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The Goldman Sachs Group (GS) investor relations material

The Goldman Sachs Group Goldman Sachs U.S. Financial Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Goldman Sachs U.S. Financial Services Conference summary9 Dec, 2025

Macroeconomic and strategic outlook

  • U.S. economy described as resilient, with expectations for a Fed pause in early 2026 and two further rate cuts later.

  • Strategic focus remains on executing the plan to be the world's most exceptional financial institution.

  • Emphasis on leveraging scale and synergies across Global Banking & Markets and Asset & Wealth Management.

  • Investments over recent years have positioned the firm strongly for 2026.

M&A and investment banking trends

  • M&A activity is robust, with over $1.5 trillion advised this year and the second biggest year in history expected.

  • Government shutdown had minimal impact on M&A but affected equity underwriting and IPOs in Q4.

  • Sponsor-led M&A volumes are up 40%, with $1 trillion in dry powder and $4 trillion in sponsor portfolio assets.

  • Positive outlook for both M&A and equity underwriting into 2026.

Trading, FICC, and Equities

  • FICC and Equities businesses have gained 350 basis points of market share over five years.

  • Focus on deepening client wallet share and moving into top positions with key clients.

  • Growth opportunities identified in Asia, ETFs, and insurance sectors.

  • Financing remains a strategic focus, driving durable revenue streams.

Prioritize excess capital deployment areas?
How will One GS 3.0 drive scale and growth?
FICC financing risk management effectiveness?
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Frequently asked questions

One of the leading investment banks

Goldman Sachs is a leading global investment bank, with a history dating back to 1869. The company offers a wide range of financial services to clients, including investment banking, securities trading, and asset management.

The investment banking division

One of Goldman Sachs' primary revenue sources is its investment banking division, which advises clients on mergers and acquisitions, public offerings, and other strategic transactions. The company is known for its expertise in the technology and healthcare sectors, and has been involved in some of the largest mergers and acquisitions in history, including the merger of AOL and Time Warner.

A major player in the securities trading and investing markets

In addition to its investment banking operations, Goldman Sachs is also a major player in the global securities trading and investing markets. The company's trading division is known for its risk management expertise, and Goldman Sachs is one of the largest market makers in the world.

Goldman Sachs’ main competitors

Goldman Sachs operates in a highly competitive financial industry, with other public companies such as JPMorgan Chase, Bank of America, and Morgan Stanley also offering similar services. Goldman Sachs has faced criticism over issues such as its role in the 2008 financial crisis and its ties to controversial clients such as the government of Malaysia.

Interesting facts about Goldman Sachs

  • The company's headquarters in New York City features a state-of-the-art fitness center, rooftop garden, and an in-house museum showcasing the company's history. And the company has been named one of the best places to work by several publications, including Fortune and Forbes.

  • Goldman Sachs has also been involved in philanthropic initiatives, including its partnership with the 10,000 Women initiative to support female entrepreneurs around the world.

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