The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are banks, insurance, and real estate companies.

Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

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The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

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The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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The financial services firm, best known for its prominent investment banking wing and asset management unit, rose two spots on this year’s list, growing revenue 5.7% despite a tumultuous year for the financial sector. 
<ul> 
 	<li>The company brought in $68.7 billion in revenue as it opened new offices and expanded its client base.</li> 
 	<li>Goldman Sachs’ profits plunged in 2022 as the private and public markets took a beating. The bank brought in $11.3 billion, down 48% from the year prior.</li> 
 	<li>In May 2023 the firm reportedly noted in an internal memo its plan to open an office in Abu Dhabi, thus expanding its Middle East footprint.</li> 
 	<li>Also in May, the firm agreed to pay $215 million to settle a class action lawsuit alleging Goldman Sachs had been underpaying women across several divisions.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC 2022-21-Goldman Sachs

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Boards 2022 Goldman Sachs

Goldman Sachs scored high in gender equality and board expertise. The board of the investment banking giant is led by Adebayo O. Ogunlesi, who is the chairman and managing partner of private equity firm Global Infrastructure Partners and before that was an executive at Credit Suisse. Former president of Harvard University Drew G. Faust is on Goldman’s board, as is Michele Burns, the former CFO of Marsh &amp; McLennan Cos. and CEO at Mercer, the human resources consultancy; Ellen J. Kullman, former CEO of DuPont; and Jan E. Tighe, a former vice admiral of the Navy, where she was deputy chief of naval operations for information warfare and director of naval intelligence.

Fortune Modern Board 25

This year’s Fortune 500 marks the 68th running of the list.

F500 2022-Goldman Sachs

Coming off a record year in pretty much everything, Goldman Sachs barreled into 2022 ready to do more. The bank reported record net revenues in 2021, while leading the field in announced and completed mergers and acquisitions. It advised on over 200 deals in 2021, which together were valued at more than $1 trillion and represented a dominant market share of more than 24%. Goldman’s impressive 2021 was dampened somewhat by a less-than-stellar beginning to 2022, when it recorded a 42% slump in Q1 profits. The invasion of Ukraine has made the dealmaking environment much less appealing, despite promising growth for Goldman’s wealth management and trading arms.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

WMAC 2021-26-Goldman Sachs

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

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In spite of the pandemic, 2020 was a banner year for Goldman Sachs. The bank emerged from the global health crisis with profits up 12% and its highest net revenues in over a decade, boosted by big numbers in trading and dealmaking. Robust results from underwriting and issuance, amid a flurry of IPOs and SPACs (special purpose acquisition companies), helped too. In early 2021, Goldman narrowly evaded hefty losses from its dealings with family office Archegos, whose bets imploded in a fiasco that cost many of Goldman’s peers billions of dollars. Meanwhile, the bank continued its multiyear push into consumer banking, launching Marcus Invest—a belated entry into the popular robo-adviser market catering to Main Street investors.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-59-Goldman Sachs

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

Our 2020 list of the 100 best companies as ranked by their employees. See which companies made the list.

Fortune 100 Best Companies to Work For

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-202-Goldman-Sachs

For much of its long history, Goldman Sachs served corporations and wealthy clients, not average individuals. In search of more predictable sources of revenue, the bank is now looking to Main Street and beyond. Under the leadership of CEO David Solomon, Goldman Sachs has expanded its push into consumer banking, grown its wealth management business, and launched a treasury services business for corporations, all with the aim of offsetting volatile revenues from trading. Its consumer push is making a big splash: Last year, the bank announced that it was issuing tech giant Apple’s digital-first credit card.

The 40 companies highlighted on this year's list support personal growth, outside-the-box thinking, and diversity in the workplace.

best workplaces new york 2020-The Goldman Sachs Group

Employees say: 
 
"From the most senior person to the most junior, people here are extremely responsive and generally willing to help each other regardless of title."

Best Large Workplaces in New York

The best workplaces in financial services and insurance balance technological growth with the well-being of their talent.

Best Large Workplaces in Financial Services- 2020-The Goldman Sachs

Employees say: 
“It's a rare combination in that the organization is comprised of competitive, driven, and impressive people; that said, it's the most collaborative environment that emphasizes team culture and rising tides lifting all ships like no place else.” 
Read Great Place to Work review .

Best Large Workplaces in Financial Services and Insurance

This year's Fortune 500 marks the 66th running of the list.

F500-2020-060-Goldman-Sachs

For much of its long history, Goldman Sachs served corporations and wealthy clients, but not average individuals. Now, in search of more predictable sources of revenue, the bank is looking to Main Street and beyond. Under the leadership of CEO David Solomon, Goldman Sachs has expanded its push into consumer banking, grown its wealth management business, and launched a treasury services business for corporations, all with the aim of offsetting volatile revenues from trading. In particular, its consumer push is making a big splash: Last year, the bank announced that it was issuing issue tech giant Apple’s digital-first credit card.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

Our 2019 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

Our 2018 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

Our 2017 list of the 100 best companies as ranked by their employees. See which companies made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

Google/Alphabet is the No. 1 place to work for the seventh time in 10 years. Six newcomers include Veterans United at No. 30, Hilton Hotels at No. 56, and Slalom Consulting at No. 100. IKEA’s U.S. arm returns to the list, along with GoDaddy and Sheetz.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

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The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Google tops the list once again, marking its eighth appearance and fifth time as No. 1.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Perks

100% health coverage

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Telecommuting

Job sharing

Subsidized childcare

Compressed work weeks

Fully-paid sabbaticals

On-site fitness/subsidized gym

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Health insurance for part-timers

Sick days for part-timers

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Goldman Sachs Group is a global investment banking, securities, and investment management firm. It caters to corporations, financial institutions, and high-net-worth individuals. In 2023, it was the world’s second-largest investment bank by revenue. In 2019, Goldman partnered with Apple to introduce the Apple credit card. Almost four years later, the bank was looking for an exit from the arrangement, part of its efforts to scale back its retail ambitions.

Q2 2026

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Goldman Sachs Group (GS): Company Profile, Stock Price, News, Rankings

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Goldman Sachs Group

goldman sachs group

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter twenty twenty five Earnings Conference Call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward looking statements and non GAAP measures.

This audio cast is copyrighted material of The Goldman Sachs Group Inc. And may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, 04/14/2025. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon and Chief Financial Officer, Dennis Coleman. Thank you.

Mr. Solomon, you may begin your conference.

Thank you very much, operator. Good morning, everyone. Thank you all for joining us. In the first quarter, we generated net revenues of $15,100,000,000 earnings per share of $14.12 an ROE of 16.9% and an RoTE of 18%. In a highly dynamic environment, we produced very strong results.

This quarter was characterized by rapidly shifting sentiment with the market backdrop ending in a very different place than where it started. Still, our leading global franchise underpinned by our best in class talent, risk management and execution capabilities delivered for our clients. Our performance underscores the importance of having a scaled franchise presence around the world. Being a leading global financial institution requires a deep expertise and diversification that can only come from long term consistent investment in our client franchise, a deep risk management culture, and our strong people. This is what brings clients to Goldman Sachs.

In Global Banking and Markets, ongoing policy uncertainty and market volatility drove many clients to reposition their portfolios, driving higher activity in our FICC and equities businesses. I'm proud that we were able to support the intermediation and financing needs of our clients, all while keeping a keen eye on risk management. In these businesses, we have demonstrated our ability to deliver strong results in a broad array of market environments. We've consistently grown financing and while intermediation activity across various asset classes can ebb and flow in any given quarter, our overall results have been remarkably resilient over time. In Investment Banking, the volatile backdrop led to more muted activity relative to the levels we had expected coming into the year.

But it is especially in environments like this that clients come to Goldman Sachs for help with their most important strategic decisions. We are the number one M and A advisor globally and have been for the last twenty years. We've built our leadership position through decades of investment and our incredible teams in The Americas, Europe and Asia. This allows us to help clients execute marquee transactions like Google's thirty two billion dollars acquisition of Wizz, the largest transaction in Israeli history or the $24,000,000,000 take private Walgreens Boots Alliance, a firm with presence across The U. S, Europe and Latin America.

As we stand today, our client dialogues remain elevated and our backlog is up for the fourth consecutive quarter. That being said, our ability to execute on these transactions will of course be dependent on market conditions. In Asset and Wealth Management, our clients continue to come to us for the quality of our advice and track record of investing acumen across asset classes, which is especially valued in turbulent markets. This quarter, our assets under supervision rose to a record of $3,200,000,000,000 This represents our twenty ninth consecutive quarter of long term fee based net inflows and we're making strong progress across our key growth opportunities in this business, alternatives, wealth management and solutions. And alternatives are long track record of performance continues to support our fundraising efforts.

We raised another $19,000,000,000 in the quarter, bringing our total fundraising of alternatives since 2019 to $342,000,000,000 We also recently launched multiple flagship funds across strategies including infrastructure growth equity and private credit. In wealth management, we continue to scale our premier ultra high net worth franchise. Total wealth management revenue grew 11% year over year to $2,200,000,000 while client assets reached another record of 1,600,000,000,000.0 Supporting this platform, we have over 1,000 private wealth advisors with an average tenure of more than fifteen years. Leveraging the firm's investment platform, global network and banking capabilities, they work tirelessly to deliver unique and tailored solutions to our ultra high net worth clients. We recently received a number of accolades from Euromoney, including being named the world's best private bank for 2025.

These awards are recognition of our excellence and long standing commitment to serving the needs of our ultra high net worth client base. Across our businesses, our clear priority is to serve clients with excellence. To that end, we are always seeking ways to enhance the client experience while improving efficiency. As highlighted in our strategic update this January, we are investing to strengthen our franchise and operate more effectively at scale. This includes taking steps to unlock efficiencies in technology and automation.

As an example, we are leveraging AI solutions to scale and transform our engineering capabilities as well as to simplify and modernize our technology stack. Today, many of our people have access to generative AI powered tools to help them serve clients more efficiently and increase productivity. These include a developer co pilot coding assistant and a natural language GSAI assistant. We continue to believe an acceleration in AI adoption will allow for further efficiencies for our own business and for companies large and small. As it is utilized more broadly, productivity gains for the economy will be significant.

Turning to the macroeconomic backdrop more broadly. As I said at the outset, we are entering the second quarter with a markedly different operating environment than earlier this year. Our economists expectation for growth in The U. S. Has fallen meaningfully from over 2% to 0.5%.

The prospect of a recession has increased with growing indications that economic activity is slowing down around the world. Our clients including corporate CEOs and institutional investors are concerned by the significant near term and longer term uncertainty that has constrained their ability to make important decisions. This uncertainty around the path forward and fears over the potentially escalating effects of a trade war have created material risks to The US and global economy. We are encouraged by the administration's recent actions to pursue a more gradual policy process that allows for considered negotiations with many countries. But how policies will evolve is still unknown.

We are hopeful that feedback from companies, large and small, institutional investors and ultimately consumers will support an approach that will lead to greater economic certainty and long term growth. In the meantime, markets will likely continue to be volatile until we have further clarity. The administration focus on trade barriers and strengthening The U. S. Competitive position is commendable.

At the same time, it is important to recognize that few companies have benefited more from a post World War II economic and financial order than The US. This doesn't mean meaningful reform in certain areas is not warranted. Today, The US is the largest, most dynamic and resilient economy with the dollar as the reserve currency. We have the broadest and deepest capital markets which help fuel an unparalleled culture of innovation and sectors like technology and healthcare. These strengths among others give us the opportunity to think about how to attract and embed strategic manufacturing as an important driver of the twenty first century economy.

As a country, it is vital that we continue to leverage our considerable strengths as the global trading system for goods and services adjusts and evolves. On capital and regulation more broadly, we appreciate the administration's strong focus on appropriately calibrating regulation for the financial services industry. Following the recent nomination of Michelle Bowman as Vice Chairman of Supervision at the Federal Reserve, we will continue to actively engage on these matters and hope to see material progress across capital, leverage, liquidity, and supervision. As this quarter has shown, it's impossible to predict market outcomes. But it has also demonstrated once again that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight.

And our leading franchises have never been better positioned to support our clients. I will now turn it over to Dennis to cover the financial results for the quarter.

Thank you, David. Good morning. Let's start with our results on page one of the presentation. In the first quarter, we generated net revenues of $15,100,000,000 earnings per share of $14.12 and an ROE of 16.9. We provide details on selected items in the bottom table, which in total reduced our EPS by $0.25 and ROE by 30 basis points.

Let's turn to performance by segment, starting on page three. Global Banking and Markets produced revenues of $10,700,000,000 in the first quarter and generated an ROE of over 20%. Turning to Page four, advisory revenues of $792,000,000 were down versus a strong performance a year ago. We remained number one in the league tables for M and A, with a lead of over $70,000,000,000 in announced volumes versus our next closest peer. Equity underwriting revenues of $370,000,000 were flat year over year, while debt underwriting revenues of $752,000,000 rose 8%, driven by asset backed and investment grade activity.

We ranked first in equity and equity related underwriting and ranked second in both high yield debt underwriting and leveraged lending. Across investment banking, our backlog rose sequentially, driven by a notable increase in advisory. FICC net revenues were $4,400,000,000 in the quarter. Intermediation results were driven by higher client activity in currencies and mortgages, offset by lower performance in credit, rates and commodities versus a strong prior year. We produced record fixed financing revenues of $1,000,000,000 driven by solid performance in mortgages and structured lending.

We remain confident in our ability to prudently grow this business over time and always with an eye towards risk management. Equities net revenues were a record $4,200,000,000 in the quarter. Equities intermediation revenues of $2,500,000,000 rose 28% year over year, primarily driven by strong performance in derivatives. Record equities financing revenues of $1,600,000,000 were higher year over year on better portfolio financing results and record average prime balances for the quarter. Across FIC and equities, financing revenues of $2,700,000,000 rose 22% versus the prior year, reaching a new record for a fifth consecutive quarter.

Let's turn to page five. Asset and wealth management revenues were $3,700,000,000 Management and Other fees were up 10% year over year to $2,700,000,000 on higher average assets under supervision and down slightly versus the fourth quarter, driven by other fees, which include placement fees that can vary from quarter to quarter. Incentive fees were $129,000,000 up year over year despite the difficult monetization environment during the quarter. We expect to make progress on our target of $1,000,000,000 in annual incentive fees over the medium term, supported by an estimated $4,100,000,000 of unrecognized incentive fees as of year end. Private banking and lending revenues were $725,000,000 up 6% year over year on higher lending revenues.

Sequentially, results were roughly flat as NIM compression on deposits was offset by lending revenue growth. In aggregate, our more durable revenues of $3,400,000,000 across management and other fees and private banking and lending grew 9% versus the prior year. We continue to expect high single digit annual growth in these lines over time. Revenues from equity investments and debt investments totaled 122,000,000 largely driven by net interest income in our debt portfolio. Within equity investments, net gains in our private portfolio were more than offset by declines in our public portfolio amid the more challenging market backdrop during the quarter.

In the AWM segment, we generated 21% pretax margin and roughly 10% ROE. Excluding the impact of historical principal investments and approximately $4,000,000,000 of attributed equity, our pretax margin would have been two percentage points higher and ROE 2.6 percentage points higher. Now moving to page six. Total assets under supervision ended the quarter at a record $3,200,000,000,000 We had $29,000,000,000 of long term net inflows across asset classes, representing our twenty ninth consecutive quarter of long term fee based net inflows. Turning to page seven on alternatives.

Alternative assets under supervision totaled $341,000,000,000 at the end of the first quarter, driving $523,000,000 in management and other fees. Gross third party alternatives fundraising was $19,000,000,000 in the quarter. We continue to expect fundraising to be in line with recent years, though this outlook could be impacted by market conditions. On Page nine, firm wide net interest income was $2,900,000,000 in the first quarter, up sequentially on a decline in funding costs. Our total loan portfolio at quarter end was $210,000,000,000 up versus the fourth quarter, primarily reflecting an increase in other collateralized lending.

Our provision for credit losses of $287,000,000 primarily reflects net provisions related to the credit card portfolio, which were driven by net charge offs, partially offset by releases following a seasonal paydown of card balances. Turning to expenses on page 10. Total quarterly operating expenses were $9,100,000,000 resulting in an efficiency ratio of 60.6%. Our compensation ratio, net of provisions, was 33%. Non compensation expenses were $4,300,000,000 David mentioned we continue to execute on our three year efficiency plan that we laid out in January, including making adjustments to our pyramid structure.

Our effective tax rate for the quarter of 16.1% benefited from the impact of employee stock based compensation. Excluding this impact, our effective tax rate would have been roughly nine points higher. For the full year, we expect a tax rate of approximately 21%. Now on to slide 11. Our Common Equity Tier one ratio was 14.8% at the end of the first quarter under the standardized approach, 110 basis points above our current capital requirements of 13.7%.

In the quarter, we returned $5,300,000,000 to common shareholders, including record common stock repurchases of $4,400,000,000 and common stock dividends of $976,000,000 We will dynamically deploy capital to support our client franchise while also returning capital to shareholders. We remain committed to paying our shareholders a sustainable and growing dividend. Importantly, our Board recently authorized a multiyear share repurchase program of up to $40,000,000,000 providing us increased capital management flexibility. In conclusion, our performance once again reflects the diversification and strength of our leading client franchises, which enable us to deliver for our clients across a range of market backdrops. We're confident in our ability to continue to support our clients as they navigate this dynamic operating environment.

With that, we will now open up the line for questions.

Thank you. Ladies and gentlemen, we will now take a moment to compile the Q and A roster. If you're asking a question and you are on a hands free unit or a speakerphone, we would like to ask that you use your handset when asking your question. Please limit yourself to one question and one follow-up. We'll take our first question from Glenn Schorr with Evercore.

Hi, thanks a lot. So obviously really good trading results, but you mentioned also on the financing side how good it was. I'm curious on the amount of deleveraging that we've seen in April. I'm assuming that's pretty good for intermediation, but how do we think about that in terms of the short term impacts on financing until we get a reload of leverage?

Good morning, Glenn. It's Dennis. I'll take that. I think when you think about the components of our overall financing, the reality is we continue to see significant demand across the client base for both our FICC and equity financing. I think what you're referencing, given change in asset prices and market activity, is we did have a level of record average prime balances over the course of the first quarter.

But it's reasonable to expect that some of those balances come down as asset prices reset. And then you'll continue to support clients with their financing needs, but perhaps off of a lower base given the adjustment in market prices.

I mean, is that like material in terms of the impact when you're at record PV balances and then you have the amount of deleveraging that we saw in early April, if it stays at this level, is that a major contributor to the growth in financing in the I

would not characterize it as material or major. You have a number of things happening at the same time. You have deleveraging activity on behalf of clients and you have changes in their overall level of balances, but you also have lots of different types of activity as clients reposition their portfolios and make sure that they adjust for their evolving views on the outlook.

Thank you. We'll take our next question from Ebrahim Poonawala with Bank of America.

Hey, good morning. I wanted to follow-up on Glenn's question. I guess, Dennis, I think the view is the world in markets changed a little bit come April 2, and the risk from an investor standpoint is activity's fallen off the cliff. It's negative for financing. It could be negative for trading.

So I'm not sure if you have data in terms of the ten days for April. If you can contextualize just how negative the last ten days have been following a very strong 1Q and how we should think about just where clients are as we go back to debating good volatility versus bad volatility?

Yeah, I'm going start. Dennis can jump in, but I'd say a couple of things. First of all, obviously, one can argue that April 2, a handful of things happened that shifted perspectives. But I would say there were things going on before April 2 that were shifting perspectives that also led to more activity. So there's no question and we've talked about this publicly a bunch that we started to see growth showing and slowing in late January and early February.

We obviously saw significant moves in equity markets as people position for a different kind of trade policy during March. And we saw significant moves in the March period, which actually led to higher activity for us in a variety of ways. We're early in the quarter. But so far, the business is performing very well and clients are very active. And so I know there is a higher level of uncertainty.

But at the same point, clients are active. People are shifting positions. And we still see significant activity levels. Dennis, do you

I think that captures the sentiment and where you're coming from, Ebrahim. We obviously have a diversified set of business activities, many of which work well together, some of which mitigate each other. I think the point is, given all the changes in the market and outlooks, our clients have been very active. And all the investments that we've made in our franchise with our clients, all the resources we deploy to them and on their behalf, has put us in a position to be active with them.

Got it. And if I could follow-up, Dennis, you mentioned executing on the three year efficiency plan and the pyramid structure. Just talk to us, I think there were some headlines last month around, I guess, sort of merit based review of the headcount, like what we are doing on the expense side as we think about the 60% efficiency target and maybe some resiliency to earnings on the cost side that we could expect?

Sure. Thanks, Ebrahim. I appreciate the question. And obviously, we went through on our call in January this three year efficiency program, which is something we're very committed to and we're underway in terms of the execution they're under. A lot of the focus of that is to free up capacity for us to make greater investments in technology.

Goldman Sachs Group (GS) Q1 2025 Earnings Call Transcript

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