The Goldman Sachs Group (GS) Barclays 22nd Annual Global Financial Services Conference summary

Strategic progress and business focus

• Significant progress made in Global Banking and Markets, with a strong client-centered approach and leading market position.

• Asset and Wealth Management (AWM) platform has seen notable improvement, with high single-digit growth potential and margin enhancement.

• Continued reduction in balance sheet density and strong fundraising in AWM, with a focus on private wealth and alternatives.

• Consumer business has been narrowed and now represents a small part of operations.

• Two primary business focuses are well understood by investors, with clear growth and return opportunities.

Operating environment and performance trends

• Trading revenue is trending down 10% year-on-year in Q3, mainly due to FICC, following a strong prior year.

• Reduction in private equity and alternatives on-balance-sheet investing is progressing, leading to muted revenues in those lines.

• Transition of the GM Card platform and sale of seller financing loans expected to have a -$400 million pre-tax impact in Q3 revenues.

• Investment banking activity and backlogs are improving, though financial sponsor activity remains slower than anticipated.

Asset and Wealth Management growth levers

• Private wealth business supervises $1.5 trillion in assets, with growth driven by adding advisors and expanding internationally.

• Increased focus on private banking lending enhances client relationships.

• Alternatives fundraising remains strong, with secular trends supporting further growth.

• Customized solutions for large capital allocators and OCIO business are key differentiators.