Form 8-K

Exhibit 99.1

LOGO

Full Year and

Fourth Quarter 2019

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

Full Year and Fourth Quarter 2019 Earnings Results

Goldman Sachs Reports Earnings Per Common Share of $21.03 for 2019

Fourth Quarter Earnings Per Common Share was $4.69

“Strong performance in the fourth quarter helped us to deliver solid results for the year, while continuing to invest in new businesses. We aim to drive higher returns in the future, and look forward to sharing our strategic goals and financial targets at Investor Day later this month.”

- David M. Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
2019 $36.55 billion 4Q19 $9.96 billion	2019 $8.47 billion 4Q19 $1.92 billion	2019 $21.03 4Q19 $4.69

ROE¹	ROTE¹	Book Value Per Share
2019 10.0% 4Q19 8.7%	2019 10.6% 4Q19 9.2%	2019 $218.52 2019 Growth 5.4%

NEW YORK, January 15, 2020 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $36.55 billion and net earnings of $8.47 billion for the year ended December 31, 2019. Net revenues were $9.96 billion and net earnings were $1.92 billion for the fourth quarter of 2019.

Diluted earnings per common share (EPS) was $21.03 for the year ended December 31, 2019 compared with $25.27 for the year ended December 31, 2018, and was $4.69 for the fourth quarter of 2019 compared with $6.04 for the fourth quarter of 2018 and $4.79 for the third quarter of 2019.

Return on average common shareholders’ equity (ROE)¹ was 10.0% for 2019 and annualized ROE was 8.7% for the fourth quarter of 2019. Return on average tangible common shareholders’ equity (ROTE)¹ was 10.6% for 2019 and annualized ROTE was 9.2% for the fourth quarter of 2019.

During 2019, the firm recorded net provisions for litigation and regulatory proceedings of $1.24 billion, which reduced diluted EPS by $3.16 and reduced ROE by 1.5 percentage points and ROTE by 1.6 percentage points.

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Annual Highlights

◾

Net revenues were $36.55 billion, which included fourth quarter net revenues of $9.96 billion, the second highest fourth quarter net revenues and the highest since 2007.

◾

The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year². The firm also ranked #1 in worldwide equity and equity-related offerings and common stock offerings for the year².

◾

Investment Banking generated net revenues of $7.60 billion, its second highest annual net revenues.

◾

FICC financing net revenues increased for the fifth consecutive year to a record $1.38 billion.

◾

Firmwide assets under supervision^3,4 increased $317 billion⁵ during the year to a record $1.86 trillion, including net inflows of $108 billion in long-term assets under supervision.

◾

Consumer & Wealth Management generated record net revenues of $5.20 billion, including record Management and other fees in Wealth management and significant growth in Consumer banking net revenues.

◾

During 2019, the firm returned $6.88 billion of capital to common shareholders, including $5.34 billion of share repurchases and $1.54 billion of common stock dividends.

Full Year Net Revenue Mix by Segment⁶

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Net Revenues


Full Year
Net revenues were $36.55 billion for 2019, essentially unchanged compared with 2018, reflecting lower net revenues in Investment Banking, offset by slightly higher net revenues in Global Markets.				2019 Net Revenues
				$36.55 billion
Fourth Quarter
Net revenues were $9.96 billion for the fourth quarter of 2019, 23% higher than the fourth quarter of 2018 and 20% higher than the third quarter of 2019. The increase compared with the fourth quarter of 2018 primarily reflected significantly higher net revenues in Asset Management and Global Markets.				4Q19 Net Revenues
				$9.96 billion

Investment Banking


Full Year
Net revenues in Investment Banking were $7.60 billion for 2019, 7% lower compared with a strong 2018, reflecting lower net revenues in Underwriting and Financial advisory, partially offset by higher net revenues in Corporate lending. The decrease in Underwriting net revenues was due to lower net revenues in Debt underwriting, driven by lower net revenues from investment-grade and leveraged finance activity, and in Equity underwriting, reflecting a decline in industry-wide initial public offerings. The decrease in Financial advisory net revenues reflected a decrease in industry-wide completed mergers and acquisitions transactions.	2019 Investment Banking
	$7.60 billion
	Financial Advisory	$3.20 billion
	Underwriting	$3.60 billion
	Corporate Lending	$801 million



The firm’s investment banking transaction backlog³was essentially unchanged compared with the end of 2018.
Fourth Quarter
Net revenues in Investment Banking were $2.06 billion for the fourth quarter of 2019, 6% lower than the fourth quarter of 2018 and 12% higher than the third quarter of 2019. The decrease compared with the fourth quarter of 2018 reflected significantly lower net revenues in Financial advisory and lower net revenues in Corporate lending, partially offset by significantly higher net revenues in Underwriting. The decrease in Financial advisory net revenues, compared with a strong prior year period, reflected a significant decrease in industry-wide completed mergers and acquisitions volumes. The increase in Underwriting net revenues was due to significantly higher net revenues in Debt underwriting, driven by asset-backed activity, and higher net revenues in Equity underwriting, reflecting an increase in industry-wide transactions. The firm’s investment banking transaction backlog³ increased compared with the end of the third quarter of 2019.	4Q19 Investment Banking
	$2.06 billion
	Financial Advisory	$855 million
	Underwriting	$977 million
	Corporate Lending	$232 million

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Global Markets


Full Year
Net revenues in Global Markets were $14.78 billion for 2019, 2% higher than 2018. Net revenues in Fixed Income, Currency and Commodities (FICC) were $7.39 billion, 6% higher than 2018, due to slightly higher net revenues in FICC intermediation, reflecting significantly higher net revenues in commodities and mortgages and higher net revenues in interest rate products, partially offset by significantly lower net revenues in currencies and lower net revenues in credit products. In addition, net revenues in FICC financing were higher, reflecting higher net revenues in structured credit financing. Net revenues in Equities were $7.39 billion, essentially unchanged compared with 2018. Net revenues in Equities intermediation were lower, reflecting lower net revenues in derivatives, partially offset by higher net revenues in cash products. This decrease was offset by higher net revenues in Equities financing, reflecting improved spreads.	2019 Global Markets
	$14.78 billion
	FICC Intermediation	$6.01 billion
	FICC Financing	$1.38 billion
	FICC	$7.39 billion

	Equities Intermediation	$4.37 billion
	Equities Financing	$3.02 billion
	Equities	$7.39 billion





Fourth Quarter
Net revenues in Global Markets were $3.48 billion for the fourth quarter of 2019, 33% higher than the fourth quarter of 2018 and 2% lower than the third quarter of 2019. Net revenues in FICC were $1.77 billion, 63% higher compared with a weak fourth quarter of 2018, primarily due to significantly higher net revenues in FICC intermediation, reflecting higher net revenues across most major businesses, including significant increases in interest rate products, commodities and mortgages. In addition, net revenues in FICC financing were higher. Net revenues in Equities were $1.71 billion, 12% higher than the fourth quarter of 2018, due to higher net revenues in Equities financing, reflecting improved spreads and higher average customer balances, and in Equities intermediation, reflecting significantly higher net revenues in cash products.	4Q19 Global Markets
	$3.48 billion
	FICC Intermediation	$1.38 billion
	FICC Financing	$387 million
	FICC	$1.77 billion

	Equities Intermediation	$979 million
	Equities Financing	$732 million
	Equities	$1.71 billion

Asset Management


Full Year
Net revenues in Asset Management were $8.97 billion for 2019, essentially unchanged compared with 2018, reflecting higher net revenues in Equity investments, offset by significantly lower Incentive fees and lower net revenues in Lending. Management and other fees were essentially unchanged. The increase in Equity investments net revenues reflected significantly higher net gains from investments in public equities, partially offset by slightly lower net gains from investments in private equities. The decrease in Lending net revenues primarily reflected lower net gains from investments in debt instruments. Management and other fees reflected the impact of higher average assets under supervision, offset by a lower average effective fee due to shifts in the mix of client assets and strategies.	2019 Asset Management
	$8.97 billion
	Management and Other Fees	$ 2.60 billion
	Incentive Fees	$130 million
	Equity Investments	$4.77 billion
	Lending	$1.47 billion

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Asset Management


Fourth Quarter
Net revenues in Asset Management were $3.00 billion for the fourth quarter of 2019, 52% higher than the fourth quarter of 2018 and 85% higher than the third quarter of 2019. The increase compared with the fourth quarter of 2018 reflected significantly higher net revenues in Equity investments and Lending, as well as higher Management and other fees, partially offset by lower Incentive fees. The increase in Equity investments net revenues reflected significant net gains in public equities compared with net losses in the prior year period and significantly higher net gains in private equities. The increase in Lending net revenues primarily reflected higher net gains from investments in debt instruments. The increase in Management and other fees reflected the impact of higher average assets under supervision, partially offset by a lower average effective fee due to shifts in the mix of client assets and strategies.	4Q19 Asset Management
	$3.00 billion
	Management and Other Fees	$ 666 million
	Incentive Fees	$ 45 million
	Equity Investments	$1.87 billion
	Lending	$427 million

Consumer & Wealth Management


Full Year
Net revenues in Consumer & Wealth Management were $5.20 billion for 2019, essentially unchanged compared with 2018. Net revenues in Wealth management were $4.34 billion, 5% lower than 2018, reflecting significantly lower Incentive fees and slightly lower net revenues in Private banking and lending. These decreases were partially offset by higher Management and other fees (including the impact of United Capital⁷), reflecting higher average assets under supervision. Net revenues in Consumer banking were $864 million, 41% higher than 2018, driven by higher net interest income, primarily reflecting an increase in deposit balances.	2019 Consumer & Wealth Management
	$5.20 billion
	Wealth Management	$ 4.34 billion
	Consumer Banking	$864 million





Fourth Quarter
Net revenues in Consumer & Wealth Management were $1.41 billion for the fourth quarter of 2019, 8% higher than the fourth quarter of 2018 and 7% higher than the third quarter of 2019. Net revenues in Wealth management were $1.18 billion, 6% higher than the fourth quarter of 2018, due to higher Management and other fees (including the impact of United Capital⁷), reflecting higher average assets under supervision. This increase was partially offset by lower Incentive fees, while net revenues in Private banking and lending were essentially unchanged. Net revenues in Consumer banking were $228 million, 23% higher than the fourth quarter of 2018, driven by higher net interest income, primarily reflecting an increase in deposit balances.	4Q19 Consumer & Wealth Management
	$1.41 billion
	Wealth Management	$ 1.18 billion
	Consumer Banking	$228 million

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Provision for Credit Losses


Full Year
Provision for credit losses was $1.07 billion for 2019, 58% higher than 2018, primarily reflecting higher impairments and higher provisions related to consumer loans.				2019 Provision for Credit Losses
				$1.07 billion
Fourth Quarter
Provision for credit losses was $336 million for the fourth quarter of 2019, 51% higher than the fourth quarter of 2018 and 15% higher than the third quarter of 2019. The increase compared with the fourth quarter of 2018 primarily reflected higher impairments.				4Q19 Provision for Credit Losses
				$336 million

Operating Expenses


Full Year
Operating expenses were $24.90 billion for 2019, 6% higher than 2018. The firm’s efficiency ratio³for 2019 was 68.1%, compared with 64.1% for 2018. The increase in operating expenses compared with 2018 primarily reflected significantly higher net provisions for litigation and regulatory proceedings and higher expenses for consolidated investments and technology (increases primarily in depreciation and amortization, communications and technology, occupancy and other expenses). In addition, 2019 included higher expenses related to the firm’s credit card and transaction banking activities (increases were primarily in professional fees and other expenses) and also included the impact of United Capital⁷. Compensation and benefits expenses were essentially unchanged compared with 2018. Net provisions for litigation and regulatory proceedings for 2019 were $1.24 billion compared with $844 million for 2018. Headcount increased 5% during 2019, reflecting an increase in the firm’s technology professionals and the impact of United Capital⁷.				2019 Operating Expenses
				$24.90 billion

				2019 Efficiency Ratio
				68.1%







Fourth Quarter
Operating expenses were $7.30 billion for the fourth quarter of 2019, 42% higher than the fourth quarter of 2018 and 30% higher than the third quarter of 2019. The increase in operating expenses compared with the fourth quarter of 2018 primarily reflected significantly higher compensation and benefits expenses and net provisions for litigation and regulatory proceedings. In addition, expenses related to consolidated investments and technology were higher (increases were primarily in occupancy and depreciation and amortization expenses). The fourth quarter of 2019 also included higher expenses related to the firm’s credit card and transaction banking activities (increases were primarily in professional fees and other expenses) and also included the impact of United Capital⁷. Net provisions for litigation and regulatory proceedings for the fourth quarter of 2019 were $1.09 billion compared with $516 million for the fourth quarter of 2018. The fourth quarter of 2019 included a $140 million charitable contribution to Goldman Sachs Gives.				4Q19 Operating Expenses
				$7.30 billion

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Provision for Taxes


The effective income tax rate for 2019 was 20.0%, down from 20.7% for the first nine months of 2019 due to the impact of regulatory guidance released in the fourth quarter related to the international provisions of the Tax Cuts and Jobs Act (Tax Legislation), partially offset by the impact of provisions for non-deductible litigation. The 2019 effective income tax rate increased from 16.2% for full year 2018, as 2018 included a $487 million income tax benefit related to the finalization of the enactment impact of Tax Legislation.				2019 Effective Tax Rate
				20.0%

Other Matters


◾ On January 14, 2020, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $1.25 per common share to be paid on March 30, 2020 to common shareholders of record on March 2, 2020. ◾ During the year, the firm returned $6.88 billion of capital to common shareholders, including $5.34 billion of share repurchases (25.8 million shares at an average cost of $206.56) and $1.54 billion of common stock dividends. This included $2.62 billion of capital returned to common shareholders during the fourth quarter, including $2.16 billion of share repurchases (10.2 million shares at an average cost of $212.67) and $453 million of common stock dividends.³ ◾ Global core liquid assets³ averaged $234 billion⁴ for 2019, compared with an average of $233 billion for 2018. Global core liquid assets averaged $237 billion⁴ for the fourth quarter of 2019, compared with an average of $238 billion for the third quarter of 2019.				Declared Quarterly Dividend Per Common Share
				$1.25

				Common Share Repurchases
				25.8 million shares for $5.34 billion in 2019

				Average GCLA
				$234 billion for 2019

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2018.

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 not completed at all and associated net revenues may not be realized or may be materially less than those currently 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, 2018.


				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

Full Year and Fourth Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	YEAR ENDED				% CHANGE FROM

	DECEMBER 31, 2019		DECEMBER 31, 2018		DECEMBER 31, 2018
INVESTMENT BANKING
Financial advisory		$ 3,197		$ 3,444		(7) %

Equity underwriting		1,482		1,628		(9)
Debt underwriting		2,119		2,358		(10)
Underwriting		3,601		3,986		(10)

Corporate lending		801		748		7
Net revenues		7,599		8,178		(7)

GLOBAL MARKETS
FICC intermediation		6,009		5,737		5
FICC financing		1,379		1,248		10
FICC		7,388		6,985		6

Equities intermediation		4,374		4,681		(7)
Equities financing		3,017		2,772		9
Equities		7,391		7,453		(1)
Net revenues		14,779		14,438		2

ASSET MANAGEMENT
Management and other fees		2,600		2,612		–
Incentive fees		130		384		(66)
Equity investments		4,765		4,207		13
Lending		1,470		1,632		(10)
Net revenues		8,965		8,835		1

CONSUMER & WEALTH MANAGEMENT
Management and other fees		3,475		3,282		6
Incentive fees		81		446		(82)
Private banking and lending		783		826		(5)
Wealth management		4,339		4,554		(5)

Consumer banking		864		611		41
Net revenues		5,203		5,165		1

Total net revenues		$ 36,546		$ 36,616		–
Geographic Net Revenues (unaudited)³ $ in millions

	YEAR ENDED

	DECEMBER 31, 2019		DECEMBER 31, 2018
Americas		$ 22,148		$ 22,339
EMEA		9,745		9,244
Asia		4,653		5,033
Total net revenues		$ 36,546		$ 36,616

Americas		60%		61%
EMEA		27%		25%
Asia		13%		14%
Total		100%		100%

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	DECEMBER 31, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018		SEPTEMBER 30, 2019		DECEMBER 31, 2018
INVESTMENT BANKING
Financial advisory		$ 855		$ 697		$ 1,198		23 %		(29) %

Equity underwriting		378		366		307		3		23
Debt underwriting		599		524		437		14		37
Underwriting		977		890		744		10		31

Corporate lending		232		254		251		(9)		(8)
Net revenues		2,064		1,841		2,193		12		(6)

GLOBAL MARKETS
FICC intermediation		1,382		1,315		757		5		83
FICC financing		387		364		330		6		17
FICC		1,769		1,679		1,087		5		63

Equities intermediation		979		1,080		897		(9)		9
Equities financing		732		784		625		(7)		17
Equities		1,711		1,864		1,522		(8)		12
Net revenues		3,480		3,543		2,609		(2)		33

ASSET MANAGEMENT
Management and other fees		666		660		629		1		6
Incentive fees		45		24		67		88		(33)
Equity investments		1,865		596		951		N.M.		96
Lending		427		341		327		25		31
Net revenues		3,003		1,621		1,974		85		52

CONSUMER & WEALTH MANAGEMENT
Management and other fees		967		881		830		10		17
Incentive fees		19		21		86		(10)		(78)
Private banking and lending		194		199		202		(3)		(4)
Wealth management		1,180		1,101		1,118		7		6

Consumer banking		228		217		186		5		23
Net revenues		1,408		1,318		1,304		7		8

Total net revenues		$ 9,955		$ 8,323		$ 8,080		20		23
Geographic Net Revenues (unaudited)³
$ in millions

	THREE MONTHS ENDED

	DECEMBER 31, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018
Americas		$ 6,310		$ 4,941		$ 5,178
EMEA		2,268		2,329		1,766
Asia		1,377		1,053		1,136
Total net revenues		$ 9,955		$ 8,323		$ 8,080

Americas		63%		59%		64%
EMEA		23%		28%		22%
Asia		14%		13%		14%
Total		100%		100%		100%

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 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, 2019		DECEMBER 31, 2018		DECEMBER 31, 2018
REVENUES
Investment banking		$ 6,798		$ 7,430		(9) %
Investment management		6,189		6,590		(6)
Commissions and fees		2,988		3,199		(7)
Market making		10,157		9,724		4
Other principal transactions		6,052		5,906		2
Total non-interest revenues		32,184		32,849		(2)

Interest income		21,738		19,679		10
Interest expense		17,376		15,912		9
Net interest income		4,362		3,767		16

Total net revenues		36,546		36,616		–

Provision for credit losses		1,065		674		58

OPERATING EXPENSES
Compensation and benefits		12,353		12,328		–
Brokerage, clearing, exchange and distribution fees		3,252		3,200		2
Market development		739		740		–
Communications and technology		1,167		1,023		14
Depreciation and amortization		1,704		1,328		28
Occupancy		1,029		809		27
Professional fees		1,316		1,214		8
Other expenses		3,338		2,819		18
Total operating expenses		24,898		23,461		6

Pre-tax earnings		10,583		12,481		(15)
Provision for taxes		2,117		2,022		5
Net earnings		8,466		10,459		(19)
Preferred stock dividends		569		599		(5)
Net earnings applicable to common shareholders		$ 7,897		$ 9,860		(20)

EARNINGS PER COMMON SHARE
Basic³		$ 21.18		$ 25.53		(17) %
Diluted		$ 21.03		$ 25.27		(17)

AVERAGE COMMON SHARES
Basic		371.6		385.4		(4)
Diluted		375.5		390.2		(4)

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 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, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018		SEPTEMBER 30, 2019		DECEMBER 31, 2018
REVENUES
Investment banking		$ 1,832		$ 1,587		$ 1,942		15 %		(6) %
Investment management		1,671		1,562		1,574		7		6
Commissions and fees		687		748		838		(8)		(18)
Market making		2,479		2,476		1,454		–		70
Other principal transactions		2,221		942		1,281		136		73
Total non-interest revenues		8,890		7,315		7,089		22		25

Interest income		4,922		5,459		5,468		(10)		(10)
Interest expense		3,857		4,451		4,477		(13)		(14)
Net interest income		1,065		1,008		991		6		7

Total net revenues		9,955		8,323		8,080		20		23

Provision for credit losses		336		291		222		15		51

OPERATING EXPENSES
Compensation and benefits		3,046		2,731		1,857		12		64
Brokerage, clearing, exchange and distribution fees		814		853		830		(5)		(2)
Market development		200		169		208		18		(4)
Communications and technology		308		283		262		9		18
Depreciation and amortization		464		473		377		(2)		23
Occupancy		318		252		215		26		48
Professional fees		366		350		317		5		15
Other expenses		1,782		505		1,084		N.M.		64
Total operating expenses		7,298		5,616		5,150		30		42

Pre-tax earnings		2,321		2,416		2,708		(4)		(14)
Provision for taxes		404		539		170		(25)		138
Net earnings		1,917		1,877		2,538		2		(24)
Preferred stock dividends		193		84		216		130		(11)
Net earnings applicable to common shareholders		$ 1,724		$ 1,793		$ 2,322		(4)		(26)

EARNINGS PER COMMON SHARE
Basic³		$ 4.74		$ 4.83		$ 6.11		(2) %		(22) %
Diluted		$ 4.69		$ 4.79		$ 6.04		(2)		(22)

AVERAGE COMMON SHARES
Basic		362.4		370.0		379.5		(2)		(5)
Diluted		367.3		374.3		384.3		(2)		(4)

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 79,062		$ 80,809		$ 78,982		(2)		–
Basic shares³		361.8		369.3		380.9		(2)		(5)
Book value per common share		$ 218.52		$ 218.82		$ 207.36		–		5

Headcount		38,300		37,800		36,600		1		5

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)^4,8

$ in billions



	AS OF

	DECEMBER 31, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018
ASSETS
Cash and cash equivalents		$ 133		$ 94		$ 131
Collateralized agreements		222		279		275
Trading assets		355		356		280
Investments		64		62		47
Loans		109		105		98
Customer and other receivables		75		77		72
Other assets		35		34		29
Total assets		$ 993		$ 1,007		$ 932

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits		$ 190		$ 183		$ 158
Collateralized financings		152		140		112
Trading liabilities		109		116		109
Customer and other payables		175		188		180
Unsecured short-term borrowings		48		52		41
Unsecured long-term borrowings		207		217		224
Other liabilities		22		19		18
Total liabilities		903		915		842
Shareholders’ equity		90		92		90
Total liabilities and shareholders’ equity		$ 993		$ 1,007		$ 932
Capital Ratios and Supplementary Leverage Ratio (unaudited)^3,4 $ in billions

	AS OF

	DECEMBER 31, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018
Common equity tier 1 capital		$ 74.9		$ 75.7		$ 73.1

STANDARDIZED CAPITAL RULES
Risk-weighted assets		$ 564		$ 557		$ 548
Common equity tier 1 capital ratio		13.3%		13.6%		13.3%

ADVANCED CAPITAL RULES
Risk-weighted assets		$ 545		$ 566		$ 558
Common equity tier 1 capital ratio		13.7%		13.4% ⁹		13.1%

SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio		6.2%		6.2%		6.2%
Average Daily VaR (unaudited)^3,4
$ in millions

	THREE MONTHS ENDED						YEAR ENDED

	DECEMBER 31, 2019		SEPTEMBER 30, 2019		DECEMBER 31, 2018		DECEMBER 31, 2019		DECEMBER 31, 2018
RISK CATEGORIES
Interest rates		$ 49		$ 49		$ 40		$ 46		$ 46
Equity prices		24		28		28		27		31
Currency rates		11		12		19		11		14
Commodity prices		12		12		12		12		11
Diversification effect		(38)		(43)		(50)		(40)		(42)
Total		$ 58		$ 58		$ 49		$ 56		$ 60

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions



	AS OF

	DECEMBER 31, 2019		SEPTEMBER 30, 2019			DECEMBER 31, 2018
SEGMENT
Asset Management		$ 1,298		$ 1,232			$ 1,087
Consumer & Wealth Management		561		530			455
Total AUS		$ 1,859		$ 1,762			$ 1,542

ASSET CLASS
Alternative investments		$ 185		$ 182			$ 167
Equity		423		392			301
Fixed income		789		784			677
Total long-term AUS		1,397		1,358			1,145
Liquidity products		462		404			397
Total AUS		$ 1,859		$ 1,762			$ 1,542


	THREE MONTHS ENDED							YEAR ENDED

	DECEMBER 31, 2019		SEPTEMBER 30, 2019			DECEMBER 31, 2018		DECEMBER 31, 2019			DECEMBER 31, 2018
ASSET MANAGEMENT
Beginning balance		$ 1,232		$ 1,171			$ 1,067		$ 1,087			$ 1,036
Net inflows / (outflows):
Alternative investments		(1)		(1)			–		2			6
Equity		1		26			(3)		34			6
Fixed income		(4)		11			8		35			14
Total long-term AUS net inflows / (outflows)		(4)		36			5		71			26
Liquidity products		50		12			39		52			51
Total AUS net inflows / (outflows)		46		48	⁵		44		123	⁵		77
Net market appreciation / (depreciation)		20		13			(24)		88			(26)
Ending balance		$ 1,298		$ 1,232			$ 1,087		$ 1,298			$ 1,087

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 530		$ 489			$ 483		$ 455			$ 458
Net inflows / (outflows):
Alternative investments		2		9			(4)		9			(5)
Equity		–		15			2		11			7
Fixed income		4		9			–		17			9
Total long-term AUS net inflows / (outflows)		6		33			(2)		37			11
Liquidity products		8		5			–		13			1
Total AUS net inflows / (outflows)		14		38	⁵		(2)		50	⁵		12
Net market appreciation / (depreciation)		17		3			(26)		56			(15)
Ending balance		$ 561		$ 530			$ 455		$ 561			$ 455

FIRMWIDE
Beginning balance		$ 1,762		$ 1,660			$ 1,550		$ 1,542			$ 1,494
Net inflows / (outflows):
Alternative investments		1		8			(4)		11			1
Equity		1		41			(1)		45			13
Fixed income		–		20			8		52			23
Total long-term AUS net inflows / (outflows)		2		69			3		108			37
Liquidity products		58		17			39		65			52
Total AUS net inflows / (outflows)		60		86	⁵		42		173	⁵		89
Net market appreciation / (depreciation)		37		16			(50)		144			(41)
Ending balance		$ 1,859		$ 1,762			$ 1,542		$ 1,859			$ 1,542

Goldman Sachs Reports

Full Year and Fourth Quarter 2019 Earnings Results

Footnotes

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 average equity and a reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity:



	AVERAGE FOR THE

Unaudited, $ in millions	THREE MONTHS ENDED DECEMBER 31, 2019		YEAR ENDED DECEMBER 31, 2019
Total shareholders’ equity		$ 90,808		$ 90,297
Preferred stock		(11,203)		(11,203)
Common shareholders’ equity		79,605		79,094
Goodwill and identifiable intangible assets		(4,862)		(4,464)
Tangible common shareholders’ equity		$ 74,743		$ 74,630

Dealogic – January 1, 2019 through December 31, 2019.

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, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – Investment Management” (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 I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019: (i) risk-based capital ratios and 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.”

Represents a preliminary estimate for the fourth quarter of 2019 and may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019.

Net inflows in assets under supervision for 2019 included $71 billion of total inflows (substantially all in equity and fixed income assets) in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) in the third quarter of 2019 ($58 billion) and Rocaton Investment Advisors (Rocaton) in the second quarter of 2019 ($13 billion). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment.

The firm made certain changes to the firm’s business segments, commencing with the fourth quarter of 2019. For more information about these changes, see the firm’s Form 8-K dated January 6, 2020.

United Capital was acquired by the firm in the third quarter of 2019.

Beginning in the fourth quarter of 2019, the firm changed the balance sheet presentation to better reflect the nature of the firm’s activities. The primary changes include the elimination of the Financial instruments owned line item, the introduction of new line items for Investments and Trading assets and the expansion of the Loans line item. Reclassifications have been made to previously reported amounts to conform to the current presentation.

Beginning in the fourth quarter of 2019, the firm made changes to the calculation of loss given default for certain wholesale exposures. As of September 30, 2019, the estimated impact of these changes would have been an increase in the firm’s Advanced common equity tier 1 capital ratio of approximately 1 percentage point.

Exhibit 99.2 Full Year and Fourth Quarter 2019 Earnings Results Presentation January 15, 2020Exhibit 99.2 Full Year and Fourth Quarter 2019 Earnings Results Presentation January 15, 2020

Results Snapshot EPS Net Revenues Net Earnings 2019 $36.55 billion $21.03 2019 $8.47 billion 2019 4Q $9.96 billion 4Q $1.92 billion 4Q $4.69 1 1 ROTE ROE Impact of Litigation 2019 10.0% 2019 10.6% -$3.16 2019 EPS 8.7% 4Q 4Q 9.2% 2019 ROE / ROTE -1.5pp / -1.6pp Annual Highlights 2 Record FICC financing net revenues #1 in Announced and Completed M&A 2 3,4 Record AUS #1 in Equity and equity-related offerings nd 2 highest Investment Banking net revenues Record Consumer & Wealth Management net revenues 1Results Snapshot EPS Net Revenues Net Earnings 2019 $36.55 billion $21.03 2019 $8.47 billion 2019 4Q $9.96 billion 4Q $1.92 billion 4Q $4.69 1 1 ROTE ROE Impact of Litigation 2019 10.0% 2019 10.6% -$3.16 2019 EPS 8.7% 4Q 4Q 9.2% 2019 ROE / ROTE -1.5pp / -1.6pp Annual Highlights 2 Record FICC financing net revenues #1 in Announced and Completed M&A 2 3,4 Record AUS #1 in Equity and equity-related offerings nd 2 highest Investment Banking net revenues Record Consumer & Wealth Management net revenues 1

Macro Perspectives Constructive Fundamentals Macro Factors Accelerating global growth U.S. – China Trade GDP Growth: U.S. Global 2020 │ 2021 +2.2% │ +2.4% +3.4% │ +3.6% Brexit Supportive sentiment and fundamentals Strong Consumer Low Global Low U.S. Low Global Rates Sentiment Inflation Unemployment Operating Backdrop in 4Q19 Steeper Accommodative Higher Muted Corporate Yield Curve Central Banks Equity Markets Sentiment U.S. 2-10 Year Spread 25bps Fed rate cut in S&P 500: +9% CEO Economic ~30bps wider October Stoxx Europe 600: +6% Outlook Index: -3% QoQ 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research 2Macro Perspectives Constructive Fundamentals Macro Factors Accelerating global growth U.S. – China Trade GDP Growth: U.S. Global 2020 │ 2021 +2.2% │ +2.4% +3.4% │ +3.6% Brexit Supportive sentiment and fundamentals Strong Consumer Low Global Low U.S. Low Global Rates Sentiment Inflation Unemployment Operating Backdrop in 4Q19 Steeper Accommodative Higher Muted Corporate Yield Curve Central Banks Equity Markets Sentiment U.S. 2-10 Year Spread 25bps Fed rate cut in S&P 500: +9% CEO Economic ~30bps wider October Stoxx Europe 600: +6% Outlook Index: -3% QoQ 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research 2

Financial Overview Full Year Net Revenue Mix by Segment Financial Results $ in millions, vs. vs. vs. except per share amounts 4Q19 3Q19 4Q18 2019 2018 Investment Banking $ 2,064 12% -6% $ 7,599 -7% Consumer & Wealth Management Investment 14% Global Markets 3,480 -2% 33% 14,779 2% Banking 21% Asset Management 3,003 85% 52% 8,965 1% Consumer & Wealth Management 1,408 7% 8% 5,203 1% Net revenues $ 9,955 20% 23% $ 36,546 -% Asset Management Provision for credit losses 336 15% 51% 1,065 58% 25% (FICC 20%) Operating expenses 7,298 30% 42% 24,898 6% Pre-tax earnings 2,321 -4% -14% 10,583 -15% (Equities 20%) Net earnings 1,917 2% -24% 8,466 -19% Global Net earnings to common $ 1,724 -4% -26% $ 7,897 -20% Markets FY19 Litigation Impact 40% Diluted EPS $ 4.69 -2% -22% $ 21.03 -17% Diluted EPS $ -3.16 1 ROE 8.7% -0.3pp -3.4pp 10.0% -3.3pp ROE -1.5pp 1 ROTE -1.6pp ROTE 9.2% -0.3pp -3.6pp 10.6% -3.5pp 3Financial Overview Full Year Net Revenue Mix by Segment Financial Results $ in millions, vs. vs. vs. except per share amounts 4Q19 3Q19 4Q18 2019 2018 Investment Banking $ 2,064 12% -6% $ 7,599 -7% Consumer & Wealth Management Investment 14% Global Markets 3,480 -2% 33% 14,779 2% Banking 21% Asset Management 3,003 85% 52% 8,965 1% Consumer & Wealth Management 1,408 7% 8% 5,203 1% Net revenues $ 9,955 20% 23% $ 36,546 -% Asset Management Provision for credit losses 336 15% 51% 1,065 58% 25% (FICC 20%) Operating expenses 7,298 30% 42% 24,898 6% Pre-tax earnings 2,321 -4% -14% 10,583 -15% (Equities 20%) Net earnings 1,917 2% -24% 8,466 -19% Global Net earnings to common $ 1,724 -4% -26% $ 7,897 -20% Markets FY19 Litigation Impact 40% Diluted EPS $ 4.69 -2% -22% $ 21.03 -17% Diluted EPS $ -3.16 1 ROE 8.7% -0.3pp -3.4pp 10.0% -3.3pp ROE -1.5pp 1 ROTE -1.6pp ROTE 9.2% -0.3pp -3.6pp 10.6% -3.5pp 3

Investment Banking Investment Banking Highlights Financial Results vs. vs. vs. n 4Q19 net revenues lower YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Financial advisory 4Q19 net revenues significantly lower YoY, compared with a strong prior $ 855 23% -29% $ 3,197 -7% Financial advisory year period, reflecting a significant decrease in industry-wide completed M&A volumes — Underwriting 4Q19 net revenues significantly higher YoY, driven by asset-backed activity Equity underwriting 378 3% 23% 1,482 -9% and an increase in industry-wide equity underwriting transactions n 2019 net revenues lower YoY compared with a strong 2018, reflecting lower net revenues in 599 14% 37% 2,119 -10% Debt underwriting Underwriting and Financial advisory 3 n Overall backlog increased QoQ, reflecting increases in advisory and equity underwriting Underwriting 977 10% 31% 3,601 -10% backlog, and essentially unchanged YoY Corporate lending 232 -9% -8% 801 7% Investment Banking Net Revenues ($ in millions) Net revenues 2,064 12% -6% 7,599 -7% $2,193 $2,064 Provision for credit losses 75 -18% 108% 333 169% $1,948 $251 $1,841 $232 $1,746 $187 $437 $254 $128 2 $599 $514 Full Year Worldwide League Table Rankings $482 $307 $524 $378 $262 $476 $366 #1 #1 Equity & equity-related Announced M&A $1,198 $874 $855 $771 $697 #1 #1 Completed M&A Common stock offerings 4Q18 1Q19 2Q19 3Q19 4Q19 #2 Financial advisory Equity underwriting Debt underwriting Corporate lending High-yield debt 4Investment Banking Investment Banking Highlights Financial Results vs. vs. vs. n 4Q19 net revenues lower YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Financial advisory 4Q19 net revenues significantly lower YoY, compared with a strong prior $ 855 23% -29% $ 3,197 -7% Financial advisory year period, reflecting a significant decrease in industry-wide completed M&A volumes — Underwriting 4Q19 net revenues significantly higher YoY, driven by asset-backed activity Equity underwriting 378 3% 23% 1,482 -9% and an increase in industry-wide equity underwriting transactions n 2019 net revenues lower YoY compared with a strong 2018, reflecting lower net revenues in 599 14% 37% 2,119 -10% Debt underwriting Underwriting and Financial advisory 3 n Overall backlog increased QoQ, reflecting increases in advisory and equity underwriting Underwriting 977 10% 31% 3,601 -10% backlog, and essentially unchanged YoY Corporate lending 232 -9% -8% 801 7% Investment Banking Net Revenues ($ in millions) Net revenues 2,064 12% -6% 7,599 -7% $2,193 $2,064 Provision for credit losses 75 -18% 108% 333 169% $1,948 $251 $1,841 $232 $1,746 $187 $437 $254 $128 2 $599 $514 Full Year Worldwide League Table Rankings $482 $307 $524 $378 $262 $476 $366 #1 #1 Equity & equity-related Announced M&A $1,198 $874 $855 $771 $697 #1 #1 Completed M&A Common stock offerings 4Q18 1Q19 2Q19 3Q19 4Q19 #2 Financial advisory Equity underwriting Debt underwriting Corporate lending High-yield debt 4

Global Markets - FICC Financial Results FICC Highlights vs. vs. vs. $ in millionsn 4Q19 net revenues significantly higher YoY compared with a weak 4Q18 4Q19 3Q19 4Q18 2019 2018 — FICC intermediation net revenues were significantly higher, reflecting higher net revenues $ 1,382 5% 83% $ 6,009 5% FICC intermediation across most major businesses n 2019 net revenues higher YoY, due to higher net revenues in FICC intermediation and FICC FICC financing 387 6% 17% 1,379 10% financing n 4Q19 operating environment generally characterized by improved market conditions compared with 1,769 5% 63% 7,388 6% FICC 3Q19, while client activity levels were lower Equities intermediation 979 -9% 9% 4,374 -7% Equities financing 732 -7% 17% 3,017 9% FICC Net Revenues ($ in millions) Equities 1,711 -8% 12% 7,391 -1% $2,238 $366 Net revenues 3,480 -2% 33% 14,779 2% $1,769 $1,702 $1,679 Provision for credit losses 20 25% 186% 35 -33% $262 $387 $364 $1,087 $1,872 $330 $1,440 $1,382 $1,315 $757 4Q18 1Q19 2Q19 3Q19 4Q19 Intermediation Financing 5Global Markets - FICC Financial Results FICC Highlights vs. vs. vs. $ in millionsn 4Q19 net revenues significantly higher YoY compared with a weak 4Q18 4Q19 3Q19 4Q18 2019 2018 — FICC intermediation net revenues were significantly higher, reflecting higher net revenues $ 1,382 5% 83% $ 6,009 5% FICC intermediation across most major businesses n 2019 net revenues higher YoY, due to higher net revenues in FICC intermediation and FICC FICC financing 387 6% 17% 1,379 10% financing n 4Q19 operating environment generally characterized by improved market conditions compared with 1,769 5% 63% 7,388 6% FICC 3Q19, while client activity levels were lower Equities intermediation 979 -9% 9% 4,374 -7% Equities financing 732 -7% 17% 3,017 9% FICC Net Revenues ($ in millions) Equities 1,711 -8% 12% 7,391 -1% $2,238 $366 Net revenues 3,480 -2% 33% 14,779 2% $1,769 $1,702 $1,679 Provision for credit losses 20 25% 186% 35 -33% $262 $387 $364 $1,087 $1,872 $330 $1,440 $1,382 $1,315 $757 4Q18 1Q19 2Q19 3Q19 4Q19 Intermediation Financing 5

Global Markets - Equities Financial Results Equities Highlights vs. vs. vs. n 4Q19 net revenues higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Equities financing net revenues were higher, reflecting improved spreads and higher average FICC intermediation $ 1,382 5% 83% $ 6,009 5% customer balances — Equities intermediation net revenues were higher, driven by cash products FICC financing 387 6% 17% 1,379 10% n 2019 net revenues essentially unchanged YoY, as lower net revenues in Equities intermediation were offset by higher net revenues in Equities financing FICC 1,769 5% 63% 7,388 6% n 4Q19 operating environment was characterized by generally higher global equity prices and lower levels of volatility compared with 3Q19 Equities intermediation 979 -9% 9% 4,374 -7% 732 -7% 17% 3,017 9% Equities financing Equities Net Revenues ($ in millions) Equities 1,711 -8% 12% 7,391 -1% $2,014 $1,864 $1,802 Net revenues 3,480 -2% 33% 14,779 2% $1,711 $1,522 $860 $641 $784 Provision for credit losses 20 25% 186% 35 -33% $732 $625 $1,161 $1,154 $1,080 $979 $897 4Q18 1Q19 2Q19 3Q19 4Q19 Intermediation Financing 6Global Markets - Equities Financial Results Equities Highlights vs. vs. vs. n 4Q19 net revenues higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Equities financing net revenues were higher, reflecting improved spreads and higher average FICC intermediation $ 1,382 5% 83% $ 6,009 5% customer balances — Equities intermediation net revenues were higher, driven by cash products FICC financing 387 6% 17% 1,379 10% n 2019 net revenues essentially unchanged YoY, as lower net revenues in Equities intermediation were offset by higher net revenues in Equities financing FICC 1,769 5% 63% 7,388 6% n 4Q19 operating environment was characterized by generally higher global equity prices and lower levels of volatility compared with 3Q19 Equities intermediation 979 -9% 9% 4,374 -7% 732 -7% 17% 3,017 9% Equities financing Equities Net Revenues ($ in millions) Equities 1,711 -8% 12% 7,391 -1% $2,014 $1,864 $1,802 Net revenues 3,480 -2% 33% 14,779 2% $1,711 $1,522 $860 $641 $784 Provision for credit losses 20 25% 186% 35 -33% $732 $625 $1,161 $1,154 $1,080 $979 $897 4Q18 1Q19 2Q19 3Q19 4Q19 Intermediation Financing 6

Asset Management Financial Results Asset Management Highlights vs. vs. vs. n 4Q19 net revenues significantly higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Equity investments net revenues were significantly higher, reflecting net gains in public and Management and other fees $ 666 1% 6% $ 2,600 -% private equities — Lending net revenues were significantly higher, primarily reflecting higher net gains from Incentive fees 45 88% -33% 130 -66% investments in debt instruments — Management and other fees were higher, reflecting higher average AUS Equity investments 1,865 N.M. 96% 4,765 13% n 2019 net revenues essentially unchanged YoY, reflecting higher net revenues in Equity investments, offset by significantly lower Incentive fees and lower net revenues in Lending Lending 427 25% 31% 1,470 -10% Net revenues 3,003 85% 52% 8,965 1% Asset Management Net Revenues ($ in millions) $3,003 Provision for credit losses 120 48% 155% 274 71% $427 $2,548 $351 4 $1,974 Equity Investments Asset Mix $1,793 $327 $1,621 $ in billions $ in billions 4Q19 4Q19 $1,865 $351 $1,499 $341 Corporate $ 17 Public equity $ 2 $951 5 20 Real estate Private equity $805 $596 Total $ 22 Total $ 22 $45 $31 $67 $24 $30 $667 $660 $666 $629 $607 5 n In addition, the firm’s consolidated investment entities have a carrying value of $17 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse 4Q18 1Q19 2Q19 3Q19 4Q19 Management and other fees Incentive fees Equity investments Lending 7Asset Management Financial Results Asset Management Highlights vs. vs. vs. n 4Q19 net revenues significantly higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Equity investments net revenues were significantly higher, reflecting net gains in public and Management and other fees $ 666 1% 6% $ 2,600 -% private equities — Lending net revenues were significantly higher, primarily reflecting higher net gains from Incentive fees 45 88% -33% 130 -66% investments in debt instruments — Management and other fees were higher, reflecting higher average AUS Equity investments 1,865 N.M. 96% 4,765 13% n 2019 net revenues essentially unchanged YoY, reflecting higher net revenues in Equity investments, offset by significantly lower Incentive fees and lower net revenues in Lending Lending 427 25% 31% 1,470 -10% Net revenues 3,003 85% 52% 8,965 1% Asset Management Net Revenues ($ in millions) $3,003 Provision for credit losses 120 48% 155% 274 71% $427 $2,548 $351 4 $1,974 Equity Investments Asset Mix $1,793 $327 $1,621 $ in billions $ in billions 4Q19 4Q19 $1,865 $351 $1,499 $341 Corporate $ 17 Public equity $ 2 $951 5 20 Real estate Private equity $805 $596 Total $ 22 Total $ 22 $45 $31 $67 $24 $30 $667 $660 $666 $629 $607 5 n In addition, the firm’s consolidated investment entities have a carrying value of $17 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse 4Q18 1Q19 2Q19 3Q19 4Q19 Management and other fees Incentive fees Equity investments Lending 7

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. vs. n 4Q19 net revenues higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Wealth management net revenues higher YoY, due to higher Management and other fees, Management and other fees $ 967 10% 17% $ 3,475 6% reflecting higher average AUS, partially offset by lower Incentive fees — Consumer banking net revenues higher YoY, driven by higher net interest income, primarily Incentive fees 19 -10% -78% 81 -82% reflecting an increase in deposit balances n 2019 net revenues essentially unchanged YoY, as significantly higher net revenues in Consumer Private banking and lending 194 -3% -4% 783 -5% banking and record Management and other fees were offset by significantly lower Incentive fees n Continued to scale our online deposit platform, as consumer deposits increased $24 billion in 2019 4 1,180 7% 6% 4,339 -5% Wealth management to $60 billion Consumer banking 228 5% 23% 864 41% Consumer & Wealth Management Net Revenues ($ in millions) $1,408 Net revenues 1,408 7% 8% 5,203 1% $1,318 $1,304 $1,249 $1,228 $228 $186 $217 Provision for credit losses 121 17% -8% 423 25% $216 $203 $194 $202 $199 $187 $19 $203 $21 $86 $13 $28 $967 $881 $833 $830 $794 4Q18 1Q19 2Q19 3Q19 4Q19 Management and other fees Incentive fees Private banking and lending Consumer banking 8Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. vs. n 4Q19 net revenues higher YoY $ in millions 4Q19 3Q19 4Q18 2019 2018 — Wealth management net revenues higher YoY, due to higher Management and other fees, Management and other fees $ 967 10% 17% $ 3,475 6% reflecting higher average AUS, partially offset by lower Incentive fees — Consumer banking net revenues higher YoY, driven by higher net interest income, primarily Incentive fees 19 -10% -78% 81 -82% reflecting an increase in deposit balances n 2019 net revenues essentially unchanged YoY, as significantly higher net revenues in Consumer Private banking and lending 194 -3% -4% 783 -5% banking and record Management and other fees were offset by significantly lower Incentive fees n Continued to scale our online deposit platform, as consumer deposits increased $24 billion in 2019 4 1,180 7% 6% 4,339 -5% Wealth management to $60 billion Consumer banking 228 5% 23% 864 41% Consumer & Wealth Management Net Revenues ($ in millions) $1,408 Net revenues 1,408 7% 8% 5,203 1% $1,318 $1,304 $1,249 $1,228 $228 $186 $217 Provision for credit losses 121 17% -8% 423 25% $216 $203 $194 $202 $199 $187 $19 $203 $21 $86 $13 $28 $967 $881 $833 $830 $794 4Q18 1Q19 2Q19 3Q19 4Q19 Management and other fees Incentive fees Private banking and lending Consumer banking 8

Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. 6 n Firmwide AUS increased $317 billion in 2019 to a record $1.86 trillion, including Asset Management $ in billions 4Q19 3Q19 4Q18 3Q19 4Q18 6 6 AUS increasing $211 billion and Consumer & Wealth Management increasing $106 billion $ 1,298 $ 1,232 $ 1,087 5% 19% Asset Management — Long-term net inflows of $108 billion, primarily in fixed income and equity assets Consumer & Wealth Management 561 530 455 6% 23% — Liquidity products net inflows of $65 billion Firmwide AUS $ 1,859 $ 1,762 $ 1,542 6% 21% — Net market appreciation of $144 billion, primarily in equity and fixed income assets n Over past five years, total cumulative organic long-term AUS net inflows of ~$195 billion By Asset Class vs. vs. $ in billions 4Q19 3Q19 4Q18 3Q19 4Q18 $ 185 $ 182 $ 167 2% 11% Alternative investments 3,4 4Q19 AUS Mix 423 392 301 8% 41% Equity Asset Distribution Fixed income 789 784 677 1% 17% Region Vehicle Class Channel Long-term AUS 1,397 1,358 1,145 3% 22% Private Alternative 9% 10% 10% Asia Liquidity products 462 404 397 14% 16% investments funds and other Wealth 30% 15% management $ 1,859 $ 1,762 $ 1,542 6% 21% Firmwide AUS EMEA Equity 23% 32% Public funds 3,4,6 Liquidity Long-Term AUS Net Flows ($ in billions) Third-party 25% products 33% distributed $69 Americas 76% Separate 58% Fixed accounts income 42% Institutional 37% $20 $17 $3 $2 9 4Q18 1Q19 2Q19 3Q19 4Q19Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. 6 n Firmwide AUS increased $317 billion in 2019 to a record $1.86 trillion, including Asset Management $ in billions 4Q19 3Q19 4Q18 3Q19 4Q18 6 6 AUS increasing $211 billion and Consumer & Wealth Management increasing $106 billion $ 1,298 $ 1,232 $ 1,087 5% 19% Asset Management — Long-term net inflows of $108 billion, primarily in fixed income and equity assets Consumer & Wealth Management 561 530 455 6% 23% — Liquidity products net inflows of $65 billion Firmwide AUS $ 1,859 $ 1,762 $ 1,542 6% 21% — Net market appreciation of $144 billion, primarily in equity and fixed income assets n Over past five years, total cumulative organic long-term AUS net inflows of ~$195 billion By Asset Class vs. vs. $ in billions 4Q19 3Q19 4Q18 3Q19 4Q18 $ 185 $ 182 $ 167 2% 11% Alternative investments 3,4 4Q19 AUS Mix 423 392 301 8% 41% Equity Asset Distribution Fixed income 789 784 677 1% 17% Region Vehicle Class Channel Long-term AUS 1,397 1,358 1,145 3% 22% Private Alternative 9% 10% 10% Asia Liquidity products 462 404 397 14% 16% investments funds and other Wealth 30% 15% management $ 1,859 $ 1,762 $ 1,542 6% 21% Firmwide AUS EMEA Equity 23% 32% Public funds 3,4,6 Liquidity Long-Term AUS Net Flows ($ in billions) Third-party 25% products 33% distributed $69 Americas 76% Separate 58% Fixed accounts income 42% Institutional 37% $20 $17 $3 $2 9 4Q18 1Q19 2Q19 3Q19 4Q19

Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans $ in billions 4Q19 3Q19 4Q18 $4,362 Corporate $ 46 $ 46 $ 42 $3,767 Commercial real estate 17 16 14 $1,661 7 7 8 Residential real estate $1,356 $1,065 $1,008 $991 Real estate 24 23 22 $511 $482 $444 28 26 25 Wealth management $375 $425 Consumer 5 5 5 $136 $1,670 $165 $124 $1,607 Credit cards 2 1 - $316 $314 $388 Other 5 5 5 $520 $143 $142 $322 $92 Allowance for loan and lease losses (1) (1) (1) 2018 2019 4Q18 3Q19 4Q19 $ 109 $ 105 $ 98 Total Loans Consumer & Wealth Management Asset Management Global Markets Investment Banking Net Interest Income Highlights Loan Highlights n Total loans increased $11 billion, up 11%, during 2019 n 2019 net interest income increased $595 million YoY, reflecting growth in loans n Provision for credit losses was $1.07 billion for 2019, 58% higher YoY, primarily reflecting higher n 4Q19 net interest income increased $74 million YoY, reflecting growth in loans impairments (primarily related to corporate loans) and higher provisions related to consumer loans (reflecting growth in credit card loans). The 2019 firmwide net charge-off rate was 0.6% n Provision for credit losses was $336 million for 4Q19, 51% higher YoY, primarily reflecting higher impairments (primarily related to corporate loans). The 4Q19 annualized firmwide net charge-off rate was 0.7% 10Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans $ in billions 4Q19 3Q19 4Q18 $4,362 Corporate $ 46 $ 46 $ 42 $3,767 Commercial real estate 17 16 14 $1,661 7 7 8 Residential real estate $1,356 $1,065 $1,008 $991 Real estate 24 23 22 $511 $482 $444 28 26 25 Wealth management $375 $425 Consumer 5 5 5 $136 $1,670 $165 $124 $1,607 Credit cards 2 1 - $316 $314 $388 Other 5 5 5 $520 $143 $142 $322 $92 Allowance for loan and lease losses (1) (1) (1) 2018 2019 4Q18 3Q19 4Q19 $ 109 $ 105 $ 98 Total Loans Consumer & Wealth Management Asset Management Global Markets Investment Banking Net Interest Income Highlights Loan Highlights n Total loans increased $11 billion, up 11%, during 2019 n 2019 net interest income increased $595 million YoY, reflecting growth in loans n Provision for credit losses was $1.07 billion for 2019, 58% higher YoY, primarily reflecting higher n 4Q19 net interest income increased $74 million YoY, reflecting growth in loans impairments (primarily related to corporate loans) and higher provisions related to consumer loans (reflecting growth in credit card loans). The 2019 firmwide net charge-off rate was 0.6% n Provision for credit losses was $336 million for 4Q19, 51% higher YoY, primarily reflecting higher impairments (primarily related to corporate loans). The 4Q19 annualized firmwide net charge-off rate was 0.7% 10

Expenses Expense Highlights Financial Results n 2019 total operating expenses increased YoY, reflecting: vs. vs. vs. 4Q19 3Q19 4Q18 2019 2018 $ in millions — Higher non-compensation expenses, which included: Compensation and benefits $ 3,046 12% 64% $ 12,353 -% o Significantly higher net provisions for litigation and regulatory proceedings ($1.24 billion in 2019 vs. $844 million in 2018) Brokerage, clearing, exchange and o Higher expenses for consolidated investments and technology (primarily reflected in 814 -5% -2% 3,252 2% distribution fees depreciation and amortization, communications and technology, occupancy, and other expenses) Market development 200 18% -4% 739 -% o Higher expenses related to the firm’s credit card and transaction banking activities (primarily reflected in professional fees and other expenses) and expenses related to United Capital Communications and technology 308 9% 18% 1,167 14% — Compensation and benefits expenses were essentially unchanged n 2019 effective income tax rate of 20.0%, up from 16.2% for 2018, as 2018 included a $487 million Depreciation and amortization 464 -2% 23% 1,704 28% income tax benefit related to the finalization of the enactment impact of the Tax Cuts and Jobs Act — 2020 effective tax rate expected to be ~21% Occupancy 318 26% 48% 1,029 27% 3 366 5% 15% 1,316 8% Efficiency Ratio Professional fees 68% 64% Other expenses 1,782 N.M. 64% 3,338 18% Total operating expenses $ 7,298 30% 42% $ 24,898 6% Provision for taxes $ 404 -25% 138% $ 2,117 5% Effective Tax Rate 20.0% 3.8pp 2018 2019 Impact of Litigation: +2.3pp +3.4pp 11Expenses Expense Highlights Financial Results n 2019 total operating expenses increased YoY, reflecting: vs. vs. vs. 4Q19 3Q19 4Q18 2019 2018 $ in millions — Higher non-compensation expenses, which included: Compensation and benefits $ 3,046 12% 64% $ 12,353 -% o Significantly higher net provisions for litigation and regulatory proceedings ($1.24 billion in 2019 vs. $844 million in 2018) Brokerage, clearing, exchange and o Higher expenses for consolidated investments and technology (primarily reflected in 814 -5% -2% 3,252 2% distribution fees depreciation and amortization, communications and technology, occupancy, and other expenses) Market development 200 18% -4% 739 -% o Higher expenses related to the firm’s credit card and transaction banking activities (primarily reflected in professional fees and other expenses) and expenses related to United Capital Communications and technology 308 9% 18% 1,167 14% — Compensation and benefits expenses were essentially unchanged n 2019 effective income tax rate of 20.0%, up from 16.2% for 2018, as 2018 included a $487 million Depreciation and amortization 464 -2% 23% 1,704 28% income tax benefit related to the finalization of the enactment impact of the Tax Cuts and Jobs Act — 2020 effective tax rate expected to be ~21% Occupancy 318 26% 48% 1,029 27% 3 366 5% 15% 1,316 8% Efficiency Ratio Professional fees 68% 64% Other expenses 1,782 N.M. 64% 3,338 18% Total operating expenses $ 7,298 30% 42% $ 24,898 6% Provision for taxes $ 404 -25% 138% $ 2,117 5% Effective Tax Rate 20.0% 3.8pp 2018 2019 Impact of Litigation: +2.3pp +3.4pp 11

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights 4Q19 3Q19 4Q18n Advanced CET1 ratio increased YoY, while Standardized CET1 ratio was unchanged $ in billions Common equity tier 1 (CET1) capital $ 74.9 $ 75.7 $ 73.1 — Decrease in Advanced RWAs reflected lower credit RWAs driven by updates to the firm’s 7 calculation of loss given default Standardized RWAs $ 564 $ 557 $ 548 — Increase in Standardized RWAs reflected higher credit RWAs n Returned $6.88 billion of capital to common shareholders during the year Standardized CET1 capital ratio 13.3% 13.6% 13.3% — Paid $1.54 billion in common stock dividends Advanced RWAs $ 545 $ 566 $ 558 3 — Repurchased 25.8 million shares of common stock, for a total cost of $5.34 billion 7 Advanced CET1 capital ratio 13.7% 13.4% 13.1% n Maintained highly liquid balance sheet and robust liquidity metrics Supplementary leverage ratio 6.2% 6.2% 6.2% — Deposits increased $32 billion, reflecting strong growth in Consumer deposits — Continue to expect vanilla debt maturities to outpace issuance in 2020 although to a lesser extent than in 2019 4 Selected Balance Sheet Data $ in billions 4Q19 3Q19 4Q18 Book Value Total assets $ 993 $ 1,007 $ 932 In millions, except per share amounts 4Q19 3Q19 4Q18 Deposits 190 183 158 3 Basic shares 361.8 369.3 380.9 Unsecured long-term borrowings 207 217 224 Book value per common share $ 218.52 $ 218.82 $ 207.36 Shareholders’ equity 90 92 90 1 Tangible book value per common share $ 205.15 $ 205.59 $ 196.64 Average GCLA 237 238 229 12Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights 4Q19 3Q19 4Q18n Advanced CET1 ratio increased YoY, while Standardized CET1 ratio was unchanged $ in billions Common equity tier 1 (CET1) capital $ 74.9 $ 75.7 $ 73.1 — Decrease in Advanced RWAs reflected lower credit RWAs driven by updates to the firm’s 7 calculation of loss given default Standardized RWAs $ 564 $ 557 $ 548 — Increase in Standardized RWAs reflected higher credit RWAs n Returned $6.88 billion of capital to common shareholders during the year Standardized CET1 capital ratio 13.3% 13.6% 13.3% — Paid $1.54 billion in common stock dividends Advanced RWAs $ 545 $ 566 $ 558 3 — Repurchased 25.8 million shares of common stock, for a total cost of $5.34 billion 7 Advanced CET1 capital ratio 13.7% 13.4% 13.1% n Maintained highly liquid balance sheet and robust liquidity metrics Supplementary leverage ratio 6.2% 6.2% 6.2% — Deposits increased $32 billion, reflecting strong growth in Consumer deposits — Continue to expect vanilla debt maturities to outpace issuance in 2020 although to a lesser extent than in 2019 4 Selected Balance Sheet Data $ in billions 4Q19 3Q19 4Q18 Book Value Total assets $ 993 $ 1,007 $ 932 In millions, except per share amounts 4Q19 3Q19 4Q18 Deposits 190 183 158 3 Basic shares 361.8 369.3 380.9 Unsecured long-term borrowings 207 217 224 Book value per common share $ 218.52 $ 218.82 $ 207.36 Shareholders’ equity 90 92 90 1 Tangible book value per common share $ 205.15 $ 205.59 $ 196.64 Average GCLA 237 238 229 12

Cautionary Note on 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition 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, 2018. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets (GCLA) and the impact of adopting ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments” 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) the firm’s planned 2020 vanilla debt issuance, (ii) the firm’s 2020 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, (vi) the firm’s investment banking transaction backlog, and (vii) the projected growth of the firm’s deposits and associated interest expense savings are forward-looking statements. Statements regarding the firm’s planned 2020 vanilla debt issuance 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. Statements about the firm's expected 2020 effective income tax rate are subject to the risk that the firm's 2020 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in 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 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 timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently 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 projected growth of the firm’s deposits and associated interest expense savings are subject to the risk that the actual growth and savings may differ, possibly materially, due to, among other things, market conditions and competition from other similar products. 13Cautionary Note on 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, 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm’s future results and financial condition 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, 2018. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets (GCLA) and the impact of adopting ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments” 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) the firm’s planned 2020 vanilla debt issuance, (ii) the firm’s 2020 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, (vi) the firm’s investment banking transaction backlog, and (vii) the projected growth of the firm’s deposits and associated interest expense savings are forward-looking statements. Statements regarding the firm’s planned 2020 vanilla debt issuance 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. Statements about the firm's expected 2020 effective income tax rate are subject to the risk that the firm's 2020 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in 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 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 timing and benefits of business initiatives are based on the firm’s current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm’s investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently 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 projected growth of the firm’s deposits and associated interest expense savings are subject to the risk that the actual growth and savings may differ, possibly materially, due to, among other things, market conditions and competition from other similar products. 13

Footnotes 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Return on average tangible 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 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 average and ending equity, and 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 YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2019 DECEMBER 31, 2019 DECEMBER 31, 2019 SEPTEMBER 30, 2019 DECEMBER 31, 2018 Total shareholders’ equity $ 90,808 $ 90,297 $ 90,265 $ 92,012 $ 90,185 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,605 79,094 79,062 80,809 78,982 Goodwill and identifiable intangible assets (4,862) (4,464) (4,837) (4,886) (4,082) Tangible common shareholders’ equity $ 74,743 $ 74,630 $ 74,225 $ 75,923 $ 74,900 2. Dealogic – January 1, 2019 through December 31, 2019. 3. 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, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – Investment Management” (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 supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 4. Represents a preliminary estimate for the fourth quarter of 2019 and may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated balance sheets, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 6. Net inflows in assets under supervision for the year ended December 31, 2019 included $71 billion of total inflows (substantially all in equity and fixed income assets) in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) in the third quarter of 2019 ($58 billion) and Rocaton Investment Advisors (Rocaton) in the second quarter of 2019 ($13 billion). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment. 7. Beginning in the fourth quarter of 2019, the firm made changes to the calculation of loss given default for certain wholesale exposures. As of September 30, 2019, the estimated impact of these changes would have been an increase in the firm’s Advanced common equity tier 1 capital ratio of approximately 1 percentage point. 14Footnotes 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Return on average tangible 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 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 average and ending equity, and 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 YEAR ENDED Unaudited, $ in millions DECEMBER 31, 2019 DECEMBER 31, 2019 DECEMBER 31, 2019 SEPTEMBER 30, 2019 DECEMBER 31, 2018 Total shareholders’ equity $ 90,808 $ 90,297 $ 90,265 $ 92,012 $ 90,185 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,605 79,094 79,062 80,809 78,982 Goodwill and identifiable intangible assets (4,862) (4,464) (4,837) (4,886) (4,082) Tangible common shareholders’ equity $ 74,743 $ 74,630 $ 74,225 $ 75,923 $ 74,900 2. Dealogic – January 1, 2019 through December 31, 2019. 3. 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, 2019: (i) investment banking transaction backlog – see “Results of Operations – Investment Banking” (ii) assets under supervision – see “Results of Operations – Investment Management” (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 supplementary leverage ratio, see Note 20 “Regulation and Capital Adequacy” in Part I, Item 1 “Financial Statements” in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2019. 4. Represents a preliminary estimate for the fourth quarter of 2019 and may be revised in the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 5. Includes consolidated investment entities reported in “Other assets” in the consolidated balance sheets, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 6. Net inflows in assets under supervision for the year ended December 31, 2019 included $71 billion of total inflows (substantially all in equity and fixed income assets) in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) in the third quarter of 2019 ($58 billion) and Rocaton Investment Advisors (Rocaton) in the second quarter of 2019 ($13 billion). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment. 7. Beginning in the fourth quarter of 2019, the firm made changes to the calculation of loss given default for certain wholesale exposures. As of September 30, 2019, the estimated impact of these changes would have been an increase in the firm’s Advanced common equity tier 1 capital ratio of approximately 1 percentage point. 14


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 A, Index-Linked Notes due 2037 of GS Finance Corp.	GCE	NYSE Arca

Medium-Term Notes, Series B, Index-Linked Notes due 2037	GSC	NYSE Arca

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: January 15, 2020	By:	/s/ Stephen M. Scherr
		Name: Stephen M. Scherr
		Title: Chief Financial Officer