8-K

Exhibit 99.1

LOGO

First Quarter 2021

Earnings Results

Media Relations: Jake Siewert 212-902-5400

Investor Relations: Heather Kennedy Miner 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

First Quarter 2021 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $18.60

“We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment. Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter. I am proud of our people for the performance they’ve delivered for clients over the past year under challenging conditions, and pleased that our client-centric strategy continues to drive additional value for our shareholders.”

- David M. Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
$17.70 billion	$6.84 billion	$18.60

Annualized ROE¹	Annualized ROTE¹	Book Value Per Share
31.0%	32.9%	$250.81

NEW YORK, April 14, 2021 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.70 billion and net earnings of $6.84 billion for the first quarter ended March 31, 2021.

Diluted earnings per common share (EPS) was $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of 2020 and $12.08 for the fourth quarter of 2020.

Annualized return on average common shareholders’ equity (ROE)¹ was 31.0% and annualized return on average tangible common shareholders’ equity (ROTE)¹ was 32.9% for the first quarter of 2021.

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Highlights

◾

The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE¹ of 31.0% was the highest quarterly ROE since 2009.

◾

Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog² ended the quarter at a record level.

◾

The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date³.

◾

Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).

◾

Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.

◾

Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealth management and Consumer banking net revenues.

◾

Firmwide assets under supervision^2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.

◾

Book value per common share increased by 6.2% during the quarter to $250.81.

◾

The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.

Quarterly Net Revenue Mix by Segment

LOGO

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Net Revenues


Net revenues were $17.70 billion for the first quarter of 2021, 102% higher than the first quarter of 2020 and 51% higher than the fourth quarter of 2020. The increase compared with the first quarter of 2020 reflected higher net revenues across all segments, including significant increases in Asset Management, Global Markets and Investment Banking.				Net Revenues
				$17.70 billion

Investment Banking


Net revenues in Investment Banking were $3.77 billion for the first quarter of 2021, 73% higher than the first quarter of 2020 and 44% higher than the fourth quarter of 2020. The increase compared with the first quarter of 2020 reflected significantly higher net revenues in both Underwriting and Financial advisory, partially offset by significantly lower net revenues in Corporate lending. The increase in Underwriting net revenues was due to significantly higher net revenues in both Equity underwriting, primarily driven by strong initial public offerings activity, and Debt underwriting, primarily reflecting higher net revenues from leveraged finance and asset-backed activity. The increase in Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions transactions. The decrease in Corporate lending net revenues reflected significantly lower net revenues from relationship lending activities as the prior year period included net gains from the impact of widening credit spreads on hedges. The firm’s backlog² increased compared with the end of 2020.	Investment Banking
	$3.77 billion
	Financial Advisory	$1.12 billion
	Underwriting	$2.45 billion
	Corporate Lending	$205 million

Global Markets


Net revenues in Global Markets were $7.58 billion for the first quarter of 2021, 47% higher than the first quarter of 2020 and 78% higher than the fourth quarter of 2020. Net revenues in FICC were $3.89 billion, 31% higher than the first quarter of 2020, due to significantly higher net revenues in FICC intermediation, reflecting significantly higher net revenues in mortgages and interest rate products and, to a lesser extent, commodities and credit products, partially offset by significantly lower net revenues in currencies. Net revenues in FICC financing were essentially unchanged. Net revenues in Equities were $3.69 billion, 68% higher than the first quarter of 2020, due to significantly higher net revenues in both Equities intermediation, reflecting significantly higher net revenues in both derivatives and cash products, and Equities financing, reflecting improved market conditions and increased activity (including higher average customer balances in the Prime business).	Global Markets
	$7.58 billion
	FICC Intermediation	$3.45 billion
	FICC Financing	$442 million
	FICC	$3.89 billion

	Equities Intermediation	$2.59 billion
	Equities Financing	$1.10 billion
	Equities	$3.69 billion

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Asset Management


Net revenues in Asset Management were $4.61 billion for the first quarter of 2021, compared with $(96) million for the first quarter of 2020 and $3.21 billion for the fourth quarter of 2020. The increase compared with the first quarter of 2020 primarily reflected strong net revenues in Equity investments and Lending and debt investments, compared with net losses in the prior year period due to a challenging operating environment. In addition, Management and other fees were higher, while Incentive fees were significantly lower. Equity investments net revenues reflected significantly higher net gains from investments in private equities and net gains from investments in public equities compared with net losses in the prior year period. Lending and debt investments net revenues included net gains, reflecting tighter corporate credit spreads during the quarter, compared with significant net losses in the prior year period. The increase in Management and other fees reflected the impact of higher average assets under supervision, partially offset by fee waivers on money market funds. The decrease in Incentive fees was due to a strong prior year period.	Asset Management
	$4.61 billion
	Management and Other Fees	$693 million
	Incentive Fees	$ 42 million
	Equity Investments	$3.12 billion
	Lending and Debt Investments	$759 million

Consumer & Wealth Management


Net revenues in Consumer & Wealth Management were $1.74 billion for the first quarter of 2021, 16% higher than the first quarter of 2020 and 5% higher than the fourth quarter of 2020. Net revenues in Wealth management were $1.37 billion, 13% higher than the first quarter of 2020, primarily due to higher Management and other fees, reflecting the impact of higher average assets under supervision. Net revenues in Private banking and lending were higher, primarily reflecting higher net interest income from lending, while Incentive fees were lower. Net revenues in Consumer banking were $371 million, 32% higher than the first quarter of 2020, reflecting higher credit card loan and deposit balances.	Consumer & Wealth Management
	$1.74 billion
	Wealth Management	$1.37 billion
	Consumer Banking	$371 million

Provision for Credit Losses


Provision for credit losses was a net benefit of $70 million for the first quarter of 2021, compared with net provisions of $937 million for the first quarter of 2020 and $293 million for the fourth quarter of 2020. The first quarter of 2021 included reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio growth, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio. The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.
				Provision for Credit Losses
				$(70) million

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Operating Expenses


Operating expenses were $9.44 billion for the first quarter of 2021, 46% higher than the first quarter of 2020 and 60% higher than the fourth quarter of 2020. The firm’s efficiency ratio² for the first quarter of 2021 was 53.3%, compared with 73.9% for the first quarter of 2020.				Operating Expenses
				$9.44 billion

The increase in operating expenses compared with the first quarter of 2020 was primarily due to significantly higher compensation and benefits expenses (reflecting strong performance). Transaction based expenses were significantly higher (reflecting an increase in activity levels) and technology expenses were higher, partially offset by lower net provisions for litigation and regulatory proceedings, lower travel and entertainment expenses (included in market development expenses), and lower expenses related to consolidated investments (including impairments). Net provisions for litigation and regulatory proceedings for the first quarter of 2021 were $74 million compared with $184 million for the first quarter of 2020. Headcount was essentially unchanged compared with the end of 2020.				Efficiency Ratio
				53.3%

Provision for Taxes


The effective income tax rate for the first quarter of 2021 was 18.0%, down from the full year rate of 24.2% for 2020, primarily due to the impact of non-deductible litigation in 2020 and the impact of tax benefits on the settlement of employee share-based awards in the first quarter of 2021.
						Effective Tax Rate
						18.0%

Other Matters


◾ On April 13, 2021, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $1.25 per common share to be paid on June 29, 2021 to common shareholders of record on June 1, 2021. ◾ During the quarter, the firm returned $3.15 billion of capital to common shareholders, including $2.70 billion of share repurchases (8.7 million shares at an average cost of $310.04) and $448 million of common stock dividends.² ◾ Global core liquid assets² averaged $299 billion⁴ for the first quarter of 2021, compared with an average of $298 billion for the fourth quarter of 2020.				Declared Quarterly Dividend Per Common Share
				$1.25

				Common Share Repurchases
				8.7 million shares for $2.70 billion

				Average GCLA
				$299 billion

Goldman Sachs Reports

First Quarter 2021 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, 2020.

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 transaction backlog 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 of hostilities, 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 transactions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2020.


				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 1-888-281-7154 (in the U.S.) or 1-706-679-5627 (outside the U.S.). 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 or by dialing 1-855-859-2056 (in the U.S.) or 1-404-537-3406 (outside the U.S.) passcode number 64774224 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-[email protected].

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020		DECEMBER 31, 2020		MARCH 31, 2020
INVESTMENT BANKING
Financial advisory		$ 1,117		$ 1,091		$ 781		2 %		43 %

Equity underwriting		1,569		1,115		378		41		315
Debt underwriting		880		526		583		67		51
Underwriting		2,449		1,641		961		49		155

Corporate lending		205		(119)		442		N.M.		(54)
Net revenues		3,771		2,613		2,184		44		73

GLOBAL MARKETS
FICC intermediation		3,451		1,498		2,537		130		36
FICC financing		442		380		432		16		2
FICC		3,893		1,878		2,969		107		31

Equities intermediation		2,586		1,796		1,528		44		69
Equities financing		1,102		591		666		86		65
Equities		3,688		2,387		2,194		55		68
Net revenues		7,581		4,265		5,163		78		47

ASSET MANAGEMENT
Management and other fees		693		733		640		(5)		8
Incentive fees		42		71		154		(41)		(73)
Equity investments		3,120		1,770		(22)		76		N.M.
Lending and debt investments		759		637		(868)		19		N.M.
Net revenues		4,614		3,211		(96)		44		N.M.

CONSUMER & WEALTH MANAGEMENT
Management and other fees		1,077		1,035		959		4		12
Incentive fees		26		28		69		(7)		(62)
Private banking and lending		264		242		182		9		45
Wealth management		1,367		1,305		1,210		5		13

Consumer banking		371		347		282		7		32
Net revenues		1,738		1,652		1,492		5		16

Total net revenues		$ 17,704		$ 11,741		$ 8,743		51		102
Geographic Net Revenues (unaudited)²
$ in millions

	THREE MONTHS ENDED

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
Americas		$ 10,825		$ 7,175		$ 5,171
EMEA		4,713		2,837		2,108
Asia		2,166		1,729		1,464
Total net revenues		$ 17,704		$ 11,741		$ 8,743

Americas		61%		61%		59%
EMEA		27%		24%		24%
Asia		12%		15%		17%
Total		100%		100%		100%

Goldman Sachs Reports

First Quarter 2021 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

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020		DECEMBER 31, 2020		MARCH 31, 2020
REVENUES
Investment banking		$ 3,566		$ 2,732		$ 1,742		31 %		105 %
Investment management		1,796		1,831		1,768		(2)		2
Commissions and fees		1,073		849		1,020		26		5
Market making		5,893		2,750		3,682		114		60
Other principal transactions		3,894		2,169		(782)		80		N.M.
Total non-interest revenues		16,222		10,331		7,430		57		118

Interest income		3,054		2,973		4,750		3		(36)
Interest expense		1,572		1,563		3,437		1		(54)
Net interest income		1,482		1,410		1,313		5		13

Total net revenues		17,704		11,741		8,743		51		102

Provision for credit losses		(70)		293		937		N.M.		N.M.

OPERATING EXPENSES
Compensation and benefits		6,043		2,479		3,235		144		87
Transaction based		1,256		1,086		1,030		16		22
Market development		80		89		153		(10)		(48)
Communications and technology		375		341		321		10		17
Depreciation and amortization		498		498		437		–		14
Occupancy		247		254		238		(3)		4
Professional fees		360		350		347		3		4
Other expenses		578		810		697		(29)		(17)
Total operating expenses		9,437		5,907		6,458		60		46

Pre-tax earnings		8,337		5,541		1,348		50		518
Provision for taxes		1,501		1,035		135		45		N.M.
Net earnings		6,836		4,506		1,213		52		464
Preferred stock dividends		125		144		90		(13)		39
Net earnings applicable to common shareholders		$ 6,711		$ 4,362		$ 1,123		54		498

EARNINGS PER COMMON SHARE
Basic²		$ 18.80		$ 12.23		$ 3.12		54 %		503 %
Diluted		$ 18.60		$ 12.08		$ 3.11		54		498

AVERAGE COMMON SHARES
Basic		356.6		356.0		358.0		–		–
Diluted		360.9		361.0		361.1		–		–

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 88,461		$ 84,729		$ 81,176		4		9
Basic shares²		352.7		358.8		355.7		(2)		(1)
Book value per common share		$ 250.81		$ 236.15		$ 228.21		6		10

Headcount		40,300		40,500		38,500		–		5

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

AS OF

MARCH 31,

2021

DECEMBER 31,

2020

ASSETS

Cash and cash equivalents

$ 191

$ 156

Collateralized agreements

324

250

Customer and other receivables

165

121

Trading assets

375

394

Investments

Loans

121

116

Other assets

Total assets

$ 1,302

$ 1,163

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 286

$ 260

Collateralized financings

193

174

Customer and other payables

224

191

Trading liabilities

201

154

Unsecured short-term borrowings

Unsecured long-term borrowings

219

213

Other liabilities

Total liabilities

1,204

1,067

Shareholders’ equity

Total liabilities and shareholders’ equity

$ 1,302

$ 1,163

Capital Ratios and Supplementary Leverage Ratio (unaudited)^2,4

$ in billions

AS OF

MARCH 31,

2021

DECEMBER 31,

2020

Common equity tier 1 capital

$ 85.2

$ 81.6

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 595

$ 554

Common equity tier 1 capital ratio

14.3%

14.7%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 630

$ 610

Common equity tier 1 capital ratio

13.5%

13.4%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

6.5%

7.0%

Average Daily VaR (unaudited)^2,4

$ in millions

THREE MONTHS ENDED

MARCH 31,

2021

DECEMBER 31,

2020

RISK CATEGORIES

Interest rates

$ 58

$ 57

Equity prices

Currency rates

Commodity prices

Diversification effect

(54)

(57)

Total

$ 89

$ 84

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^2,4

$ in billions



	AS OF

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
SEGMENT
Asset Management		$ 1,567		$ 1,530		$ 1,309
Consumer & Wealth Management		637		615		509
Total AUS		$ 2,204		$ 2,145		$ 1,818

ASSET CLASS
Alternative investments		$ 197		$ 191		$ 178
Equity		516		475		335
Fixed income		885		896		771
Total long-term AUS		1,598		1,562		1,284
Liquidity products		606		583		534
Total AUS		$ 2,204		$ 2,145		$ 1,818


	THREE MONTHS ENDED

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
ASSET MANAGEMENT
Beginning balance		$ 1,530		$ 1,461		$ 1,298
Net inflows / (outflows):
Alternative investments		3		3		(1)
Equity		3		(12)		2
Fixed income		16		18		7
Total long-term AUS net inflows / (outflows)		22		9		8
Liquidity products		29		6		66
Total AUS net inflows / (outflows)		51		15		74
Net market appreciation / (depreciation)		(14)		54		(63)
Ending balance		$ 1,567		$ 1,530		$ 1,309

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 615		$ 575		$ 561
Net inflows / (outflows):
Alternative investments		2		–		–
Equity		11		8		1
Fixed income		2		–		(8)
Total long-term AUS net inflows / (outflows)		15		8		(7)
Liquidity products		(6)		–		6
Total AUS net inflows / (outflows)		9		8		(1)
Net market appreciation / (depreciation)		13		32		(51)
Ending balance		$ 637		$ 615		$ 509

FIRMWIDE
Beginning balance		$ 2,145		$ 2,036		$ 1,859
Net inflows / (outflows):
Alternative investments		5		3		(1)
Equity		14		(4)		3
Fixed income		18		18		(1)
Total long-term AUS net inflows / (outflows)		37		17		1
Liquidity products		23		6		72
Total AUS net inflows / (outflows)		60		23		73
Net market appreciation / (depreciation)		(1)		86		(114)
Ending balance		$ 2,204		$ 2,145		$ 1,818

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Footnotes

Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized ROTE is calculated by dividing annualized net earnings 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 MARCH 31, 2021
Total shareholders’ equity		$ 96,159
Preferred stock		(9,703)
Common shareholders’ equity		86,456
Goodwill Identifiable intangible assets		(4,332) (608)
Tangible common shareholders’ equity		$ 81,516

For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020: (i) investment banking transaction 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 “Equity Capital Management and Regulatory Capital – Equity 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 II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020: (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.”

Dealogic – January 1, 2021 through March 31, 2021.

Represents a preliminary estimate for the first quarter of 2021 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2021.

Exhibit 99.2 First Quarter 2021 Earnings Results Presentation April 14, 2021

Results Snapshot Net Revenues Net Earnings EPS 1Q21 $17.70 billion 1Q21 $6.84 billion 1Q21 $18.60 1 1 Annualized ROE Annualized ROTE Book Value BVPS $250.81 1Q21 31.0% 1Q21 32.9% YTD Growth 6.2% Highlights Record quarterly net revenues and diluted EPS Record Asset Management net revenues Highest quarterly ROE since 2009 2 Record Investment Banking net revenues and record backlog Record Consumer & Wealth Management net revenues 3 #1 in M&A and Equity and equity-related offerings 2,4 Highest Global Markets net revenues since 2010 Record Firmwide AUS 1

Macro Perspectives Macro Factors Economic Fundamentals Economic Growth Expected in 2021 and 2022 Continued Monetary & Fiscal Stimulus GDP Growth: U.S. Global 2021 | 2022 +7.2% | +4.9% +6.7% | +4.7% COVID-19 Vaccine Rollout Improving Fundamentals Declining U.S. Increasing Rising CEO Increasing Confidence in Economic Recovery Unemployment Consumer Spending Confidence Rise in Government Elevated Trading Continued Rise in Tighter Credit Spreads Bond Yields on Volumes, with Equity Markets in U.S. and Europe Recovery Optimism Moderating Volatility U.S. HY Z-Spread: -55bps QoQ 10-Yr UST: +85bps QoQ NYSE Volumes: +30% YoY S&P 500: +6% in 1Q21 EUR HY Z-Spread: -30bps QoQ 10-Yr U.K. Gilt: +65bps QoQ Avg. VIX: -9% QoQ | -25% YoY MSCI World: +4% in 1Q21 2 2021 and 2022 estimated real gross domestic product (GDP) growth per Goldman Sachs Research

Financial Overview Financial Results Financial Overview Highlights n 1Q21 results included record EPS of $18.60 and ROE of 31.0% $ in millions, vs. vs. except per share amounts 1Q21 4Q20 1Q20 — 1Q21 net revenues were significantly higher YoY, reflecting higher net revenues across all segments Investment Banking $ 3,771 44% 73% — 1Q21 provision for credit losses was a net benefit of $70 million, including: Global Markets 7,581 78% 47% o Reserve reductions reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 Asset Management 4,614 44% N.M. as a result of the COVID-19 pandemic o Partially offset by portfolio growth, including provisions related to the pending Consumer & Wealth Management 1,738 5% 16% acquisition of the General Motors co-branded credit card portfolio — 1Q21 operating expenses were significantly higher YoY across all segments, primarily driven Net revenues $ 17,704 51% 102% by compensation and benefits expenses (reflecting strong performance) Provision for credit losses (70) N.M. N.M. Net Revenues by Segment ($ in millions) Operating expenses 9,437 60% 46% $17,704 Pre-tax earnings 8,337 50% 518% $1,738 Net earnings 6,836 52% 464% $4,614 $11,741 $1,652 Net earnings to common $ 6,711 54% 498% $8,743 $3,211 $1,492 $7,581 Diluted EPS $ 18.60 54% 498% $5,163 $4,265 1 ROE 31.0% 9.9pp 25.3pp $3,771 $2,613 $2,184 1 32.9% 10.4pp 26.9pp ROTE $(96) 1Q20 4Q20 1Q21 2 Efficiency Ratio 53.3% 3.0pp -20.6pp Investment Banking Global Markets Asset Management Consumer & Wealth Management 3

Investment Banking Financial Results Investment Banking Highlights vs. vs.n 1Q21 net revenues were significantly higher YoY $ in millions 1Q21 4Q20 1Q20 — Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions transactions Financial advisory $ 1,117 2% 43% — Underwriting: Equity underwriting net revenues were primarily driven by strong initial public offerings activity; Debt underwriting net revenues primarily reflected higher net revenues Equity underwriting 1,569 41% 315% from leveraged finance and asset-backed activity Debt underwriting 880 67% 51% — Corporate lending net revenues reflected significantly lower net revenues from relationship lending activities as the prior year period included net gains from the impact of widening credit spreads on hedges Underwriting 2,449 49% 155% n 1Q21 provision for credit losses included a net benefit from reserve reductions reflecting continued improvement in the broader economic environment Corporate lending 205 N.M. -54% 2 n Overall backlog was a record at the end of 1Q21 and increased QoQ in advisory and debt underwriting 3,771 44% 73% Net revenues (163) N.M. N.M. Provision for credit losses Investment Banking Net Revenues ($ in millions) 1,863 56% 59% Operating expenses $3,771 $205 $ 2,071 47% 427% Pre-tax earnings $880 $2,613 $2,184 $526 Net earnings $ 1,698 58% 380% $442 $1,569 $1,115 $583 Net earnings to common $ 1,679 58% 390% $378 $1,091 $1,117 Average common equity $ 10,564 -8% -7% $781 $(119) 1Q20 4Q20 1Q21 Return on average common equity 63.6% 26.6pp 51.5pp Financial advisory Equity underwriting Debt underwriting Corporate lending 4

Global Markets Financial Results Global Markets Highlights vs. vs. n 1Q21 net revenues were significantly higher YoY $ in millions 1Q21 4Q20 1Q20 — FICC net revenues reflected significantly higher intermediation net revenues, while financing net revenues were essentially unchanged FICC $ 3,893 107% 31% — Equities net revenues reflected significantly higher intermediation and financing net 3,688 55% 68% Equities revenues Net revenues 7,581 78% 47% Provision for credit losses (20) N.M. N.M. 4,185 87% 47% Operating expenses Pre-tax earnings $ 3,416 72% 52% Global Markets Net Revenues ($ in millions) Net earnings $ 2,801 58% 38% $7,581 $ 2,730 62% 39% Net earnings to common Average common equity $ 41,044 -1% 3% $3,688 $5,163 $4,265 Return on average common equity 26.6% 10.3pp 6.9pp $2,194 $2,387 $3,893 $2,969 $1,878 1Q20 4Q20 1Q21 5 FICC Equities

Global Markets – FICC & Equities FICC Net Revenues Equities Net Revenues vs. vs. vs. vs. $ in millions $ in millions 1Q21 4Q20 1Q20 1Q21 4Q20 1Q20 $ 2,586 44% 69% FICC intermediation $ 3,451 130% 36% Equities intermediation Equities financing 1,102 86% 65% FICC financing 442 16% 2% $ 3,893 107% 31% Equities $ 3,688 55% 68% FICC FICC Highlights Equities Highlights n 1Q21 net revenues were significantly higher YoY n 1Q21 net revenues were significantly higher YoY — FICC intermediation net revenues reflected significantly higher net revenues in mortgages — Equities intermediation net revenues reflected significantly higher net revenues in both and interest rate products and, to a lesser extent, commodities and credit products, partially derivatives and cash products offset by significantly lower net revenues in currencies — Equities financing net revenues reflected improved market conditions and increased activity — FICC financing net revenues were essentially unchanged (including higher average customer balances in the Prime business) n 1Q21 operating environment was characterized by improved market-making conditions andn Record average Prime balances in 1Q21 higher client activity compared to 4Q20, as volatility moderated from elevated levels, interest n 1Q21 operating environment was characterized by higher client activity and improved market- rates increased and credit spreads generally tightened making conditions compared to 4Q20, as volatility moderated from elevated levels and global equity prices were generally higher 6

Asset Management Financial Results Asset Management Highlights vs. vs.n 1Q21 net revenues were significantly higher YoY, primarily reflecting significant net gains from $ in millions investments, compared with net losses in the prior year period due to a challenging operating 1Q21 4Q20 1Q20 environment Management and other fees $ 693 -5% 8% — Management and other fees reflected the impact of higher average AUS, partially offset by fee waivers on money market funds Incentive fees 42 -41% -73% — Equity investments net revenues included significant net gains in 1Q21: o Private: 1Q21 ~$2,780 million, compared to 1Q20 ~$460 million Equity investments 3,120 76% N.M. o Public: 1Q21 ~$340 million, compared to 1Q20 ~$(485) million — Lending and debt investments net revenues included net gains, reflecting tighter corporate credit spreads during the quarter Lending and debt investments 759 19% N.M. Net revenues 4,614 44% N.M. Asset Management Net Revenues ($ in millions) Provision for credit losses 53 141% -33% $4,614 $759 Operating expenses 1,890 51% 58% $3,211 Pre-tax earnings $ 2,671 38% N.M. $637 $3,120 $ 2,190 47% N.M. Net earnings $1,770 $(96) $71 $154 $42 $ 2,165 48% N.M. Net earnings to common $733 $640 $693 $(22) $(868) $ 24,604 17% 16% Average common equity 1Q20 4Q20 1Q21 35.2% 7.2pp 58.8pp Return on average common equity 7 Management and other fees Incentive fees Equity investments Lending and debt investments

Asset Management – Asset Mix 4 4 Equity Investments of $20 billion Lending and Debt Investments of $31 billion $17 Billion Private, $3 Billion Public 5% 11% 8% By Vintage By Region 8% 33% 31% 48% 2018-present Americas 8% By Industry Loan Portfolio $16 billion 38% 31% Loans 2015-2017 Asia 31% 21% $15 billion 18% 2014 or earlier EMEA Debt Investments 20% 89% Real Estate: Mixed Use 6%, Office 3%, Multifamily 3%, Other 6% 5 4 Consolidated Investment Entities of $19 billion 5 Funded with liabilities of ~$10 billion 4% 4% 5% 6% By Vintage By Region By Accounting By Region 7% 7% 26% Classification 34% 68% 63% 11% 47% 8% 9% 2018-present Americas Loans at FV Americas By Industry By Asset Class 30% 15% 42% 21% 2015-2017 Asia Loans at amortized cost Asia 13% 10% 47% 32% 2% 22% 2014 or earlier EMEA Debt investments at FV EMEA 25% 15% 14% 13% 8

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs.n 1Q21 net revenues were higher YoY $ in millions 1Q21 4Q20 1Q20 — Wealth management net revenues were higher Management and other fees $ 1,077 4% 12% o Management and other fees reflected the impact of higher average AUS o Private banking and lending net revenues primarily reflected higher net interest income from lending Incentive fees 26 -7% -62% — Consumer banking net revenues were higher, reflecting higher credit card loan and deposit balances Private banking and lending 264 9% 45% n 1Q21 provision for credit losses included provisions related to the pending acquisition of the General Motors co-branded credit card portfolio, partially offset by a benefit from reserve 1,367 5% 13% Wealth management reductions reflecting continued improvement in the broader economic environment Consumer banking 371 7% 32% Consumer & Wealth Management Net Revenues ($ in millions) Net revenues 1,738 5% 16% $1,738 $1,652 Provision for credit losses 60 -73% -64% $1,492 $371 $347 1,499 23% 20% Operating expenses $282 $264 $242 $182 $26 Pre-tax earnings $ 179 -15% 124% $28 $69 Net earnings $ 147 -11% 104% $1,077 $1,035 $959 Net earnings to common $ 137 -11% 108% $ 10,244 15% 46% Average common equity 1Q20 4Q20 1Q21 Management and other fees Incentive fees Private banking and lending Consumer banking Return on average common equity 5.3% -1.6pp 1.5pp 9

Asset Management and Consumer & Wealth Management Details 2,4 2,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights vs. vs. $ in billions 1Q21 4Q20 1Q20 4Q20 1Q20 n Firmwide AUS increased $59 billion during the quarter to a record $2.20 trillion, as Asset Management AUS increased $37 billion and Consumer & Wealth Management AUS increased Asset Management $ 1,567 $ 1,530 $ 1,309 2% 20% $22 billion Consumer & Wealth Management 637 615 509 4% 25% — Long-term net inflows of $37 billion, primarily driven by fixed income and equity assets Firmwide AUS $ 2,204 $ 2,145 $ 1,818 3% 21% — Liquidity products net inflows of $23 billion — Net market depreciation of $1 billion, as net market depreciation in fixed income assets was largely offset by net market appreciation in equity assets Firmwide Management and Other Fees/Incentive Fees 2,4 1Q21 AUS Mix vs. vs. $ in millions 1Q21 4Q20 1Q20 9% Asset Management $ 693 -5% 8% 29% 36% 23% Consumer & Wealth Management 1,077 4% 12% 40% Asset Distribution Class Channel Total Management and Other Fees $ 1,770 -% 11% 28% 35% Asset Management $ 42 -41% -73% Consumer & Wealth Management 26 -7% -62% 8% 12% Total Incentive Fees $ 68 -31% -70% 14% Region Vehicle 55% 33% 78% 10

Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) Metrics $1,482 $1,410 $ in billions 1Q21 4Q20 1Q20 $1,313 Corporate $ 48 $ 49 $ 68 3.3% $638 36 33 29 ALLL to Total Wealth management $618 $493 Gross Loans, at Amortized Cost Commercial real estate 21 20 17 $183 $94 9 6 4 $171 Residential real estate 2.4% ALLL to Gross Installment 3 4 5 Wholesale Loans, at Amortized Cost $511 $629 $561 4 4 2 Credit cards 14.1% Other 4 4 6 ALLL to Gross $138 $100 Consumer Loans, at $69 (4) (4) (3) Allowance for loan losses Amortized Cost 1Q20 4Q20 1Q21 Total Loans $ 121 $ 116 $ 128 Investment Banking Global Markets Asset Management Consumer & Wealth Management Lending Highlights Net Interest Income Highlights n Total loans increased $5 billion, up 4% QoQ, primarily reflecting growth in residential real estate n 1Q21 net interest income increased $169 million YoY (primarily in warehouse lending) and wealth management loans n The YoY increase in net interest income reflected an increase in interest-earning assets and n Total allowance was $4.24 billion (including $3.52 billion for funded loans), down ~$0.20 billion QoQ continued shift to lower cost deposit funding — $2.95 billion for wholesale loans, $1.29 billion for consumer loans n Provision for credit losses was a net benefit of $70 million in 1Q21, compared with net provisions of $937 million in 1Q20 n 1Q21 net charge-offs of $78 million for an annualized net charge-off rate of 0.3%, down 40bps QoQ — Wholesale annualized net charge-off rate of 0.1%, down 40bps QoQ — Consumer annualized net charge-off rate of 3.1%, down 20bps QoQ 11

Expenses Expense Highlights Financial Results n 1Q21 total operating expenses increased significantly YoY vs. vs. 1Q21 4Q20 1Q20 $ in millions — Compensation and benefits expenses up 87% (reflecting strong performance) — Non-compensation expenses up 5%, reflecting: Compensation and benefits $ 6,043 144% 87% o Significantly higher transaction based expenses (reflecting an increase in activity levels) Transaction based 1,256 16% 22% o Higher technology expenses o Lower net provisions for litigation and regulatory proceedings 80 -10% -48% Market development o Lower travel and entertainment expenses (included in market development expenses) and lower expenses related to consolidated investments (including 375 10% 17% Communications and technology impairments) n 1Q21 effective income tax rate was 18.0%, down from the full year rate of 24.2% for 2020, 498 -% 14% Depreciation and amortization primarily due to the impact of non-deductible litigation in 2020 and the impact of tax benefits on the settlement of employee share-based awards in the first quarter of 2021 Occupancy 247 -3% 4% 2 Efficiency Ratio Professional fees 360 3% 4% 73.9% Other expenses 578 -29% -17% 53.3% Total operating expenses $ 9,437 60% 46% Provision for taxes $ 1,501 45% N.M. Effective Tax Rate 18.0% 1Q20 1Q21 12

Capital and Balance Sheet 2,4 Capital Capital and Balance Sheet Highlights n Standardized CET1 ratio decreased QoQ reflecting higher credit and market RWAs driven by 1Q21 4Q20 1Q20 $ in billions increased exposure Common Equity Tier 1 (CET1) capital $ 85.2 $ 81.6 $ 74.6 n Advanced CET1 ratio increased QoQ due to an increase in CET1 capital reflecting net earnings in excess of share repurchases and dividends, partially offset by higher RWAs Standardized RWAs $ 595 $ 554 $ 594 n SLR decreased QoQ reflecting higher average total assets n Returned $3.15 billion of capital to common shareholders during the quarter Standardized CET1 capital ratio 14.3% 14.7% 12.5% 2 — Repurchased 8.7 million shares for a total cost of $2.70 billion in 1Q21 Advanced RWAs $ 630 $ 610 $ 606 — Paid $448 million of capital in common stock dividends Advanced CET1 capital ratio 13.5% 13.4% 12.3%n The firm’s balance sheet increased $139 billion QoQ, reflecting client demand 2 4 — Maintained highly liquid balance sheet as GCLA averaged $299 billion in 1Q21 Supplementary leverage ratio (SLR) 6.5% 7.0% 5.9% — Deposits increased $26 billion QoQ; Consumer deposits surpassed $100 billion this quarter — Unsecured long-term borrowings increased $6 billion QoQ; 2021 benchmark issuances are expected to be modestly higher than maturities and redemptions 4 Selected Balance Sheet Data n BVPS increased 6.2% QoQ, driven by net earnings $ in billions 1Q21 4Q20 1Q20 $ 1,302 $ 1,163 $ 1,090 Total assets Book Value $ 286 $ 260 $ 220 Deposits In millions, except per share amounts 1Q21 4Q20 1Q20 2 Unsecured long-term borrowings $ 219 $ 213 $ 226 Basic shares 352.7 358.8 355.7 Shareholders’ equity $ 98 $ 96 $ 92 Book value per common share $ 250.81 $ 236.15 $ 228.21 2 1 Average GCLA $ 299 $ 298 $ 243 Tangible book value per common share $ 236.90 $ 222.32 $ 214.69 13

Cautionary Note Regarding Forward-Looking Statements This presentation 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 and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2020. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) 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 regarding (i) estimated GDP growth, (ii) the impact of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity, (iii) the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium- and long-term targets and goals, (iv) the future state of the firm’s liquidity and regulatory capital ratios, (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s investment banking transaction backlog, and (viii) the firm’s planned 2021 debt benchmark issuances are forward-looking statements. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium and long-term targets and goals are based on the firm’s current expectations regarding the firm’s ability to implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios, as well as its prospective capital distributions, are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from the U.S. IRS. Statements about the firm’s investment banking transaction backlog 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 of hostilities, 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. Statements regarding the firm’s planned 2021 debt benchmark issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. 14

Footnotes 1. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings 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. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS 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 and ending common shareholders’ equity to average and ending tangible common shareholders’ equity. AVERAGE FOR THE AS OF THREE MONTHS ENDED Unaudited, $ in millions MARCH 31, 2021 MARCH 31, 2021 DECEMBER 31, 2020 MARCH 31, 2020 Total shareholders’ equity $ 96,159 $ 97,664 $ 95,932 $ 92,379 Preferred stock (9,703) (9,203) (11,203) (11,203) Common shareholders’ equity 86,456 88,461 84,729 81,176 Goodwill (4,332) (4,332) (4,332) (4,196) Identifiable intangible assets (608) (575) (630) (614) Tangible common shareholders’ equity $ 81,516 $ 83,554 $ 79,767 $ 76,366 2. For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020: (i) investment banking transaction 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) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” (v) share repurchase program – see “Equity Capital Management and Regulatory Capital – Equity Capital Management” and (vi) global core liquid assets – see “Risk Management – Liquidity Risk Management.” For information about risk-based capital ratios and the supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020. 3. Dealogic – January 1, 2021 through March 31, 2021. 4. Represents a preliminary estimate for the first quarter of 2021 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2021. 5. Includes consolidated investment entities, substantially all of which are engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. Substantially all liabilities are nonrecourse, thereby reducing the firm’s equity at risk. Amounts by vintage, region and asset class are net of financings. 15


200 West Street, New York, N.Y.		10282
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Exchange on which 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

Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.30% Non-Cumulative Preferred Stock, Series N	GS PrN	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 E, Callable Fixed Rate Notes due 2021 of GS Finance Corp.	GS/21F	NYSE

Medium-Term Notes, Series E, Index-Linked Notes due 2028 of GS Finance Corp.	FRLG	NYSE Arca


Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
Item 9.01 Financial Statements and Exhibits
SIGNATURE
Exhibit 99.1: PRESS RELEASE
Exhibit 99.2: PRESENTATION


	THE GOLDMAN SACHS GROUP, INC.
			(Registrant)

Date: April 14, 2021	By:	/s/ Stephen M. Scherr
		Name: Stephen M. Scherr
		Title: Chief Financial Officer


		CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		Date of Report (Date of earliest event reported): April 14, 2021