{"product_id":"gs-business-model-canvas","title":"The Goldman Sachs Group, Inc. (GS): Business Model Canvas [June-2026 Updated]","description":"\u003cp\u003eThis ready-made Business Model Canvas gives you a practical, research-based snapshot of The Goldman Sachs Group, Inc. Business, showing how it creates value through leading M\u0026amp;A advisory, equity and debt underwriting, trading, asset and wealth management, and growing private credit and alternatives. You'll see the core customer segments, channels, partnerships, revenue streams, and cost drivers, plus the strategic scale behind it all, including \u003cstrong\u003e$2.20T\u003c\/strong\u003e in total assets, \u003cstrong\u003e$3.70T\u003c\/strong\u003e in assets under supervision, and \u003cstrong\u003e47,000+\u003c\/strong\u003e employees, making it a strong study aid for coursework, case studies, presentations, and business analysis.\u003c\/p\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Key Partnerships\u003c\/h2\u003e\n\u003cp\u003eGoldman Sachs' partner base is concentrated in five large groups: JPMorgan Chase, corporate M\u0026amp;A clients, private equity and sponsor clients, AI model and cloud providers, and institutional investors. Goldman Sachs reported \u003cstrong\u003e$53.51B\u003c\/strong\u003e of net revenues, \u003cstrong\u003e$13.48B\u003c\/strong\u003e of net earnings, and \u003cstrong\u003e12.7%\u003c\/strong\u003e return on average common shareholders' equity for 2024, so each partnership group directly affects fee income, balance sheet use, or distribution capacity.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003ePartner group\u003c\/td\u003e\n\u003ctd\u003eReal-life numeric anchor\u003c\/td\u003e\n\u003ctd\u003eBusiness role\u003c\/td\u003e\n\u003ctd\u003eWhy it matters\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJPMorgan Chase\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$4.0T\u003c\/strong\u003e total assets, \u003cstrong\u003e$177.6B\u003c\/strong\u003e net revenue, \u003cstrong\u003e$58.5B\u003c\/strong\u003e net income\u003c\/td\u003e\n\u003ctd\u003eLarge-bank counterparty\u003c\/td\u003e\n\u003ctd\u003eTrading, clearing, lending, and market access at scale\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCorporate M\u0026amp;A clients\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e Goldman Sachs net revenues, \u003cstrong\u003e$13.48B\u003c\/strong\u003e net earnings, \u003cstrong\u003e12.7%\u003c\/strong\u003e ROE\u003c\/td\u003e\n\u003ctd\u003eFee-paying advisory clients\u003c\/td\u003e\n\u003ctd\u003eRepeat mandates for advice, underwriting, and financing\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate equity and sponsor clients\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.68T\u003c\/strong\u003e total assets, \u003cstrong\u003e$53.51B\u003c\/strong\u003e net revenues\u003c\/td\u003e\n\u003ctd\u003eAcquisition and leverage finance clients\u003c\/td\u003e\n\u003ctd\u003eBridge loans, leveraged buyouts, refinancings, exits\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAI model and cloud providers\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e net revenues, \u003cstrong\u003e$1.68T\u003c\/strong\u003e total assets\u003c\/td\u003e\n\u003ctd\u003eTechnology and infrastructure vendors\u003c\/td\u003e\n\u003ctd\u003eCompute, storage, model access, and risk processing\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional investors\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.1T\u003c\/strong\u003e assets under supervision, \u003cstrong\u003e$2.9T\u003c\/strong\u003e assets under management\u003c\/td\u003e\n\u003ctd\u003eCapital and distribution base\u003c\/td\u003e\n\u003ctd\u003eAsset management fees, product placement, liquidity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eJPMorgan Chase\u003c\/h3\u003e\n\u003cp\u003eJPMorgan Chase matters because it sits at the same scale class as Goldman Sachs in capital markets and financing. JPMorgan Chase reported \u003cstrong\u003e$4.0T\u003c\/strong\u003e of total assets, \u003cstrong\u003e$177.6B\u003c\/strong\u003e of net revenue, and \u003cstrong\u003e$58.5B\u003c\/strong\u003e of net income in 2024. Goldman Sachs reported \u003cstrong\u003e$1.68T\u003c\/strong\u003e of total assets in 2024, so the relationship is about large-bank counterparties meeting each other in trading, clearing, derivatives, custody, and lending rather than about a single exclusive alliance. That scale sets the floor for liquidity, settlement capacity, and market-making reach.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$4.0T\u003c\/strong\u003e JPMorgan Chase total assets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$177.6B\u003c\/strong\u003e JPMorgan Chase 2024 net revenue\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$58.5B\u003c\/strong\u003e JPMorgan Chase 2024 net income\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1.68T\u003c\/strong\u003e Goldman Sachs 2024 total assets\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eCorporate M\u0026amp;A clients\u003c\/h3\u003e\n\u003cp\u003eCorporate M\u0026amp;A clients are the fee engine behind advisory work. Goldman Sachs reported \u003cstrong\u003e$53.51B\u003c\/strong\u003e of net revenues and \u003cstrong\u003e$13.48B\u003c\/strong\u003e of net earnings in 2024, which shows why access to CEOs, CFOs, boards, and corporate development teams matters. M\u0026amp;A advice is fee-based, so the partnership is valuable even when deal volumes move up and down, because a single large mandate can generate meaningful advisory fees without requiring Goldman Sachs to deploy as much balance sheet as a loan book would. The business model depends on trust, repeat mandates, and cross-selling into equity underwriting, debt underwriting, and risk management.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e Goldman Sachs 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$13.48B\u003c\/strong\u003e Goldman Sachs 2024 net earnings\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e12.7%\u003c\/strong\u003e Goldman Sachs 2024 return on average common shareholders' equity\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003ePrivate equity and sponsor clients\u003c\/h3\u003e\n\u003cp\u003ePrivate equity and sponsor clients matter because they drive acquisition finance, bridge loans, leverage finance, recapitalizations, and exits. Goldman Sachs ended 2024 with \u003cstrong\u003e$1.68T\u003c\/strong\u003e of total assets and \u003cstrong\u003e$53.51B\u003c\/strong\u003e of net revenues, which shows the value of a partner base that can absorb risk, warehouse assets, and distribute financing into the market. Sponsor relationships matter in both directions: they create repeat deal flow on the way into a transaction and repeat financing, hedging, and sale mandates on the way out. This is a core part of Goldman Sachs' fee-plus-balance-sheet model.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1.68T\u003c\/strong\u003e Goldman Sachs 2024 total assets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e Goldman Sachs 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$13.48B\u003c\/strong\u003e Goldman Sachs 2024 net earnings\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eAI model and cloud providers\u003c\/h3\u003e\n\u003cp\u003eAI model and cloud providers sit in the operating layer of the model. Goldman Sachs' scale of \u003cstrong\u003e$53.51B\u003c\/strong\u003e in 2024 net revenues and \u003cstrong\u003e$1.68T\u003c\/strong\u003e in total assets means the bank needs outside compute, storage, model access, and secure processing capacity to support trading, risk controls, compliance, client analytics, and document workflows. In this partnership category, the economic issue is not only software access. It is latency, uptime, data security, and the cost of processing very large transaction volumes without disrupting front-office or control functions.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e Goldman Sachs 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1.68T\u003c\/strong\u003e Goldman Sachs 2024 total assets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$13.48B\u003c\/strong\u003e Goldman Sachs 2024 net earnings\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eInstitutional investors\u003c\/h3\u003e\n\u003cp\u003eInstitutional investors are the distribution base for Goldman Sachs Asset Management and related capital markets products. Goldman Sachs reported \u003cstrong\u003e$3.1T\u003c\/strong\u003e of assets under supervision and \u003cstrong\u003e$2.9T\u003c\/strong\u003e of assets under management in 2024, which shows why pensions, sovereign funds, insurers, foundations, and endowments matter. They supply recurring management fees, transaction flow, and placement capacity for funds, separate accounts, and market products. The partnership is strategic because institutional money is large, sticky, and sensitive to performance, fees, and risk controls.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.1T\u003c\/strong\u003e assets under supervision\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$2.9T\u003c\/strong\u003e assets under management\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51B\u003c\/strong\u003e Goldman Sachs 2024 net revenues\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Key Activities\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e of 2024 net revenues, \u003cstrong\u003e$14.28 billion\u003c\/strong\u003e of net earnings, \u003cstrong\u003e$45.70\u003c\/strong\u003e diluted EPS, and \u003cstrong\u003e11.0%\u003c\/strong\u003e return on average common shareholders' equity define the scale of Goldman Sachs Group, Inc.'s key activities.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003e$3.14 trillion\u003c\/strong\u003e of assets under supervision at December 31, 2024 shows the size of the client asset base tied to asset and wealth management.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003cth\u003eDate\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet revenues\u003c\/td\u003e\n\u003ctd\u003e$53.51 billion\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet earnings\u003c\/td\u003e\n\u003ctd\u003e$14.28 billion\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiluted EPS\u003c\/td\u003e\n\u003ctd\u003e$45.70\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on average common shareholders' equity\u003c\/td\u003e\n\u003ctd\u003e11.0%\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets under supervision\u003c\/td\u003e\n\u003ctd\u003e$3.14 trillion\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet earnings \/ net revenues\u003c\/td\u003e\n\u003ctd\u003e26.7%\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eM\u0026amp;A advisory\u003c\/strong\u003e sits inside investment banking fees and generates transaction-based fee income when Goldman Sachs Group, Inc. advises on mergers, acquisitions, restructurings, and divestitures. This activity is capital-light and depends on completed deal flow, client mandates, and market confidence.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eKey activity\u003c\/th\u003e\n\u003cth\u003eReported disclosure\u003c\/th\u003e\n\u003cth\u003eData status\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eM\u0026amp;A advisory\u003c\/td\u003e\n\u003ctd\u003eIncluded in investment banking fees\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity underwriting\u003c\/td\u003e\n\u003ctd\u003eIncluded in investment banking fees\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt underwriting\u003c\/td\u003e\n\u003ctd\u003eIncluded in investment banking fees\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFICC trading\u003c\/td\u003e\n\u003ctd\u003eIncluded in Global Banking \u0026amp; Markets\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquities trading\u003c\/td\u003e\n\u003ctd\u003eIncluded in Global Banking \u0026amp; Markets\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset and wealth management\u003c\/td\u003e\n\u003ctd\u003e$16.11 billion; $3.14 trillion\u003c\/td\u003e\n\u003ctd\u003eDisclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate credit and alternatives\u003c\/td\u003e\n\u003ctd\u003eIncluded in Asset \u0026amp; Wealth Management\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eEquity and debt underwriting\u003c\/strong\u003e turns balance-sheet capacity, distribution, and market access into fees from IPOs, follow-on offerings, convertibles, investment-grade debt, high-yield debt, and structured financing. The activity matters because it ties client issuance needs to repeatable fee income rather than to long-duration asset ownership.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e total net revenues in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$14.28 billion\u003c\/strong\u003e total net earnings in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$45.70\u003c\/strong\u003e diluted EPS in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e11.0%\u003c\/strong\u003e return on average common shareholders' equity in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.14 trillion\u003c\/strong\u003e assets under supervision at December 31, 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eTrading in FICC and equities\u003c\/strong\u003e is the market-making and risk-transfer business inside Global Banking \u0026amp; Markets. FICC means fixed income, currencies, and commodities; equities means stocks and related derivatives. These activities support client execution, inventory management, and hedging across rates, credit, currencies, commodities, and listed and OTC equity products.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eAsset and wealth management\u003c\/strong\u003e is the recurring-fee activity in Goldman Sachs Group, Inc.'s model. The company reported \u003cstrong\u003e$16.11 billion\u003c\/strong\u003e of 2024 net revenues and \u003cstrong\u003e$3.14 trillion\u003c\/strong\u003e of assets under supervision at December 31, 2024, which shows the scale of fee-bearing client capital linked to management, custody, and advisory relationships.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePrivate credit and alternatives growth\u003c\/strong\u003e sits inside asset and wealth management and expands fee income beyond public markets. The activity covers private lending and alternative asset strategies, with economics tied to fee-bearing assets, capital commitments, and long-duration client mandates.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$16.11 billion\u003c\/strong\u003e asset and wealth management net revenues in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.14 trillion\u003c\/strong\u003e assets under supervision at December 31, 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e26.7%\u003c\/strong\u003e net earnings margin in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Key Resources\u003c\/h2\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eTotal assets: \u003cstrong\u003e$2.20T\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eAssets under supervision: \u003cstrong\u003e$3.70T\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEmployees: \u003cstrong\u003e47,000+\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eResource\u003c\/td\u003e\n\u003ctd\u003eFigure\u003c\/td\u003e\n\u003ctd\u003eUse\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.20T\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBalance sheet\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets under supervision\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.70T\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eClient asset base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployees\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e47,000+\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHuman capital\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOffice network\u003c\/td\u003e\n\u003ctd\u003eNew York; London; Hong Kong; Tokyo\u003c\/td\u003e\n\u003ctd\u003eStrategic hubs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGS AI platform and data stack\u003c\/td\u003e\n\u003ctd\u003eGS AI platform\u003c\/td\u003e\n\u003ctd\u003eData stack\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Value Propositions\u003c\/h2\u003e\n\u003cp\u003eThe Goldman Sachs Group, Inc. value proposition rests on \u003cstrong\u003e$53.51 billion\u003c\/strong\u003e of 2024 net revenues, \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e of assets under supervision, and \u003cstrong\u003e$40.54\u003c\/strong\u003e diluted EPS. Those numbers show scale, fee power, and capital-markets reach in one platform.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLeading global M\u0026amp;A advisor\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e2024 net revenues were \u003cstrong\u003e$53.51 billion\u003c\/strong\u003e, up from \u003cstrong\u003e$46.25 billion\u003c\/strong\u003e in 2023, a rise of \u003cstrong\u003e$7.26 billion\u003c\/strong\u003e. For M\u0026amp;A clients, that scale matters because advisory work depends on access, execution, and trust, not on high-volume product sales.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$46.25 billion\u003c\/strong\u003e 2023 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$7.26 billion\u003c\/strong\u003e year-over-year increase\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eIntegrated banking and wealth platform\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs reported \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e of assets under supervision. That size supports a single-client relationship across investment banking, markets, and wealth, which matters because the same client can move through multiple revenue streams without changing firms.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e assets under supervision\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e3\u003c\/strong\u003e client franchises\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eValue proposition\u003c\/th\u003e\n\u003cth\u003eReal-life number\u003c\/th\u003e\n\u003cth\u003eBusiness relevance\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeading global M\u0026amp;A advisor\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024 net revenues\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIntegrated banking and wealth platform\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAssets under supervision\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAI-enabled onboarding and risk management\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eReturn on average common shareholders' equity in 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLarge-scale alternatives and private credit access\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAsset base that supports private-market distribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional-grade markets and financing capabilities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$40.54\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDiluted EPS in 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eAI-enabled onboarding and risk management\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs reported \u003cstrong\u003e12.7%\u003c\/strong\u003e return on average common shareholders' equity in 2024 and \u003cstrong\u003e$40.54\u003c\/strong\u003e diluted EPS. In a business with regulated products, large ticket sizes, and frequent client reviews, faster onboarding and tighter controls matter because they affect both revenue conversion and loss prevention.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e12.7%\u003c\/strong\u003e return on average common shareholders' equity in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$40.54\u003c\/strong\u003e diluted EPS in 2024\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eLarge-scale alternatives and private credit access\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe alternatives proposition depends on scale. Goldman Sachs' \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e of assets under supervision gives it a distribution base for private-market products, structured solutions, and credit strategies. That matters because alternatives are relationship-driven and capital-intensive, not transactional.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e assets under supervision\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e 2024 net revenues\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eInstitutional-grade markets and financing capabilities\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eMarkets and financing are the core engine for institutional clients that need underwriting, trading, prime brokerage, and secured lending. Goldman Sachs' \u003cstrong\u003e$53.51 billion\u003c\/strong\u003e in 2024 net revenues and \u003cstrong\u003e12.7%\u003c\/strong\u003e return on average common shareholders' equity show that the firm can carry balance-sheet risk and still generate strong returns.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.51 billion\u003c\/strong\u003e 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e12.7%\u003c\/strong\u003e return on average common shareholders' equity in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$7.26 billion\u003c\/strong\u003e increase in net revenues versus 2023\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Customer Relationships\u003c\/h2\u003e\n\u003cp\u003eGoldman Sachs Group, Inc. relies on long-duration client ties rather than one-time transactions. The company dates to \u003cstrong\u003e1869\u003c\/strong\u003e, which makes its operating history \u003cstrong\u003e156\u003c\/strong\u003e years by \u003cstrong\u003e2025\u003c\/strong\u003e; that matters because repeat mandates are easier to win when the same client already trusts the firm on financing, advice, and execution.\u003c\/p\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eRelationship type\u003c\/td\u003e\n\u003ctd\u003eMain client base\u003c\/td\u003e\n\u003ctd\u003eHow the relationship works\u003c\/td\u003e\n\u003ctd\u003eReal-life numeric anchor\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLong-term relationship banking\u003c\/td\u003e\n\u003ctd\u003eCorporates, financial institutions, governments\u003c\/td\u003e\n\u003ctd\u003eMulti-product coverage across advisory, underwriting, trading, lending, and risk management\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e1869\u003c\/strong\u003e; \u003cstrong\u003e156\u003c\/strong\u003e years by \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDedicated coverage teams\u003c\/td\u003e\n\u003ctd\u003eLarge institutional clients\u003c\/td\u003e\n\u003ctd\u003eSector bankers and product specialists coordinate client service\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e24\/7\u003c\/strong\u003e market access\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHigh-touch wealth advisory\u003c\/td\u003e\n\u003ctd\u003eAffluent and ultra-affluent clients\u003c\/td\u003e\n\u003ctd\u003ePersonal advice, portfolio construction, lending, and estate coordination\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e assets under supervision\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFee-based recurring client engagement\u003c\/td\u003e\n\u003ctd\u003eWealth and institutional clients\u003c\/td\u003e\n\u003ctd\u003eAsset-based and advisory fee relationships\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e recurring fee base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDigital self-service for consumer deposits\u003c\/td\u003e\n\u003ctd\u003eRetail deposit customers\u003c\/td\u003e\n\u003ctd\u003eMobile and online servicing without branch-heavy delivery\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$250,000\u003c\/strong\u003e FDIC insurance limit\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eLong-term relationship banking\u003c\/strong\u003e is the core model for institutional clients. A single client relationship can span several products and several market cycles, which keeps the connection alive even when underwriting or trading volumes move up and down. That structure matters because it pushes the firm to compete on trust, access, and execution quality instead of on price alone.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e1869\u003c\/strong\u003e start date supports multi-decade client continuity\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e156\u003c\/strong\u003e years of operating history by \u003cstrong\u003e2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eRepeat mandates can cover M\u0026amp;A, debt, equity, hedging, and treasury work\u003c\/li\u003e\n\u003cli\u003eClient retention is more important than any single transaction\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eDedicated coverage teams\u003c\/strong\u003e sit between the client and the product engines. In practice, that means a client can work with sector coverage, capital markets, fixed income, equities, prime brokerage, lending, and operations teams without rebuilding the relationship each time. The number that matters here is \u003cstrong\u003e24\/7\u003c\/strong\u003e: institutional clients trade and fund across time zones, so the relationship has to be available when markets move.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eHigh-touch wealth advisory\u003c\/strong\u003e is built around personal service. Goldman Sachs Group, Inc. reported \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e of assets under supervision in year-end \u003cstrong\u003e2023\u003c\/strong\u003e reporting, and that scale shows why the firm invests in advisers, portfolio construction, lending, and planning support. Assets under supervision means money the firm oversees for clients, even when it does not own it. The larger the balance, the more valuable retention becomes.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e of assets under supervision\u003c\/li\u003e\n\u003cli\u003eAdvice-led relationships support recurring fee income\u003c\/li\u003e\n\u003cli\u003eLending and portfolio services raise share of wallet\u003c\/li\u003e\n\u003cli\u003eClient switching costs rise when portfolios, credit, and planning are tied together\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eFee-based recurring client engagement\u003c\/strong\u003e is what makes the relationship model financially durable. When client assets stay with the firm, fees can repeat across quarters instead of resetting after each trade. That is why the \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e asset base matters so much: it supports advisory, management, and administration revenue that is less cyclical than deal fees or trading commissions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eDigital self-service for consumer deposits\u003c\/strong\u003e uses a different relationship model. Retail customers want simple onboarding, mobile access, and confidence that their cash is protected, so the relevant trust anchor is the \u003cstrong\u003e$250,000\u003c\/strong\u003e FDIC insurance limit per depositor, per insured bank, for each account ownership category. The digital model also works because servicing can run on a \u003cstrong\u003e24\/7\u003c\/strong\u003e basis without a branch-heavy cost structure.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$250,000\u003c\/strong\u003e FDIC insurance limit\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e24\/7\u003c\/strong\u003e digital access expectations\u003c\/li\u003e\n\u003cli\u003eLower-service-cost deposit gathering than branch networks\u003c\/li\u003e\n\u003cli\u003eTrust, convenience, and cash availability are the main retention drivers\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Channels\u003c\/h2\u003e\n\u003cp\u003eGoldman Sachs reaches clients through banker-led coverage, advisor-led wealth distribution, electronic and voice markets access, digital consumer onboarding, and major international offices. The largest public scale marker tied to these channels is \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision in Asset \u0026amp; Wealth Management at year-end 2024.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eChannel\u003c\/td\u003e\n\u003ctd\u003ePrimary access route\u003c\/td\u003e\n\u003ctd\u003eLatest real-life figure\u003c\/td\u003e\n\u003ctd\u003eChannel role\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment banking teams\u003c\/td\u003e\n\u003ctd\u003eSector bankers, product specialists, and financing teams\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$53.5 billion\u003c\/strong\u003e in Goldman Sachs net revenues in 2024\u003c\/td\u003e\n\u003ctd\u003eDirect origination of advisory, underwriting, and financing mandates\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWealth management advisors\u003c\/td\u003e\n\u003ctd\u003ePrivate wealth advisors and relationship managers\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision at year-end 2024\u003c\/td\u003e\n\u003ctd\u003eFee-based client acquisition and retention\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrading and markets platforms\u003c\/td\u003e\n\u003ctd\u003eElectronic execution, voice trading, prime brokerage, and clearing\u003c\/td\u003e\n\u003ctd\u003eNo separate public channel-level figure disclosed\u003c\/td\u003e\n\u003ctd\u003eInstitutional access to liquidity, pricing, and execution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarcus by Goldman Sachs\u003c\/td\u003e\n\u003ctd\u003eDigital savings and consumer banking interface\u003c\/td\u003e\n\u003ctd\u003eNo separate late-2025 public channel count disclosed\u003c\/td\u003e\n\u003ctd\u003eDigital deposit and consumer onboarding channel\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal offices and strategic hubs\u003c\/td\u003e\n\u003ctd\u003eLocal coverage in major financial centers\u003c\/td\u003e\n\u003ctd\u003eNew York, London, Hong Kong, Tokyo, Bengaluru, Dallas, Salt Lake City\u003c\/td\u003e\n\u003ctd\u003eCross-border client service across time zones\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eInvestment banking teams\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs uses investment banking teams as a high-touch channel to win corporate and sponsor relationships. The route is built around advisory, equity underwriting, debt underwriting, and financing. This channel matters because it captures large one-off fees and often leads to repeat business across M\u0026amp;A, capital raising, and leveraged finance. The channel is relationship-driven, so the banker is the first point of contact and the product teams support pricing, structuring, and execution.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eAdvisory\u003c\/li\u003e\n\u003cli\u003eEquity underwriting\u003c\/li\u003e\n\u003cli\u003eDebt underwriting\u003c\/li\u003e\n\u003cli\u003eLeveraged finance\u003c\/li\u003e\n\u003cli\u003eBalance sheet financing\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eWealth management advisors\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs routes affluent and ultra-affluent clients through private wealth advisors and relationship managers. The channel is tied to \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision at year-end 2024, which gives Goldman Sachs a large fee base tied to client balances rather than one-time transactions. This matters strategically because advisor relationships support recurring revenue, cross-selling, and client retention. The model depends on trust, portfolio monitoring, planning, and access to investment products.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eHigh-net-worth individuals\u003c\/li\u003e\n\u003cli\u003eUltra-high-net-worth families\u003c\/li\u003e\n\u003cli\u003eFamily offices\u003c\/li\u003e\n\u003cli\u003eInstitutional investors\u003c\/li\u003e\n\u003cli\u003eFee-based advisory relationships\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eTrading and markets platforms\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs uses trading and markets platforms to serve institutional clients that need execution, pricing, hedging, and liquidity. The channel covers electronic trading, voice trading, prime brokerage, and clearing across equities, fixed income, currencies, and commodities. This channel matters because it scales with market activity and client turnover, and it reinforces the firm's role as a daily liquidity provider. Public disclosures do not separate channel volumes here, so the clearest numeric marker remains the firmwide \u003cstrong\u003e$53.5 billion\u003c\/strong\u003e in 2024 net revenues.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eEquities\u003c\/li\u003e\n\u003cli\u003eFixed income\u003c\/li\u003e\n\u003cli\u003eCurrencies\u003c\/li\u003e\n\u003cli\u003eCommodities\u003c\/li\u003e\n\u003cli\u003ePrime brokerage\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eMarcus by Goldman Sachs\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eMarcus by Goldman Sachs functions as a digital consumer channel rather than a branch-based one. It gives Goldman Sachs a direct route to retail-style deposits and personal finance products through web and mobile onboarding. This channel matters because it lowers the need for physical distribution and gives the firm a way to gather deposits and interact with consumers at scale. No separate late-2025 public channel count is disclosed here, so the channel is best analyzed through its digital delivery model instead of a public branch or office count.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eWeb onboarding\u003c\/li\u003e\n\u003cli\u003eMobile onboarding\u003c\/li\u003e\n\u003cli\u003eDigital savings products\u003c\/li\u003e\n\u003cli\u003eConsumer deposit gathering\u003c\/li\u003e\n\u003cli\u003eDirect-to-consumer access\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eGlobal offices and strategic hubs\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eGoldman Sachs uses its global office network as a channel for client coverage, execution support, and local market access. The firm's public footprint includes New York, London, Hong Kong, Tokyo, Bengaluru, Dallas, and Salt Lake City, which gives it coverage across the United States, Europe, and Asia. This matters because complex clients often want local coverage in their own time zone, especially for M\u0026amp;A, trading, financing, and wealth management. The office network also supports regulatory, operational, and market-specific execution.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eCity\u003c\/td\u003e\n\u003ctd\u003eChannel use\u003c\/td\u003e\n\u003ctd\u003eClient impact\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew York\u003c\/td\u003e\n\u003ctd\u003eHeadquarters and major client coverage\u003c\/td\u003e\n\u003ctd\u003eAccess to corporate, institutional, and market-making clients\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLondon\u003c\/td\u003e\n\u003ctd\u003eEurope coverage and cross-border execution\u003c\/td\u003e\n\u003ctd\u003eAccess to multinational clients and global capital markets\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHong Kong\u003c\/td\u003e\n\u003ctd\u003eAsia-Pacific coverage\u003c\/td\u003e\n\u003ctd\u003eAccess to regional investment banking and markets clients\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTokyo\u003c\/td\u003e\n\u003ctd\u003eJapan coverage\u003c\/td\u003e\n\u003ctd\u003eLocal execution for Japanese corporates and investors\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBengaluru\u003c\/td\u003e\n\u003ctd\u003eTechnology and operations support\u003c\/td\u003e\n\u003ctd\u003eChannel support for digital, trading, and service workflows\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDallas\u003c\/td\u003e\n\u003ctd\u003eOperations and client support\u003c\/td\u003e\n\u003ctd\u003eService scale for banking and consumer workflows\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSalt Lake City\u003c\/td\u003e\n\u003ctd\u003eOperations and client support\u003c\/td\u003e\n\u003ctd\u003eBack-office and service capacity for large client volumes\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Customer Segments\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e$53.5 billion\u003c\/strong\u003e in 2024 net revenues and \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision show that The Goldman Sachs Group, Inc. serves a multi-segment client base across corporate finance, markets, wealth management, and deposits.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eCustomer segment\u003c\/th\u003e\n\u003cth\u003eNumeric anchor\u003c\/th\u003e\n\u003cth\u003eLatest disclosed scale\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal corporations\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$53.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024 net revenues\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial sponsors and private equity firms\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$53.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024 net revenues\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional investors\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAssets under supervision as of December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHigh-net-worth and ultra-high-net-worth clients\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAssets under supervision as of December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsumer deposit customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2024\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGoldman Sachs Bank USA deposit-funding activity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eGlobal corporations\u003c\/strong\u003e: this segment sits inside the firm's investment banking, financing, and market-risk management work. The most defensible companywide scale marker is \u003cstrong\u003e$53.5 billion\u003c\/strong\u003e in 2024 net revenues, which shows the size of the corporate client base the firm needs to serve across advisory, underwriting, treasury, and hedging.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinancial sponsors and private equity firms\u003c\/strong\u003e: this group is linked to leveraged finance, acquisitions, restructurings, and capital raising. The firm's \u003cstrong\u003e$53.5 billion\u003c\/strong\u003e in 2024 net revenues is the clearest public indicator of the economic value of these sponsor relationships, even though Goldman Sachs does not break out sponsor-only revenue in this chapter.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eInstitutional investors\u003c\/strong\u003e: pensions, sovereign wealth funds, insurers, hedge funds, mutual funds, and other large allocators are central to the firm's markets and asset management businesses. The key disclosed figure is \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision at December 31, 2024. That scale matters because institutional assets drive trading flow, fee income, and balance-sheet usage.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eHigh-net-worth and ultra-high-net-worth clients\u003c\/strong\u003e: this segment is the core of private wealth activity. Goldman Sachs' \u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e in assets under supervision at December 31, 2024 includes wealth-oriented assets, making affluent clients a major source of recurring fees, lending relationships, and custody balances.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eConsumer deposit customers\u003c\/strong\u003e: deposit gathering remains part of Goldman Sachs Bank USA's funding mix in 2024. This customer segment matters because deposit balances support lending and liquidity management, but Goldman Sachs does not provide a separate consumer-deposit client count in this chapter.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$53.5 billion\u003c\/strong\u003e net revenues in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.1 trillion\u003c\/strong\u003e assets under supervision at December 31, 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$14.3 billion\u003c\/strong\u003e net earnings to common stockholders in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e2024\u003c\/strong\u003e deposit-funding activity for Goldman Sachs Bank USA\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Cost Structure\u003c\/h2\u003e\n\u003cp\u003eGoldman Sachs Group, Inc. reported \u003cstrong\u003e$46.25 billion\u003c\/strong\u003e of net revenues and \u003cstrong\u003e$33.1 billion\u003c\/strong\u003e of non-interest expenses in 2023, for an implied efficiency ratio of \u003cstrong\u003e71.6%\u003c\/strong\u003e. Compensation and benefits were \u003cstrong\u003e$17.0 billion\u003c\/strong\u003e, or \u003cstrong\u003e51.4%\u003c\/strong\u003e of non-interest expenses.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003cth\u003eShare\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet revenues\u003c\/td\u003e\n\u003ctd\u003e$46.25 billion\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003e100%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-interest expenses\u003c\/td\u003e\n\u003ctd\u003e$33.1 billion\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003e71.6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompensation and benefits\u003c\/td\u003e\n\u003ctd\u003e$17.0 billion\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003e51.4%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-compensation operating expenses\u003c\/td\u003e\n\u003ctd\u003e$16.1 billion\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003e48.6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunications and technology\u003c\/td\u003e\n\u003ctd\u003e$3.0 billion\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003e18.6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e1MDB-related settlement\u003c\/td\u003e\n\u003ctd\u003e$3.9 billion\u003c\/td\u003e\n\u003ctd\u003e2020\u003c\/td\u003e\n\u003ctd\u003e11.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployees\u003c\/td\u003e\n\u003ctd\u003e45,300\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003en\/a\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJobs cut\u003c\/td\u003e\n\u003ctd\u003e3,200\u003c\/td\u003e\n\u003ctd\u003eJanuary 2023\u003c\/td\u003e\n\u003ctd\u003en\/a\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompensation and benefits\u003c\/strong\u003e: \u003cstrong\u003e$17.0 billion\u003c\/strong\u003e in 2023. That is the single largest cost item and equals \u003cstrong\u003e51.4%\u003c\/strong\u003e of non-interest expenses.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$17.0 billion\u003c\/strong\u003e compensation and benefits\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e45,300\u003c\/strong\u003e employees\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e3,200\u003c\/strong\u003e jobs cut in January 2023\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eNon-compensation operating expenses\u003c\/strong\u003e: \u003cstrong\u003e$16.1 billion\u003c\/strong\u003e in 2023. This equals \u003cstrong\u003e48.6%\u003c\/strong\u003e of non-interest expenses and sits alongside pay as the other major cost block.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$16.1 billion\u003c\/strong\u003e non-compensation operating expenses\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$33.1 billion\u003c\/strong\u003e total non-interest expenses\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e71.6%\u003c\/strong\u003e efficiency ratio\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eTechnology, cloud, and AI investment\u003c\/strong\u003e: communications and technology expense was \u003cstrong\u003e$3.0 billion\u003c\/strong\u003e in 2023, or \u003cstrong\u003e18.6%\u003c\/strong\u003e of non-compensation operating expenses.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.0 billion\u003c\/strong\u003e communications and technology\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e18.6%\u003c\/strong\u003e of non-compensation operating expenses\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$46.25 billion\u003c\/strong\u003e net revenues\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eLegal, compliance, and settlement costs\u003c\/strong\u003e: the 1MDB-related settlement totaled \u003cstrong\u003e$3.9 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.9 billion\u003c\/strong\u003e 1MDB-related settlement\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e11.8%\u003c\/strong\u003e of 2023 non-interest expenses\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$33.1 billion\u003c\/strong\u003e non-interest expenses\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eWorkforce restructuring and upskilling\u003c\/strong\u003e: \u003cstrong\u003e3,200\u003c\/strong\u003e jobs were cut in January 2023, and year-end headcount was \u003cstrong\u003e45,300\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e3,200\u003c\/strong\u003e jobs cut\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e45,300\u003c\/strong\u003e employees\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$17.0 billion\u003c\/strong\u003e compensation and benefits\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eThe Goldman Sachs Group, Inc. - Canvas Business Model: Revenue Streams\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e$46.25 billion\u003c\/strong\u003e of net revenues in 2023 and \u003cstrong\u003e$14.21 billion\u003c\/strong\u003e in Q1 2024 show the size of Goldman Sachs Group, Inc. revenue base. Asset and Wealth Management ended 2023 with \u003cstrong\u003e$1.6 trillion\u003c\/strong\u003e of assets under supervision, and Platform Solutions reported \u003cstrong\u003e$2.0 billion\u003c\/strong\u003e of net revenues in 2023.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eRevenue stream\u003c\/th\u003e\n\u003cth\u003eLatest public amount\u003c\/th\u003e\n\u003cth\u003ePeriod\u003c\/th\u003e\n\u003cth\u003eDisclosure status\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eM\u0026amp;A advisory fees\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003ctd\u003e2023 \/ Q1 2024\u003c\/td\u003e\n\u003ctd\u003eEmbedded in investment banking fees\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrading and financing revenues\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$46.25 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003eConsolidated net revenues\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset and wealth management fees\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.6 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-end 2023\u003c\/td\u003e\n\u003ctd\u003eAssets under supervision\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate credit and alternatives income\u003c\/td\u003e\n\u003ctd\u003eNot separately disclosed\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003eEmbedded in Asset and Wealth Management\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsumer banking and platform revenues\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.0 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003ctd\u003ePlatform Solutions net revenues\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eM\u0026amp;A advisory fees\u003c\/strong\u003e sit inside investment banking fees. Goldman Sachs Group, Inc. does not publish a standalone public dollar figure for this stream, so the public revenue base that captures the broader business is \u003cstrong\u003e$46.25 billion\u003c\/strong\u003e in 2023 and \u003cstrong\u003e$14.21 billion\u003c\/strong\u003e in Q1 2024.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eTrading and financing revenues\u003c\/strong\u003e are the largest market-linked pool in the business model. They sit inside the firm's consolidated \u003cstrong\u003e$46.25 billion\u003c\/strong\u003e of 2023 net revenues and \u003cstrong\u003e$14.21 billion\u003c\/strong\u003e of Q1 2024 net revenues, which means client activity, volatility, and balance sheet use directly affect the top line.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eAsset and wealth management fees\u003c\/strong\u003e are anchored by \u003cstrong\u003e$1.6 trillion\u003c\/strong\u003e of assets under supervision at year-end 2023. That asset base matters because management fees usually scale with assets, while incentive fees depend on performance and are more variable.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePrivate credit and alternatives income\u003c\/strong\u003e is embedded in Asset and Wealth Management. Goldman Sachs Group, Inc. does not separately disclose a public dollar figure for this stream, so the hard disclosed anchor remains the \u003cstrong\u003e$1.6 trillion\u003c\/strong\u003e asset base at year-end 2023.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eConsumer banking and platform revenues\u003c\/strong\u003e were reported inside Platform Solutions, which generated \u003cstrong\u003e$2.0 billion\u003c\/strong\u003e of net revenues in 2023. That makes it a smaller but still material fee and spread-based stream inside the overall \u003cstrong\u003e$46.25 billion\u003c\/strong\u003e revenue base.\u003c\/p\u003e\n\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$46.25 billion\u003c\/strong\u003e - 2023 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$14.21 billion\u003c\/strong\u003e - Q1 2024 net revenues\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1.6 trillion\u003c\/strong\u003e - assets under supervision at year-end 2023\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$2.0 billion\u003c\/strong\u003e - Platform Solutions net revenues in 2023\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":44601601556629,"sku":"gs-business-model-canvas","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/gs-business-model-canvas.png?v=1740222384","url":"https:\/\/dcf-model.com\/fr\/products\/gs-business-model-canvas","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}