Goldman Sachs Group Inc at Goldman Sachs U.S. Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, that's a great place to start, obviously a lot to unpack. So let's start off with the M&A business. The firm obviously had good -- very good results last quarter, particularly in M&A, but I think what stood out, at least to me, is that both you and David had a very optimistic outlook on the forward for the investment banking business in particular. As you mentioned, look, we have the leading M&A franchise for the last 20 years. On my calculations, I think we're a third of the announced volume year to date. That really does give you a unique insight into how corporates are thinking about the world. So a couple of questions. The first is, look, how have dialogues shifted over the course of the year. How are you thinking about the cadence of activity heading into 2026 and then obviously, we've just come out of the government shutdown in the US. What sort of impact did that have on activity and how are you thinking about business that was put on pause as a result of the government shutdown?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And then within M&A, we've also seen a meaningful pickup in sponsor-led transactions, which I think is very encouraging and I think something the market has actually been waiting for quite a long period of time. Again, leading market share in that business. How would you characterize the dialogue with financial sponsors in particular and how is the momentum for that part of the franchise heading into 2026?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, so let's talk about the trading businesses. So FICC and Equities again, the firm, I think, has gained on my calculations 350 basis points of market share over the last five years. But I think what's really stood out is the FICC and Equities businesses have proven to be very resilient across a range of different market conditions and continue to grow relative to 2019, and I think I'll go back a few years, everybody thought they were going to mean revert back to those levels, and that clearly hasn't happened. So maybe you can talk a little bit about the outlook for those businesses, but I think more interestingly, talk about the areas that you see the greatest opportunity for investment just given the starting point from a market share perspective. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:00PM, GS.N - Goldman Sachs Group Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, so let's talk about another important strategic initiative which was the Capital Solutions Group. I think it's coming up to the one-year anniversary when that was announced. And I think that was established to help capture the growing opportunities set in private markets. So a year in, what has been the impact, what have you learned and what do you -- and maybe you can talk a little bit about how you think the Capital Solutions Group is a driver to growth going forward from here.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Yeah, so maybe let's talk about FICC financing in particular because I think that's an important part of CSG, the asset based lending component within FICC financing. It's grown a lot across the industry. It's grown a lot at Goldman Sachs. Can you help us understand the composition of what's in there and maybe also talk about the growth dynamic in that part of the business heading into next year.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : So just on the risk management side, obviously a lot of focus, especially around October. How are you thinking about risk management in that business and has your perception of risk in that business changed relative to a year ago?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So let's segue and talk about the outlook for capital and regulatory capital in particular, very important topic, I think, for a number of investors in the room. And look, I appreciate there's a lot of moving pieces here around what's going to happen with the Basel III endgame, what's going to happen with GSIB recalibration, open question marks around how the stress test is (laughter) actually going to change in practice, but it does feel as if the industry is going to be in a position where there is quite considerable excess capital, and I think that will apply to Goldman Sachs as well. So can you talk us through capital management philosophy and maybe talk through where you see some of the best opportunities to redeploy that capital from a risk adjusted return perspective?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : And then as a follow on, can you talk about inorganic growth as an opportunity to redeploy excess capital? And I guess to look to that end, we announced the acquisition of Innovator Capital Management last week. Maybe touch on the rationale behind that transaction, but also touch on the pipeline for those types of transactions going forward.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, so you mentioned Asset & Wealth Management. So let's talk a little bit about those businesses. You did say top five active asset manager globally, where do you see the best opportunities for growth within the asset management franchise from here?

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, and then on the wealth side, can you talk about the ultra-high net worth franchise? I think it's $1.8 trillion of client assets. I think the average account size is $75 million. Maybe talk a little bit about how you see the growth of that business going forward, but also the competitive environment given that a number of firms are investing in that business. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 3:00PM, GS.N - Goldman Sachs Group Inc at Goldman Sachs U.S. Financial Services Conference

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. And then within the private banking business, we've seen very good growth in loan balances and deposits over the last few years. Maybe you can talk a little bit about the outlook for further growth from here, but maybe also talk about the revenue outlook for the lending and the deposit business if we do get more rate cuts over the course of the next 12 months.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, so let's talk about efficiency and AI, two very popular topics. The firm recently announced One GS 3.0. Can you talk us through that initiative, but just more broadly talk a little bit about the outlook for efficiency gains broadly for the firm going forward. And just touch on the role that AI is playing in driving those efficiency gains.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay. So let's talk a little bit about the environment for talent. I think one of the themes that is emerging out of this conference is that everybody is very optimistic on the operating environment heading into next year, in particular on the investment banking and I think on some of the trading business as well. So can you talk to the current environment for talent? Have you seen a noticeable change over the last 12 months in terms of willingness for people to pay up for talent? And maybe talk a little bit about the initiatives the firm is putting in place to retain talent in what I think is a very competitive marketplace.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : Okay, so we've only got a couple of minutes left. So why don't we just wrap up with the key messages that you want investors to take away from this. But I think what would also be interesting is to hear your view on the investment case for Goldman Sachs shares just given where the valuation and the share price have got to.

Question: Richard Ramsden - Goldman Sachs Group Inc - Analyst : That's a great place, I think, to end it. Denis, thank you very much for joining us this year. I look forward to seeing you next year. Thank you.