The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services. This segment also offers underwriting services, such as equity underwriting for common and preferred stock and convertible and exchangeable securities; and debt underwriting for various types of debt instruments, including investment-grade and high-yield debt, bank and bridge loans, and emerging-and growth-market debt, as well as originates structured securities. Its Global Markets segment is involved in client execution activities for cash and derivative instruments; credit and interest rate products; and provision of equity intermediation and equity financing, clearing, settlement, and custody services, as well as mortgages, currencies, commodities, and equities related products. The company's Asset Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, as well as invests in corporate, real estate, and infrastructure entities. Its Consumer & Wealth Management segment offers wealth advisory and banking services, including financial planning, investment management, deposit taking, and lending; private banking; and unsecured loans, as well as accepts saving and time deposits. The company was founded in 1869 and is headquartered in New York, New York.
AI Generated Analysis | Feedback
JPMorgan Chase for corporations and ultra-wealthy individuals, specializing in investment banking and asset management.
The American Express of institutional finance, providing elite financial services for corporations, governments, and major investors.
AI Generated Analysis | Feedback
-
Investment Banking Services: Providing strategic advisory on mergers, acquisitions, and divestitures, along with underwriting equity and debt capital raises for corporations.
-
Global Markets Services: Facilitating client transactions and making markets in equities, fixed income, currencies, and commodities, including prime brokerage services for institutional clients.
-
Asset & Wealth Management: Offering comprehensive investment management and financial planning solutions for institutional clients, high-net-worth individuals, and families.
-
Platform Solutions (Transaction Banking): Delivering payment processing, liquidity management, and other cash management solutions for corporate clients globally.
AI Generated Analysis | Feedback
Company: Goldman Sachs (GS)
Goldman Sachs (GS) primarily serves a diverse range of institutional clients, including corporations, financial institutions, and governments, rather than primarily selling to individuals for its core business lines. Therefore, it primarily sells to other companies and institutions.
However, unlike typical B2B product or service providers, investment banks like Goldman Sachs do not publicly disclose their "major customers" by name due to client confidentiality and the transactional nature of their revenue streams. Goldman Sachs's revenue is derived from a vast number of deals and services provided to numerous clients across its various segments (e.g., advising on mergers, underwriting debt/equity, providing trading services, managing assets). As such, no single company or small group of companies represents a publicly identifiable "major customer" consistently accounting for a significant portion of its annual revenue. Therefore, listing specific named customer companies is not feasible or accurate.
Instead, its major customers can be broadly categorized by the types of institutions it serves:
- Corporations: This includes a wide array of public and private companies, from startups to large multinational conglomerates. They utilize Goldman Sachs for investment banking services (e.g., mergers & acquisitions advisory, initial public offerings (IPOs), debt financing, private placements) and other capital markets solutions.
- Financial Institutions: This category encompasses other banks, hedge funds, mutual funds, pension funds, insurance companies, sovereign wealth funds, and other asset managers. They engage Goldman Sachs for services such as prime brokerage, trading and execution across various asset classes, and financing solutions.
- Governments and Public Sector Entities: This includes national, state, and local governments, as well as government-affiliated agencies and supranational organizations. They often seek Goldman Sachs's expertise for debt issuance, privatizations, and strategic financial advisory services.
AI Generated Analysis | Feedback
- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
- Alphabet Inc. (GOOGL)
- London Stock Exchange Group plc (LSEG.L)
- S&P Global Inc. (SPGI)
- Oracle Corporation (ORCL)
AI Generated Analysis | Feedback
David M. Solomon, Chairman and Chief Executive Officer
David M. Solomon has served as Chief Executive Officer of Goldman Sachs since October 2018 and Chairman since January 2019. Prior to his current role, he was President and Chief Operating Officer from January 2017 to September 2018, and co-head of the Investment Banking Division from July 2006 to December 2016. Before joining Goldman Sachs in 1999 as a partner, he held senior roles at Irving Trust Company, Drexel Burnham, and Bear Stearns. At Drexel Burnham, he worked as a commercial paper salesman and later transitioned to junk bonds. He was charged with leading the junk bonds division at Bear Stearns.
Denis Coleman, Chief Financial Officer
Denis Coleman is the Chief Financial Officer of Goldman Sachs, a position he officially assumed in January 2022. He has spent his entire professional career at Goldman Sachs, joining the firm in 1996 as an analyst in the Bank Loan Group. Since then, he has held numerous roles of increasing responsibility, including moving to Capital Markets in 1998, transferring to the Investment Banking Division in 2004, and becoming co-head of US Loan Capital Markets in 2005. He was named managing director in 2005 and partner in 2008. Prior to his CFO role, Coleman served as co-head of the Global Financing Group from 2018 to September 2021, and then as Deputy Chief Financial Officer from September 2021 to December 2021.
John E. Waldron, President and Chief Operating Officer
John E. Waldron is the President and Chief Operating Officer of Goldman Sachs, a role he assumed in October 2018. He is also a member of the Board of Directors. Waldron joined Goldman Sachs in 2000 and was named Managing Director in 2001 and Partner in 2002. His previous roles at the firm include Co-Head of the Investment Banking Division from 2014 to 2018, and Global Head of Investment Banking Services/Client Coverage for the Investment Banking Division. He also served as Global Co-Head of the Financial Sponsors Group and Co-Head of Leveraged Finance earlier in his career.
Kathryn Ruemmler, Chief Legal Officer and General Counsel
Kathryn Ruemmler serves as the Chief Legal Officer and General Counsel of Goldman Sachs. She is a member of the firm's Management Committee.
John F.W. Rogers, Executive Vice President
John F.W. Rogers is an Executive Vice President at Goldman Sachs. He also serves as the firm's Chief of Staff and Secretary to the Board of Directors. Rogers joined Goldman Sachs in 1994, was named managing director in 1997, and partner in 2000.
AI Generated Analysis | Feedback
Big Tech's expansion into financial services.
AI Generated Analysis | Feedback
Goldman Sachs (NYSE: GS) is a multinational investment bank and financial services company that offers a diverse range of products and services, including investment banking, global markets, asset management, wealth management, and platform solutions. The addressable markets for these key areas are substantial globally and in specific regions.
Investment Banking
-
Overall Investment Banking Market: The global investment banking market was valued at approximately USD 103.23 billion in 2024 and is projected to grow to USD 183.28 billion by 2032, with a compound annual growth rate (CAGR) of 7.55%. Another estimate places the global market at USD 184.92 billion in 2024, expected to reach USD 472.46 billion by 2035 with a CAGR of 8.90%. North America is a dominant region, accounting for over 45% of global investment banking revenues in 2025.
-
Mergers & Acquisitions (M&A) Advisory: The global M&A advisory market size was forecasted to be USD 27.87 billion in 2024 and is expected to reach USD 34.8 billion by 2033, growing at a CAGR of 2.5%. In 2023, the global M&A deal value reached approximately $3.2 trillion. The United States alone accounted for 38% of the global market share in 2023.
-
Equity Underwriting: Global equity issuance increased to $504.8 billion in 2024. In 2020, global equity capital markets generated US$1.1 trillion in deal activity. Investment banking fees from Initial Public Offering (IPO) underwriting are anticipated to rise by 13% in 2025.
-
Debt Underwriting: The global debt underwriting services market was valued at USD 26.32 billion in 2024 and is expected to increase to USD 37.03 billion by 2031, growing at a CAGR of 5.0%. Total global debt issuance reached US$10.2 trillion in 2020. North America is a dominant region in the global debt underwriting services market.
Global Markets
-
Investment Banking and Trading Services: The global investment banking and trading services market size was USD 397.11 billion in 2024 and is predicted to increase to approximately USD 765.98 billion by 2034, expanding at a CAGR of 6.79%. North America dominated this market in 2024.
-
Equities Trading: The total market capitalization of all publicly traded stocks worldwide rose to US$111 trillion by the end of 2023. The global stock market had a total value of $127 trillion in 2025, with nearly half of that value, $62.2 trillion, in America. The equities portion of global markets had a notional size of $175 trillion in 2023.
-
Fixed Income Trading: Global fixed income markets outstanding increased to $145.1 trillion in 2024. The global rates market grew to $687 trillion in 2023 (notional size).
-
Foreign Exchange (FX): Foreign exchange markets gained 9.7% year-over-year in 2023, with notional outstanding in Over-The-Counter (OTC) derivatives hitting $118 trillion.
Asset Management
-
Global Asset Management Market: The global asset management market size was estimated at USD 458.02 billion in 2023 and is expected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 36.4%. Other reports indicate the global asset management market size was USD 685.09 billion in 2024 and is predicted to reach around USD 12,741.10 billion by 2034, expanding at a CAGR of 33.95%. Global Assets under Management (AuM) are projected to rise to $145.4 trillion by 2025. North America dominated the asset management market with a 33.59% revenue share in 2024.
Wealth Management
-
Global Wealth Management Market: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, growing at a CAGR of 10.7%. Another report indicates the global wealth management market reached nearly $1.8 trillion in 2023 and is expected to grow to $3.5 trillion by 2033. North America held the highest market share in 2020, accounting for more than half of the global market.
Platform Solutions
-
Global Transaction Banking Market: The global transaction banking market size was valued at approximately $1.2 trillion in 2023 and is expected to reach around $2.1 trillion by 2032, growing at a CAGR of 6.3%. Other estimates for the global transaction banking market include an estimated $500 billion in 2025, projected to reach approximately $900 billion by 2033, growing at a CAGR of 8%.
AI Generated Analysis | Feedback
Expected Drivers of Future Revenue Growth for Goldman Sachs (GS)
Over the next two to three years, Goldman Sachs (GS) is expected to drive future revenue growth through several key strategic initiatives:
-
Expansion in Asset & Wealth Management, especially Alternatives: Goldman Sachs is focused on significantly growing its Asset & Wealth Management division. This includes expanding private wealth management services for ultra-high-net-worth individuals, with a notable push into regions like Australia and India. The firm aims to increase management fees and assets under supervision, reporting record assets under supervision of $3.5 trillion in Q3 2025. A significant focus is on expanding its third-party alternatives business, with a target of $225 billion in gross inflows by the end of 2024 and an expectation to raise approximately $100 billion in alternatives in 2025. This also involves expanding into private credit and other alternative investment strategies.
-
Rebound and Sustained Performance in Global Banking & Markets: The company anticipates continued strong performance in its Global Banking & Markets division, driven by a rebound in investment banking activities. This includes an elevated advisory backlog and increased sponsor activity, which is expected to fuel sustained momentum in mergers and acquisitions (M&A), equity underwriting, and debt issuance. Goldman Sachs has also demonstrated strong results in its equities and fixed income, currency, and commodities (FICC) financing businesses, with financing revenues expanding as a strategic focus for durable, fee-based income streams.
-
Achieving Profitability in Platform Solutions: Goldman Sachs is committed to transforming its Platform Solutions business (which includes transaction banking, credit card partnerships, and financial technology businesses) into a profitable segment. After experiencing significant losses in previous years, the firm aims for this business to achieve pre-tax profitability by 2025. This transition from a loss-making to a profitable segment will directly contribute to overall revenue growth.
-
Strategic Acquisitions: CEO David Solomon has indicated a focus on "needle-moving" acquisitions starting in 2025, aimed at fundamentally reshaping operations and expanding the firm's reach. A recent example is the acquisition of Industry Ventures in Q3 2025. These strategic acquisitions are expected to broaden the firm's capabilities and revenue streams.
-
Leveraging AI and Technology for Efficiency and Growth: Goldman Sachs has launched "One Goldman Sachs 3.0," a multiyear, AI-driven operational model. This initiative is designed to drive efficiencies, enhance client experience, improve profitability, and create capacity for future growth across the firm. This technology-led approach is expected to streamline processes and enable scalable growth.
AI Generated Analysis | Feedback
1. Share Repurchases
- In the first quarter of 2025, Goldman Sachs' board of directors approved a share repurchase program authorizing additional repurchases of up to $40 billion of common stock.
- Actual annual share repurchases amounted to $8 billion in 2024, $5.796 billion in 2023, and $3.5 billion in 2022.
- Quarterly share repurchases for Goldman Sachs included $3 billion for the quarter ending September 30, 2025, $3 billion for the quarter ending June 30, 2025, and $4.36 billion for the quarter ending March 31, 2025.
4. Outbound Investments
- In August 2021, Goldman Sachs agreed to acquire NN Investment Partners for €1.7 billion.
- Goldman Sachs announced the acquisition of GreenSky for approximately $2.24 billion in September 2021, with the acquisition completed in March 2022.
- Goldman Sachs invested ₹72 crore (₹720,000,000) for 1.5 million shares in Medi Assist Healthcare, which debuted in January 2024.
5. Capital Expenditures
- Goldman Sachs' capital expenditures have shown a decreasing trend, from $6.309 billion in 2020 to $2.091 billion in 2024.
- The average capital expenditures for Goldman Sachs between fiscal years 2020 and 2024 were $3.826 billion.
- Goldman Sachs did not report meaningful capital expenditures for the latest twelve months ending September 30, 2025.
