“But we're very confident in that business's ability to deliver mid-teen returns through the cycle.”

How to check this claim

Look at: The business segment's return metric (e.g., ROE) 'through the cycle', as disclosed in management commentary/investor materials

It came true if: Reported multi-year average return in the mid-teens (13%-17%)

Where: Company earnings calls and investor day disclosures on segment returns (GS quarterly/annual filings and management commentary)

Verify independently

SEC filings for GS ↗ · Claim quote is verbatim from the 2025Q2 earnings call.