8-K

Exhibit 99.1

LOGO

Second Quarter 2020 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

Second Quarter 2020 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $6.26

“This quarter demonstrated the continued dedication of the people of Goldman Sachs to helping our clients navigate a very challenging environment, while working remotely or returning to offices that are quite different than the ones we left earlier in the year. We also continue to be grateful for those working hard to contain the pandemic and limit its human and economic costs.

Our strong financial performance across our client franchises demonstrates the inherent benefits of our diversified business model. The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to investors. While the economic outlook remains uncertain, I am confident that we will continue to be the firm of choice for clients around the world who are looking to reshape their businesses and rebuild a more resilient economy.”

- David M. Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
2Q $13.30 billion 2Q YTD $22.04 billion	2Q $2.42 billion 2Q YTD $3.64 billion	2Q $6.26 2Q YTD $9.36

Annualized ROE¹	Annualized ROTE¹	Book Value Per Share
2Q 11.1% 2Q YTD 8.4%	2Q 11.8% 2Q YTD 9.0%	2Q $227.31 YTD Growth 4.0%

NEW YORK, July 15, 2020 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $13.30 billion and net earnings of $2.42 billion for the second quarter ended June 30, 2020. Net revenues were $22.04 billion and net earnings were $3.64 billion for the first half of 2020.

Diluted earnings per common share (EPS) was $6.26 for the second quarter of 2020 compared with $5.81 for the second quarter of 2019 and $3.11 for the first quarter of 2020, and was $9.36 for the first half of 2020 compared with $11.52 for the first half of 2019.

Annualized return on average common shareholders’ equity (ROE)¹ was 11.1% for the second quarter of 2020 and 8.4% for the first half of 2020. Annualized return on average tangible common shareholders’ equity (ROTE)¹ was 11.8% for the second quarter of 2020 and 9.0% for the first half of 2020.

During the second quarter of 2020, the firm recorded net provisions for litigation and regulatory proceedings of $945 million, which increased net provisions to $1.13 billion for the first half of 2020. These amounts reduced diluted EPS by $2.60 and annualized ROE by 4.5 percentage points in the second quarter of 2020 and reduced diluted EPS by $3.15 and annualized ROE by 2.8 percentage points in the first half of 2020.

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

Highlights

◾

Net revenues of $13.30 billion, 41% higher than the second quarter of 2019, were the firm’s second highest quarterly net revenues.

◾

Investment Banking generated record quarterly net revenues of $2.66 billion, including record quarterly net revenues in both Equity and Debt underwriting. The firm remained ranked #1 in worldwide announced and completed mergers and acquisitions for the year-to-date.² The firm also ranked #1 in worldwide equity and equity-related offerings for the year-to-date.²

◾

Fixed Income, Currency and Commodities (FICC) generated quarterly net revenues of $4.24 billion, its highest quarterly performance in nine years, reflecting continued strong client activity in intermediation and financing.

◾

Equities generated quarterly net revenues of $2.94 billion, its highest quarterly performance in eleven years, reflecting strong performance in intermediation.

◾

Firmwide assets under supervision^3,4 increased $239 billion during the quarter to a record $2.06 trillion.

◾

The firm continued to scale the digital consumer deposit platforms, as consumer deposits increased by a record $20 billion in the second quarter of 2020 to $92 billion⁴.

◾

The firm formally launched its transaction banking business in the U.S., offering deposit-taking, payments, liquidity management, and escrow services. During the quarter, deposits on the platform increased by $16 billion to $25 billion⁴.

◾

The firm’s Standardized common equity tier 1 capital ratio³ increased 110 basis points during the quarter to 13.6%⁴.

◾

The firm maintained a highly liquid balance sheet, as global core liquid assets³ averaged $290 billion⁴ for the second quarter of 2020.

Quarterly Net Revenue Mix by Segment

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

Net Revenues


Net revenues were $13.30 billion for the second quarter of 2020, 41% higher than the second quarter of 2019 and 52% higher than the first quarter of 2020. The increase compared with the second quarter of 2019 reflected significantly higher net revenues in Global Markets and Investment Banking and higher net revenues in Consumer & Wealth Management, partially offset by lower net revenues in Asset Management. The operating environment during the quarter continued to be impacted by the COVID-19 pandemic, resulting in a deceleration in global economic activity and elevated market volatility. Economic indicators generally improved as the quarter progressed, following significant declines in March and April, as economies began to reopen and central banks, along with governments, continued to implement monetary easing measures and provide fiscal stimulus to support the economy. These contributed to higher global equity prices and tighter credit spreads compared with the end of the first quarter of 2020.				Net Revenues
				$13.30 billion

Investment Banking


Net revenues in Investment Banking were $2.66 billion for the second quarter of 2020, 36% higher than the second quarter of 2019 and 22% higher than the first quarter of 2020. The increase compared with the second quarter of 2019 reflected significantly higher net revenues in Underwriting, partially offset by a net loss in Corporate lending and lower net revenues in Financial advisory. The increase in Underwriting net revenues was due to significantly higher net revenues in both Equity and Debt underwriting, reflecting a significant increase in industry-wide volumes. The net loss in Corporate lending reflected the impact of changes in credit spreads on hedges related to relationship lending activities. The decrease in Financial advisory net revenues reflected a decrease in industry-wide completed mergers and acquisitions transactions. The firm’s investment banking transaction backlog³ decreased significantly compared with the end of the first quarter of 2020.	Investment Banking
	$2.66 billion
	Financial Advisory	$686 million
	Underwriting	$2.05 billion
	Corporate Lending	$(76) million

Global Markets


Net revenues in Global Markets were $7.18 billion for the second quarter of 2020, 93% higher than the second quarter of 2019 and 39% higher than the first quarter of 2020. Net revenues in FICC were $4.24 billion, compared with $1.70 billion in the second quarter of 2019. Net revenues in FICC intermediation were significantly higher, reflecting significantly higher net revenues across all major businesses, particularly in interest rate products, credit products and commodities. In addition, net revenues in FICC financing were significantly higher, primarily driven by repurchase agreements. Net revenues in Equities were $2.94 billion, 46% higher than the second quarter of 2019, due to significantly higher net revenues in Equities intermediation, reflecting significantly higher net revenues in both cash products and derivatives, partially offset by lower net revenues in Equities financing, reflecting lower average customer balances, tighter spreads and a decrease in dividends.	Global Markets
	$7.18 billion
	FICC Intermediation	$3.79 billion
	FICC Financing	$499 million
	FICC	$4.24 billion

	Equities Intermediation	$2.20 billion
	Equities Financing	$742 million
	Equities	$2.94 billion

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

Asset Management


Net revenues in Asset Management were $2.10 billion for the second quarter of 2020, compared with $2.55 billion for the second quarter of 2019 and $(96) million for the first quarter of 2020. The decrease compared with the second quarter of 2019 reflected significantly lower net revenues in Equity investments, partially offset by significantly higher net revenues in Lending and debt investments and slightly higher Management and other fees from the firm’s institutional and third-party distribution asset management clients. Incentive fees were essentially unchanged. The decrease in Equity investments net revenues reflected significantly lower net gains from investments in private equities, partially offset by significantly higher net gains from investments in public equities. The increase in Lending and debt investments net revenues reflected significantly higher net gains as corporate credit spreads tightened during the quarter. 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.	Asset Management
	$2.10 billion
	Management and
	Other Fees	$684 million
	Incentive Fees	$34 million
	Equity Investments	$924 million
	Lending and Debt Investments	$459 million

Consumer & Wealth Management


Net revenues in Consumer & Wealth Management were $1.36 billion for the second quarter of 2020, 9% higher than the second quarter of 2019 and 9% lower than the first quarter of 2020. Net revenues in Wealth management were $1.10 billion, 7% higher than the second quarter of 2019, due to higher Management and other fees (including the impact of the consolidation of GS Personal Financial Management⁵), primarily reflecting higher average assets under supervision and higher transaction volumes. Net revenues in Private banking and lending were lower, primarily reflecting lower interest rates, and Incentive fees were essentially unchanged. Net revenues in Consumer banking were $258 million, 19% higher than the second quarter of 2019, as the second quarter of 2020 included credit card loans.	Consumer & Wealth Management
	$1.36 billion
	Wealth Management	$ 1.10 billion
	Consumer Banking	$258 million

Provision for Credit Losses


Provision for credit losses was $1.59 billion for the second quarter of 2020, compared with $214 million for the second quarter of 2019 and $937 million for the first quarter of 2020. The increase compared with the second quarter of 2019 was primarily due to significantly higher provisions related to wholesale loans and, to a lesser extent, consumer loans, reflecting revisions to forecasts of expected deterioration in the broader economic environment (incorporating the accounting for credit losses under the Current Expected Credit Losses standard⁶). In addition, the increase in provisions related to wholesale loans reflected the impact of individual impairments during the quarter. The firm’s allowance for credit losses was $4.39 billion as of June 30, 2020.
				Provision for Credit Losses
				$1.59 billion

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

Operating Expenses


Operating expenses were $8.40 billion for the second quarter of 2020, 37% higher than the second quarter of 2019 and 30% higher than the first quarter of 2020. The firm’s efficiency ratio³ for the first half of 2020 was 67.4%, compared with 65.6% for the first half of 2019.				Operating Expenses
				$8.40 billion

The increase in operating expenses compared with the second quarter of 2019 was primarily due to significantly higher compensation and benefits expenses (reflecting significantly higher net revenues) and significantly higher net provisions for litigation and regulatory proceedings. In addition, brokerage, clearing, exchange and distribution fees were higher (reflecting an increase in activity levels) and expenses related to consolidated investments, including impairments, were higher (increase was primarily in depreciation and amortization and occupancy expenses). The second quarter of 2020 also included higher technology expenses, higher expenses related to the firm’s credit card activities and the impact of the consolidation of GS Personal Financial Management⁵. These increases were partially offset by lower travel and entertainment expenses (included in market development expenses). Net provisions for litigation and regulatory proceedings for the second quarter of 2020 were $945 million compared with $66 million for the second quarter of 2019. Headcount increased 2% compared with the end of the first quarter of 2020.				YTD Efficiency Ratio
				67.4%

Provision for Taxes


The effective income tax rate for the first half of 2020 increased to 21.9% from 10.0% for the first quarter of 2020, primarily due to a decrease in the impact of permanent tax benefits and an increase in provisions for non-deductible litigation in the first half of 2020 compared with the first quarter of 2020.				YTD Effective Tax Rate
				21.9%

Other Matters


◾ On July 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 September 29, 2020 to common shareholders of record on September 1, 2020. ◾ During the quarter, the firm returned $450 million of capital in common stock dividends.³ ◾ Global core liquid assets³ averaged $290 billion⁴ for the second quarter of 2020, compared with an average of $243 billion for the first quarter of 2020.				Declared Quarterly Dividend Per Common Share
				$1.25

				Common Stock Dividends
				$450 million

				Average GCLA
				$290 billion

Goldman Sachs Reports

Second Quarter 2020 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, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity indicated 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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019.

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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019.

Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.


				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 [email protected].

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	JUNE 30, 2020		MARCH 31, 2020		JUNE 30, 2019		MARCH 31, 2020		JUNE 30, 2019
INVESTMENT BANKING
Financial advisory		$ 686		$ 781		$ 771		(12) %		(11) %

Equity underwriting		1,057		378		476		180		122
Debt underwriting		990		583		514		70		93
Underwriting		2,047		961		990		113		107

Corporate lending		(76)		442		187		N.M.		N.M.
Net revenues		2,657		2,184		1,948		22		36

GLOBAL MARKETS
FICC intermediation		3,786		2,537		1,440		49		163
FICC financing		449		432		262		4		71
FICC		4,235		2,969		1,702		43		149

Equities intermediation		2,199		1,528		1,154		44		91
Equities financing		742		666		860		11		(14)
Equities		2,941		2,194		2,014		34		46
Net revenues		7,176		5,163		3,716		39		93

ASSET MANAGEMENT
Management and other fees		684		640		667		7		3
Incentive fees		34		154		31		(78)		10
Equity investments		924		(22)		1,499		N.M.		(38)
Lending and debt investments		459		(868)		351		N.M.		31
Net revenues		2,101		(96)		2,548		N.M.		(18)

CONSUMER & WEALTH MANAGEMENT
Management and other fees		938		959		833		(2)		13
Incentive fees		10		69		13		(86)		(23)
Private banking and lending		155		182		187		(15)		(17)
Wealth management		1,103		1,210		1,033		(9)		7

Consumer banking		258		282		216		(9)		19
Net revenues		1,361		1,492		1,249		(9)		9

Total net revenues		$ 13,295		$ 8,743		$ 9,461		52		41
Geographic Net Revenues (unaudited)³
$ in millions

	THREE MONTHS ENDED

	JUNE 30, 2020		MARCH 31, 2020		JUNE 30, 2019
Americas		$ 8,289		$ 5,171		$ 5,652
EMEA		3,453		2,108		2,689
Asia		1,553		1,464		1,120
Total net revenues		$ 13,295		$ 8,743		$ 9,461

Americas		62%		59%		60%
EMEA		26%		24%		28%
Asia		12%		17%		12%
Total		100%		100%		100%

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	SIX MONTHS ENDED				% CHANGE FROM

	JUNE 30, 2020		JUNE 30, 2019		JUNE 30, 2019
INVESTMENT BANKING
Financial advisory		$ 1,467		$ 1,645		(11) %

Equity underwriting		1,435		738		94
Debt underwriting		1,573		996		58
Underwriting		3,008		1,734		73

Corporate lending		366		315		16
Net revenues		4,841		3,694		31

GLOBAL MARKETS
FICC intermediation		6,323		3,312		91
FICC financing		881		628		40
FICC		7,204		3,940		83

Equities intermediation		3,727		2,315		61
Equities financing		1,408		1,501		(6)
Equities		5,135		3,816		35
Net revenues		12,339		7,756		59

ASSET MANAGEMENT
Management and other fees		1,324		1,274		4
Incentive fees		188		61		N.M.
Equity investments		902		2,304		(61)
Lending and debt investments		(409)		702		N.M.
Net revenues		2,005		4,341		(54)

CONSUMER & WEALTH MANAGEMENT
Management and other fees		1,897		1,627		17
Incentive fees		79		41		93
Private banking and lending		337		390		(14)
Wealth management		2,313		2,058		12

Consumer banking		540		419		29
Net revenues		2,853		2,477		15

Total net revenues		$ 22,038		$ 18,268		21
Geographic Net Revenues (unaudited)³ $ in millions

	SIX MONTHS ENDED

	JUNE 30, 2020		JUNE 30, 2019
Americas		$ 13,460		$ 10,897
EMEA		5,561		5,148
Asia		3,017		2,223
Total net revenues		$ 22,038		$ 18,268

Americas		61%		60%
EMEA		25%		28%
Asia		14%		12%
Total		100%		100%

Goldman Sachs Reports

Second Quarter 2020 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

	JUNE 30, 2020		MARCH 31, 2020		JUNE 30, 2019		MARCH 31, 2020		JUNE 30, 2019
REVENUES
Investment banking		$ 2,733		$ 1,742		$ 1,761		57 %		55 %
Investment management		1,635		1,768		1,520		(8)		8
Commissions and fees		875		1,020		808		(14)		8
Market making		5,787		3,682		2,479		57		133
Other principal transactions		1,321		(782)		1,822		N.M.		(27)
Total non-interest revenues		12,351		7,430		8,390		66		47

Interest income		3,034		4,750		5,760		(36)		(47)
Interest expense		2,090		3,437		4,689		(39)		(55)
Net interest income		944		1,313		1,071		(28)		(12)

Total net revenues		13,295		8,743		9,461		52		41

Provision for credit losses		1,590		937		214		70		N.M.

OPERATING EXPENSES
Compensation and benefits		4,478		3,235		3,317		38		35
Brokerage, clearing, exchange and distribution fees		945		975		823		(3)		15
Market development		89		153		186		(42)		(52)
Communications and technology		345		321		290		7		19
Depreciation and amortization		499		437		399		14		25
Occupancy		233		238		234		(2)		–
Professional fees		311		347		302		(10)		3
Other expenses		1,500		752		569		99		164
Total operating expenses		8,400		6,458		6,120		30		37

Pre-tax earnings		3,305		1,348		3,127		145		6
Provision for taxes		882		135		706		N.M.		25
Net earnings		2,423		1,213		2,421		100		–
Preferred stock dividends		176		90		223		96		(21)
Net earnings applicable to common shareholders		$ 2,247		$ 1,123		$ 2,198		100		2

EARNINGS PER COMMON SHARE
Basic³		$ 6.29		$ 3.12		$ 5.86		102 %		7 %
Diluted		$ 6.26		$ 3.11		$ 5.81		101		8

AVERAGE COMMON SHARES
Basic		355.7		358.0		374.5		(1)		(5)
Diluted		359.1		361.1		378.0		(1)		(5)

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 80,876		$ 81,176		$ 79,689		–		1
Basic shares³		355.8		355.7		372.2		–		(4)
Book value per common share		$ 227.31		$ 228.21		$ 214.10		–		6

Headcount		39,100		38,500		35,600		2		10

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts



	SIX MONTHS ENDED				% CHANGE FROM

	JUNE 30, 2020		JUNE 30, 2019		JUNE 30, 2019
REVENUES
Investment banking		$ 4,475		$ 3,379		32 %
Investment management		3,403		2,956		15
Commissions and fees		1,895		1,553		22
Market making		9,469		5,202		82
Other principal transactions		539		2,889		(81)
Total non-interest revenues		19,781		15,979		24

Interest income		7,784		11,357		(31)
Interest expense		5,527		9,068		(39)
Net interest income		2,257		2,289		(1)

Total net revenues		22,038		18,268		21

Provision for credit losses		2,527		438		N.M.

OPERATING EXPENSES
Compensation and benefits		7,713		6,576		17
Brokerage, clearing, exchange and distribution fees		1,920		1,585		21
Market development		242		370		(35)
Communications and technology		666		576		16
Depreciation and amortization		936		767		22
Occupancy		471		459		3
Professional fees		658		600		10
Other expenses		2,252		1,051		114
Total operating expenses		14,858		11,984		24

Pre-tax earnings		4,653		5,846		(20)
Provision for taxes		1,017		1,174		(13)
Net earnings		3,636		4,672		(22)
Preferred stock dividends		266		292		(9)
Net earnings applicable to common shareholders		$ 3,370		$ 4,380		(23)

EARNINGS PER COMMON SHARE
Basic³		$ 9.40		$ 11.59		(19) %
Diluted		$ 9.36		$ 11.52		(19)

AVERAGE COMMON SHARES
Basic		356.8		377.1		(5)
Diluted		360.1		380.2		(5)

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

AS OF

JUNE 30,

2020

MARCH 31,

2020

ASSETS

Cash and cash equivalents

$ 132

$ 106

Collateralized agreements

274

254

Customer and other receivables

107

121

Trading assets

398

375

Investments

Loans

117

128

Other assets

Total assets

$ 1,142

$ 1,090

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 268

$ 220

Collateralized financings

131

147

Customer and other payables

199

213

Trading liabilities

163

137

Unsecured short-term borrowings

Unsecured long-term borrowings

223

226

Other liabilities

Total liabilities

1,050

998

Shareholders’ equity

Total liabilities and shareholders’ equity

$ 1,142

$ 1,090

Capital Ratios and Supplementary Leverage Ratio (unaudited)^3,4

$ in billions

AS OF

JUNE 30,

2020

MARCH 31,

2020

Common equity tier 1 capital

$ 76.8

$ 74.6

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 563

$ 594

Common equity tier 1 capital ratio

13.6%

12.5%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 620

$ 606

Common equity tier 1 capital ratio

12.4%

12.3%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

6.7%

⁷

5.9%

Average Daily VaR (unaudited)^3,4

$ in millions

THREE MONTHS ENDED

JUNE 30,

2020

MARCH 31,

2020

RISK CATEGORIES

Interest rates

$ 98

$ 60

Equity prices

Currency rates

Commodity prices

Diversification effect

(113)

(49)

Total

$ 122

$ 81

Goldman Sachs Reports

Second Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions



	AS OF

	JUNE 30, 2020		MARCH 31, 2020		JUNE 30, 2019
SEGMENT
Asset Management		$ 1,499		$ 1,309		$ 1,171
Consumer & Wealth Management		558		509		489
Total AUS		$ 2,057		$ 1,818		$ 1,660

ASSET CLASS
Alternative investments		$ 179		$ 178		$ 174
Equity		394		335		350
Fixed income		817		771		749
Total long-term AUS		1,390		1,284		1,273
Liquidity products		667		534		387
Total AUS		$ 2,057		$ 1,818		$ 1,660


	THREE MONTHS ENDED

	JUNE 30, 2020		MARCH 31, 2020		JUNE 30, 2019
ASSET MANAGEMENT
Beginning balance		$ 1,309		$ 1,298		$ 1,117
Net inflows / (outflows):
Alternative investments		(2)		(1)		4
Equity		3		2		4
Fixed income		6		7		10
Total long-term AUS net inflows / (outflows)		7		8		18	⁸
Liquidity products		121		66		15
Total AUS net inflows / (outflows)		128		74		33
Net market appreciation / (depreciation)		62		(63)		21
Ending balance		$ 1,499		$ 1,309		$ 1,171

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 509		$ 561		$ 482
Net inflows / (outflows):
Alternative investments		–		–		(3)
Equity		(1)		1		–
Fixed income		–		(8)		2
Total long-term AUS net inflows / (outflows)		(1)		(7)		(1)
Liquidity products		12		6		(3)
Total AUS net inflows / (outflows)		11		(1)		(4)
Net market appreciation / (depreciation)		38		(51)		11
Ending balance		$ 558		$ 509		$ 489

FIRMWIDE
Beginning balance		$ 1,818		$ 1,859		$ 1,599
Net inflows / (outflows):
Alternative investments		(2)		(1)		1
Equity		2		3		4
Fixed income		6		(1)		12
Total long-term AUS net inflows / (outflows)		6		1		17
Liquidity products		133		72		12
Total AUS net inflows / (outflows)		139		73		29
Net market appreciation / (depreciation)		100		(114)		32
Ending balance		$ 2,057		$ 1,818		$ 1,660

Goldman Sachs Reports

Second Quarter 2020 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 JUNE 30, 2020		SIX MONTHS ENDED JUNE 30, 2020
Total shareholders’ equity		$ 92,315		$ 91,249
Preferred stock		(11,203)		(11,203)
Common shareholders’ equity		81,112		80,046
Goodwill and identifiable intangible assets		(4,806)		(4,814)
Tangible common shareholders’ equity		$ 76,306		$ 75,232

Dealogic – January 1, 2020 through June 30, 2020.

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 March 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 I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended March 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.”

Represents a preliminary estimate for the second quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020.

GS Personal Financial Management, formerly United Capital Financial Partners, Inc., was acquired by the firm in the third quarter of 2019.

In the first quarter of 2020, the firm adopted ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” For further information about ASU No. 2016-13, see Note 3 “Significant Accounting Policies” in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020.

In the second quarter of 2020, the U.S. Federal Reserve revised the calculation of the supplementary leverage ratio to exclude U.S. Treasury securities and cash held at the U.S. Federal Reserve. The estimated impact of this change was an increase in the firm’s supplementary leverage ratio of approximately 0.8 percentage points.

Net inflows in assets under supervision for the second quarter of 2019 included $13 billion of inflows (substantially all in equity and fixed income assets) in connection with the acquisition of Rocaton Investment Advisors, which was included in the Asset Management segment.

Exhibit 99.2 Second Quarter 2020 Earnings Results Presentation July 15, 2020Exhibit 99.2 Second Quarter 2020 Earnings Results Presentation July 15, 2020

Results Snapshot EPS Net Earnings Net Revenues 2Q $2.42 billion 2Q $6.26 2Q $13.30 billion 2Q YTD $3.64 billion 2Q YTD $9.36 2Q YTD $22.04 billion 1 1 Impact of Litigation Annualized ROTE Annualized ROE 2Q 11.8% 2Q EPS / YTD EPS -$2.60 / -$3.15 2Q 11.1% 2Q YTD 9.0% 2Q YTD 2Q ROE / YTD ROE -4.5pp / -2.8pp 8.4% Highlights Highest quarterly FICC net revenues in 9 years Second highest quarterly net revenues Highest quarterly Equities net revenues in 11 years 3,4 Record AUS Record quarterly Investment Banking net revenues 2 #1 in Announced and Completed M&A 3 4 Standardized CET1 ratio increased 110bps QoQ to 13.6% 2 #1 in Equity and equity-related offerings 1Results Snapshot EPS Net Earnings Net Revenues 2Q $2.42 billion 2Q $6.26 2Q $13.30 billion 2Q YTD $3.64 billion 2Q YTD $9.36 2Q YTD $22.04 billion 1 1 Impact of Litigation Annualized ROTE Annualized ROE 2Q 11.8% 2Q EPS / YTD EPS -$2.60 / -$3.15 2Q 11.1% 2Q YTD 9.0% 2Q YTD 2Q ROE / YTD ROE -4.5pp / -2.8pp 8.4% Highlights Highest quarterly FICC net revenues in 9 years Second highest quarterly net revenues Highest quarterly Equities net revenues in 11 years 3,4 Record AUS Record quarterly Investment Banking net revenues 2 #1 in Announced and Completed M&A 3 4 Standardized CET1 ratio increased 110bps QoQ to 13.6% 2 #1 in Equity and equity-related offerings 1

Macro Perspectives Economic Fundamentals Macro Factors Near-term Contraction Followed by Recovery COVID-19 & Shutdown Impact GDP Growth: U.S. Global 2020 | 2021 -4.6% | +5.8% -3.4% | +6.2% Economies Beginning to Reopen Challenging Fundamentals & Improving Sentiment Unemployment & Low CEO Confidence Shape of Recovery Spending Better Than Rising Investor Continued Monetary & Fiscal Stimulus Unknown Expected Sentiment Despite economic challenges, market rebounds drove client activity and improving sentiment Volatility & Volumes Recovery in Credit Spreads Normalized in Remain Elevated Equity Markets the U.S. and Europe VIX: -43% QoQ | +102% YoY U.S. IG Z-Spread: -85bps QoQ S&P 500: +20% in 2Q20 U.S. Cash Equity Volumes: +78% YoY EUR IG Z-Spread: -100bps QoQ MSCI World: +19% in 2Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs ResearchMacro Perspectives Economic Fundamentals Macro Factors Near-term Contraction Followed by Recovery COVID-19 & Shutdown Impact GDP Growth: U.S. Global 2020 | 2021 -4.6% | +5.8% -3.4% | +6.2% Economies Beginning to Reopen Challenging Fundamentals & Improving Sentiment Unemployment & Low CEO Confidence Shape of Recovery Spending Better Than Rising Investor Continued Monetary & Fiscal Stimulus Unknown Expected Sentiment Despite economic challenges, market rebounds drove client activity and improving sentiment Volatility & Volumes Recovery in Credit Spreads Normalized in Remain Elevated Equity Markets the U.S. and Europe VIX: -43% QoQ | +102% YoY U.S. IG Z-Spread: -85bps QoQ S&P 500: +20% in 2Q20 U.S. Cash Equity Volumes: +78% YoY EUR IG Z-Spread: -100bps QoQ MSCI World: +19% in 2Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research

Financial Overview Financial Results Financial Overview Highlights vs. n 2Q20 net revenues were significantly higher YoY, reflecting significantly higher net revenues in $ in millions, vs. vs. 2Q20 2Q19 Global Markets and Investment Banking and higher net revenues in Consumer & Wealth except per share amounts 2Q20 1Q20 2Q19 YTD YTD Management, partially offset by lower net revenues in Asset Management Investment Banking $ 2,657 22% 36% $ 4,841 31% n 2Q20 provision for credit losses was significantly higher YoY, primarily due to: Global Markets 7,176 39% 93% 12,339 59% — Revisions to forecasts of expected deterioration in the broader economic environment (incorporating the accounting for credit losses under the Current Expected Credit Losses 5 standard ), which resulted in increased provisions for wholesale loans and, to a lesser Asset Management 2,101 N.M. -18% 2,005 -54% extent, consumer loans Consumer & Wealth Management 1,361 -9% 9% 2,853 15% — Individual impairments related to wholesale loans during the quarter n 2Q20 operating expenses increased significantly YoY, primarily due to: Net revenues $ 13,295 52% 41% $ 22,038 21% — Significantly higher compensation and benefits expenses, reflecting significantly higher net revenues Provision for credit losses 1,590 70% N.M. 2,527 N.M. — Significantly higher net provisions for litigation and regulatory proceedings Operating expenses 8,400 30% 37% 14,858 24% — Higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Pre-tax earnings 3,305 145% 6% 4,653 -20% — Higher expenses related to consolidated investments, including impairments Net earnings 2,423 100% -% 3,636 -22% 2Q20 Net earnings to common $ 2,247 100% 2% $ 3,370 -23% Litigation Impact 2Q20 YTD Diluted EPS $ 6.26 101% 8% $ 9.36 -19% Diluted EPS $ -2.60 $ -3.15 1 ROE 11.1% 5.4pp -pp 8.4% -2.7pp ROE -4.5pp -2.8pp 1 ROTE 11.8% 5.8pp 0.1pp 9.0% -2.7pp ROTE -4.8pp -2.9pp 3 Efficiency Ratio 63.2% -10.7pp -1.5pp 67.4% 1.8pp Efficiency Ratio +7.1pp +5.1pp 3Financial Overview Financial Results Financial Overview Highlights vs. n 2Q20 net revenues were significantly higher YoY, reflecting significantly higher net revenues in $ in millions, vs. vs. 2Q20 2Q19 Global Markets and Investment Banking and higher net revenues in Consumer & Wealth except per share amounts 2Q20 1Q20 2Q19 YTD YTD Management, partially offset by lower net revenues in Asset Management Investment Banking $ 2,657 22% 36% $ 4,841 31% n 2Q20 provision for credit losses was significantly higher YoY, primarily due to: Global Markets 7,176 39% 93% 12,339 59% — Revisions to forecasts of expected deterioration in the broader economic environment (incorporating the accounting for credit losses under the Current Expected Credit Losses 5 standard ), which resulted in increased provisions for wholesale loans and, to a lesser Asset Management 2,101 N.M. -18% 2,005 -54% extent, consumer loans Consumer & Wealth Management 1,361 -9% 9% 2,853 15% — Individual impairments related to wholesale loans during the quarter n 2Q20 operating expenses increased significantly YoY, primarily due to: Net revenues $ 13,295 52% 41% $ 22,038 21% — Significantly higher compensation and benefits expenses, reflecting significantly higher net revenues Provision for credit losses 1,590 70% N.M. 2,527 N.M. — Significantly higher net provisions for litigation and regulatory proceedings Operating expenses 8,400 30% 37% 14,858 24% — Higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Pre-tax earnings 3,305 145% 6% 4,653 -20% — Higher expenses related to consolidated investments, including impairments Net earnings 2,423 100% -% 3,636 -22% 2Q20 Net earnings to common $ 2,247 100% 2% $ 3,370 -23% Litigation Impact 2Q20 YTD Diluted EPS $ 6.26 101% 8% $ 9.36 -19% Diluted EPS $ -2.60 $ -3.15 1 ROE 11.1% 5.4pp -pp 8.4% -2.7pp ROE -4.5pp -2.8pp 1 ROTE 11.8% 5.8pp 0.1pp 9.0% -2.7pp ROTE -4.8pp -2.9pp 3 Efficiency Ratio 63.2% -10.7pp -1.5pp 67.4% 1.8pp Efficiency Ratio +7.1pp +5.1pp 3

Investment Banking Investment Banking Highlights Financial Results n 2Q20 net revenues were significantly higher YoY vs. vs. vs. 2Q20 2Q19 — Financial advisory net revenues were lower, reflecting a decrease in industry-wide $ in millions 2Q20 1Q20 2Q19 YTD YTD completed mergers and acquisitions transactions $ 686 -12% -11% $ 1,467 -11% Financial advisory — Underwriting net revenues were significantly higher, reflecting record net revenues in both Equity and Debt underwriting, reflecting a significant increase in industry-wide volumes Equity underwriting 1,057 180% 122% 1,435 94% — Corporate lending results were significantly lower, reflecting the impact of changes in credit spreads on hedges (2Q20 net loss of $200 million) related to relationship lending activities Debt underwriting 990 70% 93% 1,573 58% n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts and higher impairments related to relationship and middle-market lending Underwriting 2,047 113% 107% 3,008 73% n 2Q20 operating expenses were significantly higher YoY, primarily due to significantly higher net provisions for litigation and regulatory proceedings and compensation and benefits expenses Corporate lending -76 N.M. N.M. 366 16% — Litigation expense reduced 2Q20 ROE by 16.2pp and 2Q20 YTD ROE by 10.0pp Net revenues 2,657 22% 36% 4,841 31% n The firm formally launched its transaction banking business in the U.S. and increased deposits 4 by $16 billion to $25 billion during the quarter Provision for credit losses 819 32% N.M. 1,441 N.M. 3 n Overall backlog decreased significantly QoQ, across advisory, equity underwriting and debt underwriting Operating expenses 1,696 45% 62% 2,865 39% Investment Banking Net Revenues ($ in millions) Pre-tax earnings $ 142 -64% -83% $ 535 -64% $2,657 $2,184 $2,064 $990 $1,948 $ 64 -82% -90% $ 418 -64% Net earnings $1,841 $442 $232 $187 $254 $599 $514 $ 41 -88% -93% $ 384 -66% $583 Net earnings to common $524 $1,057 $378 $476 $378 $366 $ 11,132 -2% -4% $ 11,176 3% Average common equity $855 $771 $781 $697 $686 Return on average common equity 1.5% -10.6pp -19.3pp 6.9% -14.1pp -$76 2Q19 3Q19 4Q19 1Q20 2Q20 4 Financial advisory Equity underwriting Debt underwriting Corporate lendingInvestment Banking Investment Banking Highlights Financial Results n 2Q20 net revenues were significantly higher YoY vs. vs. vs. 2Q20 2Q19 — Financial advisory net revenues were lower, reflecting a decrease in industry-wide $ in millions 2Q20 1Q20 2Q19 YTD YTD completed mergers and acquisitions transactions $ 686 -12% -11% $ 1,467 -11% Financial advisory — Underwriting net revenues were significantly higher, reflecting record net revenues in both Equity and Debt underwriting, reflecting a significant increase in industry-wide volumes Equity underwriting 1,057 180% 122% 1,435 94% — Corporate lending results were significantly lower, reflecting the impact of changes in credit spreads on hedges (2Q20 net loss of $200 million) related to relationship lending activities Debt underwriting 990 70% 93% 1,573 58% n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts and higher impairments related to relationship and middle-market lending Underwriting 2,047 113% 107% 3,008 73% n 2Q20 operating expenses were significantly higher YoY, primarily due to significantly higher net provisions for litigation and regulatory proceedings and compensation and benefits expenses Corporate lending -76 N.M. N.M. 366 16% — Litigation expense reduced 2Q20 ROE by 16.2pp and 2Q20 YTD ROE by 10.0pp Net revenues 2,657 22% 36% 4,841 31% n The firm formally launched its transaction banking business in the U.S. and increased deposits 4 by $16 billion to $25 billion during the quarter Provision for credit losses 819 32% N.M. 1,441 N.M. 3 n Overall backlog decreased significantly QoQ, across advisory, equity underwriting and debt underwriting Operating expenses 1,696 45% 62% 2,865 39% Investment Banking Net Revenues ($ in millions) Pre-tax earnings $ 142 -64% -83% $ 535 -64% $2,657 $2,184 $2,064 $990 $1,948 $ 64 -82% -90% $ 418 -64% Net earnings $1,841 $442 $232 $187 $254 $599 $514 $ 41 -88% -93% $ 384 -66% $583 Net earnings to common $524 $1,057 $378 $476 $378 $366 $ 11,132 -2% -4% $ 11,176 3% Average common equity $855 $771 $781 $697 $686 Return on average common equity 1.5% -10.6pp -19.3pp 6.9% -14.1pp -$76 2Q19 3Q19 4Q19 1Q20 2Q20 4 Financial advisory Equity underwriting Debt underwriting Corporate lending

Global Markets Global Markets Highlights Financial Results vs. n 2Q20 net revenues were significantly higher YoY, primarily driven by higher client activity vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — FICC net revenues were significantly higher YoY, reflecting significantly higher intermediation net revenues and financing net revenues FICC intermediation $ 3,786 49% 163% $ 6,323 91% — Equities net revenues were significantly higher YoY, reflecting significantly higher intermediation net revenues, partially offset by lower financing net revenues 449 4% 71% 881 40% FICC financing n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts for the mortgage lending portfolio FICC 4,235 43% 149% 7,204 83% n 2Q20 operating expenses were significantly higher YoY, reflecting significantly higher 2,199 44% 91% 3,727 61% Equities intermediation compensation and benefits expenses and net provisions for litigation and regulatory proceedings and higher brokerage, clearing, exchange and distribution fees Equities financing 742 11% -14% 1,408 -6% — Litigation expense reduced 2Q20 ROE by 4.4pp and 2Q20 YTD ROE by 2.8pp 2,941 34% 46% 5,135 35% Equities Global Markets Net Revenues ($ in millions) $7,176 Net revenues 7,176 39% 93% 12,339 59% 183 169% N.M. 251 N.M. Provision for credit losses $2,941 $5,163 Operating expenses 4,172 47% 55% 7,019 29% $3,716 $3,543 $2,194 $3,480 $ 2,821 25% 173% $ 5,069 118% Pre-tax earnings $2,014 $1,864 $1,711 Net earnings $ 1,938 -4% 145% $ 3,961 113% $4,235 $2,969 $ 1,824 -7% 185% $ 3,788 128% Net earnings to common $1,702 $1,769 $1,679 Average common equity $ 42,987 8% 8% $ 41,133 1% 2Q19 3Q19 4Q19 1Q20 2Q20 FICC Equities 17.0% -2.7pp 10.6pp 18.4% 10.3pp Return on average common equity 5Global Markets Global Markets Highlights Financial Results vs. n 2Q20 net revenues were significantly higher YoY, primarily driven by higher client activity vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — FICC net revenues were significantly higher YoY, reflecting significantly higher intermediation net revenues and financing net revenues FICC intermediation $ 3,786 49% 163% $ 6,323 91% — Equities net revenues were significantly higher YoY, reflecting significantly higher intermediation net revenues, partially offset by lower financing net revenues 449 4% 71% 881 40% FICC financing n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts for the mortgage lending portfolio FICC 4,235 43% 149% 7,204 83% n 2Q20 operating expenses were significantly higher YoY, reflecting significantly higher 2,199 44% 91% 3,727 61% Equities intermediation compensation and benefits expenses and net provisions for litigation and regulatory proceedings and higher brokerage, clearing, exchange and distribution fees Equities financing 742 11% -14% 1,408 -6% — Litigation expense reduced 2Q20 ROE by 4.4pp and 2Q20 YTD ROE by 2.8pp 2,941 34% 46% 5,135 35% Equities Global Markets Net Revenues ($ in millions) $7,176 Net revenues 7,176 39% 93% 12,339 59% 183 169% N.M. 251 N.M. Provision for credit losses $2,941 $5,163 Operating expenses 4,172 47% 55% 7,019 29% $3,716 $3,543 $2,194 $3,480 $ 2,821 25% 173% $ 5,069 118% Pre-tax earnings $2,014 $1,864 $1,711 Net earnings $ 1,938 -4% 145% $ 3,961 113% $4,235 $2,969 $ 1,824 -7% 185% $ 3,788 128% Net earnings to common $1,702 $1,769 $1,679 Average common equity $ 42,987 8% 8% $ 41,133 1% 2Q19 3Q19 4Q19 1Q20 2Q20 FICC Equities 17.0% -2.7pp 10.6pp 18.4% 10.3pp Return on average common equity 5

Global Markets – FICC & Equities FICC Highlights Equities Highlights n 2Q20 net revenues were significantly higher YoY n 2Q20 net revenues were significantly higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher net revenues across all major businesses, particularly in interest rate products, credit products and revenues in both cash products and derivatives commodities — Equities financing net revenues were lower, reflecting lower average customer balances, tighter — FICC financing net revenues were significantly higher, primarily driven by repurchase spreads and a decrease in dividends agreements n 2Q20 operating environment was characterized by continued strong client activity, as volatility n 2Q20 operating environment was characterized by continued strong client activity, as volatility remained high and global equity prices were generally higher compared to 1Q20 remained high, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $449 $2,969 $2,941 $432 $742 $2,194 $2,014 $1,769 $1,864 $1,702 $1,679 $3,786 $1,711 $666 $262 $387 $364 $860 $784 $2,537 $732 $2,199 $1,440 $1,528 $1,382 $1,315 $1,154 $1,080 $979 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Intermediation Financing Intermediation Financing 6Global Markets – FICC & Equities FICC Highlights Equities Highlights n 2Q20 net revenues were significantly higher YoY n 2Q20 net revenues were significantly higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher net revenues across all major businesses, particularly in interest rate products, credit products and revenues in both cash products and derivatives commodities — Equities financing net revenues were lower, reflecting lower average customer balances, tighter — FICC financing net revenues were significantly higher, primarily driven by repurchase spreads and a decrease in dividends agreements n 2Q20 operating environment was characterized by continued strong client activity, as volatility n 2Q20 operating environment was characterized by continued strong client activity, as volatility remained high and global equity prices were generally higher compared to 1Q20 remained high, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $449 $2,969 $2,941 $432 $742 $2,194 $2,014 $1,769 $1,864 $1,702 $1,679 $3,786 $1,711 $666 $262 $387 $364 $860 $784 $2,537 $732 $2,199 $1,440 $1,528 $1,382 $1,315 $1,154 $1,080 $979 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Intermediation Financing Intermediation Financing 6

Asset Management Asset Management Highlights Financial Results vs. n 2Q20 net revenues were lower YoY vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — Management and other fees from institutional and third-party distribution asset management clients were slightly higher, reflecting higher average AUS, partially offset by a lower average Management and other fees $ 684 7% 3% $ 1,324 4% effective fee due to shifts in the mix of client assets and strategies — Equity investments net revenues reflected significantly lower net gains from investments in private Incentive fees 34 -78% 10% 188 N.M. equities (2Q20: ~$290 million; 2Q19: ~$1.20 billion), partially offset by significantly higher net gains from investments in public equities (2Q20: ~$635 million; 2Q19: ~$300 million) — Lending and debt investments net revenues were significantly higher, reflecting significantly Equity investments 924 N.M. -38% 902 -61% higher net gains as corporate credit spreads tightened during the quarter n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts Lending and debt investments 459 N.M. 31% -409 N.M. and higher impairments related to the private credit and real estate portfolios Net revenues 2,101 N.M. -18% 2,005 -54% Provision for credit losses 271 N.M. N.M. 350 N.M. Asset Management Net Revenues ($ in millions) 1,332 11% 7% 2,530 8% Operating expenses $3,003 $2,548 $427 Pre-tax earnings $ 498 N.M. -60% $ -875 N.M. $2,101 $351 $1,621 $459 Net earnings $ 552 N.M. -43% $ -684 N.M. $1,865 $1,499 $341 $924 -$96 $596 $31 $34 $154 Net earnings to common $ 526 N.M. -44% $ -724 N.M. $24 $45 $684 $667 $660 $666 $640 -$22 Average common equity $ 19,457 -8% -10% $ 20,449 -3% -$868 2Q19 3Q19 4Q19 1Q20 2Q20 10.8% 34.4pp -6.5pp -7.1% -21.2pp Return on average common equity 7 Management and other fees Incentive fees Equity investments Lending and debt investmentsAsset Management Asset Management Highlights Financial Results vs. n 2Q20 net revenues were lower YoY vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — Management and other fees from institutional and third-party distribution asset management clients were slightly higher, reflecting higher average AUS, partially offset by a lower average Management and other fees $ 684 7% 3% $ 1,324 4% effective fee due to shifts in the mix of client assets and strategies — Equity investments net revenues reflected significantly lower net gains from investments in private Incentive fees 34 -78% 10% 188 N.M. equities (2Q20: ~$290 million; 2Q19: ~$1.20 billion), partially offset by significantly higher net gains from investments in public equities (2Q20: ~$635 million; 2Q19: ~$300 million) — Lending and debt investments net revenues were significantly higher, reflecting significantly Equity investments 924 N.M. -38% 902 -61% higher net gains as corporate credit spreads tightened during the quarter n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts Lending and debt investments 459 N.M. 31% -409 N.M. and higher impairments related to the private credit and real estate portfolios Net revenues 2,101 N.M. -18% 2,005 -54% Provision for credit losses 271 N.M. N.M. 350 N.M. Asset Management Net Revenues ($ in millions) 1,332 11% 7% 2,530 8% Operating expenses $3,003 $2,548 $427 Pre-tax earnings $ 498 N.M. -60% $ -875 N.M. $2,101 $351 $1,621 $459 Net earnings $ 552 N.M. -43% $ -684 N.M. $1,865 $1,499 $341 $924 -$96 $596 $31 $34 $154 Net earnings to common $ 526 N.M. -44% $ -724 N.M. $24 $45 $684 $667 $660 $666 $640 -$22 Average common equity $ 19,457 -8% -10% $ 20,449 -3% -$868 2Q19 3Q19 4Q19 1Q20 2Q20 10.8% 34.4pp -6.5pp -7.1% -21.2pp Return on average common equity 7 Management and other fees Incentive fees Equity investments Lending and debt investments

Asset Management – Asset Mix 4 4 2Q20 Equity Investments of $20 Billion 2Q20 Lending and Debt Investments of $30 Billion $17 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $13 Billion Debt Investments By Geography By Vintage 2017– 2013 or Present Asia Earlier 30% 36% Americas 37% 48% By Accounting Classification By Geography 2014 – EMEA 2016 Loans 16% 33% at FV Real Estate 13% (Mixed Use 5%, Office 3%, Natural Resources & Financials Multifamily 3%, Other 7%) Asia Utilities Loans at 22% amortized Debt Americas cost 43% Investments 46% EMEA at FV 44% By Sector 28% 18% 7% 7% Healthcare 27% 7% 6% 32% TMT Industrials Other 6 n In addition, the firm’s consolidated investment entities have a carrying value of $20 billion, funded with liabilities of approximately $11 billion, substantially all of which were nonrecourse Industrials Other Healthcare By Asset Class By Geography (Net of Financing) (Net of Financing) Senior Student 34% Natural Resources By Sector 15% 13% 12% 8% 8% 6% 4% Office Housing Housing Retail & Utilities Asia 19% Americas EMEA Consumer 61% Real Estate Financials 25% TMT 29% 11% 8% 7% 7% 4%Hospitality 9% 20% 8 Industrials Multifamily OtherAsset Management – Asset Mix 4 4 2Q20 Equity Investments of $20 Billion 2Q20 Lending and Debt Investments of $30 Billion $17 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $13 Billion Debt Investments By Geography By Vintage 2017– 2013 or Present Asia Earlier 30% 36% Americas 37% 48% By Accounting Classification By Geography 2014 – EMEA 2016 Loans 16% 33% at FV Real Estate 13% (Mixed Use 5%, Office 3%, Natural Resources & Financials Multifamily 3%, Other 7%) Asia Utilities Loans at 22% amortized Debt Americas cost 43% Investments 46% EMEA at FV 44% By Sector 28% 18% 7% 7% Healthcare 27% 7% 6% 32% TMT Industrials Other 6 n In addition, the firm’s consolidated investment entities have a carrying value of $20 billion, funded with liabilities of approximately $11 billion, substantially all of which were nonrecourse Industrials Other Healthcare By Asset Class By Geography (Net of Financing) (Net of Financing) Senior Student 34% Natural Resources By Sector 15% 13% 12% 8% 8% 6% 4% Office Housing Housing Retail & Utilities Asia 19% Americas EMEA Consumer 61% Real Estate Financials 25% TMT 29% 11% 8% 7% 7% 4%Hospitality 9% 20% 8 Industrials Multifamily Other

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 2Q20 net revenues were higher YoY vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees 7 (including the impact of the consolidation of GS Personal Financial Management ), primarily Management and other fees $ 938 -2% 13% $ 1,897 17% reflecting higher average AUS and higher transaction volumes, partially offset by lower net revenues in Private banking and lending, primarily reflecting lower interest rates Incentive fees 10 -86% -23% 79 93% — Consumer banking net revenues were higher, as 2Q20 included credit card loans n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts Private banking and lending 155 -15% -17% 337 -14% for the consumer lending portfolio n Continued to scale the digital consumer deposit platforms, as consumer deposits increased by a 4 1,103 -9% 7% 2,313 12% Wealth management record $20 billion in 2Q20 to $92 billion n The firm continued to support Marcus and Apple Card consumers during the quarter and extended Consumer banking 258 -9% 19% 540 29% the flexibility to defer payments without incurring any charges for the Apple Card through July 2020 Net revenues 1,361 -9% 9% 2,853 15% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 317 89% N.M. 485 144% $1,492 $1,408 $1,361 Operating expenses 1,200 -4% 5% 2,444 14% $1,318 $282 $1,249 $228 $258 $217 $216 $182 Pre-tax earnings $ -156 N.M. N.M. $ -76 N.M. $194 $155 $199 $69 $19 $187 $10 $21 $13 $ -131 N.M. N.M. $ -59 N.M. Net earnings Net earnings to common $ -144 N.M. N.M. $ -78 N.M. $967 $959 $938 $881 $833 Average common equity $ 7,536 8% 28% $ 7,288 24% 2Q19 3Q19 4Q19 1Q20 2Q20 Return on average common equity -7.6% -11.4pp -8.4pp -2.1% -5.2pp 9 Management and other fees Incentive fees Private banking and lending Consumer bankingConsumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 2Q20 net revenues were higher YoY vs. vs. 2Q20 2Q19 $ in millions 2Q20 1Q20 2Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees 7 (including the impact of the consolidation of GS Personal Financial Management ), primarily Management and other fees $ 938 -2% 13% $ 1,897 17% reflecting higher average AUS and higher transaction volumes, partially offset by lower net revenues in Private banking and lending, primarily reflecting lower interest rates Incentive fees 10 -86% -23% 79 93% — Consumer banking net revenues were higher, as 2Q20 included credit card loans n 2Q20 provision for credit losses was significantly higher YoY, reflecting updated economic forecasts Private banking and lending 155 -15% -17% 337 -14% for the consumer lending portfolio n Continued to scale the digital consumer deposit platforms, as consumer deposits increased by a 4 1,103 -9% 7% 2,313 12% Wealth management record $20 billion in 2Q20 to $92 billion n The firm continued to support Marcus and Apple Card consumers during the quarter and extended Consumer banking 258 -9% 19% 540 29% the flexibility to defer payments without incurring any charges for the Apple Card through July 2020 Net revenues 1,361 -9% 9% 2,853 15% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 317 89% N.M. 485 144% $1,492 $1,408 $1,361 Operating expenses 1,200 -4% 5% 2,444 14% $1,318 $282 $1,249 $228 $258 $217 $216 $182 Pre-tax earnings $ -156 N.M. N.M. $ -76 N.M. $194 $155 $199 $69 $19 $187 $10 $21 $13 $ -131 N.M. N.M. $ -59 N.M. Net earnings Net earnings to common $ -144 N.M. N.M. $ -78 N.M. $967 $959 $938 $881 $833 Average common equity $ 7,536 8% 28% $ 7,288 24% 2Q19 3Q19 4Q19 1Q20 2Q20 Return on average common equity -7.6% -11.4pp -8.4pp -2.1% -5.2pp 9 Management and other fees Incentive fees Private banking and lending Consumer banking

Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. n Firmwide AUS increased $239 billion during the quarter to a record $2.06 trillion, including Asset $ in billions 2Q20 1Q20 2Q19 1Q20 2Q19 Management AUS increasing $190 billion and Consumer & Wealth Management AUS increasing $49 billion Asset Management $ 1,499 $ 1,309 $ 1,171 15% 28% — Net market appreciation of $100 billion, primarily in equity and fixed income assets Consumer & Wealth Management 558 509 489 10% 14% — Liquidity products net inflows of $133 billion Firmwide AUS $ 2,057 $ 1,818 $ 1,660 13% 24% — Long-term net inflows of $6 billion By Asset Class vs. vs. $ in billions 2Q20 1Q20 2Q19 1Q20 2Q19 $ 179 $ 178 $ 174 1% 3% Alternative investments 394 335 350 18% 13% Equity Fixed income 817 771 749 6% 9% Long-term AUS 1,390 1,284 1,273 8% 9% 3,4 2Q20 AUS Mix Liquidity products 667 534 387 25% 72% Asset Distribution Region Vehicle Class $ 2,057 $ 1,818 $ 1,660 13% 24% Channel Firmwide AUS Private Alternative 8% 9% Asia 11% funds investments Wealth and other 27% 14% EMEA management 3,4 19% Equity Organic Long-Term Net Flows ($ in billions) Public (Excludes Acquisitions) 37% funds $42 Liquidity 32% 35% $37 Institutional $36 products Americas $27 78% Separate 52% accounts Fixed 40% 38% Third-party $7 income distributed 10 2016 2017 2018 2019 2020 YTDFirmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. n Firmwide AUS increased $239 billion during the quarter to a record $2.06 trillion, including Asset $ in billions 2Q20 1Q20 2Q19 1Q20 2Q19 Management AUS increasing $190 billion and Consumer & Wealth Management AUS increasing $49 billion Asset Management $ 1,499 $ 1,309 $ 1,171 15% 28% — Net market appreciation of $100 billion, primarily in equity and fixed income assets Consumer & Wealth Management 558 509 489 10% 14% — Liquidity products net inflows of $133 billion Firmwide AUS $ 2,057 $ 1,818 $ 1,660 13% 24% — Long-term net inflows of $6 billion By Asset Class vs. vs. $ in billions 2Q20 1Q20 2Q19 1Q20 2Q19 $ 179 $ 178 $ 174 1% 3% Alternative investments 394 335 350 18% 13% Equity Fixed income 817 771 749 6% 9% Long-term AUS 1,390 1,284 1,273 8% 9% 3,4 2Q20 AUS Mix Liquidity products 667 534 387 25% 72% Asset Distribution Region Vehicle Class $ 2,057 $ 1,818 $ 1,660 13% 24% Channel Firmwide AUS Private Alternative 8% 9% Asia 11% funds investments Wealth and other 27% 14% EMEA management 3,4 19% Equity Organic Long-Term Net Flows ($ in billions) Public (Excludes Acquisitions) 37% funds $42 Liquidity 32% 35% $37 Institutional $36 products Americas $27 78% Separate 52% accounts Fixed 40% 38% Third-party $7 income distributed 10 2016 2017 2018 2019 2020 YTD

Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans Metrics $ in billions 2Q20 1Q20 2Q19 $1,313 Corporate $ 59 $ 68 $ 47 3.7% $1,071 ALLL to Total Wealth management 28 29 25 $944 Gross Loans, at $493 Amortized Cost Commercial real estate 17 17 15 $397 $397 2.8% 5 4 6 Residential real estate ALLL to Gross $171 Wholesale Loans, at $75 Installment 5 5 5 Amortized Cost Credit cards 2 2 - $511 17.0% $483 $629 ALLL to Gross Other 5 6 4 Consumer Loans, at Amortized Cost (4) (3) (1) Allowance for loan losses $138 $116 -$7 -$75 (IB) Total Loans $ 117 $ 128 $ 101 2Q19 1Q20 2Q20 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $11 billion, down 9% QoQ, reflecting paydowns on committed corporate lines n 2Q20 net interest income decreased $127 million YoY n Total allowance was $4.39 billion (including $3.90 billion for funded loans), up $1.19 billion QoQ n The YoY decrease in net interest income reflected the impact of lower interest rates and an increase in lower-risk, lower-yielding global core liquid assets — $3.24 billion for wholesale loans, $1.15 billion for consumer loans n Provision for credit losses of $1.59 billion in 2Q20, up from $937 million in 1Q20 n 2Q20 net charge-offs of $260 million for an annualized net charge-off rate of 0.9%, up 40bps QoQ — Wholesale annualized net charge-off rate of 0.7%, up 50bps QoQ — Consumer annualized net charge-off rate of 5.1%, up 30bps QoQ 11Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans Metrics $ in billions 2Q20 1Q20 2Q19 $1,313 Corporate $ 59 $ 68 $ 47 3.7% $1,071 ALLL to Total Wealth management 28 29 25 $944 Gross Loans, at $493 Amortized Cost Commercial real estate 17 17 15 $397 $397 2.8% 5 4 6 Residential real estate ALLL to Gross $171 Wholesale Loans, at $75 Installment 5 5 5 Amortized Cost Credit cards 2 2 - $511 17.0% $483 $629 ALLL to Gross Other 5 6 4 Consumer Loans, at Amortized Cost (4) (3) (1) Allowance for loan losses $138 $116 -$7 -$75 (IB) Total Loans $ 117 $ 128 $ 101 2Q19 1Q20 2Q20 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $11 billion, down 9% QoQ, reflecting paydowns on committed corporate lines n 2Q20 net interest income decreased $127 million YoY n Total allowance was $4.39 billion (including $3.90 billion for funded loans), up $1.19 billion QoQ n The YoY decrease in net interest income reflected the impact of lower interest rates and an increase in lower-risk, lower-yielding global core liquid assets — $3.24 billion for wholesale loans, $1.15 billion for consumer loans n Provision for credit losses of $1.59 billion in 2Q20, up from $937 million in 1Q20 n 2Q20 net charge-offs of $260 million for an annualized net charge-off rate of 0.9%, up 40bps QoQ — Wholesale annualized net charge-off rate of 0.7%, up 50bps QoQ — Consumer annualized net charge-off rate of 5.1%, up 30bps QoQ 11

Expenses Expense Highlights Financial Results vs.n 2Q20 total operating expenses increased significantly YoY, reflecting: vs. vs. 2Q20 2Q19 — Significantly higher compensation and benefits expenses, reflecting significantly higher net $ in millions 2Q20 1Q20 2Q19 YTD YTD revenues Compensation and benefits $ 4,478 38% 35% $ 7,713 17% — Significantly higher non-compensation expenses, which included: o Significantly higher net provisions for litigation and regulatory proceedings Brokerage, clearing, exchange and 945 -3% 15% 1,920 21% distribution fees o Higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Market development 89 -42% -52% 242 -35% o Higher expenses related to consolidated investments, including impairments o Remainder of the increase primarily attributable to higher expenses related to technology, the Communications and technology 345 7% 19% 666 16% firm’s credit card activities and the impact of the consolidation of GS Personal Financial 7 Management , partially offset by lower travel and entertainment expenses Depreciation and amortization 499 14% 25% 936 22% n 2Q20 YTD effective income tax rate was 21.9%, up from 10.0% for 1Q20, primarily due to a decrease in the impact of permanent tax benefits and an increase in provisions for non-deductible litigation in the first half of 2020 compared with 1Q20 Occupancy 233 -2% -% 471 3% 3 Efficiency Ratio Professional fees 311 -10% 3% 658 10% 67% 63% Other expenses 1,500 99% 164% 2,252 114% Total operating expenses $ 8,400 30% 37% $ 14,858 24% Provision for taxes $ 882 N.M. 25% $ 1,017 -13% Effective Tax Rate 21.9% 1.8pp 2Q20 2Q20 YTD Impact of Litigation: +7.1pp +5.1pp 12Expenses Expense Highlights Financial Results vs.n 2Q20 total operating expenses increased significantly YoY, reflecting: vs. vs. 2Q20 2Q19 — Significantly higher compensation and benefits expenses, reflecting significantly higher net $ in millions 2Q20 1Q20 2Q19 YTD YTD revenues Compensation and benefits $ 4,478 38% 35% $ 7,713 17% — Significantly higher non-compensation expenses, which included: o Significantly higher net provisions for litigation and regulatory proceedings Brokerage, clearing, exchange and 945 -3% 15% 1,920 21% distribution fees o Higher expenses related to brokerage, clearing, exchange and distribution fees, reflecting an increase in activity levels Market development 89 -42% -52% 242 -35% o Higher expenses related to consolidated investments, including impairments o Remainder of the increase primarily attributable to higher expenses related to technology, the Communications and technology 345 7% 19% 666 16% firm’s credit card activities and the impact of the consolidation of GS Personal Financial 7 Management , partially offset by lower travel and entertainment expenses Depreciation and amortization 499 14% 25% 936 22% n 2Q20 YTD effective income tax rate was 21.9%, up from 10.0% for 1Q20, primarily due to a decrease in the impact of permanent tax benefits and an increase in provisions for non-deductible litigation in the first half of 2020 compared with 1Q20 Occupancy 233 -2% -% 471 3% 3 Efficiency Ratio Professional fees 311 -10% 3% 658 10% 67% 63% Other expenses 1,500 99% 164% 2,252 114% Total operating expenses $ 8,400 30% 37% $ 14,858 24% Provision for taxes $ 882 N.M. 25% $ 1,017 -13% Effective Tax Rate 21.9% 1.8pp 2Q20 2Q20 YTD Impact of Litigation: +7.1pp +5.1pp 12

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 2Q20 1Q20 2Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 76.8 $ 74.6 $ 75.6 — Decrease in Standardized RWAs reflected lower credit RWAs due to reduced exposure Standardized RWAs $ 563 $ 594 $ 548 — Increase in Advanced RWAs reflected the impact of increased volatility n Returned $450 million of capital in common stock dividends Standardized CET1 capital ratio 13.6% 12.5% 13.8% 3 — The firm did not repurchase any shares in 2Q20 and will not in 3Q20 Advanced RWAs $ 620 $ 606 $ 559 n The firm’s balance sheet increased $52 billion QoQ Advanced CET1 capital ratio 12.4% 12.3% 13.5% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $290 billion for 2Q20 8 Supplementary leverage ratio 6.7% 5.9% 6.4% — Deposits increased $48 billion QoQ, reflecting an increase in consumer, transaction banking and private bank deposits n BVPS decreased QoQ, driven by debt valuation adjustment on tightening of the firm’s credit spreads 4 Selected Balance Sheet Data $ in billions 2Q20 1Q20 2Q19 Total assets $ 1,142 $ 1,090 $ 945 Book Value Deposits $ 268 $ 220 $ 166 In millions, except per share amounts 2Q20 1Q20 2Q19 3 Basic shares 355.8 355.7 372.2 Unsecured long-term borrowings $ 223 $ 226 $ 221 Book value per common share $ 227.31 $ 228.21 $ 214.10 Shareholders’ equity $ 92 $ 92 $ 91 1 3 Tangible book value per common share $ 213.84 $ 214.69 $ 203.05 Average GCLA $ 290 $ 243 $ 225 13Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 2Q20 1Q20 2Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 76.8 $ 74.6 $ 75.6 — Decrease in Standardized RWAs reflected lower credit RWAs due to reduced exposure Standardized RWAs $ 563 $ 594 $ 548 — Increase in Advanced RWAs reflected the impact of increased volatility n Returned $450 million of capital in common stock dividends Standardized CET1 capital ratio 13.6% 12.5% 13.8% 3 — The firm did not repurchase any shares in 2Q20 and will not in 3Q20 Advanced RWAs $ 620 $ 606 $ 559 n The firm’s balance sheet increased $52 billion QoQ Advanced CET1 capital ratio 12.4% 12.3% 13.5% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $290 billion for 2Q20 8 Supplementary leverage ratio 6.7% 5.9% 6.4% — Deposits increased $48 billion QoQ, reflecting an increase in consumer, transaction banking and private bank deposits n BVPS decreased QoQ, driven by debt valuation adjustment on tightening of the firm’s credit spreads 4 Selected Balance Sheet Data $ in billions 2Q20 1Q20 2Q19 Total assets $ 1,142 $ 1,090 $ 945 Book Value Deposits $ 268 $ 220 $ 166 In millions, except per share amounts 2Q20 1Q20 2Q19 3 Basic shares 355.8 355.7 372.2 Unsecured long-term borrowings $ 223 $ 226 $ 221 Book value per common share $ 227.31 $ 228.21 $ 214.10 Shareholders’ equity $ 92 $ 92 $ 91 1 3 Tangible book value per common share $ 213.84 $ 214.69 $ 203.05 Average GCLA $ 290 $ 243 $ 225 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, 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 indicated in these 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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 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), (vi) the firm’s future effective income tax rate, and (vii) the firm’s investment banking transaction backlog 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 our 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 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 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. 14Cautionary 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, 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 indicated in these 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 II, Item 1A of the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 and in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2019. 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), (vi) the firm’s future effective income tax rate, and (vii) the firm’s investment banking transaction backlog 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 our 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 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 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. 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 SIX MONTHS ENDED Unaudited, $ in millions JUNE 30, 2020 JUNE 30, 2020 JUNE 30, 2020 MARCH 31, 2020 JUNE 30, 2019 Total shareholders’ equity $ 92,315 $ 91,249 $ 92,079 $ 92,379 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 81,112 80,046 80,876 81,176 79,689 Goodwill and identifiable intangible assets (4,806) (4,814) (4,792) (4,810) (4,114) Tangible common shareholders’ equity $ 76,306 $ 75,232 $ 76,084 $ 76,366 $ 75,575 2. Dealogic – January 1, 2020 through June 30, 2020. 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 March 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 I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020. 4. Represents a preliminary estimate for the second quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020. 5. In the first quarter of 2020, the firm adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. For further information about ASU No. 2016-13, see Note 3 Significant Accounting Policies in Part I, Item 1 Financial Statements (Unaudited) in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2020. 6. Includes consolidated investment entities, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 7. GS Personal Financial Management, formerly United Capital Financial Partners, Inc., was acquired by the firm in the third quarter of 2019. 8. In the second quarter of 2020, the U.S. Federal Reserve revised the calculation of the supplementary leverage ratio to exclude U.S. Treasury securities and cash held at the U.S. Federal Reserve. The estimated impact of this change was an increase in the firm’s supplementary leverage ratio of approximately 0.8 percentage points. 15Footnotes 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 SIX MONTHS ENDED Unaudited, $ in millions JUNE 30, 2020 JUNE 30, 2020 JUNE 30, 2020 MARCH 31, 2020 JUNE 30, 2019 Total shareholders’ equity $ 92,315 $ 91,249 $ 92,079 $ 92,379 $ 90,892 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 81,112 80,046 80,876 81,176 79,689 Goodwill and identifiable intangible assets (4,806) (4,814) (4,792) (4,810) (4,114) Tangible common shareholders’ equity $ 76,306 $ 75,232 $ 76,084 $ 76,366 $ 75,575 2. Dealogic – January 1, 2020 through June 30, 2020. 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 March 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 I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2020. 4. Represents a preliminary estimate for the second quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2020. 5. In the first quarter of 2020, the firm adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments. For further information about ASU No. 2016-13, see Note 3 Significant Accounting Policies in Part I, Item 1 Financial Statements (Unaudited) in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2020. 6. Includes consolidated investment entities, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. 7. GS Personal Financial Management, formerly United Capital Financial Partners, Inc., was acquired by the firm in the third quarter of 2019. 8. In the second quarter of 2020, the U.S. Federal Reserve revised the calculation of the supplementary leverage ratio to exclude U.S. Treasury securities and cash held at the U.S. Federal Reserve. The estimated impact of this change was an increase in the firm’s supplementary leverage ratio of approximately 0.8 percentage points. 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 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: July 15, 2020	By:	/s/ Stephen M. Scherr
		Name: Stephen M. Scherr
		Title: Chief Financial Officer