 

 1,502   

 

  

 

    

 

 640   

 

  

 

      

 

 135    

 

  

 

  
               

 

Total net revenues

 

    

 

 $         47,365   

 

  

 

    

 

 $         59,339   

 

  

 

      

 

 (20)    

 

  

 

  

 

Geographic Net Revenues (unaudited)2,4

$ in millions

 

 

 

        
   
     YEAR ENDED                
     
    

DECEMBER 31,

2022

    

DECEMBER 31,

2021

                

Americas

 

    

 

 $         28,669   

 

  

 

    

 

 $         37,217    

 

  

 

      

EMEA

 

    

 

 12,860   

 

  

 

    

 

 14,474    

 

  

 

      

Asia

 

    

 

 5,836   

 

  

 

    

 

 7,648    

 

  

 

      

 

Total net revenues

 

    

 

 $         47,365   

 

  

 

    

 

 $         59,339    

 

  

 

      
             

Americas

 

    

 

 61% 

 

  

 

    

 

 63% 

 

  

 

      

EMEA

 

    

 

 27% 

 

  

 

    

 

 24% 

 

  

 

      
   

Asia

 

    

 

 12% 

 

  

 

    

 

 13% 

 

  

 

      

 

Total

 

    

 

 100% 

 

  

 

    

 

 100% 

 

  

 

      

 

9

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           % CHANGE FROM  
         
     DECEMBER 31,
2022		     SEPTEMBER 30,
2022		     DECEMBER 31,
2021		              SEPTEMBER 30,
2022		     DECEMBER 31,
2021		  

 

GLOBAL BANKING & MARKETS

 

 

                                          

Advisory

 

     $         1,408          $             972          $              1,631                                45  %                            (14) %  

Equity underwriting

 

    

 

 183   

 

  

 

    

 

 244   

 

  

 

    

 

 1,023   

 

  

 

      

 

 (25)    

 

  

 

    

 

 (82)    

 

  

 

Debt underwriting

 

    

 

 282   

 

  

 

    

 

 328   

 

  

 

    

 

 947   

 

  

 

      

 

 (14)    

 

  

 

    

 

 (70)    

 

  

 

Investment banking fees

     1,873          1,544          3,601            21            (48)      
                 

FICC intermediation

 

    

 

 1,974   

 

  

 

    

 

 2,896   

 

  

 

    

 

 1,313   

 

  

 

      

 

 (32)    

 

  

 

    

 

 50     

 

  

 

FICC financing

 

    

 

 713   

 

  

 

    

 

 721   

 

  

 

    

 

 555   

 

  

 

      

 

 (1)    

 

  

 

    

 

 28     

 

  

 

FICC

     2,687          3,617          1,868            (26)           44       
                 

Equities intermediation

    

 

 1,109   

 

  

 

    

 

 1,608   

 

  

 

    

 

 1,343   

 

  

 

      

 

 (31)    

 

  

 

    

 

 (17)    

 

  

 

 

Equities financing

    

 

 964   

 

  

 

    

 

 1,124   

 

  

 

    

 

 837   

 

  

 

      

 

 (14)    

 

  

 

    

 

 15     

 

  

 

 

Equities

 

    

 

 2,073   

 

  

 

    

 

 2,732   

 

  

 

    

 

 2,180   

 

  

 

      

 

 (24)    

 

  

 

    

 

 (5)    

 

  

 

                 

Other

 

    

 

 (114)  

 

  

 

    

 

 (329)  

 

  

 

    

 

 (59)  

 

  

 

      

 

 N.M.     

 

  

 

    

 

 N.M.     

 

  

 

Net revenues

 

    

 

 6,519   

 

  

 

    

 

 7,564   

 

  

 

    

 

 7,590   

 

  

 

      

 

 (14)    

 

  

 

    

 

 (14)    

 

  

 

                 

 

ASSET & WEALTH MANAGEMENT

 

                                          

 

Management and other fees

     2,248          2,255          2,047            –            10       

 

Incentive fees

 

    

 

 39   

 

  

 

    

 

 56   

 

  

 

    

 

 235   

 

  

 

      

 

 (30)    

 

  

 

    

 

 (83)    

 

  

 

Private banking and lending

 

    

 

 753   

 

  

 

    

 

 675   

 

  

 

    

 

 426   

 

  

 

      

 

 12     

 

  

 

    

 

 77     

 

  

 

Equity investments

     287          721          1,447            (60)           (80)      

 

Debt investments

 

    

 

 234   

 

  

 

    

 

 326   

 

  

 

    

 

 705   

 

  

 

      

 

 (28)    

 

  

 

    

 

 (67)    

 

  

 

Net revenues

 

    

 

 3,561   

 

  

 

    

 

 4,033   

 

  

 

    

 

 4,860   

 

  

 

      

 

 (12)    

 

  

 

    

 

 (27)    

 

  

 

                 

 

PLATFORM SOLUTIONS

 

                                          

 

Consumer platforms

     433          290          125            49            246       

Transaction banking and other

 

    

 

 80   

 

  

 

    

 

 88   

 

  

 

    

 

 64   

 

  

 

      

 

 (9)    

 

  

 

    

 

 25     

 

  

 

Net revenues

 

    

 

 513   

 

  

 

    

 

 378   

 

  

 

    

 

 189   

 

  

 

      

 

 36     

 

  

 

    

 

 171     

 

  

 

                 

 

Total net revenues

 

    

 

 $        10,593   

 

  

 

    

 

 $        11,975   

 

  

 

    

 

 $            12,639   

 

  

 

      

 

 (12)    

 

  

 

    

 

 (16)    

 

  

 

 

Geographic Net Revenues (unaudited)2,4

 

          
$ in millions            
   
     THREE MONTHS ENDED                    
     
     DECEMBER 31,
2022		     SEPTEMBER 30,
2022		     DECEMBER 31,
2021		                       

 

Americas

     $          6,920          $          7,435          $              8,387           

 

EMEA

     2,406          3,154          2,813           

 

Asia

 

    

 

 1,267   

 

  

 

    

 

 1,386   

 

  

 

    

 

 1,439   

 

  

 

      

Total net revenues

 

    

 

 $        10,593   

 

  

 

    

 

 $        11,975   

 

  

 

    

 

 $            12,639   

 

  

 

      
               

Americas

     65%        62%        66%         

 

EMEA

     23%        26%        22%         

 

Asia

 

    

 

 12% 

 

  

 

    

 

 12% 

 

  

 

    

 

 12% 

 

  

 

      

Total

 

    

 

 100% 

 

  

 

    

 

 100% 

 

  

 

    

 

 100% 

 

  

 

      

 

10

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           % CHANGE FROM        
     
    

  DECEMBER 31,  

2022

    

  DECEMBER 31,    

2021

    

    

    

DECEMBER 31,

2021

    

                             

  

REVENUES

 

                            

Investment banking

 

    

 

 $           7,360 

 

  

 

    

 

 $          14,136  

 

  

 

      

 

 (48) %

 

  

 

  

Investment management

 

    

 

 9,005 

 

  

 

    

 

 8,171  

 

  

 

      

 

 10     

 

  

 

  

Commissions and fees

 

    

 

 4,034 

 

  

 

    

 

 3,590  

 

  

 

      

 

 12     

 

  

 

  

Market making

 

    

 

 18,634 

 

  

 

    

 

 15,357  

 

  

 

      

 

 21     

 

  

 

  

Other principal transactions

 

 

    

 

 654 

 

  

 

    

 

 11,615  

 

  

 

      

 

 (94)    

 

  

 

  

Total non-interest revenues

 

    

 

 39,687 

 

  

 

    

 

 52,869  

 

  

 

      

 

 (25)    

 

  

 

  
               

Interest income

 

    

 

 29,024 

 

  

 

    

 

 12,120  

 

  

 

      

 

 139     

 

  

 

  

Interest expense

 

 

    

 

 21,346 

 

  

 

    

 

 5,650  

 

  

 

      

 

 278     

 

  

 

  

Net interest income

 

    

 

 7,678 

 

  

 

    

 

 6,470  

 

  

 

      

 

 19     

 

  

 

  
               

Total net revenues

 

    

 

 47,365 

 

  

 

    

 

 59,339  

 

  

 

      

 

 (20)    

 

  

 

  
               

Provision for credit losses

 

    

 

 2,715 

 

  

 

    

 

 357  

 

  

 

      

 

 661     

 

  

 

  
               

 

OPERATING EXPENSES

 

                            

Compensation and benefits

 

    

 

 15,148 

 

  

 

    

 

 17,719  

 

  

 

      

 

 (15)    

 

  

 

  

Transaction based

 

    

 

 5,312 

 

  

 

    

 

 4,710  

 

  

 

      

 

 13     

 

  

 

  

Market development

 

    

 

 812 

 

  

 

    

 

 553  

 

  

 

      

 

 47     

 

  

 

  

Communications and technology

 

    

 

 1,808 

 

  

 

    

 

 1,573  

 

  

 

       15         

Depreciation and amortization

 

    

 

 2,455 

 

  

 

    

 

 2,015  

 

  

 

      

 

 22     

 

  

 

  

Occupancy

 

    

 

 1,026 

 

  

 

    

 

 981  

 

  

 

      

 

 5     

 

  

 

  

Professional fees

 

    

 

 1,887 

 

  

 

    

 

 1,648  

 

  

 

      

 

 15     

 

  

 

  

Other expenses

 

    

 

 2,716 

 

  

 

    

 

 2,739  

 

  

 

      

 

 (1)    

 

  

 

  

 

Total operating expenses

 

    

 

 31,164 

 

  

 

    

 

 31,938  

 

  

 

      

 

 (2)    

 

  

 

  
               

Pre-tax earnings

 

    

 

 13,486 

 

  

 

    

 

 27,044  

 

  

 

      

 

 (50)    

 

  

 

  

Provision for taxes

 

     2,225        5,409           (59)        

 

Net earnings

 

     11,261        21,635           (48)        

 

Preferred stock dividends

 

  

 

 

 

497 

 

 

  

 

 

 

484  

 

 

    

 

 

 

3     

 

 

  

Net earnings applicable to common shareholders

 

     $         10,764        $          21,151           (49)        
               

EARNINGS PER COMMON SHARE

 

                            

Basic4

     $           30.42        $            60.25           (50) %    

 

Diluted

     $           30.06        $            59.45           (49)        
               

AVERAGE COMMON SHARES

 

                            

Basic

 

    

 

 352.1 

 

  

 

    

 

 350.5  

 

  

 

      

 

 –     

 

  

 

  

Diluted

 

     358.1        355.8           1         

 

11

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         % CHANGE FROM  
       
    

DECEMBER 31,

2022

    

 SEPTEMBER 30, 

2022

    

 DECEMBER 31, 

2021

        

 SEPTEMBER 30, 

2022

    

DECEMBER 31,

2021

  

REVENUES

 

                                               

Investment banking

 

    

 

 $            1,873

 

   

 

    

 

 $                1,544

 

   

 

    

 

 $                3,601  

 

   

 

      

 

 21

 

  % 

 

    

 

 (48

 

 ) % 

 

Investment management

 

    

 

 2,258

 

   

 

    

 

 2,283

 

   

 

    

 

 2,237  

 

  

 

      

 

 (1

 

 )    

 

    

 

 1

 

       

 

Commissions and fees

 

    

 

 968

 

   

 

    

 

 992

 

   

 

    

 

 851  

 

  

 

      

 

 (2

 

 )     

 

    

 

 14

 

       

 

Market making

 

    

 

 3,051

 

   

 

    

 

 4,641

 

   

 

    

 

 2,282  

 

   

 

      

 

 (34

 

 )     

 

    

 

 34

 

       

 

Other principal transactions

 

 

    

 

 369

 

   

 

    

 

 472

 

   

 

    

 

 1,873  

 

   

 

      

 

 (22

 

 )     

 

    

 

 (80

 

 )     

 

Total non-interest revenues

 

    

 

 8,519

 

   

 

    

 

 9,932

 

   

 

    

 

 10,844  

 

   

 

      

 

 (14

 

 )     

 

    

 

 (21

 

 )     

 

                 

Interest income

 

    

 

 12,411

 

   

 

    

 

 8,550

 

   

 

    

 

 3,010  

 

  

 

      

 

 45

 

       

 

    

 

 312

 

       

 

Interest expense

 

    

 

 10,337

 

   

 

    

 

 6,507

 

   

 

    

 

 1,215  

 

  

 

      

 

 59

 

       

 

    

 

 751

 

       

 

Net interest income

 

    

 

 2,074

 

   

 

    

 

 2,043

 

   

 

    

 

 1,795  

 

  

 

      

 

 2

 

       

 

    

 

 16

 

       

 

                 

 

 

Total net revenues

 

    

 

 10,593

 

   

 

    

 

 11,975

 

   

 

    

 

 12,639  

 

  

 

      

 

 (12

 

 )     

 

    

 

 (16

 

 )     

 

                 

 

Provision for credit losses

 

    

 

 972

 

   

 

    

 

 515

 

   

 

    

 

 344  

 

  

 

      

 

 89

 

      

 

    

 

 183

 

       

 

                 

 

OPERATING EXPENSES

 

                                          

Compensation and benefits

 

    

 

 3,764

 

   

 

    

 

 3,606

 

   

 

    

 

 3,246  

 

  

 

      

 

 4

 

       

 

    

 

 16

 

       

 

Transaction based

 

    

 

 1,434

 

   

 

    

 

 1,317

 

   

 

    

 

 1,190  

 

  

 

      

 

 9

 

       

 

    

 

 21

 

       

 

Market development

 

    

 

 216

 

   

 

    

 

 199

 

   

 

    

 

 193  

 

  

 

      

 

 9

 

       

 

    

 

 12

 

       

 

Communications and technology

 

    

 

 481

 

   

 

    

 

 459

 

   

 

    

 

 430  

 

  

 

      

 

 5

 

       

 

    

 

 12

 

       

 

Depreciation and amortization

 

    

 

 727

 

   

 

    

 

 666

 

   

 

    

 

 488  

 

  

 

      

 

 9

 

       

 

    

 

 49

 

       

 

Occupancy

 

    

 

 261

 

   

 

    

 

 255

 

   

 

    

 

 254  

 

  

 

      

 

 2

 

       

 

    

 

 3

 

       

 

Professional fees

 

    

 

 495

 

   

 

    

 

 465

 

   

 

    

 

 511  

 

  

 

      

 

 6

 

       

 

    

 

 (3

 

 )     

 

Other expenses

 

    

 

 713

 

   

 

    

 

 737

 

   

 

    

 

 958  

 

  

 

      

 

 (3

 

 )     

 

    

 

 (26

 

 )     

 

Total operating expenses

 

    

 

 8,091

 

   

 

    

 

 7,704

 

   

 

    

 

 7,270  

 

  

 

      

 

 5

 

       

 

    

 

 11

 

       

 

                 

Pre-tax earnings

 

    

 

 1,530

 

   

 

    

 

 3,756

 

   

 

    

 

 5,025  

 

  

 

      

 

 (59

 

 )     

 

    

 

 (70

 

 )     

 

Provision for taxes

 

    

 

 204

 

   

 

    

 

 687

 

   

 

    

 

 1,090  

 

  

 

      

 

 (70

 

 )     

 

    

 

 (81

 

 )     

 

Net earnings

 

    

 

 1,326

 

   

 

    

 

 3,069

 

   

 

    

 

 3,935  

 

  

 

      

 

 (57

 

 )     

 

    

 

 (66

 

 )     

 

Preferred stock dividends

 

    

 

 141

 

   

 

    

 

 107

 

   

 

    

 

 126  

 

  

 

      

 

 32

 

       

 

    

 

 12

 

       

 

Net earnings applicable to common shareholders

 

    

 

 $            1,185

 

   

 

    

 

 $                2,962

 

   

 

    

 

 $                3,809  

 

  

 

      

 

 (60

 

 )     

 

    

 

 (69

 

 )     

 

                 

 

EARNINGS PER COMMON SHARE

 

                                          

Basic4

 

    

 

 $              3.35

 

   

 

    

 

 $                  8.35

 

   

 

    

 

 $                10.96  

 

  

 

      

 

 (60

 

 )% 

 

    

 

 (69

 

 ) % 

 

Diluted

 

    

 

 $              3.32

 

   

 

    

 

 $                  8.25

 

   

 

    

 

 $                10.81  

 

  

 

      

 

 (60

 

 )      

 

    

 

 (69

 

 )     

 

                      

 

AVERAGE COMMON SHARES

 

                                          

Basic

 

    

 

 349.5

 

   

 

    

 

 352.8

 

   

 

    

 

 346.6  

 

  

 

      

 

 (1

 

 )     

 

    

 

 1

 

       

 

Diluted

 

    

 

 356.7

 

   

 

    

 

 359.2

 

   

 

    

 

 352.3  

 

  

 

      

 

 (1

 

 )     

 

    

 

 1

 

       

 

                 

 

SELECTED DATA AT PERIOD-END

 

                                          

Common shareholders’ equity

 

    

 

 $        106,486

 

   

 

    

 

 $            108,587

 

   

 

    

 

 $              99,223  

 

  

 

      

 

 (2

 

 )     

 

    

 

 7

 

       

 

Basic shares4

 

    

 

 350.8

 

   

 

    

 

 352.3

 

   

 

    

 

 348.9  

 

  

 

      

 

 –

 

       

 

    

 

 1

 

       

 

Book value per common share

 

    

 

 $          303.55

 

   

 

    

 

 $              308.22

 

   

 

    

 

 $              284.39  

 

  

 

      

 

 (2

 

 )     

 

    

 

 7

 

       

 

                 

Headcount

 

    

 

 48,500

 

   

 

    

 

 49,100

 

   

 

    

 

 43,900  

 

  

 

      

 

 (1

 

 )     

 

    

 

 10

 

       

 

 

12

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)5

$ in billions

 

   
     AS OF                     
   
    

DECEMBER 31,

2022

    

SEPTEMBER 30,

2022

    

DECEMBER 31,

2021

    

    

  

                    

                        

                    

 

ASSETS

 

                                

 

Cash and cash equivalents

     $             242         $             284         $                261            

 

Collateralized agreements

     414         379         384            

 

Customer and other receivables

     136         166         161            

 

Trading assets

     301         384         376            

 

Investments

     131         127         89            

 

Loans

     179         177         158            

 

Other assets

 

     39         39         35            

 

Total assets

 

  

 

 

 

 

$          1,442  

 

 

 

 

  

 

 

 

 

$          1,556  

 

 

 

 

  

 

 

 

 

$          1,464  

 

 

 

 

        
                 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

                                

 

Deposits

     $             387         $             395         $                364            

 

Collateralized financings

     155         219         231            

 

Customer and other payables

     262         278         252            

 

Trading liabilities

     191         232         181            

 

Unsecured short-term borrowings

     61         52         47            

 

Unsecured long-term borrowings

     247         240         254            

 

Other liabilities

     22         21         25            

 

Total liabilities

 

  

 

 

 

 

1,325  

 

 

 

 

  

 

 

 

 

1,437  

 

 

 

 

  

 

 

 

 

1,354  

 

 

 

 

        

 

Shareholders’ equity

 

     117         119         110            

 

Total liabilities and shareholders’ equity

 

  

 

 

 

 

$          1,442  

 

 

 

 

  

 

 

 

 

$          1,556  

 

 

 

 

  

 

 

 

 

$          1,464  

 

 

 

 

        

 

Capital Ratios and Supplementary Leverage Ratio (unaudited)4,5

$ in billions

 

 

 

        
   
     AS OF                      
   
    

DECEMBER 31,

2022

    

SEPTEMBER 30,

2022

    

DECEMBER 31,

2021

                  

 

Common equity tier 1 capital

     $            98.1         $            98.7         $            96.3            
                 

 

STANDARDIZED CAPITAL RULES

 

                                

 

Risk-weighted assets6

     $             649         $             689         $                677            

 

Common equity tier 1 capital ratio6

     15.1%       14.3%       14.2%          
                 

 

ADVANCED CAPITAL RULES

 

                                

 

Risk-weighted assets6

     $             679         $             675         $                648            

 

Common equity tier 1 capital ratio6

     14.4%       14.6%       14.9%          
                 

 

SUPPLEMENTARY LEVERAGE RATIO

 

                                

 

Supplementary leverage ratio

 

     5.8%       5.6%       5.6%          

 

Average Daily VaR (unaudited)4,5

$ in millions

 

 

        
     
     THREE MONTHS ENDED          YEAR ENDED     
       
    

DECEMBER 31,

2022

     SEPTEMBER 30,
2022		    

DECEMBER 31,

2021

         DECEMBER 31,
2022		  

DECEMBER 31,

2021

    

 

RISK CATEGORIES

 

                                    

 

Interest rates

     $                  98         $               112         $                  58         $             97     $             60    

 

Equity prices

     30         34         34         33     43    

 

Currency rates

     42         36         15         32     13    

 

Commodity prices

     28         51         32         47     25    

 

Diversification effect

     (94)        (103)        (56)        (95)    (55)   

 

 

Total

 

  

 

 

 

 

$                104  

 

 

 

 

  

 

 

 

 

$                130  

 

 

 

 

  

 

 

 

 

$                  83   

 

 

 

 

    

 

$           114  

 

  

 

$             86  

 

  

 

13

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)4,5

$ in billions

 

   
     AS OF                     
   
    

DECEMBER 31,

2022

    

SEPTEMBER 30,

2022

    

DECEMBER 31,

2021

    

    

  

                    

                        

                    

 

ASSET CLASS

 

                                

 

Alternative investments

     $                263         $             256         $             236            

 

Equity

     563         516         613            

 

Fixed income

     1,010         955         940            

 

Total long-term AUS

 

  

 

 

 

 

1,836  

 

 

 

 

  

 

 

 

 

1,727  

 

 

 

 

  

 

 

 

 

1,789  

 

 

 

 

        

 

Liquidity products

 

     711         700         681            

 

Total AUS

 

  

 

 

 

 

$          2,547  

 

 

 

 

  

 

 

 

 

$          2,427  

 

 

 

 

  

 

 

 

 

$          2,470  

 

 

 

 

        
       
     
     THREE MONTHS ENDED          YEAR ENDED     
       
    

DECEMBER 31,

2022

    

SEPTEMBER 30,

2022

    

DECEMBER 31,

2021

         DECEMBER 31,
2022		  

DECEMBER 31,

2021

    

 

Beginning balance

    

 

 $          2,427  

 

  

 

    

 

 $          2,495  

 

  

 

    

 

 $          2,372  

 

  

 

    

$          2,470  

 

  

$          2,145  

 

  

 

Net inflows / (outflows):

                  

 

Alternative investments

     3         7         11         19     33    

 

Equity

    

 

 –  

 

  

 

    

 

 (2) 

 

  

 

    

 

 12  

 

  

 

    

13  

 

  

41  

 

  

 

Fixed income

     19         4         (1)        18     56    

 

Total long-term AUS net inflows / (outflows)

 

  

 

 

 

 

22  

 

 

 

 

  

 

 

 

 

9  

 

 

 

 

  

 

 

 

 

22  

 

 

 

 

    

 

50  

 

  

 

130  

 

  

 

Liquidity products

 

    

 

 11  

 

  

 

    

 

 18  

 

  

 

    

 

 42  

 

  

 

    

16  

 

  

98  

 

  

 

Total AUS net inflows / (outflows)

 

  

 

 

 

 

33  

 

 

 

 

  

 

 

 

 

27  

 

 

 

 

  

 

 

 

 

64  

 

 

 

 

    

 

66  

 

  

 

228  

 

  

 

Acquisitions / (dispositions)

 

    

 

 –  

 

  

 

    

 

 4  

 

  

 

    

 

 –  

 

  

 

    

316  

 

  

–  

 

  

Net market appreciation / (depreciation)

     87         (99)        34         (305)    97    

 

 

Ending balance

 

  

 

 

 

 

$          2,547  

 

 

 

 

  

 

 

 

 

$          2,427  

 

 

 

 

  

 

 

 

 

$          2,470  

 

 

 

 

    

 

$          2,547  

 

  

 

$          2,470  

 

  

 

14

Goldman Sachs Reports

Full Year and Fourth Quarter 2022 Earnings Results

 

 

Footnotes

    

 

  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        
   

Unaudited, $ in millions

 

  

 THREE MONTHS ENDED 

DECEMBER 31, 2022

    

    

  

 YEAR ENDED 

 DECEMBER 31, 2022

    

     

  

Total shareholders’ equity

 

    

 

 $            118,244 

 

  

 

      

 

 $            115,990 

 

  

 

  

Preferred stock

 

    

 

 (10,703)

 

  

 

      

 

 (10,703)

 

  

 

  

Common shareholders’ equity

 

    

 

 107,541 

 

  

 

        

 

 105,287 

 

  

 

  

Goodwill

    

 

 (6,319)

 

  

 

      

 

 (5,726)

 

  

 

  

Identifiable intangible assets

 

    

 

 (1,976)

 

  

 

      

 

 (1,583)

 

  

 

  

Tangible common shareholders’ equity

 

    

 

 $               99,246 

 

  

 

        

 

 $             97,978 

 

  

 

  

 

  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.

 

 

  3.

Dealogic – January 1, 2022 through December 31, 2022.

 

 

  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.”

 

 

  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.

 

 

  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.

 

15