The Goldman Sachs Group (GS) Barclays 24th Annual Global Financial Services Conference summary

Strategic transformation and business growth

• Executed a multi-year strategy since 2018–2019 to focus on client-centricity, integration, and durable earnings, doubling revenue base to around $70 billion and improving business mix resilience.

• Emphasized the creation of a more diversified and durable business, enabling the firm to capture market share and perform strongly through economic cycles.

• Leadership is focused on sustained earnings growth, targeting 6% revenue growth and over 10% earnings growth annually, leveraging technology for efficiency and margin expansion.

• Technology is seen as a key enabler for process automation, margin improvement, and unlocking new growth capacity over the next 3–5 years.

• Anticipates significant productivity gains from the ongoing technology super cycle, correlating with long-term earnings growth.

Business segment performance and differentiation

• Banking & Markets and Asset & Wealth Management (AWM) are identified as core growth drivers, with AWM achieving high single-digit organic growth and strong margins.

• AWM was restructured into a unified, scaled platform, now supervising $4 trillion in assets and excelling in ultra-high net worth and global distribution.

• Recent acquisitions and partnerships, including with T. Rowe Price, Industry Ventures, and Innovator Capital Management, fill strategic gaps and bring in entrepreneurial talent.

• Wealth management growth is underpinned by expanding advisor footprint and strong third-party distribution partnerships.

• Alternatives platform stands out for performance, customization for institutional clients, and record fundraising, especially in credit.

Financing, capital markets, and M&A outlook

• Financing revenues in equities and FICC reached record levels, with future growth tied to global market cap expansion and risk management discipline.

• AI-related financing is a growing opportunity, but overall financing activity remains broad-based; the firm leverages its advisory, underwriting, and distribution strengths.

• Maintains a selective, risk-focused approach to new financing opportunities, especially in emerging sectors like AI infrastructure.

• Holds a leading position in M&A, with the current regulatory environment favoring strategic consolidation and high CEO confidence driving activity.

• Sponsor-driven M&A remains subdued due to incentive structures, but is expected to recover over time.