Goldman Sachs Group, Inc. (the) · NYSE:GS
Goldman Sachs Group, Inc. (the) — Q4 2021 Earnings Presentation
16 slides from Goldman Sachs Group, Inc. (the)'s earnings presentation, Jan 18, 2022
Slide 1: Full Year and Fourth Quarter 2021 Earnings Results Presentation
Exhibit 99.2 Full Year and Fourth Quarter 2021 Earnings Results Presentation January 18, 2022
Slide 2: Results Snapshot
Results Snapshot Net Revenues Net Earnings EPS 2021 $59.45 2021 $59.34 billion 2021 $21.64 billion 4Q21 $10.81 4Q21 $12.64 billion 4Q21 $3.94 billion 1 1 ROE ROTE Book Value Per Share 2021 23.0% 2021 24.3% 2021 $284.39 4Q21 15.6% 4Q21 16.4% 2021 Growth 20.4% Annual Highlights Record net revenues, ne
Slide 3: Financial Overview
Financial Overview Financial Results Financial Overview Highlights n 4Q21 results included EPS of $10.81 and ROE of 15.6% $ in millions, vs. vs. vs. except per share amounts 4Q21 3Q21 4Q20 2021 2020 — 4Q21 net revenues were higher YoY, reflecting significantly higher net revenues in Investment Banki
Slide 4: Investment Banking
Investment Banking Financial Results Investment Banking Highlights vs. vs. vs. n 4Q21 net revenues were a record and significantly higher YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions volumes Financ
Slide 5: Global Markets
Global Markets Financial Results Global Markets Highlights vs. vs. vs. n 4Q21 net revenues were lower YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — FICC net revenues were essentially unchanged, reflecting lower intermediation net FICC $ 1,863 (26)% (1)% $ 10,584 (9)% revenues, offset by significantly
Slide 6: Global Markets – FICC & Equities
Global Markets – FICC & Equities FICC Net Revenues Equities Net Revenues vs. vs. vs. vs. vs. vs. $ in millions $ in millions 4Q21 3Q21 4Q20 2021 2020 4Q21 3Q21 4Q20 2021 2020 $ 1,303 (32)% (27)% $ 7,574 8% FICC intermediation $ 1,304 (35)% (13)% $ 8,647 (13)% Equities intermediation Equities financi
Slide 7: Asset Management
Asset Management Financial Results Asset Management Highlights vs. vs. vs. n 4Q21 net revenues were lower YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Management and other fees reflected higher average AUS, largely offset by higher fee waivers on money market funds Management and other fees $ 739 2%
Slide 8: Asset Management – Asset Mix
Asset Management – Asset Mix 4 4 Lending and Debt Investments of $27 billion Equity Investments of $19 billion ~$15 billion Private, ~$4 billion Public 4% 6% 17% By Vintage By Region 7% 29% 48% 57% 10% 2018-thereafter Americas By Industry Loan Portfolio $14 billion 31% 20% Loans 2015-2017 Asia 11% 2
Slide 9: Asset Management – Harvesting Progress of Balance Sheet Equity Portfolio Since Investor Day 2020
Asset Management – Harvesting Progress of Balance Sheet Equity Portfolio Since Investor Day 2020 Significant progress in asset sales over the past two years, offset by mark-ups Rollforward ($ in billions) ~$(18) ~$6 ~$9 $22 $19 Net Dispositions: ~$(12) 6 YE19 Equity Investments Mark-Ups Additions Di
Slide 10: Consumer & Wealth Management
Consumer & Wealth Management Financial Results Consumer & Wealth Management Highlights vs. vs. vs. n 4Q21 net revenues were higher YoY $ in millions 4Q21 3Q21 4Q20 2021 2020 — Wealth management net revenues primarily reflected the impact of higher average AUS and higher loan balances Management and
Slide 11: Asset Management and Consumer & Wealth Management Details
Asset Management and Consumer & Wealth Management Details 3,4 3,4 Firmwide Assets Under Supervision Highlights n Firmwide AUS increased $325 billion during the year to a record $2.47 trillion, as Asset $ in billions 4Q21 3Q21 4Q20 Management AUS increased $189 billion and Consumer & Wealth Managemen
Slide 12: Net Interest Income and Loans
Net Interest Income and Loans 4 Loans Net Interest Income by Segment ($ in millions) Metrics $ in billions 4Q21 3Q21 4Q20 $6,470 Corporate $ 56 $ 54 $ 49 2.5% 44 42 33 ALLL to Total Wealth management $2,701 $4,751 Gross Loans, at $1,795 Amortized Cost Commercial real estate 26 22 20 $1,564 $1,410 $2
Slide 13: Expenses
Expenses Financial Results Expense Highlights n 2021 total operating expenses increased YoY vs. vs. vs. — Compensation and benefits expenses up 33%, reflecting strong performance 4Q21 3Q21 4Q20 2021 2020 $ in millions — Non-compensation expenses down 9%, reflecting: Compensation and benefits $ 3,246
Slide 14: Capital and Balance Sheet
Capital and Balance Sheet 3,4 Capital Capital and Balance Sheet Highlights 7,8 n Standardized CET1 capital ratio decreased YoY $ in billions 4Q21 3Q21 4Q20 — Increase in market and credit RWAs, reflecting increased exposures, partially offset by an increase in CET1 capital, reflecting net earnings i
Slide 15: Cautionary Note Regarding Forward-Looking Statements
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 con
Slide 16: Footnotes
Footnotes 1. Return on average common shareholders’ equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders’ equity. Return on average tangible common shareholders’ equity (ROTE) is c