Goldman Sachs Results Presentation Deck
Asset & Wealth Management
$ in millions
Management and other fees
Incentive fees
Private banking and lending
Equity investments
Debt investments
Net revenues
Provision for credit losses
Operating expenses
Pre-tax earnings / (loss)
Net earnings / (loss)
Net earnings / (loss) to common
Financial Results
Return on average common equity
2Q23
2,354
25
874
(403)
197
3,047
15
3,275
(243)
(208)
(239)
Average common equity $ 31,047
(3.1)%
VS.
1Q23
3%
(53)%
147%
N.M.
(52)%
(5)%
N.M.
3%
N.M.
N.M.
N.M.
(5)%
(8.8)pp
VS.
2Q22
5% $
(86)%
62%
N.M.
(38)%
(4)%
(90)%
16%
N.M. $
N.M. $
N.M. $
(4.9)pp
2Q23
YTD
4,636
78
1,228
(284)
605
6,263
(550)
6,443
370
288
225
31,781
1.4%
VS.
2Q22
YTD
8%
(70)%
19%
N.M.
8%
N.M.
23%
87%
73%
108%
3%
0.7pp
-
■2Q23 net revenues were slightly lower YoY
Record Management and other fees primarily reflected the impact of higher average AUS
Incentive fees were significantly lower, driven by significant harvesting in 2Q22
Private banking and lending net revenues were a record, primarily reflecting the impact of
higher deposit spreads and balances, as well as a gain of ~$100 million related to the sale of
substantially all of the remaining Marcus loans portfolio
Equity investments reflected net losses from real estate investments compared with net gains
in 2Q22, partially offset by significantly lower net losses from investments in public equities
O Private: 2Q23 ~$(305) million, compared to 2Q22 ~$540 million
O Public: 2Q23 -$(100) million, compared to 2Q22 ~$(640) million
Debt investments reflected net mark-downs in real estate investments
2Q23 operating expenses included impairments of ~$485 million related to consolidated real
estate investments
Asset & Wealth Management Highlights
■ The impact to 2Q23 YTD pre-tax margin of 6% from the results of Marcus loans and historical
principal investments was a reduction of 15pp
■2Q23 select data4:
$3,047
Total assets of $196 billion
Loan balance of $49 billion, of which $33 billion related to Private banking and lending
Net interest income of $821 million
Asset & Wealth Management Net Revenues ($ in millions)
$3,216
$2,354
$874
$(403)
2Q23
$25
$197
$2,282
$354
$408
1Q23
$53
$119
$3,179
$2,243
Goldman
Sachs
$538
$317
2Q22
$185
$(104)
■Management
and other fees
Incentive
fees
■ Private banking
and lending
Equity
investments
Debt
investments
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