GOLDMAN SACHS GROUP INC - FORM 8-K - EX-99.1

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EX-99.2 - EX-99.2 - GOLDMAN SACHS GROUP INC	d150080dex992.htm
8-K - 8-K - GOLDMAN SACHS GROUP INC	d150080d8k.htm

Exhibit 99.1

LOGO

First Quarter 2021

Earnings Results

Media Relations: Jake Siewert 212-902-5400

Investor Relations: Heather Kennedy Miner 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

First Quarter 2021 Earnings Results

Goldman Sachs Reports First Quarter Earnings Per Common Share of $18.60

“We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment. Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter. I am proud of our people for the performance they’ve delivered for clients over the past year under challenging conditions, and pleased that our client-centric strategy continues to drive additional value for our shareholders.”

- David M. Solomon, Chairman and Chief Executive Officer

Financial Summary



Net Revenues	Net Earnings	EPS
$17.70 billion	$6.84 billion	$18.60

Annualized ROE¹	Annualized ROTE¹	Book Value Per Share
31.0%	32.9%	$250.81

NEW YORK, April 14, 2021 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.70 billion and net earnings of $6.84 billion for the first quarter ended March 31, 2021.

Diluted earnings per common share (EPS) was $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of 2020 and $12.08 for the fourth quarter of 2020.

Annualized return on average common shareholders’ equity (ROE)¹ was 31.0% and annualized return on average tangible common shareholders’ equity (ROTE)¹ was 32.9% for the first quarter of 2021.

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Highlights

◾

The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE¹ of 31.0% was the highest quarterly ROE since 2009.

◾

Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog² ended the quarter at a record level.

◾

The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related offerings and common stock offerings for the year-to-date³.

◾

Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities (FICC).

◾

Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.

◾

Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealth management and Consumer banking net revenues.

◾

Firmwide assets under supervision^2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record $2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.

◾

Book value per common share increased by 6.2% during the quarter to $250.81.

◾

The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448 million of common stock dividends.

Quarterly Net Revenue Mix by Segment

LOGO

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Net Revenues


Net revenues were $17.70 billion for the first quarter of 2021, 102% higher than the first quarter of 2020 and 51% higher than the fourth quarter of 2020. The increase compared with the first quarter of 2020 reflected higher net revenues across all segments, including significant increases in Asset Management, Global Markets and Investment Banking.				Net Revenues
				$17.70 billion

Investment Banking


Net revenues in Investment Banking were $3.77 billion for the first quarter of 2021, 73% higher than the first quarter of 2020 and 44% higher than the fourth quarter of 2020. The increase compared with the first quarter of 2020 reflected significantly higher net revenues in both Underwriting and Financial advisory, partially offset by significantly lower net revenues in Corporate lending. The increase in Underwriting net revenues was due to significantly higher net revenues in both Equity underwriting, primarily driven by strong initial public offerings activity, and Debt underwriting, primarily reflecting higher net revenues from leveraged finance and asset-backed activity. The increase in Financial advisory net revenues reflected a significant increase in completed mergers and acquisitions transactions. The decrease in Corporate lending net revenues reflected significantly lower net revenues from relationship lending activities as the prior year period included net gains from the impact of widening credit spreads on hedges. The firm’s backlog² increased compared with the end of 2020.	Investment Banking
	$3.77 billion
	Financial Advisory	$1.12 billion
	Underwriting	$2.45 billion
	Corporate Lending	$205 million

Global Markets


Net revenues in Global Markets were $7.58 billion for the first quarter of 2021, 47% higher than the first quarter of 2020 and 78% higher than the fourth quarter of 2020. Net revenues in FICC were $3.89 billion, 31% higher than the first quarter of 2020, due to significantly higher net revenues in FICC intermediation, reflecting significantly higher net revenues in mortgages and interest rate products and, to a lesser extent, commodities and credit products, partially offset by significantly lower net revenues in currencies. Net revenues in FICC financing were essentially unchanged. Net revenues in Equities were $3.69 billion, 68% higher than the first quarter of 2020, due to significantly higher net revenues in both Equities intermediation, reflecting significantly higher net revenues in both derivatives and cash products, and Equities financing, reflecting improved market conditions and increased activity (including higher average customer balances in the Prime business).	Global Markets
	$7.58 billion
	FICC Intermediation	$3.45 billion
	FICC Financing	$442 million
	FICC	$3.89 billion

	Equities Intermediation	$2.59 billion
	Equities Financing	$1.10 billion
	Equities	$3.69 billion

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Asset Management


Net revenues in Asset Management were $4.61 billion for the first quarter of 2021, compared with $(96) million for the first quarter of 2020 and $3.21 billion for the fourth quarter of 2020. The increase compared with the first quarter of 2020 primarily reflected strong net revenues in Equity investments and Lending and debt investments, compared with net losses in the prior year period due to a challenging operating environment. In addition, Management and other fees were higher, while Incentive fees were significantly lower. Equity investments net revenues reflected significantly higher net gains from investments in private equities and net gains from investments in public equities compared with net losses in the prior year period. Lending and debt investments net revenues included net gains, reflecting tighter corporate credit spreads during the quarter, compared with significant net losses in the prior year period. The increase in Management and other fees reflected the impact of higher average assets under supervision, partially offset by fee waivers on money market funds. The decrease in Incentive fees was due to a strong prior year period.	Asset Management
	$4.61 billion
	Management and Other Fees	$693 million
	Incentive Fees	$ 42 million
	Equity Investments	$3.12 billion
	Lending and Debt Investments	$759 million

Consumer & Wealth Management


Net revenues in Consumer & Wealth Management were $1.74 billion for the first quarter of 2021, 16% higher than the first quarter of 2020 and 5% higher than the fourth quarter of 2020. Net revenues in Wealth management were $1.37 billion, 13% higher than the first quarter of 2020, primarily due to higher Management and other fees, reflecting the impact of higher average assets under supervision. Net revenues in Private banking and lending were higher, primarily reflecting higher net interest income from lending, while Incentive fees were lower. Net revenues in Consumer banking were $371 million, 32% higher than the first quarter of 2020, reflecting higher credit card loan and deposit balances.	Consumer & Wealth Management
	$1.74 billion
	Wealth Management	$1.37 billion
	Consumer Banking	$371 million

Provision for Credit Losses


Provision for credit losses was a net benefit of $70 million for the first quarter of 2021, compared with net provisions of $937 million for the first quarter of 2020 and $293 million for the fourth quarter of 2020. The first quarter of 2021 included reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio growth, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio. The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.
				Provision for Credit Losses
				$(70) million

Goldman Sachs Reports

First Quarter 2021 Earnings Results

Operating Expenses


Operating expenses were $9.44 billion for the first quarter of 2021, 46% higher than the first quarter of 2020 and 60% higher than the fourth quarter of 2020. The firm’s efficiency ratio² for the first quarter of 2021 was 53.3%, compared with 73.9% for the first quarter of 2020.				Operating Expenses
				$9.44 billion

The increase in operating expenses compared with the first quarter of 2020 was primarily due to significantly higher compensation and benefits expenses (reflecting strong performance). Transaction based expenses were significantly higher (reflecting an increase in activity levels) and technology expenses were higher, partially offset by lower net provisions for litigation and regulatory proceedings, lower travel and entertainment expenses (included in market development expenses), and lower expenses related to consolidated investments (including impairments). Net provisions for litigation and regulatory proceedings for the first quarter of 2021 were $74 million compared with $184 million for the first quarter of 2020. Headcount was essentially unchanged compared with the end of 2020.				Efficiency Ratio
				53.3%

Provision for Taxes


The effective income tax rate for the first quarter of 2021 was 18.0%, down from the full year rate of 24.2% for 2020, primarily due to the impact of non-deductible litigation in 2020 and the impact of tax benefits on the settlement of employee share-based awards in the first quarter of 2021.
						Effective Tax Rate
						18.0%

Other Matters


◾ On April 13, 2021, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $1.25 per common share to be paid on June 29, 2021 to common shareholders of record on June 1, 2021. ◾ During the quarter, the firm returned $3.15 billion of capital to common shareholders, including $2.70 billion of share repurchases (8.7 million shares at an average cost of $310.04) and $448 million of common stock dividends.² ◾ Global core liquid assets² averaged $299 billion⁴ for the first quarter of 2021, compared with an average of $298 billion for the fourth quarter of 2020.				Declared Quarterly Dividend Per Common Share
				$1.25

				Common Share Repurchases
				8.7 million shares for $2.70 billion

				Average GCLA
				$299 billion

Goldman Sachs Reports

First Quarter 2021 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, 2020.

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 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 of hostilities, 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, 2020.


				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 1-888-281-7154 (in the U.S.) or 1-706-679-5627 (outside the U.S.). 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 1-855-859-2056 (in the U.S.) or 1-404-537-3406 (outside the U.S.) passcode number 64774224 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 gs-investor-relations@gs.com.

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions



	THREE MONTHS ENDED						% CHANGE FROM

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020		DECEMBER 31, 2020		MARCH 31, 2020
INVESTMENT BANKING
Financial advisory		$ 1,117		$ 1,091		$ 781		2 %		43 %

Equity underwriting		1,569		1,115		378		41		315
Debt underwriting		880		526		583		67		51
Underwriting		2,449		1,641		961		49		155

Corporate lending		205		(119)		442		N.M.		(54)
Net revenues		3,771		2,613		2,184		44		73

GLOBAL MARKETS
FICC intermediation		3,451		1,498		2,537		130		36
FICC financing		442		380		432		16		2
FICC		3,893		1,878		2,969		107		31

Equities intermediation		2,586		1,796		1,528		44		69
Equities financing		1,102		591		666		86		65
Equities		3,688		2,387		2,194		55		68
Net revenues		7,581		4,265		5,163		78		47

ASSET MANAGEMENT
Management and other fees		693		733		640		(5)		8
Incentive fees		42		71		154		(41)		(73)
Equity investments		3,120		1,770		(22)		76		N.M.
Lending and debt investments		759		637		(868)		19		N.M.
Net revenues		4,614		3,211		(96)		44		N.M.

CONSUMER & WEALTH MANAGEMENT
Management and other fees		1,077		1,035		959		4		12
Incentive fees		26		28		69		(7)		(62)
Private banking and lending		264		242		182		9		45
Wealth management		1,367		1,305		1,210		5		13

Consumer banking		371		347		282		7		32
Net revenues		1,738		1,652		1,492		5		16

Total net revenues		$ 17,704		$ 11,741		$ 8,743		51		102
Geographic Net Revenues (unaudited)²
$ in millions

	THREE MONTHS ENDED

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
Americas		$ 10,825		$ 7,175		$ 5,171
EMEA		4,713		2,837		2,108
Asia		2,166		1,729		1,464
Total net revenues		$ 17,704		$ 11,741		$ 8,743

Americas		61%		61%		59%
EMEA		27%		24%		24%
Asia		12%		15%		17%
Total		100%		100%		100%

Goldman Sachs Reports

First Quarter 2021 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

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020		DECEMBER 31, 2020		MARCH 31, 2020
REVENUES
Investment banking		$ 3,566		$ 2,732		$ 1,742		31 %		105 %
Investment management		1,796		1,831		1,768		(2)		2
Commissions and fees		1,073		849		1,020		26		5
Market making		5,893		2,750		3,682		114		60
Other principal transactions		3,894		2,169		(782)		80		N.M.
Total non-interest revenues		16,222		10,331		7,430		57		118

Interest income		3,054		2,973		4,750		3		(36)
Interest expense		1,572		1,563		3,437		1		(54)
Net interest income		1,482		1,410		1,313		5		13

Total net revenues		17,704		11,741		8,743		51		102

Provision for credit losses		(70)		293		937		N.M.		N.M.

OPERATING EXPENSES
Compensation and benefits		6,043		2,479		3,235		144		87
Transaction based		1,256		1,086		1,030		16		22
Market development		80		89		153		(10)		(48)
Communications and technology		375		341		321		10		17
Depreciation and amortization		498		498		437		–		14
Occupancy		247		254		238		(3)		4
Professional fees		360		350		347		3		4
Other expenses		578		810		697		(29)		(17)
Total operating expenses		9,437		5,907		6,458		60		46

Pre-tax earnings		8,337		5,541		1,348		50		518
Provision for taxes		1,501		1,035		135		45		N.M.
Net earnings		6,836		4,506		1,213		52		464
Preferred stock dividends		125		144		90		(13)		39
Net earnings applicable to common shareholders		$ 6,711		$ 4,362		$ 1,123		54		498

EARNINGS PER COMMON SHARE
Basic²		$ 18.80		$ 12.23		$ 3.12		54 %		503 %
Diluted		$ 18.60		$ 12.08		$ 3.11		54		498

AVERAGE COMMON SHARES
Basic		356.6		356.0		358.0		–		–
Diluted		360.9		361.0		361.1		–		–

SELECTED DATA AT PERIOD-END
Common shareholders’ equity		$ 88,461		$ 84,729		$ 81,176		4		9
Basic shares²		352.7		358.8		355.7		(2)		(1)
Book value per common share		$ 250.81		$ 236.15		$ 228.21		6		10

Headcount		40,300		40,500		38,500		–		5

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)⁴

$ in billions

AS OF

MARCH 31,

2021

DECEMBER 31,

2020

ASSETS

Cash and cash equivalents

$ 191

$ 156

Collateralized agreements

324

250

Customer and other receivables

165

121

Trading assets

375

394

Investments

Loans

121

116

Other assets

Total assets

$ 1,302

$ 1,163

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$ 286

$ 260

Collateralized financings

193

174

Customer and other payables

224

191

Trading liabilities

201

154

Unsecured short-term borrowings

Unsecured long-term borrowings

219

213

Other liabilities

Total liabilities

1,204

1,067

Shareholders’ equity

Total liabilities and shareholders’ equity

$ 1,302

$ 1,163

Capital Ratios and Supplementary Leverage Ratio (unaudited)^2,4

$ in billions

AS OF

MARCH 31,

2021

DECEMBER 31,

2020

Common equity tier 1 capital

$ 85.2

$ 81.6

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$ 595

$ 554

Common equity tier 1 capital ratio

14.3%

14.7%

ADVANCED CAPITAL RULES

Risk-weighted assets

$ 630

$ 610

Common equity tier 1 capital ratio

13.5%

13.4%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

6.5%

7.0%

Average Daily VaR (unaudited)^2,4

$ in millions

THREE MONTHS ENDED

MARCH 31,

2021

DECEMBER 31,

2020

RISK CATEGORIES

Interest rates

$ 58

$ 57

Equity prices

Currency rates

Commodity prices

Diversification effect

(54)

(57)

Total

$ 89

$ 84

Goldman Sachs Reports

First Quarter 2021 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)^2,4

$ in billions



	AS OF

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
SEGMENT
Asset Management		$ 1,567		$ 1,530		$ 1,309
Consumer & Wealth Management		637		615		509
Total AUS		$ 2,204		$ 2,145		$ 1,818

ASSET CLASS
Alternative investments		$ 197		$ 191		$ 178
Equity		516		475		335
Fixed income		885		896		771
Total long-term AUS		1,598		1,562		1,284
Liquidity products		606		583		534
Total AUS		$ 2,204		$ 2,145		$ 1,818


	THREE MONTHS ENDED

	MARCH 31, 2021		DECEMBER 31, 2020		MARCH 31, 2020
ASSET MANAGEMENT
Beginning balance		$ 1,530		$ 1,461		$ 1,298
Net inflows / (outflows):
Alternative investments		3		3		(1)
Equity		3		(12)		2
Fixed income		16		18		7
Total long-term AUS net inflows / (outflows)		22		9		8
Liquidity products		29		6		66
Total AUS net inflows / (outflows)		51		15		74
Net market appreciation / (depreciation)		(14)		54		(63)
Ending balance		$ 1,567		$ 1,530		$ 1,309

CONSUMER & WEALTH MANAGEMENT
Beginning balance		$ 615		$ 575		$ 561
Net inflows / (outflows):
Alternative investments		2		–		–
Equity		11		8		1
Fixed income		2		–		(8)
Total long-term AUS net inflows / (outflows)		15		8		(7)
Liquidity products		(6)		–		6
Total AUS net inflows / (outflows)		9		8		(1)
Net market appreciation / (depreciation)		13		32		(51)
Ending balance		$ 637		$ 615		$ 509

FIRMWIDE
Beginning balance		$ 2,145		$ 2,036		$ 1,859
Net inflows / (outflows):
Alternative investments		5		3		(1)
Equity		14		(4)		3
Fixed income		18		18		(1)
Total long-term AUS net inflows / (outflows)		37		17		1
Liquidity products		23		6		72
Total AUS net inflows / (outflows)		60		23		73
Net market appreciation / (depreciation)		(1)		86		(114)
Ending balance		$ 2,204		$ 2,145		$ 1,818

Goldman Sachs Reports

First Quarter 2021 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 MARCH 31, 2021
Total shareholders’ equity		$ 96,159
Preferred stock		(9,703)
Common shareholders’ equity		86,456
Goodwill Identifiable intangible assets		(4,332) (608)
Tangible common shareholders’ equity		$ 81,516

For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020: (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 “Equity Capital Management and Regulatory Capital – Equity 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 II, Item 8 “Financial Statements and Supplementary Data” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2020: (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.”

Dealogic – January 1, 2021 through March 31, 2021.

Represents a preliminary estimate for the first quarter of 2021 and may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2021.

GOLDMAN SACHS GROUP INC - FORM 8-K - EX-99.1 - April 14, 2021

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GOLDMAN SACHS GROUP INC Reports