The Goldman Sachs Group, Inc. (GS): Business Model Canvas [June-2026 Updated]

This 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&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 $2.20T in total assets, $3.70T in assets under supervision, and 47,000+ employees, making it a strong study aid for coursework, case studies, presentations, and business analysis.

The Goldman Sachs Group, Inc. - Canvas Business Model: Key Partnerships

Goldman Sachs' partner base is concentrated in five large groups: JPMorgan Chase, corporate M&A clients, private equity and sponsor clients, AI model and cloud providers, and institutional investors. Goldman Sachs reported $53.51B of net revenues, $13.48B of net earnings, and 12.7% return on average common shareholders' equity for 2024, so each partnership group directly affects fee income, balance sheet use, or distribution capacity.

JPMorgan Chase

JPMorgan Chase matters because it sits at the same scale class as Goldman Sachs in capital markets and financing. JPMorgan Chase reported $4.0T of total assets, $177.6B of net revenue, and $58.5B of net income in 2024. Goldman Sachs reported $1.68T 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.

• $4.0T JPMorgan Chase total assets
• $177.6B JPMorgan Chase 2024 net revenue
• $58.5B JPMorgan Chase 2024 net income
• $1.68T Goldman Sachs 2024 total assets

Corporate M&A clients

Corporate M&A clients are the fee engine behind advisory work. Goldman Sachs reported $53.51B of net revenues and $13.48B of net earnings in 2024, which shows why access to CEOs, CFOs, boards, and corporate development teams matters. M&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.

• $53.51B Goldman Sachs 2024 net revenues
• $13.48B Goldman Sachs 2024 net earnings
• 12.7% Goldman Sachs 2024 return on average common shareholders' equity

Private equity and sponsor clients

Private equity and sponsor clients matter because they drive acquisition finance, bridge loans, leverage finance, recapitalizations, and exits. Goldman Sachs ended 2024 with $1.68T of total assets and $53.51B 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.

• $1.68T Goldman Sachs 2024 total assets
• $53.51B Goldman Sachs 2024 net revenues
• $13.48B Goldman Sachs 2024 net earnings

AI model and cloud providers

AI model and cloud providers sit in the operating layer of the model. Goldman Sachs' scale of $53.51B in 2024 net revenues and $1.68T 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.

• $53.51B Goldman Sachs 2024 net revenues
• $1.68T Goldman Sachs 2024 total assets
• $13.48B Goldman Sachs 2024 net earnings

Institutional investors

Institutional investors are the distribution base for Goldman Sachs Asset Management and related capital markets products. Goldman Sachs reported $3.1T of assets under supervision and $2.9T 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.

• $3.1T assets under supervision
• $2.9T assets under management
• $53.51B Goldman Sachs 2024 net revenues

The Goldman Sachs Group, Inc. - Canvas Business Model: Key Activities

$53.51 billion of 2024 net revenues, $14.28 billion of net earnings, $45.70 diluted EPS, and 11.0% return on average common shareholders' equity define the scale of Goldman Sachs Group, Inc.'s key activities.

$3.14 trillion of assets under supervision at December 31, 2024 shows the size of the client asset base tied to asset and wealth management.

M&A advisory 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.

Equity and debt underwriting 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.

• $53.51 billion total net revenues in 2024
• $14.28 billion total net earnings in 2024
• $45.70 diluted EPS in 2024
• 11.0% return on average common shareholders' equity in 2024
• $3.14 trillion assets under supervision at December 31, 2024

Trading in FICC and equities is the market-making and risk-transfer business inside Global Banking & 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.

Asset and wealth management is the recurring-fee activity in Goldman Sachs Group, Inc.'s model. The company reported $16.11 billion of 2024 net revenues and $3.14 trillion of assets under supervision at December 31, 2024, which shows the scale of fee-bearing client capital linked to management, custody, and advisory relationships.

Private credit and alternatives growth 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.

• $16.11 billion asset and wealth management net revenues in 2024
• $3.14 trillion assets under supervision at December 31, 2024
• 26.7% net earnings margin in 2024

The Goldman Sachs Group, Inc. - Canvas Business Model: Key Resources

• Total assets: $2.20T
• Assets under supervision: $3.70T
• Employees: 47,000+

The Goldman Sachs Group, Inc. - Canvas Business Model: Value Propositions

The Goldman Sachs Group, Inc. value proposition rests on $53.51 billion of 2024 net revenues, $3.1 trillion of assets under supervision, and $40.54 diluted EPS. Those numbers show scale, fee power, and capital-markets reach in one platform.

Leading global M&A advisor

2024 net revenues were $53.51 billion, up from $46.25 billion in 2023, a rise of $7.26 billion. For M&A clients, that scale matters because advisory work depends on access, execution, and trust, not on high-volume product sales.

• $53.51 billion 2024 net revenues
• $46.25 billion 2023 net revenues
• $7.26 billion year-over-year increase

Integrated banking and wealth platform

Goldman Sachs reported $3.1 trillion 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.

• $3.1 trillion assets under supervision
• 3 client franchises

AI-enabled onboarding and risk management

Goldman Sachs reported 12.7% return on average common shareholders' equity in 2024 and $40.54 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.

• 12.7% return on average common shareholders' equity in 2024
• $40.54 diluted EPS in 2024

Large-scale alternatives and private credit access

The alternatives proposition depends on scale. Goldman Sachs' $3.1 trillion 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.

• $3.1 trillion assets under supervision
• $53.51 billion 2024 net revenues

Institutional-grade markets and financing capabilities

Markets and financing are the core engine for institutional clients that need underwriting, trading, prime brokerage, and secured lending. Goldman Sachs' $53.51 billion in 2024 net revenues and 12.7% return on average common shareholders' equity show that the firm can carry balance-sheet risk and still generate strong returns.

• $53.51 billion 2024 net revenues
• 12.7% return on average common shareholders' equity in 2024
• $7.26 billion increase in net revenues versus 2023

The Goldman Sachs Group, Inc. - Canvas Business Model: Customer Relationships

Goldman Sachs Group, Inc. relies on long-duration client ties rather than one-time transactions. The company dates to 1869, which makes its operating history 156 years by 2025; that matters because repeat mandates are easier to win when the same client already trusts the firm on financing, advice, and execution.

Long-term relationship banking 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.

• 1869 start date supports multi-decade client continuity
• 156 years of operating history by 2025
• Repeat mandates can cover M&A, debt, equity, hedging, and treasury work
• Client retention is more important than any single transaction

Dedicated coverage teams 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 24/7: institutional clients trade and fund across time zones, so the relationship has to be available when markets move.

High-touch wealth advisory is built around personal service. Goldman Sachs Group, Inc. reported $3.1 trillion of assets under supervision in year-end 2023 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.

• $3.1 trillion of assets under supervision
• Advice-led relationships support recurring fee income
• Lending and portfolio services raise share of wallet
• Client switching costs rise when portfolios, credit, and planning are tied together

Fee-based recurring client engagement 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 $3.1 trillion asset base matters so much: it supports advisory, management, and administration revenue that is less cyclical than deal fees or trading commissions.

Digital self-service for consumer deposits 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 $250,000 FDIC insurance limit per depositor, per insured bank, for each account ownership category. The digital model also works because servicing can run on a 24/7 basis without a branch-heavy cost structure.

• $250,000 FDIC insurance limit
• 24/7 digital access expectations
• Lower-service-cost deposit gathering than branch networks
• Trust, convenience, and cash availability are the main retention drivers

The Goldman Sachs Group, Inc. - Canvas Business Model: Channels

Goldman 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 $3.1 trillion in assets under supervision in Asset & Wealth Management at year-end 2024.

Investment banking teams

Goldman 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&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.

• Advisory
• Equity underwriting
• Debt underwriting
• Leveraged finance
• Balance sheet financing

Wealth management advisors

Goldman Sachs routes affluent and ultra-affluent clients through private wealth advisors and relationship managers. The channel is tied to $3.1 trillion 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.

• High-net-worth individuals
• Ultra-high-net-worth families
• Family offices
• Institutional investors
• Fee-based advisory relationships

Trading and markets platforms

Goldman 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 $53.5 billion in 2024 net revenues.

• Equities
• Fixed income
• Currencies
• Commodities
• Prime brokerage

Marcus by Goldman Sachs

Marcus 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.

• Web onboarding
• Mobile onboarding
• Digital savings products
• Consumer deposit gathering
• Direct-to-consumer access

Global offices and strategic hubs

Goldman 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&A, trading, financing, and wealth management. The office network also supports regulatory, operational, and market-specific execution.

The Goldman Sachs Group, Inc. - Canvas Business Model: Customer Segments

$53.5 billion in 2024 net revenues and $3.1 trillion 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.

Global corporations: this segment sits inside the firm's investment banking, financing, and market-risk management work. The most defensible companywide scale marker is $53.5 billion in 2024 net revenues, which shows the size of the corporate client base the firm needs to serve across advisory, underwriting, treasury, and hedging.

Financial sponsors and private equity firms: this group is linked to leveraged finance, acquisitions, restructurings, and capital raising. The firm's $53.5 billion 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.

Institutional investors: 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 $3.1 trillion in assets under supervision at December 31, 2024. That scale matters because institutional assets drive trading flow, fee income, and balance-sheet usage.

High-net-worth and ultra-high-net-worth clients: this segment is the core of private wealth activity. Goldman Sachs' $3.1 trillion 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.

Consumer deposit customers: 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.

• $53.5 billion net revenues in 2024
• $3.1 trillion assets under supervision at December 31, 2024
• $14.3 billion net earnings to common stockholders in 2024
• 2024 deposit-funding activity for Goldman Sachs Bank USA

The Goldman Sachs Group, Inc. - Canvas Business Model: Cost Structure

Goldman Sachs Group, Inc. reported $46.25 billion of net revenues and $33.1 billion of non-interest expenses in 2023, for an implied efficiency ratio of 71.6%. Compensation and benefits were $17.0 billion, or 51.4% of non-interest expenses.

Compensation and benefits: $17.0 billion in 2023. That is the single largest cost item and equals 51.4% of non-interest expenses.

• $17.0 billion compensation and benefits
• 45,300 employees
• 3,200 jobs cut in January 2023

Non-compensation operating expenses: $16.1 billion in 2023. This equals 48.6% of non-interest expenses and sits alongside pay as the other major cost block.

• $16.1 billion non-compensation operating expenses
• $33.1 billion total non-interest expenses
• 71.6% efficiency ratio

Technology, cloud, and AI investment: communications and technology expense was $3.0 billion in 2023, or 18.6% of non-compensation operating expenses.

• $3.0 billion communications and technology
• 18.6% of non-compensation operating expenses
• $46.25 billion net revenues

Legal, compliance, and settlement costs: the 1MDB-related settlement totaled $3.9 billion.

• $3.9 billion 1MDB-related settlement
• 11.8% of 2023 non-interest expenses
• $33.1 billion non-interest expenses

Workforce restructuring and upskilling: 3,200 jobs were cut in January 2023, and year-end headcount was 45,300.

• 3,200 jobs cut
• 45,300 employees
• $17.0 billion compensation and benefits

The Goldman Sachs Group, Inc. - Canvas Business Model: Revenue Streams

$46.25 billion of net revenues in 2023 and $14.21 billion in Q1 2024 show the size of Goldman Sachs Group, Inc. revenue base. Asset and Wealth Management ended 2023 with $1.6 trillion of assets under supervision, and Platform Solutions reported $2.0 billion of net revenues in 2023.

M&A advisory fees 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 $46.25 billion in 2023 and $14.21 billion in Q1 2024.

Trading and financing revenues are the largest market-linked pool in the business model. They sit inside the firm's consolidated $46.25 billion of 2023 net revenues and $14.21 billion of Q1 2024 net revenues, which means client activity, volatility, and balance sheet use directly affect the top line.

Asset and wealth management fees are anchored by $1.6 trillion 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.

Private credit and alternatives income 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 $1.6 trillion asset base at year-end 2023.

Consumer banking and platform revenues were reported inside Platform Solutions, which generated $2.0 billion of net revenues in 2023. That makes it a smaller but still material fee and spread-based stream inside the overall $46.25 billion revenue base.

• $46.25 billion - 2023 net revenues
• $14.21 billion - Q1 2024 net revenues
• $1.6 trillion - assets under supervision at year-end 2023
• $2.0 billion - Platform Solutions net revenues in 2023