The Goldman Sachs Group (GS) UBS Financial Services Conference summary

Strategic transformation and organizational focus

• Emphasis on client centricity and the 'One Goldman Sachs' ethos has driven significant market share gains and improved client relationships over the past five years.

• Investments in financial and people resources have enabled substantial revenue and earnings growth, with 2024 revenues reaching $54 billion, up from $37 billion in 2019.

• The firm is now focused on two main businesses: Global Banking and Markets, and Asset and Wealth Management, with a clear leadership position in both.

• Recent organizational changes elevated key leaders and refocused financing resources, including the creation of a Capital Solutions platform to better leverage unique capabilities.

• A multi-year business planning process and a growth-oriented mindset are now embedded, with accountability for investments and a focus on long-term value creation.

Market environment and regulatory outlook

• The new U.S. administration is expected to pursue a growth-oriented agenda, creating constructive tailwinds for capital markets, though policy uncertainty remains.

• Increased M&A dialogue and activity are anticipated to accelerate through the year, with pent-up demand and a return to or above 10-year averages likely.

• Regulatory reset is underway, with focus on capital regime reforms (Basel III, CCAR, GSIB) and a push for greater transparency and consistency to enable better business planning.

• The industry seeks a more balanced regulatory approach, aiming for capital levels that support investment and growth, with expected clarity in the next 12–24 months.

Business performance and growth opportunities

• Trading and financing businesses have shown strong, stable growth, with financing revenues rising from $3.5 billion in 2018/19 to $9 billion, and further expansion expected.

• Asset and Wealth Management has surpassed fundraising targets, with $325 billion raised in alternatives since 2019 and continued high single-digit management fee growth.

• The ultra-high net worth wealth business remains a key growth area, with opportunities for consolidation, international expansion, and increased access to alternatives.

• Digitization, tokenization, and open architecture platforms are expected to drive broader connectivity and growth in wealth and alternatives.