Goldman Sachs Group Inc is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. The firm's purpose is to advance sustainable economic growth and financial opportunity. Goldman Sachs Group Inc operates as a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System. The company's U. S. depository institution subsidiary, Goldman Sachs Bank USA, is a New York State-chartered bank.
Goldman Sachs Group Inc generates revenue from investment banking fees, including advisory and equity and debt underwriting fees, Fixed Income, Currency and Commodities intermediation and financing activities, Equities intermediation and financing activities, relationship lending and acquisition financing, investing activities related to its Global Banking & Markets activities, and transaction banking. The Asset & Wealth Management segment generates revenues from management and other fees, incentive fees, private banking and lending, and investments. Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited.
The company operates through the following segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions.
- Global Banking & Markets: This segment serves public and private sector clients and seeks to develop and maintain long-term relationships with a diverse global group of institutional clients, including corporations, governments, states and municipalities. The firm makes markets and facilitates client transactions in fixed income, currency, commodity and equity products and offers market expertise on a global basis. Goldman Sachs Group Inc also makes markets in, and clears client transactions on, major stock, options and futures exchanges worldwide. The company provides market-making positions in response to or in anticipation of client demand and maintains positions to actively manage risk exposures arising from these activities. Goldman Sachs Group Inc executes a high volume of transactions for clients in large, highly liquid markets such as U. S. Treasury securities, stocks and certain agency mortgage pass-through securities, and also executes transactions in less liquid markets such as mid-cap corporate bonds, emerging market currencies and certain non-agency mortgage-backed securities. The segment structures and executes transactions involving customized or tailor-made products that address clients’ risk exposures, investment objectives or other complex needs, as well as derivative transactions related to client advisory and underwriting activities. Through its global sales force, the firm maintains relationships with clients, receiving orders and distributing investment research, trading ideas, market information and analysis. Much of this connectivity is maintained on technology platforms, including Marquee, which provides institutional investors with market intelligence, risk analytics, proprietary datasets and trade execution across multiple asset classes. The businesses are supported by the Global Investment Research business, which as of December 2025 provided fundamental research on approximately 3,000 companies worldwide and on approximately 50 national economies, as well as on industries, currencies and commodities. Global Banking & Markets generates revenues from investment banking fees, FICC intermediation and financing activities, Equities intermediation and financing activities, and Other, which includes relationship lending, acquisition financing, transaction banking services, and investing activities related to Global Banking & Markets activities.
- Asset & Wealth Management: This segment provides investment services to help clients preserve and grow their financial assets and achieve their financial goals. Goldman Sachs Group Inc manages client assets across a broad range of investment strategies and asset classes, including equity, fixed income and alternative investments, which primarily include hedge funds, credit funds, private equity, real estate, currencies, commodities and asset allocation strategies. The firm offers investment solutions in a variety of structures, including separately managed accounts, mutual funds, ETFs, private partnerships and other commingled vehicles. Asset & Wealth Management also provides customized investment advisory solutions designed to address clients’ investment needs, beginning with identifying clients’ objectives and continuing through portfolio construction, ongoing asset allocation and risk management and investment realization. The segment offers tailored wealth advisory services primarily to ultra-high-net worth clients and operates globally, serving individuals, families, family offices, and foundations and endowments. Goldman Sachs Group Inc provides a full range of private banking services, including a variety of deposit alternatives and loans that clients use to finance investments in both financial and nonfinancial assets, bridge cash flow timing gaps or provide liquidity and flexibility for other needs. The company raises deposits from consumers through Marcus by Goldman Sachs. Asset & Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending, and investments.
- Platform Solutions: Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited. In December 2025, Goldman Sachs Group Inc entered into an agreement to transition the Apple Card program to another issuer, with the transition expected to be completed in approximately 24 months. During 2025, the company sold the General Motors credit card program to another issuer. Since 2023, Goldman Sachs Group Inc has narrowed its focus with respect to consumer-related activities by taking several actions, and the transition of the Apple Card program will substantially complete the narrowing of such focus.
Goldman Sachs Group Inc operates in an intensely competitive financial services industry where it faces pressure to retain market share by committing capital to businesses or transactions on terms that offer returns that may not be commensurate with their risks. The company competes based on factors including transaction execution, client experience, products and services, innovation, reputation and price. Its competitors include brokers and dealers, investment banking firms, commercial banks, credit card issuers, insurance companies, investment advisers, mutual funds, hedge funds, private equity funds, private credit funds, merchant banks and financial technology and other internet-based companies. Some competitors operate globally and others regionally. Goldman Sachs Group Inc has faced and expects to continue to face intense price competition in its investment banking, market-making, wealth management and asset management businesses, driven by increasing electronic trading volumes and the prevalence of passive investment strategies with lower fees. The firm also competes for deposits based on the rates it offers and on the types of financial products and client experiences it provides compared to competitors.
Goldman Sachs Group Inc serves a large and diversified client base that includes corporations, financial institutions, governments and individuals. The firm's institutional clients in Global Banking & Markets include companies that raise capital and funding to grow and strengthen their businesses, engage in mergers and acquisitions, divestitures, corporate defense, restructurings and spin-offs, and professional market participants who buy and sell financial products and manage risk. Investment entities whose ultimate clients include individual investors investing for retirement, buying insurance or saving surplus cash are also served. In Asset & Wealth Management, the company serves institutional and individual clients, including investors who primarily access products through a network of third-party distributors worldwide, as well as ultra-high-net worth clients receiving tailored wealth advisory services. Goldman Sachs Group Inc also provides private banking and lending services to wealth management clients and raises deposits from consumers through Marcus by Goldman Sachs. In Platform Solutions, the company has issued credit cards to and raised deposits from Apple Card customers, although this business is in transition as the Apple Card program is being moved to another issuer.