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.

WMAC 2023-Goldman Sachs

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.

F500-2023-055-Goldman-Sachs

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.

G500-2021-193-GOLDMAN SACHS GROUP

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.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year’s list marks Fortune's 18th year of partnering with Great Place to Work. Google ranks No.1 for the sixth time, and 16 new companies make impressive debuts, including Acuity (No. 3), Twitter (No. 24), and Riot Games (No. 13).

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. 

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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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Q4 2024

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

legacy

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 4th Quarter 2024 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, January 15, 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, operator, and good morning, everyone. Thank you all for joining us. Before I start my prepared remarks, I'd like to take a moment to touch on the devastating fires that have spread across Los Angeles. Our thoughts are with the people of LA, including our colleagues and clients. We join everyone else in thanking the brave firefighters and first responders working tirelessly to protect that community.

Now let me turn to our results. I'm very pleased with our strong performance as we continue to serve our clients in a dynamic environment. In the Q4, we generated revenues of $13,900,000,000 earnings per share of $11.95 an ROE of 14.6 percent and an ROTE of 15.5%. For the full year, we increased our revenues by 16 percent to $53,500,000,000 We grew our EPS by 77 percent to $40.54 and improved our ROE by over 500 basis points to 12.7 percent demonstrating strong operating leverage. Before we review our financials in detail, I will start today's presentation with a strategic update.

Beginning on Page 1, we have a clear purpose at Goldman Sachs. We aspire to be the world's most exceptional financial institution, united by our shared values of client service, partnership, integrity and excellence. These values are the foundation of our strategy and enable us to deliver for our clients and our shareholders. As shown on Page 2, our interconnected client franchises are at the core of our growth strategy. Our Global Banking to Markets business is distinguished by its scale, profitability and leadership position.

In Investment Banking, we once again ended the year as the number one M and A advisor. In markets, we have the number one equities business and a leading set franchise. These leadership positions have been built over decades of investment and they reflect the confidence and trust that our clients have in us. Our asset and wealth management business is comprised of a leading global active asset manager, a top 5 alternatives franchise and a premier ultra high net worth wealth management business. This scaled business has over $3,100,000,000,000 in assets under supervision with global breadth and depth across products and solutions.

Importantly, our 1 Goldman Sachs operating philosophy drives the interconnectedness between these 2 world class businesses enabling us to seamlessly deliver a variety of unique solutions and execution capabilities to our clients. Turning to Page 3. Delivering excellence to our clients is only possible because of our greatest asset, our people. Their exceptional focus and dedication supported by our culture of collaboration and excellence is critical in solving our clients' most consequential problems. Our people, history and culture have made Goldman Sachs an aspirational brand around the globe, which allows us to attract quality talent across the organization from our summer interns all the way to our partners.

And we invest heavily in our people. Many of them have long careers at the firm, exemplified by the fact that over 40% of our partners started as campus hires. Of course, not all of our people stay at Goldman Sachs for their entire careers. Many believe for opportunities to lead other companies and investment firms and these firms in turn often become important clients of Goldman Sachs. Today, more than 275 of our alumni are in C suite roles at companies with either a market cap greater than $1,000,000,000 or assets under management of over $5,000,000,000 And 100 of other alumni end up coming back to the firm as Boomerang hires, including roughly 25 partners and managing directors last year alone, a testament to our enduring brand and culture.

All in, we have an exceptional client franchise supported by our best in class talent and culture, which enables us to drive our strategy forward, and it is critical that we continue to invest in our people. Now turning to Page 4. At our 1st Investor Day in 2020, we laid out a comprehensive strategy to strengthen and grow the firm. We also laid out a number of targets that we could be held accountable for our progress. Today, the evidence is clear.

We have met or exceeded almost all of these targets. We have grown our revenues from $37,000,000,000 to $54,000,000,000 nearly 50% while improving the durability of those revenue streams. In Global Banking and Markets, we've maintained our position as the leading M and A advisor in Investment Banking and have improved our standing with the top 150 clients in FICC and Equities over the past 5 years. At the same time, we've significantly increased our more durable FICC and Equities financing revenues, which together have grown at a 15% CAGR to a new record of $9,100,000,000 this year. In Asset and Wealth Management, we've consistently grown our more durable management and other fees in private banking and lending revenues, both of which were a record in 2024.

Notably, management and other fees surpassed $10,000,000,000 exceeding our 2024 target. In addition, alternatives fundraising surpassed $70,000,000,000 This success is a direct result of our continued innovation in developing new strategies and our long standing track record of investment performance. Additionally, we further narrowed our strategic focus. We closed on the sale of GreenSky, entered into an agreement with General Motors to transition their credit card program and sold our portfolio of seller financing loans. Turning to Page 5.

Global Banking and Markets, our leading franchise, has produced average revenues of $33,000,000,000 and an average ROE of 16% over the last 5 years across a variety of market environments, demonstrating the diversity and strength of this business. While no one has a crystal ball, there are a number of catalysts that we believe will continue to drive activity. There has been a meaningful shift in CEO confidence, particularly following the results of the U. S. Election.

Additionally, there is a significant backlog from sponsors and an overall increased appetite for deal making supported by an improving regulatory backdrop. The combination of these conditions should spur further activity in 2025. One large strategic opportunity we are particularly focused on relates to financing. Goldman Sachs operates the fulcrum of 1 of the most important structural trends currently taking place in finance, the emergence and growth of our private credit and other asset classes that can be privately deployed. Our unique origination capabilities position us to both connect companies to dependable capital and connect investors to assets that can produce superior returns.

Earlier this week, we announced the formation of our Capital Solutions Group, which will harness the power of One Goldman Sachs to provide our clients a comprehensive suite of our financing, origination, structuring and risk management offerings across both public and private markets. We are taking the current capabilities of our financing group, adding coverage of financial sponsors and alternative asset management firms to better innovate and accelerate the delivery of services to clients. We are also creating an alternatives origination group focused on sourcing to provide seamless coverage to our private credit and private equity clients. We are excited about providing our clients with access to differentiated sourcing and investment capabilities, which will in turn help us accelerate growth across the franchise. Now let me turn to Asset and Wealth Management on Page 6.

Our assets under supervision reached another record reflecting our 28th consecutive quarter of long term fee based net inflows. In Wealth Management, our total client assets rose to $1,600,000,000,000 We also bolstered our more durable revenue streams. Management and other fees and private banking and lending revenues together have grown at a CAGR of 12% since 2019, and we continue to expect to drive high single digit annual growth in the coming years. Turning to Page 7. We meaningfully improved our AWM pre tax margin in 2024, achieving our medium term target.

In our journey to further improve the return profile of the firm, we are committed to driving this business towards mid teens returns. We see significant growth opportunities across wealth management, alternatives and solutions. In wealth management, we are growing this business by increasing the number of advisors in the field and surrounding them with content specialists. We are expanding our loan product offerings and we're elevating our overall client experience with further investments in our digital capabilities. In alternatives, we are scaling our flagship fund program and developing new strategies.

We remain focused on penetrating the institutional client base and expanding our wealth channel. Additionally, we are investing in tailored solutions for institutional and third party wealth clients who continue to seek customization across SMAs, direct indexing and ETFs in a structured form. On Page 8, we demonstrate the durability of the revenues across the firm. This is not the first time we've laid out this information, but it serves as a good reminder. Baseline revenues are shown in gray, which represents the sum of the trailing 10 year lows for each of the businesses that are considered to be more cyclical advisory, underwriting and intermediation.

As I said last year, we believe this is a very conservative measurement because it's unlikely that every one of these businesses would ever hit a low point all at the same time. In the 25 years since we became a public company, it hasn't happened once. The dark blue represents more durable revenues from financing, management and other fees, as well as private banking and lending, which grew 13% versus 2023. Taken together, these two components made up approximately 70% of total revenues in 2024. In addition, given our diversified franchise, we've consistently demonstrated our ability to generate upside across different market environments, which further highlights the revenue generating power of our firm.

Moving to Page 9. Operating efficiency remains one of our key strategic objectives. And while we have made progress, we believe there are significant opportunities to drive further efficiencies across our business. We have established a 3 year program as a part of our business planning process that will help us dynamically manage our expense base, harness technology and automation and reinvest in our businesses. First, we are optimizing our organizational footprint by expanding our presence in strategic locations and calibrating our pyramid structure.

2nd, on spend management, we are optimizing transaction based expenses and looking to more efficiently manage our vendor and consultant relationships. We will also continue to reduce operating expense associated with our consolidated investment entities as we further sell down those assets. Lastly, we were leveraging AI solutions to scale and transform our engineering capabilities, simplify and modernize our technology stack, and drive productivity. These efficiencies will allow us to further invest for growth and improve client experience. Moving to Page 10.

We believe the path to our return targets is straightforward. 1st, we have demonstrated our ability to deliver mid teens returns on our leading Global Banking and Markets franchise. 2nd, we are making strong progress against our plan to drive asset wealth management to mid teens and beyond. And lastly, we are driving platform solutions to pre tax breakeven in 2025. Taken together, we have a clear path to producing our target returns, which will further unlock shareholder value.

Before turning it over to Dennis, I want to spend a moment on regulation. Last month, trade groups representing the major U. S. Banks, including Goldman Sachs, filed suit against the Federal Reserve. We have long been concerned that the lack of transparency and the Fed's current stress testing creates uncertainty and at times produces results we cannot understand and which can lead to higher industry wide borrowing costs, reduced market liquidity and inefficient capital allocations.

For the industry, the bar to take this step was incredibly high. And while the Fed has announced that it's seeking to improve the stress test, this suit was filed to protect our rights. We believe it is our responsibility to continue to press for a more transparent regulatory process in order to foster a more efficient financial system that supports growth and competitiveness of the U. S. Economy.

In closing, I'm very confident about the trajectory of Goldman Sachs. We are incredibly well positioned to serve our clients and to continue to drive strong returns for shareholders as we execute with a relentless emphasis on client service, partnership, integrity and excellence. Let me now turn it over to Dennis to cover our financial results in more detail.

Thank you, David, and good morning. Let's start with our results on Page 11 of the presentation. In the Q4, we generated net revenues of $13,900,000,000 EPS of $11.95 an ROE of 14.6 percent and an RoTE of 15.5 percent, resulting in full year EPS of $40.54 and an ROE of 12.7%. As David highlighted, we made significant progress this year on executing our strategic priorities. In aggregate, these select items have a de minimis impact on the firm's full year results.

Turning to results by segment, starting on page 14. Global Banking and Markets produced revenues of $35,000,000,000 for the year, up 16% amid broad based strength versus last year. In the Q4, investment banking fees of $2,100,000,000 rose 24% year over year. Advisory revenues came in at $960,000,000 and equity underwriting revenues increased substantially year over year to $499,000,000 as strong equity markets supported robust issuance activity. Net underwriting revenues rose 51 percent to $595,000,000 amid higher leverage finance activity given strengthening financing conditions post election.

For 2024, we maintained our number one position in the lead tables for announced and completed M and A, ranked 3rd in equity underwriting and 2nd in leverage lending. Despite strong accruals in the 4th quarter, our Investment Banking backlog rose sequentially and remains robust, particularly in advisory. The intensity of our client dialogues has been increasing and we're seeing renewed CEO confidence and desire from sponsors to transact. While there remains some policy uncertainty, there is an expectation that the regulatory burden will be reduced, which should serve as a tailwind to risk assets and capital deployment. We are optimistic on the outlook for 2025 and expect a further pickup in M and A and IPO activity.

FIC net revenues were $2,700,000,000 in the quarter, up 35% year over year. In intermediation, we saw strength in currencies and mortgages. Record FICC financing revenues rose 34% versus last year, primarily on better results within mortgages and structured lending. Equities net revenues were $3,500,000,000 in the quarter. Equities intermediation revenues were $2,000,000,000 up 30% year over year, primarily driven by strong performance in cash products.

Record equities financing revenues of $1,500,000,000 rose 36% versus the prior year amid higher average balances in prime and stronger performance in portfolio financing. For the full year, total equities net revenues were a record $13,400,000,000 amid strong levels of client engagement and higher client balances. Across FIC and equities, financing revenues rose 17% in 2024 to a record $9,100,000,000 Moving to Asset and Wealth Management on page 15. For 2024, revenues of $16,100,000,000 rose 16% year over year as our more durable revenues grew to new records. In the quarter, management and other fees were a record $2,800,000,000 up 8% sequentially and 15% year over year.

Private banking and lending revenues rose 11% year over year to $736,000,000 Incentive fees for the quarter were $174,000,000 bringing our full year incentive fees to $393,000,000 We expect to make further progress in 2025 towards our annual target of $1,000,000,000 Equity and debt investment revenues totaled $993,000,000 for the quarter, reflecting markups across our private and public portfolios and NII in our debt portfolio. For the full year, these combined revenues totaled $2,400,000,000 Now moving to Page 16. Total assets under supervision ended the quarter at a record $3,100,000,000,000 driven by $70,000,000,000 of liquidity products net inflows and $22,000,000,000 of long term fee based net inflows across asset classes. Turning to page 17 on alternatives. Alternative assets under supervision totaled $336,000,000,000 at the end of the 4th quarter, driving $621,000,000 in management and other fees.

Gross third party fundraising was $20,000,000,000 in the 4th quarter and $72,000,000,000 for the year. For 2025, we expect fundraising to be consistent with levels achieved in recent years. On Page 19, our total loan portfolio at quarter end was $196,000,000,000 up year over year, reflecting an increase in other collateralized lending. Our provision for credit losses was $351,000,000 in the quarter, primarily driven by net charge offs in our credit card portfolio and balance growth, partially offset by reserve releases in the wholesale portfolio. Let's turn to expenses on page 20.

Total operating expenses for the year were $33,800,000,000 Our 2024 compensation ratio net of provisions was 32%. Quarterly non compensation expenses were $4,500,000,000 down 8% year over year. As David mentioned, we're driving efficiencies across our organizational structure, spend management and automation efforts, which will enable us to further invest across the client franchise. These efforts are designed to enhance productivity and help drive operating leverage as we work towards achieving our through the cycle targets. Our effective tax rate for 2024 was 22.4%.

For 2025, we expect a tax rate of approximately 20%. Next, capital on slide 21. Our common equity Tier 1 ratio was 15% at the end of the 4th quarter under the standardized approach, 130 basis points above our current capital requirement of 13.7%. In the Q4, we returned approximately $3,000,000,000 to common shareholders, including common stock repurchases of $2,000,000,000 and dividends of $965,000,000 In conclusion, our strong performance this year reflects the strength of our client franchise, our intense focus on execution, and an improving operating environment. We continue to maintain our leadership positions across Global Banking and Markets and are leaning into secular growth opportunities across Asset and Wealth Management.

As we enter 2025, we remain confident in our ability to deliver for clients and drive strong returns for shareholders. With that, we'll now open up the line for questions.

Thank you. You. We'll go first to Ebrahim Poonawala with Bank of America.

Good morning. I guess maybe just David following up on the comments you made around regulations. Like when you talk to investors, I mean, we saw what happened with the SCB last year. I think there's been a laser focus on being more punitive on capital markets post GFC for many justifiable reasons. But just talk to us when you think about the regulatory outlook and I appreciate significant uncertainty, we're waiting for policymakers to kind of take new seat.

But how do you think that plays out and in particular in terms of the operating backdrop for your Capital Markets business and Machine Banking business, like how should we think about how could it be different over the next 2 to 3 years relative to the last 5 or even 10 years?

Well, it's hard I mean, it's hard for me to speculate given where we are and I appreciate the question. It's something obviously we're spending a lot of time thinking about. But I think there are obviously when you talk about capital, there are obviously 3 avenues. First, there is CCAR and you'd note the industry took an action because the industry doesn't think that the way CCAR operates and the lack of transparency is appropriate or candidly legal. And so that's why we took the action that we did.

The Fed has commented that it plans to make changes and adjustments. But obviously, there are changes going on with the administration shift, there are changes going on at the Fed, and it's hard for me to speculate how that will all play forward other than to say that the industry believes as an industry, we believe strongly and we believe this for years, this is not working appropriately at a system with more transparent and consistent capital that you can plan around, makes a more efficient and more productive system. And so we're hopeful that we'll make some progress with that. The second obviously is Basel III. And given the change in administration and change of leadership inside the Fed, our expectation would be that there'd be a different approach than what has been put forward.

But again, we'll have to watch and we'll have to wait. And then last, there's G SIB and the calibration of G SIB. G SIB was always supposed to be calibrated to growth in market cap and economies that hasn't been. So that's another avenue of dialogue. Net debt unpredictable.

I don't want to predict. I don't want to speculate. But certainly, it feels like we're in an environment where there could be a constructive discussion about improving the transparency, clarity and consistency around this. And I think that would be very, very good both for the system and capital markets broadly.

That's fair. And just to follow-up on the Slide 5, you mentioned the forward catalyst, increased sponsor activity. We've been waiting for this. We've seen some signs of a pickup there. You've talked about M and A being sort of sub-ten year averages.

Give us a sense of just how quickly I mean, we know the DOJ FTC backdrop will be more conducive for deal making. Just how quickly could we see a more significant ramp up around deals, IPOs? Is it a second half event? Could we see that as early as the next couple of months?

Goldman Sachs Group (GS) Q4 2024 Earnings Call Transcript

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