GS 10-K Annual Report Dec. 31, 2024 | Alphaminr
GOLDMAN SACHS GROUP INC
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GS 10-K Fiscal year ended Dec. 31, 2024

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CIK: 886982
Filing Type: 424B2
Report Date: 2024-12-31
Download URL: https://www.sec.gov/Archives/edgar/data/886982/000095017024141625/gs-20241231.htm
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TABLE OF CONTENTS
Part IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Mine Safety DisclosuresPart IIItem 5. Market For Registrant S Common Equity, Related Stockholder Matters and Issuer Purchases Of Equity SecuritiesItem 7. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsItem 7A. Quantitative and Qualitative Disclosures About Market RiskItem 8. Financial Statements and Supplementary DataNote 27 For Further Information About Matters Related To 1mdbItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationItem 9C. Disclosure Regarding Foreign Jurisdictions That Prevent InspectionsPart IIIItem 10. Directors, Executive Officers and Corporate GovernanceItem 11. Executive CompensationItem 12. Security Ownership Of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13. Certain Relationships and Related Transactions, and Director IndependenceItem 14. Principal Accountant Fees and ServicesPart IVItem 15. Exhibit and Financial Statement Schedules

Exhibits

Restated Certificate of Incorporation of The Goldman Sachs Group, Inc., amended as ofFebruary 12, 2025(incorporated by reference to Exhibit 3.1tothe Registrants Current Report on Form 8-K, filed onFebruary 13, 2025).Amended and Restated By-Laws of The Goldman Sachs Group, Inc., amended as of November 3, 2023(incorporated by reference to Exhibit3.2to the Registrants Quarterly Report on Form 10-Q for the quarter ended September 30, 2023).Description of The Goldman Sachs Group, Inc.s Securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.Subordinated Debt Indenture, dated as of February 20, 2004, between The Goldman Sachs Group, Inc. and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.2 to the Registrants Annual Report on Form 10-K for the fiscal year ended November 28, 2003).Senior Debt Indenture, dated as of December 4, 2007, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.69 to the Registrants Post-Effective Amendment No. 10 to Form S-3, filed on December 4, 2007).Senior Debt Indenture, dated as of July 16, 2008, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.82 to the Registrants Post-Effective Amendment No. 11 to Form S-3 (No. 333-130074), filed on July 17, 2008).Fourth Supplemental Indenture, dated as of December 31, 2016, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of July 16, 2008 (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K, filed on January 6, 2017).Senior Debt Indenture, dated as of October 10, 2008, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.70 to the Registrants Registration Statement on Form S-3 (No. 333-154173), filed on October 10, 2008).First Supplemental Indenture, dated as of February 20, 2015, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.7 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014).Fourth Supplemental Indenture, dated as of August 21, 2018, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.1 to the Registrants Quarterly Report on Form 10Q for the period ended September 30, 2018).Ninth Supplemental Subordinated Debt Indenture, dated as of May 20, 2015, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Subordinated Debt Indenture, dated as of February 20, 2004 (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K, filed on May 22, 2015).Tenth Supplemental Subordinated Debt Indenture, dated as of July 7, 2017, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee, with respect to the Subordinated Debt Indenture, dated as of February 20, 2004 (incorporated by reference to Exhibit 4.89 to the Registrants Registration Statement on Form S-3 (No. 333-219206), filed on July 10, 2017).Seventh Supplemental Indenture, dated as of July 1, 2020, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.69 to the Registrants Registration Statement on Form S-3 (No. 333-239610), filed on July 1, 2020).Eighth Supplemental Indenture, dated as of October 14, 2020, among GS Finance Corp., as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee, with respect to the Senior Debt Indenture, dated as of October 10, 2008 (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K, filed on October 14, 2020).Amended and Restated The Goldman Sachs Group, Inc. Clawback Policy, effective as of December 1, 2023 (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q for the period ended March 31, 2024).The Goldman Sachs Amended and Restated Restricted Partner Compensation Plan (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q for the period ended February 24, 2006). Amended and Restated Shareholders Agreement, effective as of December 31, 2019, among The Goldman Sachs Group, Inc. and various parties (incorporated by reference to Exhibit 10.6 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2019).Form of Amendment, dated November 27, 2004, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999 (incorporated by reference to Exhibit 10.32 to the Registrants Annual Report on Form 10-K for the fiscal year ended November 26, 2004). Form of Non-Employee Director RSU Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.21 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Ground Lease, dated August 23, 2005, between Battery Park City Authority d/b/a/ Hugh L. Carey Battery Park City Authority, as Landlord, and Goldman Sachs Headquarters LLC, as Tenant (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K, filed on August 26, 2005).General Guarantee Agreement, dated January 30, 2006, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs & Co. LLC (incorporated by reference to Exhibit 10.45 to the Registrants Annual Report on Form 10-K for the fiscal year ended November 25, 2005).Goldman Sachs & Co. LLC Executive Life Insurance Policy and Certificate with Metropolitan Life Insurance Company for Participating Managing Directors (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q for the period ended August 25, 2006). Form of Goldman Sachs & Co. LLC Executive Life Insurance Policy with Pacific Life & Annuity Company for Participating Managing Directors, including policy specifications and form of restriction on Policy Owners Rights (incorporated by reference to Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q for the period ended August 25, 2006). Form of Second Amendment, dated November 25, 2006, to Agreement Relating to Noncompetition and Other Covenants, dated May 7, 1999, as amended effective November 27, 2004 (incorporated by reference to Exhibit 10.51 to the Registrants Annual Report on Form 10-K for the fiscal year ended November 24, 2006). Description of PMD Retiree Medical Program (incorporated by reference to Exhibit 10.20 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2021). General Guarantee Agreement, dated December 1, 2008, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.80 to the Registrants Post-Effective Amendment No. 2 to Form S3, filed on March 19, 2009).Form of One-Time RSU Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.32 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Amendments to Certain Non-Employee Director Equity Award Agreements (incorporated by reference to Exhibit 10.69 to the Registrants Annual Report on Form 10-K for the fiscal year ended November 28, 2008). Form of Year-End RSU Award Agreement (not fully vested) (pre-2015) (incorporated by reference to Exhibit 10.36 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Form of Year-End RSU Award Agreement (fully vested) (pre-2015) (incorporated by reference to Exhibit 10.37 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Form of Year-End RSU Award Agreement (Base and/or Supplemental) (pre-2015) (incorporated by reference to Exhibit 10.38 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Form of Year-End Restricted Stock Award Agreement (fully vested) (pre-2015) (incorporated by reference to Exhibit 10.41 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2013). Form of Year-End Restricted Stock Award Agreement (Base and/or Supplemental) (pre-2015) (incorporated by reference to Exhibit 10.41 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Form of Fixed Allowance RSU Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.43 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2014). Form of Deed of Gift (incorporated by reference to Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q for the period ended June 30, 2010). The Goldman Sachs Long-Term Performance Incentive Plan, dated December 17, 2010 (incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K, filed on December 23, 2010). Form of Performance-Based Restricted Stock Unit Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.2 to the Registrants Current Report on Form 8-K, filed on December 23, 2010). Form of Performance-Based Option Award Agreement (incorporated by reference to Exhibit 10.3 to the Registrants Current Report on Form 8-K, filed on December 23, 2010). Form of Performance-Based Cash Compensation Award Agreement (pre-2015) (incorporated by reference to Exhibit 10.4 to the Registrants Current Report on Form 8-K, filed on December 23, 2010). Amended and Restated General Guarantee Agreement, dated November 21, 2011, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K, filed on November 21, 2011).Form of Aircraft Time Sharing Agreement (incorporated by reference to Exhibit 10.61 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2011). Form of Non-Employee Director RSU Award Agreement. Form of Non-Employee Director RSU Award Agreement (Cash-Settled)FormofOne-Time/Year-EndRSUAwardAgreement. Form ofOne-Time/Year-End RSU Award Agreement (fully vested). Form ofOne-Time/Year-End RSU Award Agreement (Base (not fully vested) and/or Supplemental). Form ofOne-Time/Year-End Short-Term RSU Award Agreement. Form of Year-End Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.46 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2020). Form of Year-End Restricted Stock Award Agreement (fully vested) (incorporated by reference to Exhibit 10.53 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2017). Form of Year-End Short-Term Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.57 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2015). Form of Fixed Allowance Deferred Cash Award Agreement (incorporated by reference to Exhibit 10.59 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2015).Form ofOne-Time/Year-EndPerformance-Based RestrictedStockUnitAwardAgreement(fullyvested).Form ofOne-Time/Year-EndPerformance-Based Restricted Stock Unit Award Agreement (not fully vested). Form of Performance-Based Cash Compensation Award Agreement (incorporated by reference to Exhibit 10.61 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2015). Form of Signature Card for Equity Awards. Form of Amended and Restated Agreement of Limited Partnership for Participants in the Long Term Executive Carried Interest Incentive Program.Form of Subscription Agreement and Materials for Participants in the Long Term Executive Carried Interest Incentive Program.Amendedand Restated General Guarantee Agreement, dated September 28, 2018, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs Bank USA (incorporated by reference to Exhibit 4.1 to the Registrants Current Report on Form 8-K, filed on September 28, 2018).Amended and Restated General Guarantee Agreement, dated September 28, 2018, made by The Goldman Sachs Group, Inc. relating to certain obligations of Goldman Sachs & Co. LLC (incorporated by reference to Exhibit 99.1 to the Registrants Current Report on Form 8-K, filed on September 28, 2018).Lease, dated August 17, 2018, between Farringdon Street Partners Limited and Farringdon Street (Nominee) Limited, as Landlord, and Goldman Sachs International, as Tenant (incorporated by reference to Exhibit 10.3 to the Registrants Quarterly Report on Form 10Q for the period ended September 30, 2018).The Goldman Sachs Group, Inc. Firmwide Insider Trading Policy.List of significant subsidiaries of The Goldman Sachs Group, Inc.Issuers of guaranteed securities (incorporated by reference to Exhibit 22.1 to the Registrants Post-Effective Amendment No. 1 to Form S-3, filed on February 18, 2021).Consent of Independent Registered Public Accounting Firm.Rule 13a-14(a) Certifications.Section 1350 Certifications (This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934).The Goldman Sachs Group, Inc. Policy for the Recovery of Erroneously Awarded Compensation, effective as of December 1, 2023 (incorporated by reference to Exhibit 97.1 to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2023).