8-K

Exhibit 99.1

LOGO

Third 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

Third Quarter 2020 Earnings Results

Goldman Sachs Reports Third Quarter Earnings Per Common Share of $9.68

“Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year. As our clients begin to emerge from the tough economy brought on by the pandemic, we are well positioned to help them recover and grow, particularly given market share gains we’ve achieved this year.”

- David M. Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
3Q $10.78 billion 3Q YTD $32.82 billion	3Q $3.62 billion 3Q YTD $5.20 billion	3Q $9.68 3Q YTD $13.34

Annualized ROE¹	Annualized ROTE¹	Book Value Per Share
3Q 17.5% 3Q YTD 8.0%	3Q 18.6% 3Q YTD 8.5%	3Q $229.49 YTD Growth 5.0%

NEW YORK, October 14, 2020 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $10.78 billion and net earnings of $3.62 billion for the third quarter ended September 30, 2020. Net revenues were $32.82 billion and net earnings were $5.20 billion for the first nine months of 2020.

Diluted earnings per common share (EPS) was $9.68 for the third quarter of 2020 compared with $4.79 for the third quarter of 2019 and $0.53 for the second quarter of 2020, and was $13.34 for the first nine months of 2020 compared with $16.32 for the first nine months of 2019.

Annualized return on average common shareholders’ equity (ROE)¹ was 17.5% for the third quarter of 2020 and 8.0% for the first nine months of 2020. Annualized return on average tangible common shareholders’ equity (ROTE)¹ was 18.6% for the third quarter of 2020 and 8.5% for the first nine months of 2020.

During the first nine months of 2020, the firm recorded net provisions for litigation and regulatory proceedings of $3.15 billion, which reduced diluted EPS by $8.77 and reduced annualized ROE by 5.1 percentage points.

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

Highlights

◾

The firm’s quarterly results reflected strong net revenues of $10.78 billion, record quarterly diluted EPS of $9.68 and annualized ROE¹ of 17.5%, the highest quarterly ROE since 2010.

◾

Investment Banking generated quarterly net revenues of $1.97 billion, including the second highest quarterly net revenues in Equity underwriting. The firm ranked #1 in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date.²

◾

Global Markets generated quarterly net revenues of $4.55 billion, reflecting continued strength in Fixed Income, Currency and Commodities (FICC) and Equities.

◾

Asset Management generated quarterly net revenues of $2.77 billion, reflecting strong performance in Equity investments.

◾

Consumer & Wealth Management generated quarterly net revenues of $1.49 billion, reflecting record net revenues in Consumer banking and continued strength in Wealth management.

◾

The firm maintained a highly liquid balance sheet. In addition, the Standardized common equity tier 1 capital ratio³ increased 120 basis points during the quarter to 14.5%⁴.

Quarterly Net Revenue Mix by Segment

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

Net Revenues


Net revenues were $10.78 billion for the third quarter of 2020, 30% higher than the third quarter of 2019 and 19% lower than the second quarter of 2020. The increase compared with the third quarter of 2019 reflected higher net revenues across all segments, including significant increases in Asset Management and Global Markets.				Net Revenues
				$10.78 billion


The operating environment continued to recover during the third quarter of 2020 from the impact of the COVID-19 pandemic earlier in the year as global economic activity significantly rebounded following a sharp decrease in the second quarter, market volatility declined modestly, and monetary and fiscal policy remained accommodative. As a result, global equity prices increased and credit spreads tightened compared with the end of the second quarter of 2020.

Investment Banking


Net revenues in Investment Banking were $1.97 billion for the third quarter of 2020, 7% higher than the third quarter of 2019 and 26% lower compared with a strong second quarter of 2020. The increase compared with the third quarter of 2019 reflected significantly higher net revenues in Underwriting, partially offset by significantly lower net revenues in Corporate lending and Financial advisory. The increase in Underwriting net revenues was due to significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide initial public offerings, and higher net revenues in Debt underwriting, driven by asset-backed and investment-grade activity. The decrease in Corporate lending net revenues primarily reflected lower results for relationship lending activities, including the impact of changes in credit spreads on hedges. 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 increased significantly compared with the end of the second quarter of 2020, but was slightly lower compared with the end of 2019.	Investment Banking
	$1.97 billion
	Financial Advisory	$507 million
	Underwriting	$1.43 billion
	Corporate Lending	$35 million

Global Markets


Net revenues in Global Markets were $4.55 billion for the third quarter of 2020, 29% higher than the third quarter of 2019 and 37% lower than the second quarter of 2020. Net revenues in FICC were $2.50 billion, 49% higher than the third quarter of 2019, due to significantly higher net revenues in FICC intermediation, reflecting significantly higher net revenues in interest rate products, mortgages, commodities and credit products, while net revenues in currencies were essentially unchanged. Net revenues in FICC financing were lower, reflecting lower net revenues in structured credit financing and repurchase agreements. Net revenues in Equities were $2.05 billion, 10% higher than the third quarter of 2019, due to significantly higher net revenues in Equities intermediation, reflecting significantly higher net revenues in derivatives, partially offset by lower net revenues in cash products. In addition, net revenues in Equities financing were significantly lower, due to higher net funding costs, including the impact of lower yields on the firm’s global core liquid assets.	Global Markets
	$4.55 billion
	FICC Intermediation	$2.17 billion
	FICC Financing	$332 million
	FICC	$2.50 billion

	Equities Intermediation	$1.47 billion
	Equities Financing	$585 million
	Equities	$2.05 billion

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

Asset Management


Net revenues in Asset Management were $2.77 billion for the third quarter of 2020, 71% higher than the third quarter of 2019 and 32% higher than the second quarter of 2020. The increase compared with the third quarter of 2019 reflected significantly higher net revenues in Equity investments and Lending and debt investments, and higher Management and other fees from the firm’s institutional and third-party distribution asset management clients. Incentive fees were essentially unchanged. The increase in Equity investments net revenues reflected net gains from investments in public equities in the third quarter of 2020 compared with net losses in the third quarter of 2019. This increase was partially offset by significantly lower net gains from investments in private equities. The increase in Lending and debt investments net revenues was due to higher net gains, reflecting tighter corporate credit spreads 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 management fee due to shifts in the mix of client assets and strategies.	Asset Management
	$2.77 billion
	Management and Other Fees	$ 728 million
	Incentive Fees	$28 million
	Equity Investments	$1.42 billion
	Lending and Debt Investments	$589 million

Consumer & Wealth Management


Net revenues in Consumer & Wealth Management were $1.49 billion for the third quarter of 2020, 13% higher than the third quarter of 2019 and 10% higher than the second quarter of 2020. Net revenues in Wealth management were $1.17 billion, 6% higher than the third quarter of 2019, due to higher Management and other fees, primarily reflecting the impact of higher average assets under supervision and higher transaction volumes, partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies. Incentive fees were lower, while net revenues in Private banking and lending were essentially unchanged. Net revenues in Consumer banking were $326 million, 50% higher than the third quarter of 2019, primarily reflecting higher credit card loan balances.	Consumer & Wealth Management
	$1.49 billion
	Wealth Management	$ 1.17 billion
	Consumer Banking	$326 million

Provision for Credit Losses


Provision for credit losses was $278 million for the third quarter of 2020, compared with $291 million for the third quarter of 2019 and $1.59 billion for the second quarter of 2020. The decrease compared with the third quarter of 2019 primarily reflected reserve reductions from paydowns on corporate lines of credit and consumer installment loans, partially offset by reserve increases from individual impairments related to wholesale loans and growth in credit card loans. The firm’s allowance for credit losses was $4.33 billion as of September 30, 2020.				Provision for Credit Losses
				$278 million

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

Operating Expenses


Operating expenses were $5.95 billion for the third quarter of 2020, 6% higher than the third quarter of 2019 and 43% lower than the second quarter of 2020. The firm’s efficiency ratio³ for the first nine months of 2020 was 69.6%, compared with 66.2% for the first nine months of 2019.				Operating Expenses
				$5.95 billion

The increase in operating expenses compared with the third quarter of 2019 was due to higher compensation and benefits expenses (reflecting significantly higher net revenues), partially offset by slightly lower non-compensation expenses. Within non- compensation expenses, travel and entertainment expenses (included in market development expenses), professional fees, occupancy-related expenses, and net provisions for litigation and regulatory proceedings were lower, partially offset by higher technology expenses and brokerage, clearing, exchange and distribution fees. Net provisions for litigation and regulatory proceedings for the third quarter of 2020 were $6 million compared with $47 million for the third quarter of 2019. Headcount increased 5% compared with the end of the second quarter of 2020, primarily reflecting the timing of campus hires.				YTD Efficiency Ratio
				69.6%

Provision for Taxes


The effective income tax rate for the first nine months of 2020 decreased to 27.6% from 39.9% for the first half of 2020, primarily due to a decrease in the impact of non- deductible litigation in the first nine months of 2020 compared with the first half of 2020.				YTD Effective Tax Rate
				27.6%

Other Matters


◾ On October 13, 2020, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $1.25 per common share to be paid on December 30, 2020 to common shareholders of record on December 2, 2020. ◾ During the quarter, the firm returned $448 million of capital in common stock dividends.³ ◾ Global core liquid assets³ averaged $302 billion⁴ for the third quarter of 2020, compared with an average of $290 billion for the second quarter of 2020.				Declared Quarterly Dividend Per Common Share
				$1.25

				Common Stock Dividends
				$448 million

				Average GCLA
				$302 billion

Goldman Sachs Reports

Third 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 June 30, 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 June 30, 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 gs-investor-[email protected].

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	SEPTEMBER 30, 2020		JUNE 30, 2020		SEPTEMBER 30, 2019		JUNE 30, 2020		SEPTEMBER 30, 2019
INVESTMENT BANKING
Financial advisory		$ 507		$ 686		$ 697		(26) %		(27) %

Equity underwriting		856		1,057		366		(19)		134
Debt underwriting		571		990		524		(42)		9
Underwriting		1,427		2,047		890		(30)		60

Corporate lending		35		(76)		254		N.M.		(86)
Net revenues		1,969		2,657		1,841		(26)		7

GLOBAL MARKETS
FICC intermediation		2,170		3,786		1,315		(43)		65
FICC financing		332		449		364		(26)		(9)
FICC		2,502		4,235		1,679		(41)		49

Equities intermediation		1,466		2,199		1,080		(33)		36
Equities financing		585		742		784		(21)		(25)
Equities		2,051		2,941		1,864		(30)		10
Net revenues		4,553		7,176		3,543		(37)		29

ASSET MANAGEMENT
Management and other fees		728		684		660		6		10
Incentive fees		28		34		24		(18)		17
Equity investments		1,423		924		596		54		139
Lending and debt investments		589		459		341		28		73
Net revenues		2,768		2,101		1,621		32		71

CONSUMER & WEALTH MANAGEMENT
Management and other fees		957		938		881		2		9
Incentive fees		7		10		21		(30)		(67)
Private banking and lending		201		155		199		30		1
Wealth management		1,165		1,103		1,101		6		6

Consumer banking		326		258		217		26		50
Net revenues		1,491		1,361		1,318		10		13

Total net revenues		$ 10,781		$ 13,295		$ 8,323		(19)		30
Geographic Net Revenues (unaudited)³
$ in millions

	THREE MONTHS ENDED

	SEPTEMBER 30, 2020		JUNE 30, 2020		SEPTEMBER 30, 2019
Americas		$ 6,873		$ 8,289		$ 4,941
EMEA		2,470		3,453		2,329
Asia		1,438		1,553		1,053
Total net revenues		$ 10,781		$ 13,295		$ 8,323

Americas		64%		62%		59%
EMEA		23%		26%		28%
Asia		13%		12%		13%
Total		100%		100%		100%

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	NINE MONTHS ENDED				% CHANGE FROM

	SEPTEMBER 30, 2020		SEPTEMBER 30, 2019		SEPTEMBER 30, 2019
INVESTMENT BANKING
Financial advisory		$ 1,974		$ 2,342		(16) %

Equity underwriting		2,291		1,104		108
Debt underwriting		2,144		1,520		41
Underwriting		4,435		2,624		69

Corporate lending		401		569		(30)
Net revenues		6,810		5,535		23

GLOBAL MARKETS
FICC intermediation		8,493		4,627		84
FICC financing		1,213		992		22
FICC		9,706		5,619		73

Equities intermediation		5,193		3,395		53
Equities financing		1,993		2,285		(13)
Equities		7,186		5,680		27
Net revenues		16,892		11,299		49

ASSET MANAGEMENT
Management and other fees		2,052		1,934		6
Incentive fees		216		85		154
Equity investments		2,325		2,900		(20)
Lending and debt investments		180		1,043		(83)
Net revenues		4,773		5,962		(20)

CONSUMER & WEALTH MANAGEMENT
Management and other fees		2,854		2,508		14
Incentive fees		86		62		39
Private banking and lending		538		589		(9)
Wealth management		3,478		3,159		10

Consumer banking		866		636		36
Net revenues		4,344		3,795		14

Total net revenues		$ 32,819		$ 26,591		23
Geographic Net Revenues (unaudited)³ $ in millions

	NINE MONTHS ENDED

	SEPTEMBER 30, 2020		SEPTEMBER 30, 2019
Americas		$ 20,333		$ 15,838
EMEA		8,031		7,477
Asia		4,455		3,276
Total net revenues		$ 32,819		$ 26,591

Americas		62%		60%
EMEA		24%		28%
Asia		14%		12%
Total		100%		100%

Goldman Sachs Reports

Third 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

	SEPTEMBER 30, 2020		JUNE 30, 2020		SEPTEMBER 30, 2019		JUNE 30, 2020		SEPTEMBER 30, 2019
REVENUES
Investment banking		$ 1,934		$ 2,733		$ 1,587		(29) %		22 %
Investment management		1,689		1,635		1,562		3		8
Commissions and fees		804		875		748		(8)		7
Market making		3,327		5,787		2,476		(43)		34
Other principal transactions		1,943		1,321		942		47		106
Total non-interest revenues		9,697		12,351		7,315		(21)		33

Interest income		2,932		3,034		5,459		(3)		(46)
Interest expense		1,848		2,090		4,451		(12)		(58)
Net interest income		1,084		944		1,008		15		8

Total net revenues		10,781		13,295		8,323		(19)		30

Provision for credit losses		278		1,590		291		(83)		(4)

OPERATING EXPENSES
Compensation and benefits		3,117		4,478		2,731		(30)		14
Brokerage, clearing, exchange and distribution fees		911		945		853		(4)		7
Market development		70		89		169		(21)		(59)
Communications and technology		340		345		283		(1)		20
Depreciation and amortization		468		499		473		(6)		(1)
Occupancy		235		233		252		1		(7)
Professional fees		298		311		350		(4)		(15)
Other expenses		515		3,514		505		(85)		2
Total operating expenses		5,954		10,414		5,616		(43)		6

Pre-tax earnings		4,549		1,291		2,416		N.M.		88
Provision for taxes		932		918		539		2		73
Net earnings		3,617		373		1,877		N.M.		93
Preferred stock dividends		134		176		84		(24)		60
Net earnings applicable to common shareholders		$ 3,483		$ 197		$ 1,793		N.M.		94

EARNINGS PER COMMON SHARE
Basic³		$ 9.77		$ 0.53		$ 4.83		N.M. %		102 %
Diluted		$ 9.68		$ 0.53		$ 4.79		N.M.		102

AVERAGE COMMON SHARES
Basic		355.9		355.7		370.0		–		(4)
Diluted		359.9		355.7		374.3		1		(4)

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 81,697		$ 78,826		$ 80,809		4		1
Basic shares³		356.0		355.8		369.3		–		(4)
Book value per common share		$ 229.49		$ 221.55		$ 218.82		4		5

Headcount		40,900		39,100		37,800		5		8

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts



	NINE MONTHS ENDED				% CHANGE FROM

	SEPTEMBER 30, 2020		SEPTEMBER 30, 2019		SEPTEMBER 30, 2019
REVENUES
Investment banking		$ 6,409		$ 4,966		29 %
Investment management		5,092		4,518		13
Commissions and fees		2,699		2,301		17
Market making		12,796		7,678		67
Other principal transactions		2,482		3,831		(35)
Total non-interest revenues		29,478		23,294		27

Interest income		10,716		16,816		(36)
Interest expense		7,375		13,519		(45)
Net interest income		3,341		3,297		1

Total net revenues		32,819		26,591		23

Provision for credit losses		2,805		729		N.M.

OPERATING EXPENSES
Compensation and benefits		10,830		9,307		16
Brokerage, clearing, exchange and distribution fees		2,831		2,438		16
Market development		312		539		(42)
Communications and technology		1,006		859		17
Depreciation and amortization		1,404		1,240		13
Occupancy		706		711		(1)
Professional fees		956		950		1
Other expenses		4,781		1,556		N.M.
Total operating expenses		22,826		17,600		30

Pre-tax earnings		7,188		8,262		(13)
Provision for taxes		1,985		1,713		16
Net earnings		5,203		6,549		(21)
Preferred stock dividends		400		376		6
Net earnings applicable to common shareholders		$ 4,803		$ 6,173		(22)

EARNINGS PER COMMON SHARE
Basic³		$ 13.41		$ 16.43		(18) %
Diluted		$ 13.34		$ 16.32		(18)

AVERAGE COMMON SHARES
Basic		356.5		374.7		(5)
Diluted		360.0		378.2		(5)

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

AS OF

SEPTEMBER 30,
2020

JUNE 30,

2020

ASSETS

Cash and cash equivalents

$ 153

$ 133

Collateralized agreements

229

274

Customer and other receivables

111

106

Trading assets

408

397

Investments

Loans

112

117

Other assets

Total assets

$ 1,132

$ 1,142

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 261

$ 269

Collateralized financings

144

131

Customer and other payables

187

199

Trading liabilities

162

162

Unsecured short-term borrowings

Unsecured long-term borrowings

214

223

Other liabilities

Total liabilities

1,039

1,052

Shareholders’ equity

Total liabilities and shareholders’ equity

$ 1,132

$ 1,142

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

$ in billions

AS OF

SEPTEMBER 30,
2020

JUNE 30,

2020

Common equity tier 1 capital

$ 77.8

$ 74.7

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 535

$ 563

Common equity tier 1 capital ratio

14.5%

13.3%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 600

$ 628

Common equity tier 1 capital ratio

13.0%

11.9%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

6.8%

6.6%

Average Daily VaR (unaudited)^3,4

$ in millions

THREE MONTHS ENDED

SEPTEMBER 30,
2020

JUNE 30,

2020

RISK CATEGORIES

Interest rates

$ 72

$ 98

Equity prices

Currency rates

Commodity prices

Diversification effect

(84)

(113)

Total

$ 91

$ 122

Goldman Sachs Reports

Third Quarter 2020 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions



	AS OF

	SEPTEMBER 30, 2020		JUNE 30, 2020		SEPTEMBER 30, 2019
SEGMENT
Asset Management		$ 1,461		$ 1,499		$ 1,232
Consumer & Wealth Management		575		558		530
Total AUS		$ 2,036		$ 2,057		$ 1,762

ASSET CLASS
Alternative investments		$ 182		$ 179		$ 182
Equity		421		394		392
Fixed income		856		817		784
Total long-term AUS		1,459		1,390		1,358
Liquidity products		577		667		404
Total AUS		$ 2,036		$ 2,057		$ 1,762


	THREE MONTHS ENDED

	SEPTEMBER 30, 2020		JUNE 30, 2020		SEPTEMBER 30, 2019
ASSET MANAGEMENT
Beginning balance		$ 1,499		$ 1,309		$ 1,171
Net inflows / (outflows):
Alternative investments		(3)		(2)		(1)
Equity		(5)		3		26
Fixed income		22		6		11
Total long-term AUS net inflows / (outflows)		14		7		36
Liquidity products		(86)		121		12
Total AUS net inflows / (outflows)		(72)		128		48	⁵
Net market appreciation / (depreciation)		34		62		13
Ending balance		$ 1,461		$ 1,499		$ 1,232

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 558		$ 509		$ 489
Net inflows / (outflows):
Alternative investments		2		–		9
Equity		–		(1)		15
Fixed income		2		–		9
Total long-term AUS net inflows / (outflows)		4		(1)		33
Liquidity products		(4)		12		5
Total AUS net inflows / (outflows)		–		11		38	⁵
Net market appreciation / (depreciation)		17		38		3
Ending balance		$ 575		$ 558		$ 530

FIRMWIDE
Beginning balance		$ 2,057		$ 1,818		$ 1,660
Net inflows / (outflows):
Alternative investments		(1)		(2)		8
Equity		(5)		2		41
Fixed income		24		6		20
Total long-term AUS net inflows / (outflows)		18		6		69
Liquidity products		(90)		133		17
Total AUS net inflows / (outflows)		(72)		139		86	⁵
Net market appreciation / (depreciation)		51		100		16
Ending balance		$ 2,036		$ 2,057		$ 1,762

Goldman Sachs Reports

Third 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 SEPTEMBER 30, 2020		NINE MONTHS ENDED SEPTEMBER 30, 2020
Total shareholders’ equity		$ 91,004		$ 91,068
Preferred stock		(11,203)		(11,203)
Common shareholders’ equity		79,801		79,865
Goodwill and identifiable intangible assets		(4,835)		(4,825)
Tangible common shareholders’ equity		$ 74,966		$ 75,040

Dealogic – January 1, 2020 through September 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 June 30, 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 June 30, 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 third quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020.

Net inflows in assets under supervision for the third quarter of 2019 included $58 billion of total inflows (substantially all in equity and fixed income assets) in connection with the acquisitions of both Standard & Poor’s Investment Advisory Services (SPIAS) and GS Personal Financial Management. SPIAS was included in the Asset Management segment and GS Personal Financial Management was included in the Consumer & Wealth Management segment.

Exhibit 99.2 Third Quarter 2020 Earnings Results Presentation October 14, 2020Exhibit 99.2 Third Quarter 2020 Earnings Results Presentation October 14, 2020

Results Snapshot Net Revenues Net Earnings EPS 3Q $10.78 billion 3Q $3.62 billion 3Q $9.68 3Q YTD 3Q YTD 3Q YTD $32.82 billion $5.20 billion $13.34 1 1 Annualized ROE Annualized ROTE 3Q20 Book Value 3Q 17.5% 3Q 18.6% BVPS $229.49 3Q YTD 3Q YTD YTD Growth 8.0% 8.5% 5.0% Highlights Record quarterly diluted EPS Asset Management net revenues of $2.77 billion Highest quarterly ROE since 2010 Strong results in Equity investments 2 #1 in Announced and Completed M&A Consumer & Wealth Management net revenues of $1.49 billion 2 #1 in Equity and equity-related offerings Record Consumer banking, strength in Wealth management Global Markets net revenues of $4.55 billion 3 4 Standardized CET1 ratio increased 120bps QoQ to 14.5% Continued strength in FICC and Equities 1Results Snapshot Net Revenues Net Earnings EPS 3Q $10.78 billion 3Q $3.62 billion 3Q $9.68 3Q YTD 3Q YTD 3Q YTD $32.82 billion $5.20 billion $13.34 1 1 Annualized ROE Annualized ROTE 3Q20 Book Value 3Q 17.5% 3Q 18.6% BVPS $229.49 3Q YTD 3Q YTD YTD Growth 8.0% 8.5% 5.0% Highlights Record quarterly diluted EPS Asset Management net revenues of $2.77 billion Highest quarterly ROE since 2010 Strong results in Equity investments 2 #1 in Announced and Completed M&A Consumer & Wealth Management net revenues of $1.49 billion 2 #1 in Equity and equity-related offerings Record Consumer banking, strength in Wealth management Global Markets net revenues of $4.55 billion 3 4 Standardized CET1 ratio increased 120bps QoQ to 14.5% Continued strength in FICC and Equities 1

Macro Perspectives Macro Factors Economic Fundamentals Near term Contraction Followed by Recovery COVID-19 GDP Growth: U.S. Global 2020 | 2021 -3.4% | +5.8% -3.9% | +6.6% Monetary & Fiscal Stimulus Improving Fundamentals Rising CEO Lower U.S. Improving & Consumer Pace of Economic Recovery Unemployment Operating Backdrop Confidence Market resilience despite continued COVID-19 uncertainty Tighter Credit U.S. Stocks Higher on Interest Rates Volumes & Volatility Spreads in Recovery Optimism Low for Longer Remain Elevated U.S. and Europe S&P 500: +8% in 3Q20 U.S. HY Z-Spread: -90bps QoQ 10-Yr Yields flat QoQ Avg. VIX: -25% QoQ | +62% YoY EUR HY Z-Spread: -40bps QoQ UST: 0.68% | UK Gilt: 0.23% NYSE Volumes: +44% YoY MSCI World: +8% in 3Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs ResearchMacro Perspectives Macro Factors Economic Fundamentals Near term Contraction Followed by Recovery COVID-19 GDP Growth: U.S. Global 2020 | 2021 -3.4% | +5.8% -3.9% | +6.6% Monetary & Fiscal Stimulus Improving Fundamentals Rising CEO Lower U.S. Improving & Consumer Pace of Economic Recovery Unemployment Operating Backdrop Confidence Market resilience despite continued COVID-19 uncertainty Tighter Credit U.S. Stocks Higher on Interest Rates Volumes & Volatility Spreads in Recovery Optimism Low for Longer Remain Elevated U.S. and Europe S&P 500: +8% in 3Q20 U.S. HY Z-Spread: -90bps QoQ 10-Yr Yields flat QoQ Avg. VIX: -25% QoQ | +62% YoY EUR HY Z-Spread: -40bps QoQ UST: 0.68% | UK Gilt: 0.23% NYSE Volumes: +44% YoY MSCI World: +8% in 3Q20 2 2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research

Financial Overview Financial Results Financial Overview Highlights vs. n 3Q20 net revenues were significantly higher YoY $ in millions, vs. vs. 3Q20 3Q19 except per share amounts 3Q20 2Q20 3Q19 YTD YTD — Higher net revenues across all segments, including significant increases in Asset Management and Global Markets Investment Banking $ 1,969 -26% 7% $ 6,810 23% n 3Q20 provision for credit losses was slightly lower YoY (and meaningfully lower QoQ) Global Markets 4,553 -37% 29% 16,892 49% — Reserve reductions from paydowns on loans — Partially offset by reserve increases from individual impairments related to wholesale loans Asset Management 2,768 32% 71% 4,773 -20% and growth in credit card loans Consumer & Wealth Management 1,491 10% 13% 4,344 14%n 3Q20 operating expenses increased YoY — Higher compensation and benefits expenses (reflecting significantly higher net revenues) Net revenues $ 10,781 -19% 30% $ 32,819 23% — Slightly lower non-compensation expenses Provision for credit losses 278 -83% -4% 2,805 N.M. n 3Q20 diluted EPS more than doubled YoY, while ROE increased nearly 2x n 3Q20 YTD litigation expenses increased the efficiency ratio by 9.6pp Operating expenses 5,954 -43% 6% 22,826 30% Pre-tax earnings 4,549 N.M. 88% 7,188 -13% Net earnings 3,617 N.M. 93% 5,203 -21% 3Q20 Net earnings to common $ 3,483 N.M. 94% $ 4,803 -22% Litigation Impact YTD Diluted EPS $ 9.68 N.M. 102% $ 13.34 -18% Diluted EPS $ -8.77 1 ROE 17.5% 16.5pp 8.5pp 8.0% -2.4pp ROE -5.1pp 1 ROTE 18.6% 17.6pp 9.1pp 8.5% -2.5pp ROTE -5.4pp 3 Efficiency Ratio 55.2% -23.1pp -12.3pp 69.6% 3.4pp Efficiency Ratio +9.6pp 3Financial Overview Financial Results Financial Overview Highlights vs. n 3Q20 net revenues were significantly higher YoY $ in millions, vs. vs. 3Q20 3Q19 except per share amounts 3Q20 2Q20 3Q19 YTD YTD — Higher net revenues across all segments, including significant increases in Asset Management and Global Markets Investment Banking $ 1,969 -26% 7% $ 6,810 23% n 3Q20 provision for credit losses was slightly lower YoY (and meaningfully lower QoQ) Global Markets 4,553 -37% 29% 16,892 49% — Reserve reductions from paydowns on loans — Partially offset by reserve increases from individual impairments related to wholesale loans Asset Management 2,768 32% 71% 4,773 -20% and growth in credit card loans Consumer & Wealth Management 1,491 10% 13% 4,344 14%n 3Q20 operating expenses increased YoY — Higher compensation and benefits expenses (reflecting significantly higher net revenues) Net revenues $ 10,781 -19% 30% $ 32,819 23% — Slightly lower non-compensation expenses Provision for credit losses 278 -83% -4% 2,805 N.M. n 3Q20 diluted EPS more than doubled YoY, while ROE increased nearly 2x n 3Q20 YTD litigation expenses increased the efficiency ratio by 9.6pp Operating expenses 5,954 -43% 6% 22,826 30% Pre-tax earnings 4,549 N.M. 88% 7,188 -13% Net earnings 3,617 N.M. 93% 5,203 -21% 3Q20 Net earnings to common $ 3,483 N.M. 94% $ 4,803 -22% Litigation Impact YTD Diluted EPS $ 9.68 N.M. 102% $ 13.34 -18% Diluted EPS $ -8.77 1 ROE 17.5% 16.5pp 8.5pp 8.0% -2.4pp ROE -5.1pp 1 ROTE 18.6% 17.6pp 9.1pp 8.5% -2.5pp ROTE -5.4pp 3 Efficiency Ratio 55.2% -23.1pp -12.3pp 69.6% 3.4pp Efficiency Ratio +9.6pp 3

Investment Banking Investment Banking Highlights Financial Results vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Financial advisory net revenues were significantly lower, reflecting a decrease in industry- wide completed mergers and acquisitions transactions $ 507 -26% -27% $ 1,974 -16% Financial advisory — Underwriting net revenues were significantly higher, due to significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide initial public Equity underwriting 856 -19% 134% 2,291 108% offerings, and higher net revenues in Debt underwriting, driven by asset-backed and investment-grade activity Debt underwriting 571 -42% 9% 2,144 41% — Corporate lending net revenues were significantly lower, primarily reflecting lower results for relationship lending activities, including the impact of changes in credit spreads on hedges Underwriting 1,427 -30% 60% 4,435 69% n 3Q20 provision for credit losses was higher YoY, reflecting higher impairments, partially offset by reserve reductions from paydowns on corporate lines of credit Corporate lending 35 N.M. -86% 401 -30% 3 n Overall backlog increased significantly QoQ, across advisory, equity underwriting and debt underwriting Net revenues 1,969 -26% 7% 6,810 23% Provision for credit losses 171 -79% 88% 1,612 N.M. Investment Banking Net Revenues ($ in millions) Operating expenses 942 -65% -3% 4,815 59% $2,657 $ 856 N.M. 10% $ 383 -83% Pre-tax earnings $2,184 $2,064 $990 $1,969 $1,841 $442 $232 $35 $254 $571 $ 562 N.M. -7% $ 277 -84% Net earnings $599 $583 $524 $1,057 $378 $378 $856 $366 $ 545 N.M. -9% $ 226 -87% Net earnings to common $855 $781 $697 $686 $507 Average common equity $ 11,280 2% -10% $ 11,254 1% $(76) 4Q19 1Q20 3Q20 3Q19 2Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 19.3% 43.2pp 0.2pp 2.7% -18.1pp 4Investment Banking Investment Banking Highlights Financial Results vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Financial advisory net revenues were significantly lower, reflecting a decrease in industry- wide completed mergers and acquisitions transactions $ 507 -26% -27% $ 1,974 -16% Financial advisory — Underwriting net revenues were significantly higher, due to significantly higher net revenues in Equity underwriting, primarily reflecting a significant increase in industry-wide initial public Equity underwriting 856 -19% 134% 2,291 108% offerings, and higher net revenues in Debt underwriting, driven by asset-backed and investment-grade activity Debt underwriting 571 -42% 9% 2,144 41% — Corporate lending net revenues were significantly lower, primarily reflecting lower results for relationship lending activities, including the impact of changes in credit spreads on hedges Underwriting 1,427 -30% 60% 4,435 69% n 3Q20 provision for credit losses was higher YoY, reflecting higher impairments, partially offset by reserve reductions from paydowns on corporate lines of credit Corporate lending 35 N.M. -86% 401 -30% 3 n Overall backlog increased significantly QoQ, across advisory, equity underwriting and debt underwriting Net revenues 1,969 -26% 7% 6,810 23% Provision for credit losses 171 -79% 88% 1,612 N.M. Investment Banking Net Revenues ($ in millions) Operating expenses 942 -65% -3% 4,815 59% $2,657 $ 856 N.M. 10% $ 383 -83% Pre-tax earnings $2,184 $2,064 $990 $1,969 $1,841 $442 $232 $35 $254 $571 $ 562 N.M. -7% $ 277 -84% Net earnings $599 $583 $524 $1,057 $378 $378 $856 $366 $ 545 N.M. -9% $ 226 -87% Net earnings to common $855 $781 $697 $686 $507 Average common equity $ 11,280 2% -10% $ 11,254 1% $(76) 4Q19 1Q20 3Q20 3Q19 2Q20 Financial advisory Equity underwriting Debt underwriting Corporate lending Return on average common equity 19.3% 43.2pp 0.2pp 2.7% -18.1pp 4

Global Markets Global Markets Highlights Financial Results vs. vs. vs. 3Q20 3Q19n 3Q20 net revenues were significantly higher YoY $ in millions 3Q20 2Q20 3Q19 YTD YTD — FICC net revenues were significantly higher, reflecting significantly higher intermediation net FICC intermediation revenues, partially offset by lower financing net revenues $ 2,170 -43% 65% $ 8,493 84% — Equities net revenues were higher, reflecting significantly higher intermediation net FICC financing 332 -26% -9% 1,213 22% revenues, partially offset by significantly lower financing net revenues n 3Q20 ROE more than doubled YoY FICC 2,502 -41% 49% 9,706 73% Equities intermediation 1,466 -33% 36% 5,193 53% Equities financing 585 -21% -25% 1,993 -13% Equities 2,051 -30% 10% 7,186 27% Global Markets Net Revenues ($ in millions) Net revenues 4,553 -37% 29% 16,892 49% Provision for credit losses -15 N.M. N.M. 236 N.M. $7,176 Operating expenses 2,417 -53% 2% 10,443 34% $2,941 $5,163 $4,553 Pre-tax earnings $ 2,151 19% 87% $ 6,213 79% $2,194 $3,543 $3,480 $2,051 Net earnings $ 2,055 N.M. 130% $ 4,497 63% $1,864 $1,711 $4,235 Net earnings to common $ 1,967 N.M. 134% $ 4,236 70% $2,969 $2,502 $1,769 $1,679 Average common equity $ 39,993 -6% 3% $ 40,557 -% 3Q19 4Q19 1Q20 2Q20 3Q20 FICC Equities Return on average common equity 19.7% 16.8pp 11.1pp 13.9% 5.7pp 5Global Markets Global Markets Highlights Financial Results vs. vs. vs. 3Q20 3Q19n 3Q20 net revenues were significantly higher YoY $ in millions 3Q20 2Q20 3Q19 YTD YTD — FICC net revenues were significantly higher, reflecting significantly higher intermediation net FICC intermediation revenues, partially offset by lower financing net revenues $ 2,170 -43% 65% $ 8,493 84% — Equities net revenues were higher, reflecting significantly higher intermediation net FICC financing 332 -26% -9% 1,213 22% revenues, partially offset by significantly lower financing net revenues n 3Q20 ROE more than doubled YoY FICC 2,502 -41% 49% 9,706 73% Equities intermediation 1,466 -33% 36% 5,193 53% Equities financing 585 -21% -25% 1,993 -13% Equities 2,051 -30% 10% 7,186 27% Global Markets Net Revenues ($ in millions) Net revenues 4,553 -37% 29% 16,892 49% Provision for credit losses -15 N.M. N.M. 236 N.M. $7,176 Operating expenses 2,417 -53% 2% 10,443 34% $2,941 $5,163 $4,553 Pre-tax earnings $ 2,151 19% 87% $ 6,213 79% $2,194 $3,543 $3,480 $2,051 Net earnings $ 2,055 N.M. 130% $ 4,497 63% $1,864 $1,711 $4,235 Net earnings to common $ 1,967 N.M. 134% $ 4,236 70% $2,969 $2,502 $1,769 $1,679 Average common equity $ 39,993 -6% 3% $ 40,557 -% 3Q19 4Q19 1Q20 2Q20 3Q20 FICC Equities Return on average common equity 19.7% 16.8pp 11.1pp 13.9% 5.7pp 5

Global Markets – FICC & Equities FICC Highlights Equities Highlights n 3Q20 net revenues were significantly higher YoYn 3Q20 net revenues were higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher revenues in interest rate products, mortgages, commodities, and credit products, while net net revenues in derivatives, partially offset by lower net revenues in cash products revenues in currencies were essentially unchanged — Equities financing net revenues were significantly lower, due to higher net funding costs, — FICC financing net revenues were lower, reflecting lower net revenues in structured credit including the impact of lower yields on the firm’s global core liquid assets financing and repurchase agreements n 3Q20 operating environment was characterized by continued strong client activity, as volatility n 3Q20 operating environment was characterized by a decline in client volumes following a strong remained elevated and global equity prices were generally higher compared to 2Q20 1H20, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $2,941 $449 $742 $2,194 $2,969 $2,051 $1,864 $432 $2,502 $1,711 $666 $585 $332 $1,769 $784 $1,679 $732 $3,786 $387 $2,199 $364 $2,537 $2,170 $1,528 $1,466 $1,080 $1,382 $979 $1,315 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Intermediation Financing Intermediation Financing 6Global Markets – FICC & Equities FICC Highlights Equities Highlights n 3Q20 net revenues were significantly higher YoYn 3Q20 net revenues were higher YoY — FICC intermediation net revenues were significantly higher, reflecting significantly higher net — Equities intermediation net revenues were significantly higher, reflecting significantly higher revenues in interest rate products, mortgages, commodities, and credit products, while net net revenues in derivatives, partially offset by lower net revenues in cash products revenues in currencies were essentially unchanged — Equities financing net revenues were significantly lower, due to higher net funding costs, — FICC financing net revenues were lower, reflecting lower net revenues in structured credit including the impact of lower yields on the firm’s global core liquid assets financing and repurchase agreements n 3Q20 operating environment was characterized by continued strong client activity, as volatility n 3Q20 operating environment was characterized by a decline in client volumes following a strong remained elevated and global equity prices were generally higher compared to 2Q20 1H20, while interest rates remained low and credit spreads tightened during the quarter Equities Net Revenues ($ in millions) FICC Net Revenues ($ in millions) $4,235 $2,941 $449 $742 $2,194 $2,969 $2,051 $1,864 $432 $2,502 $1,711 $666 $585 $332 $1,769 $784 $1,679 $732 $3,786 $387 $2,199 $364 $2,537 $2,170 $1,528 $1,466 $1,080 $1,382 $979 $1,315 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Intermediation Financing Intermediation Financing 6

Asset Management Asset Management Highlights Financial Results vs. n 3Q20 net revenues were significantly higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Equity investments net revenues reflected net gains from investments in public equities in 3Q20 compared with net losses in 3Q19, partially offset by significantly lower net gains from Management and other fees $ 728 6% 10% $ 2,052 6% investments in private equities vs. 3Q19 o Public: 3Q20 ~$780 million; 3Q19 ~$(270) million Incentive fees 28 -18% 17% 216 154% o Private: 3Q20 ~$640 million; 3Q19 ~$865 million — Lending and debt investments net revenues were significantly higher, due to higher net Equity investments 1,423 54% 139% 2,325 -20% gains, reflecting tighter corporate credit spreads during the quarter — Management and other fees from institutional and third-party distribution asset management Lending and debt investments 589 28% 73% 180 -83% clients were higher, reflecting the impact of higher average AUS, partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and Net revenues 2,768 32% 71% 4,773 -20% benefits expenses Provision for credit losses 70 -74% -14% 420 173% Asset Management Net Revenues ($ in millions) 1,359 2% 16% 3,889 10% Operating expenses $3,003 $2,768 $427 Pre-tax earnings $ 1,339 169% N.M. $ 464 -80% $589 $2,101 $1,621 $459 $1,865 $ 862 21% N.M. $ 336 -81% Net earnings $341 $1,423 $924 $(96) $596 $34 $28 $45 $154 $24 Net earnings to common $ 843 23% N.M. $ 277 -84% $728 $660 $666 $684 $640 $(22) $(868) Average common equity $ 20,005 4% -10% $ 20,338 -4% 3Q19 4Q19 1Q20 2Q20 3Q20 Return on average common equity 16.9% 2.7pp 12.2pp 1.8% -9.2pp Management and other fees Incentive fees Equity investments Lending and debt investments 7Asset Management Asset Management Highlights Financial Results vs. n 3Q20 net revenues were significantly higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Equity investments net revenues reflected net gains from investments in public equities in 3Q20 compared with net losses in 3Q19, partially offset by significantly lower net gains from Management and other fees $ 728 6% 10% $ 2,052 6% investments in private equities vs. 3Q19 o Public: 3Q20 ~$780 million; 3Q19 ~$(270) million Incentive fees 28 -18% 17% 216 154% o Private: 3Q20 ~$640 million; 3Q19 ~$865 million — Lending and debt investments net revenues were significantly higher, due to higher net Equity investments 1,423 54% 139% 2,325 -20% gains, reflecting tighter corporate credit spreads during the quarter — Management and other fees from institutional and third-party distribution asset management Lending and debt investments 589 28% 73% 180 -83% clients were higher, reflecting the impact of higher average AUS, partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and Net revenues 2,768 32% 71% 4,773 -20% benefits expenses Provision for credit losses 70 -74% -14% 420 173% Asset Management Net Revenues ($ in millions) 1,359 2% 16% 3,889 10% Operating expenses $3,003 $2,768 $427 Pre-tax earnings $ 1,339 169% N.M. $ 464 -80% $589 $2,101 $1,621 $459 $1,865 $ 862 21% N.M. $ 336 -81% Net earnings $341 $1,423 $924 $(96) $596 $34 $28 $45 $154 $24 Net earnings to common $ 843 23% N.M. $ 277 -84% $728 $660 $666 $684 $640 $(22) $(868) Average common equity $ 20,005 4% -10% $ 20,338 -4% 3Q19 4Q19 1Q20 2Q20 3Q20 Return on average common equity 16.9% 2.7pp 12.2pp 1.8% -9.2pp Management and other fees Incentive fees Equity investments Lending and debt investments 7

Asset Management – Asset Mix 4 4 3Q20 Equity Investments of $19 Billion 3Q20 Lending and Debt Investments of $31 Billion $16 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $14 Billion Debt Investments By Geography By Vintage 2013 or 2017– Asia Earlier Present 32% 32% 33% Americas 52% By Accounting Classification By Geography 2014 – EMEA 2016 16% Loans 35% at FV 13% Natural Resources Financials Healthcare Asia & Utilities 20% Loans at amortized Americas By Sector 7% 32% 23% 18% 8% 7% 5% Debt cost 42% 47% EMEA Investments 33% at FV 45% Other Real Estate Industrials TMT (Mixed Use 6%, Office 3%, Multifamily 2%, Other 7%) 5 n In addition, the firm’s consolidated investment entities have a carrying value of $21 billion, funded with liabilities of approximately $12 billion, substantially all of which were nonrecourse Natural Industrials TMT Healthcare Resources By Geography By Asset Class & Utilities (Net of Financing) (Net of Financing) By Sector 34% 15% 14% 13% 8% 8% 4% 4% Senior Housing Office Industrials Retail Asia 17% EMEA Real Estate Other Financials Consumer Americas 12% 9% 8% 7% 6% 4% 30% 24% 21% 62% Multifamily Other Student Hospitality 8 HousingAsset Management – Asset Mix 4 4 3Q20 Equity Investments of $19 Billion 3Q20 Lending and Debt Investments of $31 Billion $16 Billion Private, $3 Billion Public $17 Billion Loans (88% Secured) $14 Billion Debt Investments By Geography By Vintage 2013 or 2017– Asia Earlier Present 32% 32% 33% Americas 52% By Accounting Classification By Geography 2014 – EMEA 2016 16% Loans 35% at FV 13% Natural Resources Financials Healthcare Asia & Utilities 20% Loans at amortized Americas By Sector 7% 32% 23% 18% 8% 7% 5% Debt cost 42% 47% EMEA Investments 33% at FV 45% Other Real Estate Industrials TMT (Mixed Use 6%, Office 3%, Multifamily 2%, Other 7%) 5 n In addition, the firm’s consolidated investment entities have a carrying value of $21 billion, funded with liabilities of approximately $12 billion, substantially all of which were nonrecourse Natural Industrials TMT Healthcare Resources By Geography By Asset Class & Utilities (Net of Financing) (Net of Financing) By Sector 34% 15% 14% 13% 8% 8% 4% 4% Senior Housing Office Industrials Retail Asia 17% EMEA Real Estate Other Financials Consumer Americas 12% 9% 8% 7% 6% 4% 30% 24% 21% 62% Multifamily Other Student Hospitality 8 Housing

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees, primarily reflecting the impact of higher average AUS and higher transaction volumes, Management and other fees $ 957 2% 9% $ 2,854 14% partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies Incentive fees 7 -30% -67% 86 39% — Consumer banking net revenues were significantly higher, primarily reflecting higher credit card loan balances Private banking and lending 201 30% 1% 538 -9% n 3Q20 provision for credit losses was lower YoY, reflecting reserve reductions from paydowns on consumer installment loans, partially offset by growth in credit card loans 1,165 6% 6% 3,478 10% Wealth management n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and benefits expenses Consumer banking 326 26% 50% 866 36% 4 n Consumer deposits grew to $96 billion in 3Q20 Net revenues 1,491 10% 13% 4,344 14% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 52 -84% -50% 537 78% $1,491 $1,492 $1,408 $1,361 $1,318 Operating expenses 1,236 3% 13% 3,679 14% $282 $326 $228 $258 $217 $182 $194 $201 Pre-tax earnings $ 203 N.M. 64% $ 128 -50% $155 $199 $69 $19 $7 $10 $21 $ 138 N.M. 42% $ 93 -54% Net earnings $967 $959 $957 $938 $881 $ 128 N.M. 38% $ 64 -65% Net earnings to common Average common equity $ 8,523 14% 37% $ 7,716 28% 3Q19 4Q19 1Q20 2Q20 3Q20 Management and other fees Incentive fees Private banking and lending Consumer banking Return on average common equity 6.0% 12.9pp - pp 1.1% -2.9pp 9Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 3Q20 net revenues were higher YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Wealth management net revenues were higher, due to higher Management and other fees, primarily reflecting the impact of higher average AUS and higher transaction volumes, Management and other fees $ 957 2% 9% $ 2,854 14% partially offset by a lower average effective management fee due to shifts in the mix of client assets and strategies Incentive fees 7 -30% -67% 86 39% — Consumer banking net revenues were significantly higher, primarily reflecting higher credit card loan balances Private banking and lending 201 30% 1% 538 -9% n 3Q20 provision for credit losses was lower YoY, reflecting reserve reductions from paydowns on consumer installment loans, partially offset by growth in credit card loans 1,165 6% 6% 3,478 10% Wealth management n 3Q20 operating expenses were higher YoY, primarily reflecting higher compensation and benefits expenses Consumer banking 326 26% 50% 866 36% 4 n Consumer deposits grew to $96 billion in 3Q20 Net revenues 1,491 10% 13% 4,344 14% Consumer & Wealth Management Net Revenues ($ in millions) Provision for credit losses 52 -84% -50% 537 78% $1,491 $1,492 $1,408 $1,361 $1,318 Operating expenses 1,236 3% 13% 3,679 14% $282 $326 $228 $258 $217 $182 $194 $201 Pre-tax earnings $ 203 N.M. 64% $ 128 -50% $155 $199 $69 $19 $7 $10 $21 $ 138 N.M. 42% $ 93 -54% Net earnings $967 $959 $957 $938 $881 $ 128 N.M. 38% $ 64 -65% Net earnings to common Average common equity $ 8,523 14% 37% $ 7,716 28% 3Q19 4Q19 1Q20 2Q20 3Q20 Management and other fees Incentive fees Private banking and lending Consumer banking Return on average common equity 6.0% 12.9pp - pp 1.1% -2.9pp 9

Firmwide Assets Under Supervision 3,4 3,4 Firmwide Assets Under Supervision Assets Under Supervision Highlights By Segment vs. vs. n Firmwide AUS decreased $21 billion during the quarter to $2.04 trillion, including Asset $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Management AUS decreasing $38 billion and Consumer & Wealth Management AUS increasing $17 billion Asset Management $ 1,461 $ 1,499 $ 1,232 -3% 19% — Net market appreciation of $51 billion, primarily in equity and fixed income assets Consumer & Wealth Management 575 558 530 3% 8% — Liquidity products net outflows of $90 billion, following strong net inflows in 1H20 Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% — Long-term net inflows of $18 billion, driven by fixed income assets By Asset Class vs. vs. $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Alternative investments $ 182 $ 179 $ 182 2% -% Equity 421 394 392 7% 7% Fixed income 856 817 784 5% 9% 3,4 Long-term AUS 1,459 1,390 1,358 5% 7% 3Q20 AUS Mix Liquidity products 577 667 404 -13% 43% Distribution Asset Vehicle Channel Region Class Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% Private Alternative 8% Asia 9% 12% funds investments Wealth and other 28% EMEA 15% management Equity 3,4 21% Organic Long-Term Net Flows ($ in billions) Public 33% (Excludes Acquisitions) funds Liquidity $42 28% Institutional 36% products $37 $36 $27 77% $25 Americas Separate 55% Fixed Third-party accounts 42% income 36% 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 decreased $21 billion during the quarter to $2.04 trillion, including Asset $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Management AUS decreasing $38 billion and Consumer & Wealth Management AUS increasing $17 billion Asset Management $ 1,461 $ 1,499 $ 1,232 -3% 19% — Net market appreciation of $51 billion, primarily in equity and fixed income assets Consumer & Wealth Management 575 558 530 3% 8% — Liquidity products net outflows of $90 billion, following strong net inflows in 1H20 Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% — Long-term net inflows of $18 billion, driven by fixed income assets By Asset Class vs. vs. $ in billions 3Q20 2Q20 3Q19 2Q20 3Q19 Alternative investments $ 182 $ 179 $ 182 2% -% Equity 421 394 392 7% 7% Fixed income 856 817 784 5% 9% 3,4 Long-term AUS 1,459 1,390 1,358 5% 7% 3Q20 AUS Mix Liquidity products 577 667 404 -13% 43% Distribution Asset Vehicle Channel Region Class Firmwide AUS $ 2,036 $ 2,057 $ 1,762 -1% 16% Private Alternative 8% Asia 9% 12% funds investments Wealth and other 28% EMEA 15% management Equity 3,4 21% Organic Long-Term Net Flows ($ in billions) Public 33% (Excludes Acquisitions) funds Liquidity $42 28% Institutional 36% products $37 $36 $27 77% $25 Americas Separate 55% Fixed Third-party accounts 42% income 36% 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 3Q20 2Q20 3Q19 $1,084 $944 $1,008 Corporate $ 52 $ 59 $ 46 3.7% ALLL to Total 30 28 26 Wealth management $397 $508 Gross Loans, at $425 Amortized Cost Commercial real estate 18 17 16 $51 Residential real estate 5 5 7 2.8% $124 ALLL to Gross Installment 4 5 5 Wholesale Loans, at $629 $316 $460 Amortized Cost 3 2 1 Credit cards 16.1% $143 $65 Other 4 5 5 ALLL to Gross $(75) $(7) IB Consumer Loans, at Allowance for loan losses (4) (4) (1) Amortized Cost 3Q19 2Q20 3Q20 Total Loans $ 112 $ 117 $ 105 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $5 billion, down 4% QoQ, primarily reflecting paydowns on committed n 3Q20 net interest income increased $76 million YoY corporate lines n The YoY increase in net interest income was driven by an increase in interest earning assets n Total allowance was $4.33 billion (including $3.71 billion for funded loans), down $0.06 billion QoQ — $3.20 billion for wholesale loans, $1.13 billion for consumer loans n Provision for credit losses of $278 million in 3Q20, down from $1.59 billion in 2Q20 n 3Q20 net charge-offs of $340 million for an annualized net charge-off rate of 1.3%, up 40 bps QoQ — Wholesale annualized net charge-off rate of 1.2%, up 50bps QoQ — Consumer annualized net charge-off rate of 3.7%, down 140bps QoQ 11Net Interest Income and Loans 4 Net Interest Income by Segment ($ in millions) Loans Metrics $ in billions 3Q20 2Q20 3Q19 $1,084 $944 $1,008 Corporate $ 52 $ 59 $ 46 3.7% ALLL to Total 30 28 26 Wealth management $397 $508 Gross Loans, at $425 Amortized Cost Commercial real estate 18 17 16 $51 Residential real estate 5 5 7 2.8% $124 ALLL to Gross Installment 4 5 5 Wholesale Loans, at $629 $316 $460 Amortized Cost 3 2 1 Credit cards 16.1% $143 $65 Other 4 5 5 ALLL to Gross $(75) $(7) IB Consumer Loans, at Allowance for loan losses (4) (4) (1) Amortized Cost 3Q19 2Q20 3Q20 Total Loans $ 112 $ 117 $ 105 Investment Banking Global Markets Asset Management Consumer & Wealth Management Net Interest Income Highlights Lending Highlights n Total loans decreased $5 billion, down 4% QoQ, primarily reflecting paydowns on committed n 3Q20 net interest income increased $76 million YoY corporate lines n The YoY increase in net interest income was driven by an increase in interest earning assets n Total allowance was $4.33 billion (including $3.71 billion for funded loans), down $0.06 billion QoQ — $3.20 billion for wholesale loans, $1.13 billion for consumer loans n Provision for credit losses of $278 million in 3Q20, down from $1.59 billion in 2Q20 n 3Q20 net charge-offs of $340 million for an annualized net charge-off rate of 1.3%, up 40 bps QoQ — Wholesale annualized net charge-off rate of 1.2%, up 50bps QoQ — Consumer annualized net charge-off rate of 3.7%, down 140bps QoQ 11

Expenses Expense Highlights Financial Results vs. n 3Q20 total operating expenses increased YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Higher compensation and benefits expenses (reflecting significantly higher net revenues) — Slightly lower non-compensation expenses, which included: Compensation and benefits $ 3,117 -30% 14% $ 10,830 16% o Lower travel and entertainment expenses (included in market development expenses), Brokerage, clearing, exchange and professional fees, occupancy-related expenses, and net provisions for litigation and 911 -4% 7% 2,831 16% distribution fees regulatory proceedings o Higher technology expenses and brokerage, clearing, exchange and distribution fees Market development 70 -21% -59% 312 -42% n 3Q20 YTD effective income tax rate was 27.6%, down from 39.9% for the first half of 2020, primarily due to a decrease in the impact of non-deductible litigation in the first nine months of Communications and technology 340 -1% 20% 1,006 17% 2020 compared with the first half of 2020 Depreciation and amortization 468 -6% -1% 1,404 13% 3 Occupancy 235 1% -7% 706 -1% Efficiency Ratio 78.3% Professional fees 298 -4% -15% 956 1% 67.5% 69.6% 66.2% +0.6pp +22.2pp +0.6pp +9.6pp 55.2% Other expenses 515 -85% 2% 4,781 N.M. +0.0pp Total operating expenses $ 5,954 -43% 6% $ 22,826 30% Provision for taxes $ 932 2% 73% $ 1,985 16% Effective Tax Rate 27.6% 6.9pp 3Q19 2Q20 3Q20 3Q19 YTD 3Q20 YTD Impact of Litigation Impact of Litigation 12Expenses Expense Highlights Financial Results vs. n 3Q20 total operating expenses increased YoY vs. vs. 3Q20 3Q19 $ in millions 3Q20 2Q20 3Q19 YTD YTD — Higher compensation and benefits expenses (reflecting significantly higher net revenues) — Slightly lower non-compensation expenses, which included: Compensation and benefits $ 3,117 -30% 14% $ 10,830 16% o Lower travel and entertainment expenses (included in market development expenses), Brokerage, clearing, exchange and professional fees, occupancy-related expenses, and net provisions for litigation and 911 -4% 7% 2,831 16% distribution fees regulatory proceedings o Higher technology expenses and brokerage, clearing, exchange and distribution fees Market development 70 -21% -59% 312 -42% n 3Q20 YTD effective income tax rate was 27.6%, down from 39.9% for the first half of 2020, primarily due to a decrease in the impact of non-deductible litigation in the first nine months of Communications and technology 340 -1% 20% 1,006 17% 2020 compared with the first half of 2020 Depreciation and amortization 468 -6% -1% 1,404 13% 3 Occupancy 235 1% -7% 706 -1% Efficiency Ratio 78.3% Professional fees 298 -4% -15% 956 1% 67.5% 69.6% 66.2% +0.6pp +22.2pp +0.6pp +9.6pp 55.2% Other expenses 515 -85% 2% 4,781 N.M. +0.0pp Total operating expenses $ 5,954 -43% 6% $ 22,826 30% Provision for taxes $ 932 2% 73% $ 1,985 16% Effective Tax Rate 27.6% 6.9pp 3Q19 2Q20 3Q20 3Q19 YTD 3Q20 YTD Impact of Litigation Impact of Litigation 12

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 3Q20 2Q20 3Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 77.8 $ 74.7 $ 75.7 — Decrease in RWAs reflected lower credit RWAs, reflecting reduced exposure, and lower Standardized RWAs $ 535 $ 563 $ 557 market RWAs, reflecting decreased market volatility n Returned $448 million of capital in common stock dividends Standardized CET1 capital ratio 14.5% 13.3% 13.6% 3 — The firm did not repurchase any shares in 3Q20 and will not in 4Q20 Advanced RWAs $ 600 $ 628 $ 566 n The firm’s balance sheet decreased $10 billion QoQ Advanced CET1 capital ratio 13.0% 11.9% 13.4% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $302 billion for 3Q20 n BVPS increased 3.6% QoQ and 4.9% YoY, driven by net earnings Supplementary leverage ratio 6.8% 6.6% 6.2% 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 3Q20 2Q20 3Q19 3Q20 2Q20 3Q19 3 Total assets Basic shares 356.0 355.8 $ 1,132 $ 1,142 $ 1,007 369.3 Deposits $ 261 $ 269 $ 183 Book value per common share $ 229.49 $ 221.55 $ 218.82 1 Unsecured long-term borrowings $ 214 $ 223 $ 217 Tangible book value per common share $ 215.54 $ 208.08 $ 205.59 Shareholders’ equity $ 93 $ 90 $ 92 3 Average GCLA $ 302 $ 290 $ 238 13Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 ratios increased QoQ 3Q20 2Q20 3Q19 $ in billions — Increase in CET1 capital reflected net earnings in excess of dividends Common equity tier 1 (CET1) capital $ 77.8 $ 74.7 $ 75.7 — Decrease in RWAs reflected lower credit RWAs, reflecting reduced exposure, and lower Standardized RWAs $ 535 $ 563 $ 557 market RWAs, reflecting decreased market volatility n Returned $448 million of capital in common stock dividends Standardized CET1 capital ratio 14.5% 13.3% 13.6% 3 — The firm did not repurchase any shares in 3Q20 and will not in 4Q20 Advanced RWAs $ 600 $ 628 $ 566 n The firm’s balance sheet decreased $10 billion QoQ Advanced CET1 capital ratio 13.0% 11.9% 13.4% 3 4 — Maintained highly liquid balance sheet as GCLA averaged $302 billion for 3Q20 n BVPS increased 3.6% QoQ and 4.9% YoY, driven by net earnings Supplementary leverage ratio 6.8% 6.6% 6.2% 4 Selected Balance Sheet Data Book Value $ in billions In millions, except per share amounts 3Q20 2Q20 3Q19 3Q20 2Q20 3Q19 3 Total assets Basic shares 356.0 355.8 $ 1,132 $ 1,142 $ 1,007 369.3 Deposits $ 261 $ 269 $ 183 Book value per common share $ 229.49 $ 221.55 $ 218.82 1 Unsecured long-term borrowings $ 214 $ 223 $ 217 Tangible book value per common share $ 215.54 $ 208.08 $ 205.59 Shareholders’ equity $ 93 $ 90 $ 92 3 Average GCLA $ 302 $ 290 $ 238 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 June 30, 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 June 30, 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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 Total shareholders’ equity $ 91,004 $ 91,068 $ 92,900 $ 90,029 $ 92,012 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,801 79,865 81,697 78,826 80,809 Goodwill and identifiable intangible assets (4,835) (4,825) (4,965) (4,792) (4,886) Tangible common shareholders’ equity $ 74,966 $ 75,040 $ 76,732 $ 74,034 $ 75,923 2. Dealogic – January 1, 2020 through September 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 June 30, 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 June 30, 2020. 4. Represents a preliminary estimate for the third quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020. 5. 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. 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 NINE MONTHS ENDED Unaudited, $ in millions SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 SEPTEMBER 30, 2020 JUNE 30, 2020 SEPTEMBER 30, 2019 Total shareholders’ equity $ 91,004 $ 91,068 $ 92,900 $ 90,029 $ 92,012 Preferred stock (11,203) (11,203) (11,203) (11,203) (11,203) Common shareholders’ equity 79,801 79,865 81,697 78,826 80,809 Goodwill and identifiable intangible assets (4,835) (4,825) (4,965) (4,792) (4,886) Tangible common shareholders’ equity $ 74,966 $ 75,040 $ 76,732 $ 74,034 $ 75,923 2. Dealogic – January 1, 2020 through September 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 June 30, 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 June 30, 2020. 4. Represents a preliminary estimate for the third quarter of 2020 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended September 30, 2020. 5. 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. 15


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


Title of each class	Trading Symbol	Exchange on which registered

Common stock, par value $.01 per share	GS	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A	GS PrA	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C	GS PrC	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D	GS PrD	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J	GS PrJ	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K	GS PrK	NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.30% Non-Cumulative Preferred Stock, Series N	GS PrN	NYSE

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II	GS/43PE	NYSE

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III	GS/43PF	NYSE

Medium-Term Notes, Series E, 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: October 14, 2020	By:	/s/ Stephen M. Scherr
		Name: Stephen M. Scherr
		Title: Chief Financial Officer