GS (GS)

“Our expectation, Ebrahim, is certainly that's going to continue.”

“For the full year, we continue to expect an effective tax rate of approximately 20%.”

“We expect quarterly revenues for the remainder of the year to be broadly consistent with the second quarter.”

“Given the strength we've seen year to date, we now expect full-year fundraising to exceed $125 billion.”

“We expect these fees to increase materially for the remainder of the year.”

“Given our progress and what we see in our pipelines, we expect this flywheel of activity to continue.”

“But I think this continues with any sort of medium-term or longer-term view to be a very, very attractive platform for us, and we are very confident that we have significant runway to further scale our business toward our $300 billion target.”

“There is an impact from the more competitive environment for deposit raising. And we do expect that will persist as a headwind for much of 2026.”

“For the full year, we expect a tax rate of approximately 20%.”

“Gross third-party alternatives fundraising was $26 billion in the quarter, putting us on track towards our annual fundraising expectations.”

“So I think we're very comfortable that we are operating as a mid-teens firm. We think that we can do things that over time will drive upside to that, but we're not going to set targets until we're very comfortable that we further elevated the firm.”

“We were very pointed in our comments on the last slide in that presentation that we're reaffirming our mid-teens targets.”

“I think we now are operating with a global banking and markets franchise that should run mid-teens through the cycle.”

“And in the near term, we believe that our catalysts position us to exceed our return target.”

“On page 15, we outline our firm-wide through-the-cycle targets. Given the successful execution against our strategic priorities, we are confident that we will continue to deliver on these.”

“I do think if you look forward, the mix of the firm will continue because the growth in asset wealth management is faster. It will continue to shift.”

“We're gonna continue to invest in the growth of asset wealth management, and we would like the mix to continue to evolve.”

“Our focus is continuing to grow lending activities and the lending penetration.”

“We'll focus on growing our overall level of deposit activity across the segment. Yeah. But we do expect there could be some NIM compression given our expectations on the rate cycle.”

“Users should expect that this service will be seamless. It'll be uninterrupted. And they'll continue to earn the same competitive rate they've been getting on their savings.”

“Our expectation is we'll have a small, you know, pretax loss for the year in the segment, but nothing that's material for Goldman Sachs.”

“For 2026, we expect a tax rate of approximately 20%.”

“We expect to make further progress in 2026 towards our annual target of $1 billion.”

“And while we are mindful of our current stock price, we will remain dynamic in executing repurchases.”

“This further supports our existing target of generating $1 billion in incentive fees annually.”

“We expect fee-paying alternative assets under supervision to reach $750 billion by 2030.”

“As these funds continue to be deployed, we expect double-digit growth in alternative management and other fees.”

“To sharpen our focus on future growth in wealth management, we are introducing a new target of 5% long-term fee-based net inflows annually from the platform.”

“And we expect further growth from here.”

“We are increasing our pretax margin target to 30%, which will help drive high-teen returns in AWM over the medium term.”

“On the public side, we are optimistic about the outlook for equity and debt underwriting, particularly amid the resurgence in the IPO market and higher acquisition finance-related activity.”

“And we expect activity to accelerate in 2026.”

“I absolutely think that the regulatory direction of travel is improving our competitive position significantly on the timeline.”

“We commented on sponsors, sponsor activity is up kind of 40%. We see more of that in the pipeline and I think you're going to see an acceleration there.”

“This year we're making an effort to actually spread it out over the course of the year, so it won't be showing up only in the third quarter.”

“It's harder to give you an exact timeline, but I'd say you're going to see real progress this fall and real progress during the first half of 2026.”

“For the full year, we continue to expect a tax rate of approximately 22%.”

“We're encouraged by the steady build in sponsor activity, which is now tracking 40% higher versus last year.”

“I think most firms, including ourselves, would be comfortable running with buffers that are less than the buffers you've seen on average over the last few years.”

“When you think about the firm, two big businesses, Banking & Markets, Asset & Wealth Management, Banking & Markets, mid teens through the cycle and as we execute on Asset & Wealth Management and continue to enhance the returns, that should produce a significantly higher return than it currently produces.”

“We are highly confident in our ability to uplift the returns in Asset & Wealth Management over the next couple of years.”

“We believe through the cycle that is a mid teens business.”

“The overall environment, deal making environment, monetization environment, proportion of sponsor activity in the world, all of that is trending in the right direction and that should help propel us closer to our medium-term targets of $1 billion of incentive fees per year.”

“We still do have visibility and expectations that there's significant amounts of incentive fees that will pull through the P&L over the next several years.”

“We are the number one M&A advisor globally, well positioned to capitalize on the upswing in investment banking activity, which we expect in the next 12 to 24 months.”

“We continue to expect growth in the high single digits on an annual basis over the medium term.”

“What's going on from a regulatory and a macro perspective gives us a higher level of confidence in our ability to deliver on that.”

“You know, we have been talking about our ability to drive the firm to mid-teens ROEs.”

“And it feels like we're entering a period of a higher level of activity, and we're seeing that in the accruals.”

“I do think given what's going on with the capital stack and the capital regime, and given the way we're executing on our strategy, which is allowing the firm to grow, there is room for us to continue to drive that dividend higher.”

“I don't think you should expect the 33% increase in dividend every year. We are committed to growing the dividend steadily.”

“We are committed to aggressively reduce that portfolio and are working very, very hard at it.”

“And I think we're gonna get more over the course of the next twelve months.”

“But based on the changes that have been made, that on-balance-sheet co-investment capital will be more favorably treated, we would expect on an ongoing basis. And present less of a returns headwind to executing on our prioritized strategy.”

“But I think in terms of our operating philosophy, we'd still expect to run with approximately fifty to a hundred basis point buffer versus the new and applicable regulatory minimum.”

“We reduced it by about 10% in the quarter. Now stands at about $8 billion. And as market conditions continue to persist and they open up, that should provide us with incremental opportunities.”

“We continue to expect fundraising to be in line with recent years.”

“Given the more challenging harvesting environment, we expect results in the second half of 2025 to be more muted relative to our medium-term run rate expectations.”

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

“We expect to make further progress on our target of $1 billion annual incentive fees over the medium term, with fees ramping up more materially in 2026 and 2027 as we continue to deploy and harvest funds.”

“I don't see any decline in any way, shape or form of clients' interest in dealing with Goldman Sachs in any part of the world, and I don't expect that to change on any significant basis.”

“We are confident that we will have capital available to deploy when there are opportunities, but if we don't, we will continue to actively return it to shareholders.”

“We remain committed to paying our shareholders a sustainable and growing dividend.”

“But with the flagship launches, I expect that would improve over time.”

“We're early in the quarter, and so far the business is performing very well and clients are very active.”

“It's reasonable to expect that some of those balances come down as asset prices reset and then you'll continue to support clients with their financing needs, but perhaps off of a lower base given the adjustment in market prices.”

“We continue to expect fundraising to be in line with recent years, though this outlook could be impacted by market conditions.”

“We continue to expect high single-digit annual growth in these lines over time.”

“We expect by the end of 2026, we'll have sold down the vast majority of exposures versus where we began, and we're committed to continuing to chip away at this.”

“We expect to make progress on our target of $1 billion in annual incentive fees over the medium term, supported by an estimated $4.1 billion of unrecognized incentive fees as of year-end.”

“We are prepared if there's opportunity there to allocate meaningfully more. But if there's not opportunity there, it's probably going to come back.”

“I think at the moment, for our business and our business mix, particularly, around capital markets activity, etc. We have -- it feels like we have a tailwind going into 2025. And I do think that levels that have been below historical averages are going to a minimum normalize, maybe do better.”

“We're actually trying to do a number of things at the same time... First and foremost, we continue to see good opportunities to grow the firm, and we expect that as we continue to grow the firm, we should be able to continue to deliver incremental operating leverage.”

“The most important thing that's happening is the card continues to improve and its performance and the card is driving towards profitability.”

“As we head into '25, we'll support clients, invest in sustainably grow our dividend and then to the extent we have excess capital return it to shareholders, all the while managing an appropriate buffer given some of the ongoing regulatory uncertainty.”

“And lastly, we are driving platform solutions to pretax breakeven in 2025.”

“If you have a mid-teens Global Banking & Markets business, if we get Asset & Wealth Management, the mid-teens plus and we removed the drag from the platform that gets you to a mid-teens business. We have a high level of confidence in our ability to execute against that.”

“In our journey to further improve the return profile of the firm, we are committed to driving this business towards mid-teens returns.”

“We re-underwrite our expectation that we will continue to grow AWM management and other fees, high-single digits over the next several years.”

“In addition, Platform Solutions, where we still have the Apple Card platform, this year, depending on how you look at it, and I'll give you rough numbers was a 75 basis point to 100 basis point drag on the firm's overall ROE, that will improve in 2025 and 2026.”

“We believe over the next couple of years, continued scaling and profitability in our alternative platform combined with our ability to continue to grow management fees and at the same time, also free up capital from legacy principal investments will allow us to bring the returns in Asset & Wealth Management to the mid-teens or higher.”

“we continue to expect to drive high-single digit annual growth in the coming years.”

“As a guide, I'd point you to where we were in Q1 and Q2 of this year, something on the order of negative $50 million or $60 million per quarter, just to give you a sense for how that rolls forward from here until closing.”

“There has to be a conversion to the new issuer and then ultimately at closing of the platform transfer expectations we're targeting Q3 of 2025.”

“For the full year, we continued to expect the tax rate of approximately 22%.”

“Management and other fees increased 3% sequentially to a record $2.6 billion for the quarter and $7.6 billion for the year to-date well on the way to achieving our $10 billion annual target for 2024.”

“We are seeing increased client demand for committed acquisition financing, which we expect to continue on the back of increasing M&A activity.”

“Our backlog rose again this quarter driven by advisory and we expect our leading investment banking franchises to benefit from the continued resurgence in activity.”

“But we are confident over the course of the next few years that we can bring the returns of our Asset & Wealth Management franchise into the mid-teens.”

“We continue to expect to reach our annual target of $1 billion over the medium term, supported by approximately $4 billion of unrecognized incentive fees as of the last quarter.”

“We remain confident in our ability to grow these more durable revenues at a high single digit pace over the coming years, and alternatives fundraising remains strong.”

“But we have not had as much monetization in line with where the market has been generally. So as activity improves, we will also see more monetization and we expect that over the next several years, we will move towards those medium-term targets of a run rate, $1 billion worth of incentive fees.”

“There's no reason why we're not going to get back to 10-year average is a tailwind, but you can look at the performance in banking and markets, and that's one building block in the foundation for mid-teens returns.”

“One, for sure, we still have a little bit of drag from the enterprise platforms which we're working through. And so that will come out.”

“I'm just not smart enough to tell you exactly which quarter and how quickly, but we are going to go back to more normalized levels.”

“Although we manage our credit and our wholesale risk very, very diligently and consistently, it is more likely the case that we will have some degree of impairments given our size and scale and representation in the business.”

“Our expectation is that we will continue to chip away at it across both the third and the fourth quarter of this year and then on into 2025. There's really no change on our commitment to sell down the vast majority of that by the end of next year.”

“So I think it is an important incremental contributor and should be, you know, should help the return profile of asset wealth management on the forward, couple that with the success that we're having with ongoing alts fundraising and that will help to feed future investments and funds, which in turn will generate some backlog of potential incentive fees above and beyond what's already in the unrealized disclosures.”

“I think you've seen that the level of growth has slowed as we have sort of implemented several rounds of underwriting adjustments to the card originations and so our expectation is that on the forward you know the period-over-period growth should be more muted.”

“We'll continue to work with that capital flexibility and we'll also continue to engage around this process to ensure that over time we can drive the level of capital that we have to hold in our business mix down.”

“We think we can continue to grow the business. As we've said, high-single-digits, we can continue to improve the margin and ultimately bring up that AWM, ROE.”

“But we do have visibility, for example, as we continue to move out of some of our CIE exposures that we should be able to reduce some of the operating expenses associated with that.”

“As we continue to grow our revenues, we should be able to deliver better and better efficiency.”

“But we believe, given the breadth of that franchise, that we should be able to continue to support the secular growth that our clients are witnessing, even as various rate environments should moderate.”

“We are seeing a material increase in client demand for committed acquisition financing, which we expect to continue on the back of increasing M&A activity.”

“I think, especially given the environment that we're in, that you're going to see over the next few quarters into 2025 kind of a reacceleration of that sponsor activity.”

“We will dynamically deploy capital to support our client franchise, while targeting a prudent buffer above our new requirement.”

“Given our higher than expected SCB requirement, we plan to moderate buybacks versus the levels of the second quarter.”

“For the full-year, we continue to expect the tax rate of approximately 22%.”

“Given the stronger-than-anticipated fundraising in the first-half of the year, as well as our current pipeline, we expect to exceed $50 billion in alternatives fundraising this year.”

“So based on what we see we think this is the appropriate place to accrue compensation, but we'll obviously monitor that closely as the balance of the year evolves.”

“We've said clearly that we believe that we can bring the platforms to breakeven or profitability in 2025 and we're executing against that.”

“We are focused on our strategic objectives and the execution focus areas for 2024 that we laid out in January, which will help our businesses produce mid-teens returns through the cycle.”

“So we -- in January, we said to you, we thought high single-digit growth with margin improvement and less capital density over time. We're executing on that.”

“And we expect that the underlying demand from our clients for financing across both FICC and Equities will remain high.”

“We've said clearly, we think this is a mid-teens business through the cycle.”

“Given expectations for significant modifications to the Basel III proposed rule, we should have materially more flexibility on capital deployment.”

“In line with our target, we expect to drive this business to pre-tax breakeven next year.”

“We continue to expect to raise between $40 billion and $50 billion in Alternatives across private equity and other strategies this year.”

“Given a more accommodative issuance backdrop as well as the potential for increased acquisition financing, alongside higher M&A activity, we expect solid levels of debt underwriting activity to continue this year.”

“We expect reductions at roughly this pace for the rest of 2024 and expect to sell down the vast majority of our HPI portfolio by the end of 2026 consistent with our target.”

“More broadly, we are leveraging our long-standing leadership position in private credit to capitalize on this secular growth opportunity and expect to grow our assets from roughly $130 billion to $300 billion over the next five years.”

“There is an operating leverage story, which is one of the reasons why the margin in our Asset & Wealth Management business will continue to improve.”

“And we've been very focused, as you've seen, on growing the dividend, and we plan to continue to do that.”

“I think as we look into 2024, if you take a look at the disclosure round selected items, we don't expect those types of activities to repeat, and we'll be very, very -- remain very, very focused on maintaining our overall non-comp expense spend.”

“But you'll see us continue to raise money on a year-to-year basis. And we've got some big funds that we're going to be in the market with in 2024, and we'll continue to build the partnerships with that client base.”

“We think the drag will be significantly reduced in 2024.”

“That doesn't mean there won't be anything, but the drag from platforms in 2024 will be materially reduced from what it's been.”

“I think we've been pretty clear that we can drive the Asset & Wealth Management with a smaller balance sheet to mid-teens returns or better with a 25% margin. We're on that journey. We're making progress. I think we'll make very good progress over the next two years.”

“And I would just say, as we move into 2024, we continue to focus on driving growth across the strategic channels and be thoughtful about our overall funding mix.”

“We continue to work with Apple on a partnership with them to serve our customers and to continue to reduce the drag from the partnership, and we continue to make good progress. And the drag in 2024 will be materially less.”

“I don't expect it to continue at that pace. I think Denis' comments in the opening, we're seeing more activity in the first few weeks of the year.”

“And we are just, across debt and equity issuance, seeing more activity, more engagement.”

“While we expect to remain nimble with respect to capital return, given the ongoing uncertainty around the Basel III proposed rule, our capital management philosophy is unchanged.”

“We continue to focus on exiting this portfolio over the medium-term, though we don't expect portfolio reductions in 2024 to be at the same pace as in 2023.”

“Full year management and other fees were $9.5 billion, putting us on track to hit our $10 billion target in 2024, notwithstanding the sale of our PFM business.”

“Our consumer ambitions have produced over $150 billion of deposits, which we expect to grow further from here.”

“We continue to believe through the cycle that that business is a mid-teens business.”

“We continue to orient the firm to drive towards our 60% target.”

“to generate mid-teens returns through the cycle and strong total shareholder return.”

“So I do think just at a high level, look, this is a high level. I think the environment in 2024 feels like it will be better for our mix of businesses than it was in 2023.”

“We are already seeing signs of potential resurgence in strategic activity, which is reflected in our backlog.”

“We set a clear target over the next three years to get to zero. My guess is, we've got a good shot if we executed doing that quicker than that.”

“So we continue to be committed to the 60% efficiency ratio.”

“We're relatively confident that over the next 12 to 24 months, we'll make materially more progress in that.”

“And so that business, we have a high degree of confidence we'll operate at mid-teens or higher as we reposition it.”

“We've talked about how we've reduced the historical principal businesses -- the historical principal investments by $9 billion this year. We set a target for $15 billion by next year, which we'll meet and then close to zero two years later.”

“Second, we have the Asset & Wealth Management business, which we believe is mid-teens or higher returns as we reduce the historical principal and make it a lower capital business.”

“And we firmly believe that, that business is a mid-teens through the cycle business, the way we've materially grown our wallet shares, the way we've grown our financing footprint, which adds more balance to the business and with our market-leading franchises across that business.”

“In conclusion, our third quarter results reflect the ongoing narrowing of our strategic focus and the execution of our priorities, which will help drive our businesses to produce mid-teens returns through the cycle.”

“both of which are being positioned to deliver mid-teen returns through the cycle”

“But we also believe that as we continue to execute on our strategy, which narrows our focus and keeps us focused on our two core businesses of Global Banking & Markets and Asset & Wealth Management, that the efficiency ratio target that we're hiring -- that we're highlighting over the next few years is a reasonable target.”

“That's not our current expectation to repeat that.”

“As we move forward, our expectation is we'll continue to see elevated charge-offs.”

“We expect the growth rate for that activity has been slowing and could slow further, and that has some positive impacts.”

“We expect that there will be more incentive fees next year and beyond.”

“I don't think it's the right run rate. I think there's a combination of things that we expect over the next 12 months in terms of growth in revenue, composition of the clients as well as ongoing efficiency with respect to expenses. So I think we should be outperforming any type of run rate analysis.”

“Our core focus is on reducing the drag over the course of the next 12 to 24 months and ensuring we operate them better.”

“Our focus at the moment is on managing them better, getting rid of the drag and bringing them to profitability.”

“But we would expect significant opportunity for the growth in private credit as a part of the overall growth of our Asset & Wealth Management franchise.”

“We are growing our financing for our Global Banking & Markets franchise, and we expect to continue to grow that financing footprint, and we have a plan to continue to put more financial resources toward growing that financing footprint.”

“Given the uncertainty around the capital rules at this time, we expect to moderate fourth quarter share repurchases versus the third quarter.”

“We generated record management and other fees of $2.4 billion and are well on our way of achieving our $10 billion annual target to 2024.”

“But I'd just highlight, when you go back to our core business, banking and markets, where we are a leader and I think given the mix of that business is performing well and what's not a perfect environment for that business, if that business, we really believe will deliver mid-teens through the cycle.”

“We're going to make progress, Mike, over the next couple of years, the next 2 to 3 years, we're going to make meaningful progress.”

“And as we continue to narrow the drag which we're making progress on in the platforms and I believe we'll narrow that to 0 and move past that, you've got these 2 businesses that are the firm that will be mid-teens through the cycle.”

“We believe that, that global markets and banking business can deliver mid-teens returns through the cycle and that obviously makes up more than 2/3 of the firm.”

“I remain fully confident that we will deliver on our through-the-cycle targets of mid-teens returns on at significant value for shareholders.”

“On the one hand, the net charge-off in consumer at 5 for the quarter, given the nature of our portfolio, its maturity, the overall operating environment we do expect that, that will continue to tick up over the next couple of quarters.”

“I'm not smart enough to tell you this quarter, next quarter but it will meaningfully improve and it's an important component to investment banking activity.”

“The asset management journey is going to take and we were very clear about this in February, it's going to take 2 to 3 more years for us to continue to make progress on the journey with respect to the continued reduction of the balance sheet and the revenue growth and the margin uplift.”

“We do intend to grow that from here but we'll have to continue to work hard to continue to deliver the type of period-over-period growth but we do think there is still unaddressed market share and we continue to grow our balances to grow those revenues.”

“As we -- if we ultimately reach our target, we expect the total AE reduction to be approximately $9 billion.”

“This increase will enable us to pay our shareholders a sustainable growing dividend and maintain a competitive yield, complemented by our previously announced $30 million share repurchase program where we intend to step up the level of buybacks going forward.”

“We laid out at our Investor Day a plan to move over the coming few years to close to zero on the historical principal investments. We continue to have a target to get to $15 billion by the end of 2024. We're confident that we're going to execute on that target.”

“So even though we indicated it may slow later in this year, strong conviction that we'll be on pace for the total amount that we had indicated, just given what we see across our platform.”

“There are a lot of positions. There's no question when there are market headwinds, some of that might go a little bit slower, but we're on pace with what we're trying to do and are committed to it.”

“We feel good about that progress and we're going to continue to move to reduce that to zero over time.”

“At Investor Day, we outlined that over the course of the year, we'd have run rate payroll expense of about $600 million and non-comp efficiency, about $400 million, and we see about half of that reflected in this year and the balance thereafter.”

“We indicated that the pace could slow over the balance of the year, but we do have about 20 offerings in market on diversified basis across asset classes where we're actively looking to raise funds.”

“I do think, given the size and the strength of Goldman Sachs, as a G-SIB and the way we're positioned, we're well positioned to compete with our clients for this business... So we are going to stay focused on that and we expect the business to grow over time.”

“In terms of the overall trajectory for the segment, I think we have to step back. Our number one focus is driving towards profitability. We also mentioned that we look to continue to improve the efficiency ratio.”

“So I would just expect more of a base level of activity from what's been very, very muted.”

“I'd expect more in the second half of the year unless there was a really strong, a much more pronounced economic disruption because it just takes time for people to reset.”

“Though we find our stock price attractive at current levels in light of the current environment, we expect to moderate our repurchase levels in the second quarter relative to the first quarter.”

“While we expect to continue to focus on sustainably growing our dividend, we would note that repurchases in any given quarter will vary.”

“We remain cautiously optimistic on the outlook for the second half of the year and 2024, particularly for strategic M&A.”

“We expect that the impact of these actions will become more fully reflected in our results over time, remain highly focused on operating efficiency and are committed to our 60% efficiency ratio target as the right place to run the firm.”

“I think as we turn the page on a New Year, there is lots of opportunity for us to continue to drive our equity financing activities, and we have less constraints given that we have now achieved the 3% G-SIB target.”

“Given the capital position that we sit with at the beginning of the year, we have capacity to fuel incremental financing activities in the FICC business.”

“So, we remain really focused on continuing to drive at the expense of these platforms in aggregate, and we expect to drive a lot of benefit at scale.”

“The run rate expense associated with that group was approximately $475 million, and we expect the benefit in 2023 north of $200 million associated with that.”

“That should free up a bunch of financial resources.”

“So let me help with some color as it relates to provisions, particularly in the fourth quarter... I think what you can see in the build of the provisions over the course of the fourth quarter, and we do expect some of this to continue over the course of 2023 is that we began the on-balance sheet originations in our point-of-sale lending platform, GreenSky. And so that obviously brings with it an upfront reserve build. So that’s something that initiated over the balance of this past year and will continue through the following year.”

“As it relates to our funding plan based on current expectations, we intend for 2023 issuance to run significantly below 2022 levels, though we will remain dynamic with respect to business needs and market opportunities.”

“We anticipate further pressure in 2023 given the vintage and nature of our portfolio.”

“We expect these costs to also impact 2023 results, though at a lower level and decline materially over subsequent years.”

“An environment with massive swing in asset prices continues, we will push it out. If that simply normalizes then the overall economic picture of the firm, in addition to the work we’re doing on the expense side that we’ve gotten focused on, will show a very, very different picture.”

“We will likely allow the book to roll down naturally, although we are considering other alternatives.”

“But we remain committed to the target and are operating the firm to deliver on that target.”

“one of the things that changes by aligning our direct-to-consumer business with our wealth business and people that are on our wealth platform is that the forward spend for customer acquisition is meaningfully lower.”

“And there's nothing about the environment or the way we're running the firm that doesn't lead us to believe that we can deliver on the targets that we would set over the course of the coming years, whether the return target or also the efficiency target that we've set.”

“So thanks for the question, Glenn. And look, at a high level, the targets remain in place. And our confidence in the targets and our ability to deliver those targets is high, and we're very focused on them.”

“we will tell you now that our fundamental strategy remains the same and we will be maintaining our principal financial targets.”

“We will not necessarily hit that target each and every year. This is probably one of those years.”

“we do believe as the platform scales and you stop the pace of growth that we've had, so you're not front-loading reserves the same way, that what we're doing will deliver accretive returns to the firm.”

“Our position is, we remain focused on targeting the 3% GSIB, same message we gave at the end of the second quarter... We are on track to achieve the 3% GSIB level.”

“we're going to continue to think very, very disciplined about the way in which we deploy non-compensation expenditures striking the balance of driving towards our efficiency ratio but as well as making the investments that we think are appropriate to continue to strengthen and grow the firm.”

“And we have a series of offerings that are coming over the course of the next 18 months.”

“We remain highly focused on operating efficiency. As we've previously discussed, we are actively engaged in expense mitigation efforts, and we expect that these actions will become more fully reflected in our results over time.”

“We will continue to grow the deposit offering and the level of service that has generated over [$110 billion] of retail deposits.”

“Our priority in Platform Solutions for the next few years is to continue to diversify Goldman Sachs revenue and funding while driving profitability.”

“And so we continue to move forward with the base case, where we are pretty confident that we can deliver the level of revenues with an expense base and a resource allocation that we can adjust and be nimble with to deliver those returns.”

“Now with respect to our targets, I want to be clear, we set medium-term targets for 2024, and we still plan on meeting those targets. And we don’t see anything in this environment that will prevent us from meeting those targets.”

“That said, there is nothing about this environment that changes our strategy and we are committed to our medium-term targets.”

“Last quarter, we gave a line of sight of approximately $1 billion, which is what ended up happening. Right now, line of sight is less than $1 billion, just given the overall environment that’s what we see right now.”

“You are correct in anticipating that we’re also looking at non-compensation expenses and taking some actions there as well to slow the rate of growth and reduce certain components of our non-compensation expense.”

“I’d be very surprised if we don’t get back to some average level of capital markets activity sometime over the course of the next few quarters.”

“So, we continue to feel good about the progress we’re making, and we expect this business to generate accretive returns to Goldman Sachs over time.”

“With that portfolio of product offerings, we’ve told you at our update that we expect greater than $4 billion of revenue in 2024.”

“While we will continue to deploy capital in our business where returns are accretive, we are actively evaluating share repurchases in light of our current stock price.”

“Specifically, we have made the decision to slow hiring velocity and reduce certain professional fees going forward, though these actions will take some time to be reflected in our results.”

“Given the challenging operating environment, we are closely reexamining all of our forward spending and investment plans to ensure the best use of our resources.”

“We expect our fee revenues to continue to grow as we progress towards our fundraising and management fee targets we laid out earlier this year.”

“In addition, with regard to our GSIB buffer, while we made a conscious decision to grow our balance sheet to support client activity over the last 3 years, it is our current plan to target a 3% GSIB surcharge.”

“That said we will advance our efforts to improve the capital density of our businesses in order to reduce our capital requirements over time.”

“We feel good about the quality of our backlog based on our healthy levels of strategic dialogue that span from technology and innovation to defensive repositioning of client portfolios, but we may see some softening if the challenging market environment persists.”

“back in the February update, we put out a $4 billion revenue target. And I just want to tie that target to what Denis said when he said most of the investment was made.”

“based on investments we've made both in the client centricity and the approach we're taking and in technology, our market shares are larger, and we think those market share gains are durable.”

“on the forward, we expect those to be negligible. So, that too, obviously only a one-time benefit with the first hike, but that should provide some tailwind to our results as well.”

“on the one hand, we do expect to continue to originate balances and as it relates to our own balance sheet sensitivity, that is modestly asset sensitive. So when you take that feature combined with increased quantum of interest-earning assets given the forward curve, we think that will be a benefit to the firm.”

“Perhaps next up on the product road map will be the launch of checking. We're already piloting that internally, and we expect to launch that more broadly to our clients later this year.”

“In terms of our strategy, we would expect over time that as GreenSky continues to originate, we would take those loans onto our balance sheet.”

“we expect as we grow the portfolio of GreenSky that will also continue to provision.”

“my expectation on buybacks is to be reasonably consistent with the first quarter, but we do expect to remain nimble.”

“the opportunity to see monetizations, to see transactions, I think, continues just probably not at the same pace and velocity as we saw in 2020 and 2021.”

“As it relates to our funding plan based on current expectations, we intend to issue materially less benchmark debt for this year versus 2021, though we will remain dynamic with respect to business needs and market opportunities.”

“Given these headwinds, we currently expect buybacks in the first quarter to be at or around the levels in the fourth quarter.”

“We look forward to the addition of GreenSky later this quarter and the launch of checking later this year.”

“But across the balance of the portfolio, we'll make adjustments based on the environment.”

“Stephen laid out few a billion dollars of revenue. We're confident in that target.”

“Our strongly held view is that 13% to 13.5% is the right place for this firm to operate.”

“We remain confident in the longer-term revenue target for this business of $1 billion.”

“And I think more broadly in transaction banking, about 2/3 of the revenue from the time we modeled through now is correlated to deposit intake with the balance around FX and other fees. And so as we see interest rates come back, the value of those deposits will as well.”

“But equally in the context of an expectation of rising interest rates, we'll see a return to the value of those deposits, otherwise modeled out. And therefore on the forward rate curve our view is that we'll be able to achieve that billion-dollar revenue target.”

“I don't want to say that the share gains are going to continue at this pace because they won't, we know that.”

“Consistent with our capital management philosophy, we will prioritize deploying capital for our client franchise at attractive returns, and then return any excess to shareholders via dividends and share repurchases.”

“And we're making progress towards our target of $750 billion in sustainable financing, investing and advisory activity to help achieve these goals.”

“With the addition of our bank funding model, we expect to generate 20%-plus returns at scale for recurring fee-based in net interest income revenues.”