8-K

Exhibit 99.1

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Second Quarter 2022

Earnings Results

Media Relations: Andrea Williams 212-902-5400

Investor Relations: Carey Halio 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

Second Quarter 2022 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $7.73 and Increases the Quarterly Dividend to $2.50 Per Common Share in the Third Quarter

“We delivered solid results in the second quarter as clients turned to us for our expertise and execution in these challenging markets. Despite increased volatility and uncertainty, I remain confident in our ability to navigate the environment, dynamically manage our resources and drive long-term, accretive returns for shareholders.”

- David Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
2Q22 $11.86 billion 2Q22 YTD $24.80 billion	2Q22 $2.93 billion 2Q22 YTD $6.87 billion	2Q22 $7.73 2Q22 YTD $18.47

Annualized ROE¹	Annualized ROTE¹	Book Value Per Share
2Q22 10.6% 2Q22 YTD 12.8%	2Q22 11.4% 2Q22 YTD 13.6%	2Q22 $301.88 YTD Growth 6.2%

NEW YORK, July 18, 2022 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $11.86 billion and net earnings of $2.93 billion for the second quarter ended June 30, 2022. Net revenues were $24.80 billion and net earnings were $6.87 billion for the first half of 2022.

Diluted earnings per common share (EPS) was $7.73 for the second quarter of 2022 compared with $15.02 for the second quarter of 2021 and $10.76 for the first quarter of 2022, and was $18.47 for the first half of 2022 compared with $33.64 for the first half of 2021.

Annualized return on average common shareholders’ equity (ROE)¹ was 10.6% for the second quarter of 2022 and 12.8% for the first half of 2022. Annualized return on average tangible common shareholders’ equity (ROTE)¹ was 11.4% for the second quarter of 2022 and 13.6% for the first half of 2022.

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Highlights

◾

During the quarter, the firm continued to support clients amid an evolving macroeconomic environment and generated solid quarterly net revenues of $11.86 billion, net earnings of $2.93 billion and diluted EPS of $7.73.

◾

Investment Banking generated quarterly net revenues of $2.14 billion, including strong net revenues in Financial advisory. The firm ranked #1 in worldwide announced and completed mergers and acquisitions and in worldwide equity and equity-related offerings and common stock offerings for the year-to-date.²

◾

Global Markets generated quarterly net revenues of $6.47 billion, reflecting strong performances in both Fixed Income, Currency and Commodities (FICC) and Equities, particularly in financing.

◾

Consumer & Wealth Management generated record quarterly net revenues of $2.18 billion, 25% higher than the second quarter of 2021.

◾

Firmwide assets under supervision^3,4 increased $101 billion during the quarter, including inflows of $305 billion from the acquisition of NN Investment Partners (NNIP)⁵, to a record $2.50 trillion. Firmwide Management and other fees were a record $2.23 billion for the second quarter of 2022, 22% higher than the second quarter of 2021.

◾

Book value per common share increased by 2.9% during the quarter and 6.2% during the first half of 2022 to $301.88.

◾

On July 14, 2022, the Board of Directors of The Goldman Sachs Group, Inc. approved a 25% increase in the quarterly dividend to $2.50 per common share beginning in the third quarter of 2022.

Quarterly Net Revenue Mix by Segment

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Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Net Revenues


Net revenues were $11.86 billion for the second quarter of 2022, 23% lower than a strong second quarter of 2021 and 8% lower than the first quarter of 2022. The decrease compared with the second quarter of 2021 reflected significantly lower net revenues in Asset Management and Investment Banking, partially offset by significantly higher net revenues in Global Markets and Consumer & Wealth Management.				Net Revenues
				$11.86 billion

Investment Banking


Net revenues in Investment Banking were $2.14 billion for the second quarter of 2022, 41% lower than a strong second quarter of 2021 and 11% lower than the first quarter of 2022. The decrease compared with the second quarter of 2021 primarily reflected significantly lower net revenues in Underwriting. The decrease in Underwriting was due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes. Net revenues in Financial advisory were slightly lower, reflecting a decrease in industry-wide completed mergers and acquisitions transactions. Corporate lending net revenues were significantly higher, primarily due to net gains from hedges related to relationship lending activities and higher net revenues from transaction banking, partially offset by net mark-downs on acquisition financing activities. The firm’s backlog³ decreased compared with the end of the first quarter of 2022.	Investment Banking
	$2.14 billion
	Financial advisory	$1.20 billion
	Underwriting	$588 million
	Corporate lending	$352 million

Global Markets


Net revenues in Global Markets were $6.47 billion for the second quarter of 2022, 32% higher than the second quarter of 2021 and 18% lower than the first quarter of 2022. Net revenues in FICC were $3.61 billion, 55% higher than the second quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, commodities and currencies, partially offset by significantly lower net revenues in mortgages and credit products. Net revenues in FICC financing were significantly higher, primarily driven by mortgage lending and repurchase agreements. Net revenues in Equities were $2.86 billion, 11% higher than the second quarter of 2021, due to significantly higher net revenues in Equities financing, primarily reflecting increased activity. Net revenues in Equities intermediation were slightly lower, reflecting significantly lower net revenues in cash products, partially offset by higher net revenues in derivatives.	Global Markets
	$6.47 billion
	FICC intermediation	$2.84 billion
	FICC financing	$768 million
	FICC	$3.61 billion

	Equities intermediation	$1.73 billion
	Equities financing	$1.13 billion
	Equities	$2.86 billion

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Asset Management


Net revenues in Asset Management were $1.08 billion for the second quarter of 2022, 79% lower than the second quarter of 2021 and 99% higher than the first quarter of 2022. The decrease compared with the second quarter of 2021 reflected net losses in Equity investments and significantly lower net revenues in Lending and debt investments, partially offset by significantly higher Management and other fees. Macroeconomic concerns and the prolonged war in Ukraine continued to contribute to the volatility in global equity prices and wider credit spreads. As a result, net losses in Equity investments reflected significant mark-to-market net losses from investments in public equities and significantly lower net gains from investments in private equities, compared with a strong prior year period. The decrease in Lending and debt investments net revenues primarily reflected mark-downs on debt securities and loans compared with net gains in the prior year period. The increase in Management and other fees reflected the inclusion of NNIP⁵ and the impact of fee waivers on money market funds in the prior year period. Incentive fees were higher, driven by harvesting.	Asset Management
	$1.08 billion
	Management and other fees	$ 1.01 billion
	Incentive fees	$ 160 million
	Equity investments	$(221) million
	Lending and debt investments	$ 137 million

Consumer & Wealth Management


Net revenues in Consumer & Wealth Management were $2.18 billion for the second quarter of 2022, 25% higher than the second quarter of 2021 and 3% higher than the first quarter of 2022. Net revenues in Wealth management were $1.57 billion, 13% higher than the second quarter of 2021, due to higher Management and other fees, reflecting higher placement fees and the impact of higher average assets under supervision, and higher net revenues in Private banking and lending, reflecting higher loan and deposit balances. Net revenues in Consumer banking were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher credit card balances and higher deposit balances.	Consumer & Wealth Management
	$2.18 billion
	Wealth management	$1.57 billion
	Consumer banking	$608 million

Provision for Credit Losses


Provision for credit losses was $667 million for the second quarter of 2022, compared with a net benefit of $92 million in the second quarter of 2021 and net provisions of $561 million in the first quarter of 2022. Provisions for the second quarter of 2022 reflected portfolio growth (primarily in credit cards) and the impact of broad macroeconomic concerns. The net benefit for the second quarter of 2021 reflected reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic, partially offset by portfolio growth. The firm’s allowance for credit losses was $5.27 billion as of June 30, 2022.
				Provision for Credit Losses
				$667 million

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Operating Expenses


Operating expenses were $7.65 billion for the second quarter of 2022, 11% lower than the second quarter of 2021 and essentially unchanged compared with the first quarter of 2022. The firm’s efficiency ratio³ for the first half of 2022 was 62.0%, compared with 54.6% for the first half of 2021.				Operating Expenses
				$7.65 billion

The decrease in operating expenses compared with the second quarter of 2021 was primarily due to significantly lower compensation and benefits expenses. In addition, net provisions for litigation and regulatory proceedings were lower. These decreases were partially offset by increases from the inclusion of NNIP and GreenSky, Inc., transaction based expenses, market development expenses, professional fees and technology expenses. Net provisions for litigation and regulatory proceedings for the second quarter of 2022 were $91 million compared with $226 million for the second quarter of 2021. Headcount increased 4% compared with the end of the first quarter of 2022, primarily reflecting the acquisition of NNIP and investments in growth initiatives.				YTD Efficiency Ratio
				62.0%

Provision for Taxes


The effective income tax rate for the first half of 2022 increased to 16.3% from 15.4% for the first quarter of 2022, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards, partially offset by permanent tax benefits, in the first half of 2022 compared with the first quarter of 2022.
						YTD Effective Tax Rate
						16.3%

Other Matters


◾ On July 14, 2022, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $2.50 per common share from $2.00 per common share. The dividend will be paid on September 29, 2022 to common shareholders of record on September 1, 2022. ◾ During the quarter, the firm returned $1.22 billion of capital to common shareholders, including $500 million of common share repurchases (1.5 million shares at an average cost of $323.74) and $719 million of common stock dividends.³ ◾ Global core liquid assets³ averaged $391 billion⁴ for the second quarter of 2022, compared with an average of $375 billion for the first quarter of 2022.				Declared Quarterly Dividend Per Common Share
				$2.50

				Common Share Repurchases
				1.5 million shares for $500 million

				Average GCLA
				$391 billion

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.


				Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2021.

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 and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s investment banking transactions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2021.


				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 1-800-753-0786 (in the U.S.) or 1-323-794-2410 (outside the U.S.) passcode number 7042022. 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 1-888-203-1112 (in the U.S.) or 1- 719-457-0820 (outside the U.S.) passcode number 7042022 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 2022 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	JUNE 30, 2022		MARCH 31, 2022		JUNE 30, 2021		MARCH 31, 2022		JUNE 30, 2021
INVESTMENT BANKING
Financial advisory		$ 1,197		$ 1,127		$ 1,257		6 %		(5) %

Equity underwriting		131		261		1,243		(50)		(89)
Debt underwriting		457		743		950		(38)		(52)
Underwriting		588		1,004		2,193		(41)		(73)

Corporate lending		352		280		159		26		121
Net revenues		2,137		2,411		3,609		(11)		(41)

GLOBAL MARKETS
FICC intermediation		2,839		4,038		1,897		(30)		50
FICC financing		768		685		423		12		82
FICC		3,607		4,723		2,320		(24)		55

Equities intermediation		1,734		2,161		1,765		(20)		(2)
Equities financing		1,126		988		815		14		38
Equities		2,860		3,149		2,580		(9)		11
Net revenues		6,467		7,872		4,900		(18)		32

ASSET MANAGEMENT
Management and other fees		1,008		772		727		31		39
Incentive fees		160		52		78		208		105
Equity investments		(221)		(367)		3,717		N.M.		N.M.
Lending and debt investments		137		89		610		54		(78)
Net revenues		1,084		546		5,132		99		(79)

CONSUMER & WEALTH MANAGEMENT
Management and other fees		1,224		1,255		1,109		(2)		10
Incentive fees		24		27		15		(11)		60
Private banking and lending		320		339		260		(6)		23
Wealth management		1,568		1,621		1,384		(3)		13

Consumer banking		608		483		363		26		67
Net revenues		2,176		2,104		1,747		3		25

Total net revenues		$ 11,864		$ 12,933		$ 15,388		(8)		(23)
Geographic Net Revenues (unaudited)³
$ in millions

	THREE MONTHS ENDED

	JUNE 30, 2022		MARCH 31, 2022		JUNE 30, 2021
Americas		$ 7,047		$ 7,386		$ 9,957
EMEA		3,400		3,850		3,478
Asia		1,417		1,697		1,953
Total net revenues		$ 11,864		$ 12,933		$ 15,388

Americas		59%		57%		65%
EMEA		29%		30%		22%
Asia		12%		13%		13%
Total		100%		100%		100%

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	SIX MONTHS ENDED				% CHANGE FROM

	JUNE 30, 2022		JUNE 30, 2021		JUNE 30, 2021
INVESTMENT BANKING
Financial advisory		$ 2,324		$ 2,374		(2) %

Equity underwriting		392		2,812		(86)
Debt underwriting		1,200		1,830		(34)
Underwriting		1,592		4,642		(66)

Corporate lending		632		364		74
Net revenues		4,548		7,380		(38)

GLOBAL MARKETS
FICC intermediation		6,877		5,348		29
FICC financing		1,453		865		68
FICC		8,330		6,213		34

Equities intermediation		3,895		4,351		(10)
Equities financing		2,114		1,917		10
Equities		6,009		6,268		(4)
Net revenues		14,339		12,481		15

ASSET MANAGEMENT
Management and other fees		1,780		1,420		25
Incentive fees		212		120		77
Equity investments		(588)		6,837		N.M.
Lending and debt investments		226		1,369		(83)
Net revenues		1,630		9,746		(83)

CONSUMER & WEALTH MANAGEMENT
Management and other fees		2,479		2,186		13
Incentive fees		51		41		24
Private banking and lending		659		524		26
Wealth management		3,189		2,751		16

Consumer banking		1,091		734		49
Net revenues		4,280		3,485		23

Total net revenues		$ 24,797		$ 33,092		(25)
Geographic Net Revenues (unaudited)³ $ in millions

	SIX MONTHS ENDED

	JUNE 30, 2022		JUNE 30, 2021
Americas		$ 14,433		$ 20,782
EMEA		7,250		8,191
Asia		3,114		4,119
Total net revenues		$ 24,797		$ 33,092

Americas		58%		63%
EMEA		29%		25%
Asia		13%		12%
Total		100%		100%

Goldman Sachs Reports

Second Quarter 2022 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, 2022		MARCH 31, 2022		JUNE 30, 2021		MARCH 31, 2022		JUNE 30, 2021
REVENUES
Investment banking		$ 1,785		$ 2,131		$ 3,450		(16) %		(48) %
Investment management		2,393		2,064		1,905		16		26
Commissions and fees		1,073		1,011		833		6		29
Market making		4,929		5,990		3,274		(18)		51
Other principal transactions		(50)		(90)		4,297		N.M.		N.M.
Total non-interest revenues		10,130		11,106		13,759		(9)		(26)

Interest income		4,851		3,212		2,939		51		65
Interest expense		3,117		1,385		1,310		125		138
Net interest income		1,734		1,827		1,629		(5)		6

Total net revenues		11,864		12,933		15,388		(8)		(23)

Provision for credit losses		667		561		(92)		19		N.M.

OPERATING EXPENSES
Compensation and benefits		3,695		4,083		5,263		(10)		(30)
Transaction based		1,317		1,244		1,125		6		17
Market development		235		162		115		45		104
Communications and technology		444		424		371		5		20
Depreciation and amortization		570		492		520		16		10
Occupancy		259		251		241		3		7
Professional fees		490		437		344		12		42
Other expenses		643		623		661		3		(3)
Total operating expenses		7,653		7,716		8,640		(1)		(11)

Pre-tax earnings		3,544		4,656		6,840		(24)		(48)
Provision for taxes		617		717		1,354		(14)		(54)
Net earnings		2,927		3,939		5,486		(26)		(47)

Preferred stock dividends		141		108		139		31		1
Net earnings applicable to common shareholders		$ 2,786		$ 3,831		$ 5,347		(27)		(48)

EARNINGS PER COMMON SHARE
Basic³		$ 7.81		$ 10.87		$ 15.22		(28) %		(49) %
Diluted		$ 7.73		$ 10.76		$ 15.02		(28)		(49)

AVERAGE COMMON SHARES
Basic		355.0		351.2		350.8		1		1
Diluted		360.5		355.9		356.0		1		1

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 107,168		$ 104,536		$ 92,687		3		16
Basic shares³		355.0		356.4		349.9		–		1
Book value per common share		$ 301.88		$ 293.31		$ 264.90		3		14

Headcount		47,000		45,100		40,800		4		15

Goldman Sachs Reports

Second Quarter 2022 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, 2022		JUNE 30, 2021		JUNE 30, 2021
REVENUES
Investment banking		$ 3,916		$ 7,016		(44) %
Investment management		4,457		3,701		20
Commissions and fees		2,084		1,906		9
Market making		10,919		9,167		19
Other principal transactions		(140)		8,191		N.M.
Total non-interest revenues		21,236		29,981		(29)

Interest income		8,063		5,993		35
Interest expense		4,502		2,882		56
Net interest income		3,561		3,111		14

Total net revenues		24,797		33,092		(25)

Provision for credit losses		1,228		(162)		N.M.

OPERATING EXPENSES
Compensation and benefits		7,778		11,306		(31)
Transaction based		2,561		2,381		8
Market development		397		195		104
Communications and technology		868		746		16
Depreciation and amortization		1,062		1,018		4
Occupancy		510		488		5
Professional fees		927		704		32
Other expenses		1,266		1,239		2
Total operating expenses		15,369		18,077		(15)

Pre-tax earnings		8,200		15,177		(46)
Provision for taxes		1,334		2,855		(53)
Net earnings		6,866		12,322		(44)
Preferred stock dividends		249		264		(6)
Net earnings applicable to common shareholders		$ 6,617		$ 12,058		(45)

EARNINGS PER COMMON SHARE
Basic³		$ 18.67		$ 34.06		(45) %
Diluted		$ 18.47		$ 33.64		(45)

AVERAGE COMMON SHARES
Basic		353.1		353.6		–
Diluted		358.2		358.4		–

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

AS OF

JUNE 30,

2022

MARCH 31,

2022

ASSETS

Cash and cash equivalents

$ 288

$ 274

Collateralized agreements

448

453

Customer and other receivables

163

175

Trading assets

372

392

Investments

115

Loans

176

166

Other assets

Total assets

$ 1,601

$ 1,589

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 391

$ 387

Collateralized financings

228

227

Customer and other payables

280

293

Trading liabilities

255

233

Unsecured short-term borrowings

Unsecured long-term borrowings

251

258

Other liabilities

Total liabilities

1,483

1,474

Shareholders’ equity

118

115

Total liabilities and shareholders’ equity

$ 1,601

$ 1,589

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

$ in billions

AS OF

JUNE 30,

2022

MARCH 31,

2022

Common equity tier 1 capital

$ 98.3

$ 98.3

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 692

$ 682

Common equity tier 1 capital ratio

14.2%

14.4%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 686

$ 674

Common equity tier 1 capital ratio

14.3%

14.6%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

5.6%

5.6%

Average Daily VaR (unaudited)^3,4

$ in millions

THREE MONTHS ENDED

JUNE 30,

2022

MARCH 31,

2022

RISK CATEGORIES

Interest rates

$ 104

$ 74

Equity prices

Currency rates

Commodity prices

Diversification effect

(102)

(83)

Total

$ 124

$ 98

Goldman Sachs Reports

Second Quarter 2022 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^3,4

$ in billions



	AS OF

	JUNE 30, 2022			MARCH 31, 2022			JUNE 30, 2021
SEGMENT
Asset Management		$ 1,824			$ 1,656			$ 1,633
Consumer & Wealth Management		671			738			672
Total AUS		$ 2,495			$ 2,394			$ 2,305

ASSET CLASS
Alternative investments		$ 254			$ 240			$ 211
Equity		552			592			558
Fixed income		1,007			887			914
Total long-term AUS		1,813			1,719			1,683
Liquidity products		682			675			622
Total AUS		$ 2,495			$ 2,394			$ 2,305


	THREE MONTHS ENDED

	JUNE 30, 2022			MARCH 31, 2022			JUNE 30, 2021
ASSET MANAGEMENT
Beginning balance		$ 1,656			$ 1,719			$ 1,567
Net inflows / (outflows):
Alternative investments		22			2			3
Equity		59			6			(5)
Fixed income		209			2			12
Total long-term AUS net inflows / (outflows)		290			10	⁶		10
Liquidity products		20			(7)			16
Total AUS net inflows / (outflows)		310	⁵		3			26
Net market appreciation / (depreciation)		(142)			(66)			40
Ending balance		$ 1,824			$ 1,656			$ 1,633

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 738			$ 751			$ 637
Net inflows / (outflows):
Alternative investments		1			3			5
Equity		3			11			8
Fixed income		(1)			–			(1)
Total long-term AUS net inflows / (outflows)		3			14			12
Liquidity products		(13)			1			–
Total AUS net inflows / (outflows)		(10)			15			12
Net market appreciation / (depreciation)		(57)			(28)			23
Ending balance		$ 671			$ 738			$ 672

FIRMWIDE
Beginning balance		$ 2,394			$ 2,470			$ 2,204
Net inflows / (outflows):
Alternative investments		23			5			8
Equity		62			17			3
Fixed income		208			2			11
Total long-term AUS net inflows / (outflows)		293			24	⁶		22
Liquidity products		7			(6)			16
Total AUS net inflows / (outflows)		300	⁵		18			38
Net market appreciation / (depreciation)		(199)			(94)			63
Ending balance		$ 2,495			$ 2,394			$ 2,305

Goldman Sachs Reports

Second Quarter 2022 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, 2022		SIX MONTHS ENDED JUNE 30, 2022
Total shareholders’ equity		$ 116,229		$ 114,286
Preferred stock		(10,703)		(10,703)
Common shareholders’ equity		105,526		103,583
Goodwill		(5,957)		(5,241)
Identifiable intangible assets		(1,844)		(1,242)
Tangible common shareholders’ equity		$ 97,725		$ 97,100

Dealogic – January 1, 2022 through June 30, 2022.

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, 2022: (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 “Capital Management and Regulatory Capital – 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, 2022: (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 2022 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2022.

Includes $305 billion of inflows in Asset Management assets under supervision (substantially all in fixed income and equity assets) from the acquisition of NN Investment Partners.

Includes $7 billion of inflows in Asset Management long-term assets under supervision (substantially all in fixed income and equity assets) from the acquisition of the assets of Bombardier Global Pension Asset Management Inc.

Exhibit 99.2 Second Quarter 2022 Earnings Results Presentation July 18, 2022

Results Snapshot Net Revenues Net Earnings EPS 2Q22 $11.86 billion 2Q22 $2.93 billion 2Q22 $7.73 2Q22 YTD $24.80 billion 2Q22 YTD $6.87 billion 2Q22 YTD $18.47 1 1 Annualized ROE Annualized ROTE Book Value Per Share 2Q22 10.6% 2Q22 11.4% BVPS $301.88 2Q22 YTD 12.8% 2Q22 YTD 13.6% YTD Growth 6.2% Highlights Resilient first half performance Record Consumer & Wealth Management net revenues, up 25% YoY amid an evolving macroeconomic environment 3,4 Record AUS of $2.50 trillion 2 #1 in M&A and Equity and equity-related offerings Record Management and other fees of $2.23 billion, up 22% YoY Strong Global Markets performance Increased quarterly dividend by 25% to Record FICC financing and strong Equities financing net revenues $2.50 per common share in 3Q22 1

Financial Overview Financial Results Financial Overview Highlights vs. n 2Q22 results included EPS of $7.73 and ROE of 10.6% vs. vs. 2Q22 2Q21 $ in millions, except per share amounts 2Q22 1Q22 2Q21 YTD YTD — 2Q22 net revenues were significantly lower compared with a strong prior year period o Significantly lower net revenues in Asset Management and Investment Banking $ Investment Banking 2,137 (11)% (41)% $ 4,548 (38)% o Partially offset by significantly higher net revenues in Global Markets and Consumer Global Markets 6,467 (18)% 32% 14,339 15% & Wealth Management — 2Q22 provision for credit losses was $667 million, reflecting portfolio growth (primarily in Asset Management 1,084 99% (79)% 1,630 (83)% credit cards) and the impact of broad macroeconomic concerns — 2Q22 operating expenses were lower YoY, reflecting significantly lower compensation and Consumer & Wealth Management 2,176 3% 25% 4,280 23% benefits expenses, partially offset by higher non-compensation expenses Net revenues 11,864 (8)% (23)% 24,797 (25)% Provision for credit losses 667 19% N.M. 1,228 N.M. Net Revenues by Segment ($ in millions) Operating expenses 7,653 (1)% (11)% 15,369 (15)% $15,388 Pre-tax earnings $ 3,544 (24)% (48)% $ 8,200 (46)% $1,747 $12,933 $11,864 Net earnings $ 2,927 (26)% (47)% $ 6,866 (44)% $2,104 $5,132 $2,176 $546 Net earnings to common $ 2,786 (27)% (48)% $ 6,617 (45)% $1,084 $7,872 Diluted EPS $ 7.73 (28)% (49)% $ 18.47 (45)% $4,900 $6,467 1 ROE 10.6% (4.4)pp (13.1)pp 12.8% (14.5)pp $3,609 $2,411 $2,137 1 ROTE 11.4% (4.4)pp (13.7)pp 13.6% (15.3)pp 2Q21 1Q22 2Q22 3 Efficiency Ratio 64.5% 4.8pp 8.4pp 62.0% 7.4pp Investment Banking Global Markets Asset Management Consumer & Wealth Management 2

Investment Banking Financial Results Investment Banking Highlights vs. n 2Q22 net revenues were significantly lower compared with a strong prior year period vs. vs. 2Q22 2Q21 $ in millions 2Q22 1Q22 2Q21 YTD YTD — Financial advisory net revenues reflected a decrease in industry-wide completed mergers and acquisitions transactions Financial advisory $ 1,197 6% (5)% $ 2,324 (2)% — Equity underwriting and Debt underwriting net revenues reflected a significant decline in industry-wide volumes Equity underwriting 131 (50)% (89)% 392 (86)% — Corporate lending net revenues primarily reflected net gains from hedges related to relationship lending activities and higher net revenues in transaction banking, partially offset Debt underwriting 457 (38)% (52)% 1,200 (34)% by net mark-downs on acquisition financing activities 3 n Overall backlog decreased vs. 1Q22, reflecting a significant decrease in debt underwriting and Underwriting 588 (41)% (73)% 1,592 (66)% a decrease in equity underwriting, partially offset by an increase in financial advisory Corporate lending 352 26% 121% 632 74% Investment Banking Net Revenues ($ in millions) Net revenues 2,137 (11)% (41)% 4,548 (38)% $3,609 $159 Provision for credit losses 83 (49)% N.M. 247 N.M. $950 Operating expenses 1,105 (11)% (43)% 2,353 (38)% $2,411 $2,137 $280 Pre-tax earnings $ 949 (5)% (46)% $ 1,948 (49)% $352 $1,243 $743 $457 Net earnings $ 786 (7)% (44)% $ 1,631 (48)% $261 $131 Net earnings to common $ 766 (8)% (45)% $ 1,595 (48)% $1,257 $1,197 $1,127 Average common equity $ 10,454 (11)% 7% $ 11,028 9% 2Q21 1Q22 2Q22 Return on average common equity 29.3% 1.0pp (27.6)pp 28.9% (32.1)pp Financial advisory Equity underwriting Debt underwriting Corporate lending 3

Global Markets Financial Results Global Markets Highlights vs. n 2Q22 net revenues were significantly higher YoY vs. vs. 2Q22 2Q21 $ in millions 2Q22 1Q22 2Q21 YTD YTD — FICC net revenues reflected significantly higher net revenues in both intermediation and financing FICC $ 3,607 (24)% 55% $ 8,330 34% — Equities net revenues were higher, reflecting significantly higher net revenues in financing, partially offset by slightly lower net revenues in intermediation Equities 2,860 (9)% 11% 6,009 (4)% n 2Q22 operating environment was characterized by solid client activity and increased volatility amid an evolving macroeconomic backdrop Net revenues 6,467 (18)% 32% 14,339 15% Provision for credit losses 131 28% 836% 233 N.M. Operating expenses 3,366 (11)% – 7,127 (6)% $ Pre-tax earnings 2,970 (26)% 96% $ 6,979 42% Global Markets Net Revenues ($ in millions) $7,872 $ Net earnings 2,452 (28)% 104% $ 5,844 46% $6,467 Net earnings to common $ 2,367 (29)% 111% $ 5,694 48% $3,149 Average common equity $ 55,595 6% 25% $ 54,078 27% $4,900 $2,860 Return on average common equity 17.0% (8.4)pp 6.9pp 21.1% 3.1pp $2,580 $4,723 $3,607 $2,320 2Q21 1Q22 2Q22 FICC Equities 4

Global Markets – FICC & Equities FICC Net Revenues Equities Net Revenues vs. vs. vs. vs. 2Q22 2Q21 vs. vs. 2Q22 2Q21 $ in millions $ in millions 2Q22 1Q22 2Q21 YTD YTD 2Q22 1Q22 2Q21 YTD YTD $ $ FICC intermediation 2,839 (30)% 50% $ 6,877 29% Equities intermediation 1,734 (20)% (2)% $ 3,895 (10)% FICC financing Equities financing 768 12% 82% 1,453 68% 1,126 14% 38% 2,114 10% FICC $ 3,607 (24)% 55% $ 8,330 34% Equities $ 2,860 (9)% 11% $ 6,009 (4)% FICC Highlights Equities Highlights n 2Q22 net revenues were significantly higher YoY n 2Q22 net revenues were higher YoY — FICC intermediation net revenues reflected significantly higher net revenues in interest rate — Equities intermediation net revenues reflected significantly lower net revenues in cash products, commodities and currencies, partially offset by significantly lower net revenues in products, partially offset by higher net revenues in derivatives mortgages and credit products — Equities financing net revenues primarily reflected increased activity — FICC financing net revenues were a record, primarily driven by mortgage lending and repurchase agreements 5

Asset Management Financial Results Asset Management Highlights vs. n 2Q22 net revenues were significantly lower YoY as macroeconomic concerns and the vs. vs. 2Q22 2Q21 prolonged war in Ukraine continued to contribute to volatility in global equity prices and wider $ in millions 2Q22 1Q22 2Q21 YTD YTD credit spreads Management and other fees $ 5 1,008 31% 39% $ 1,780 25% — Management and other fees reflected the inclusion of NN Investment Partners (NNIP) and the impact of fee waivers on money market funds in the prior year period — Incentive fees were driven by harvesting Incentive fees 160 208% 105% 212 77% — Equity investments net losses reflected significant mark-to-market net losses from investments in public equities and significantly lower net gains from investments in private Equity investments (221) N.M. N.M. (588) N.M. equities, compared with a strong prior year period o Private: 2Q22 ~$440 million, compared to 2Q21 ~$2,815 million Lending and debt investments 137 54% (78)% 226 (83)% o Public: 2Q22 ~$(660) million, compared to 2Q21 ~$900 million — Lending and debt investments net revenues primarily reflected mark-downs on debt Net revenues 1,084 99% (79)% 1,630 (83)% securities and loans compared with net gains in the prior year period Asset Management Net Revenues ($ in millions) Provision for credit losses 59 44% N.M. 100 N.M. $5,132 $610 Operating expenses 1,461 33% (25)% 2,556 (33)% $1,084 $137 Pre-tax earnings/(loss) $ $160 (436) N.M. N.M. $ (1,026) N.M. $546 $89 $3,717 $52 $ Net earnings/(loss) (360) N.M. N.M. $ (859) N.M. $1,008 $772 $ $78 Net earnings/(loss) to common (382) N.M. N.M. $ (898) N.M. $727 $(221) Average common equity $ 24,310 1% (4)% $ 24,132 (4)% $(367) 2Q21 1Q22 2Q22 Return on average common equity (6.3)% 2.3pp (47.1)pp (7.4)% (45.3)pp 6

Asset Management – Asset Mix 4 4 Equity Investments of $16 billion Lending and Debt Investments of $26 billion ~$13 billion Private, ~$3 billion Public 4% 5% 16% By Vintage By Region 7% 27% 40% 62% 10% 2019-thereafter Americas By Industry Loan Portfolio $13 billion 29% 20% Loans 2016-2018 Asia 11% 31% 18% $13 billion 2015 or earlier EMEA 25% 84% 11% Debt investments Real Estate: Mixed Use 8%, Other 6%, Multifamily 6%, Office 5% 6 4 Consolidated Investment Entities of $13 billion 6 Funded with liabilities of ~$7 billion 3% 3% 3% 4% By Vintage By Region 7% By Accounting By Region 7% 23% Classification 31% 50% 67% 11% 47% 12% 11% 2019-thereafter Americas Loans at FV/Held for sale Americas By Industry 46% 10% By Asset Class 41% 20% 2016-2018 Asia Loans at amortized cost Asia 11% 14% 48% 33% 4% 23% 22% 2015 or earlier EMEA Debt investments at FV EMEA 20% 13% 16% 7

Asset Management – Harvesting Progress of Balance Sheet Equity Portfolio Significant progress in asset sales over the past 10 quarters, offset by mark-ups Rollforward ($ in billions) ~$7 ~$(20) ~$7 $22 $16 Net Dispositions: ~$(13) 7 YE19 Equity Investments Mark-Ups/(Mark-Downs) Additions Dispositions 2Q22 Equity Investments 2Q22: ~$(1) ~$ – ~$(1) 8

Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. n 2Q22 net revenues were a record and significantly higher YoY vs. vs. 2Q22 2Q21 $ in millions 2Q22 1Q22 2Q21 YTD YTD — Wealth management net revenues were higher, reflecting higher placement fees, the impact of higher average AUS and higher loan and deposit balances Management and other fees $ 1,224 (2)% 10% $ 2,479 13% — Consumer banking net revenues were significantly higher, primarily reflecting significantly higher credit card balances and higher deposit balances Incentive fees 24 (11)% 60% 51 24% n 2Q22 provision for credit losses primarily reflected growth in credit cards Private banking and lending 320 (6)% 23% 659 26% Wealth management 1,568 (3)% 13% 3,189 16% Consumer banking 608 26% 67% 1,091 49% Consumer & Wealth Management Net Revenues ($ in millions) Net revenues 2,176 3% 25% 4,280 23% Provision for credit losses 394 55% 497% 648 414% $2,176 $2,104 Operating expenses 1,721 7% 26% 3,333 16% $1,747 $483 $608 $363 $339 $ $320 Pre-tax earnings 61 (74)% (80)% $ 299 (39)% $27 $260 $24 $15 Net earnings $ 49 (76)% (81)% $ 250 (37)% $1,255 $1,224 $1,109 Net earnings to common $ 35 (82)% (85)% $ 226 (40)% Average common equity $ 15,167 11% 45% $ 14,345 39% 2Q21 1Q22 2Q22 Return on average common equity 0.9% (4.7)pp (8.3)pp 3.2% (4.1)pp Management and other fees Incentive fees Private banking and lending Consumer banking 9

Asset Management and Consumer & Wealth Management Details 3,4 3,4 Firmwide Assets Under Supervision Highlights n Firmwide AUS increased $101 billion during the quarter, as Asset Management AUS increased $ in billions 2Q22 1Q22 2Q21 $168 billion and Consumer & Wealth Management AUS decreased $67 billion Asset Management $ 1,824 $ 1,656 $ 1,633 — Long-term net inflows of $293 billion and liquidity products net inflows of $7 billion, both 5 driven by the acquisition of NNIP Consumer & Wealth Management 671 738 672 — Net market depreciation of $199 billion, primarily in equity and fixed income assets Firmwide AUS $ $ $ 2,495 2,394 2,305 n Firmwide Management and other fees increased 22% YoY Firmwide Management and Other Fees/Incentive Fees 3,4 2Q22 AUS Mix vs. vs. vs. 2Q22 2Q21 10% $ in millions 2Q22 1Q22 2Q21 YTD YTD 27% 37% Asset Management $ 1,008 31% 39% $ 1,780 25% 41% 22% Asset Distribution Consumer & Wealth Management 1,224 (2)% 10% 2,479 13% Class Channel Total Management and other fees $ 2,232 10% 22% $ 4,259 18% 36% 27% Asset Management $ 160 208% 105% $ 212 77% Consumer & Wealth Management 24 (11)% 60% 51 24% 7% 12% Total Incentive fees $ 184 133% 98% $ 263 63% 22% Vehicle Region 55% 33% 71% 10

Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) Metrics $ in billions 2Q22 1Q22 2Q21 Corporate $ 62 $ 58 $ 48 $1,827 2.8% $1,734 $1,629 ALLL to Total Wealth management 48 45 40 Gross Loans, at Amortized Cost Commercial real estate 28 29 20 $845 $645 $974 Residential real estate 17 15 12 1.7% ALLL to Gross $118 $147 Installment 5 4 3 Wholesale Loans, at $118 Amortized Cost Credit cards 12 11 5 $742 $730 $487 12.8% Other 9 8 6 ALLL to Gross $155 $124 $105 Consumer Loans, at Allowance for loan losses (5) (4) (3) Amortized Cost 2Q21 1Q22 2Q22 Total Loans $ $ $ 176 166 131 Investment Banking Global Markets Asset Management Consumer & Wealth Management Lending Highlights Net Interest Income Highlights n Total loans increased $10 billion, up 6% QoQ, primarily reflecting growth in corporate, wealth n 2Q22 net interest income increased $105 million YoY management and residential real estate loans n The YoY increase in net interest income primarily reflected higher loan balances, partially n Total allowance was $5.27 billion (including $4.56 billion for funded loans), up ~$0.52 billion QoQ offset by higher funding costs — $3.16 billion for wholesale loans, $2.11 billion for consumer loans n Provision for credit losses of $667 million in 2Q22, compared with a net benefit of $92 million in 2Q21 n 2Q22 net charge-offs of $149 million for an annualized net charge-off rate of 0.4%, unchanged QoQ — Wholesale annualized net charge-off rate of 0.2%, down 10bps QoQ — Consumer annualized net charge-off rate of 2.3%, up 20bps QoQ 11

Expenses Expense Highlights Financial Results vs. n 2Q22 total operating expenses decreased YoY vs. vs. 2Q22 2Q21 — Compensation and benefits expenses were significantly lower 2Q22 1Q22 2Q21 YTD YTD $ in millions — Partially offset by higher non-compensation expenses, reflecting: Compensation and benefits $ 3,695 (10)% (30)% $ 7,778 (31)% o Higher expenses related to growth initiatives (including acquisitions) o Higher business activity 1,317 6% 17% 2,561 8% Transaction based o Lower net provisions for litigation and regulatory proceedings 235 45% 104% 397 104% Market development n 2Q22 YTD effective income tax rate was 16.3%, up from 15.4% in 1Q22, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards, partially offset by permanent tax benefits, in the first half of 2022 compared with the first quarter Communications and technology 444 5% 20% 868 16% of 2022 Depreciation and amortization 570 16% 10% 1,062 4% 3 Efficiency Ratio Occupancy 259 3% 7% 510 5% 62.0% 54.6% Professional fees 490 12% 42% 927 32% Other expenses 643 3% (3)% 1,266 2% Total operating expenses $ 7,653 (1)% (11)% $ 15,369 (15)% Provision for taxes $ 617 (14)% (54)% $ 1,334 (53)% Effective Tax Rate 16.3% (2.5)pp 12 2Q21 YTD 2Q22 YTD

Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights n Both Standardized and Advanced CET1 capital ratios decreased QoQ $ in billions 2Q22 1Q22 2Q21 — Increase in market RWAs driven by increased exposures and market volatility Common Equity Tier 1 (CET1) capital $ 98.3 $ 98.3 $ 89.4 — CET1 capital was unchanged as net earnings was offset by the impact of the NNIP acquisition, share repurchases and dividends 8 Standardized RWAs $ 692 $ 682 $ 621 n Returned $1.22 billion of capital to common shareholders during the quarter 8 3 — Repurchased 1.5 million common shares for a total cost of $500 million Standardized CET1 capital ratio 14.2% 14.4% 14.4% — Paid $719 million of common stock dividends Advanced RWAs $ 686 $ 674 $ 667 n Increased the quarterly dividend from $2.00 to $2.50 per common share in 3Q22 n BVPS increased 2.9% QoQ, driven by net earnings Advanced CET1 capital ratio 14.3% 14.6% 13.4% Supplementary leverage ratio (SLR) 5.6% 5.6% 5.5% 4 Selected Balance Sheet Data Book Value $ in billions 2Q22 1Q22 2Q21 In millions, except per share amounts 2Q22 1Q22 2Q21 $ 1,601 $ 1,589 $ 1,388 Total assets 3 Basic shares 355.0 356.4 349.9 $ 391 $ 387 $ 306 Deposits Book value per common share $ 301.88 $ 293.31 $ 264.90 Unsecured long-term borrowings $ 251 $ 258 $ 239 1 Tangible book value per common share $ 278.75 $ 275.13 $ 251.02 Shareholders’ equity $ 118 $ 115 $ 102 3 Average GCLA $ 391 $ 375 $ 329 13

Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 and interest rate and inflation trends, (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 (including the firm’s stress capital buffer and G-SIB buffer), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s investment banking transaction backlog and future results, (viii) the firm’s planned 2022 debt benchmark issuances, and (ix) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position, are forward-looking statements. Statements regarding estimated GDP growth and interest rate and inflation trends are subject to the risk that actual GDP growth and interest rate and inflation trends may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary and fiscal policy. Statements about the effects of the COVID-19 pandemic on the firm’s business, results, financial position and liquidity are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Statements about the timing, profitability, benefits and other prospective aspects of business initiatives and the achievability of medium and long-term targets and goals are based on the firm’s current expectations regarding the firm’s ability to implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer and G-SIB buffer), as well as its prospective capital distributions, are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from the U.S. IRS. Statements about the firm’s investment banking transaction backlog and future results are subject to the risk that transactions may be modified or may not be completed at all and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned 2022 debt benchmark issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments on the firm’s business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected. 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, 2022 JUNE 30, 2022 JUNE 30, 2022 MARCH 31, 2022 JUNE 30, 2021 Total shareholders’ equity $ 116,229 $ 114,286 $ 117,871 $ 115,239 $ 101,890 Preferred stock (10,703) (10,703) (10,703) (10,703) (9,203) Common shareholders’ equity 105,526 103,583 107,168 104,536 92,687 Goodwill (5,957) (5,241) (6,196) (5,272) (4,332) Identifiable intangible assets (1,844) (1,242) (2,014) (1,209) (523) Tangible common shareholders’ equity $ 97,725 $ 97,100 $ 98,958 $ 98,055 $ 87,832 2. Dealogic – January 1, 2022 through June 30, 2022. 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, 2022: (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 “Capital Management and Regulatory Capital – 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, 2022. 4. Represents a preliminary estimate for the second quarter of 2022 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2022. 5. Includes $305 billion of inflows in Asset Management assets under supervision (substantially all in fixed income and equity assets) from the acquisition of NN Investment Partners. 6. Includes consolidated investment entities, substantially all of which are engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation. Substantially all liabilities are nonrecourse, thereby reducing the firm’s equity at risk. Amounts by vintage, region and asset class are net of financings. 7. Excludes operating net revenues and net gains on sales of consolidated investment entities, as well as revenues reported under Equity investments for certain positions that are classified as debt (under GAAP) on the firm’s balance sheet. 8. In the third quarter of 2021, based on regulatory feedback, the firm revised certain interpretations of the Capital Rules underlying the calculation of Standardized RWAs. As of June 30, 2021, this change would have increased the firm’s Standardized RWA’s by approximately $23 billion to $644 billion, which would have reduced the firm’s Standardized CET1 capital ratio of 14.4% by 0.5 percentage points. 15


Delaware		13-4019460
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

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

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 F, Callable Fixed and Floating Rate Notes due 2031 of GS Finance Corp.	GS/31B	NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due 2031 of GS Finance Corp.	GS/31X	NYSE


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 18, 2022	By:	/s/ Denis P. Coleman III
		Name: Denis P. Coleman III
		Title: Chief Financial Officer


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

		Date of Report (Date of earliest event reported): July 18, 2022