Goldman Sachs Investor Day

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Goldman SachsInvestor DayJanuary 29, 20200

Today’s PresentersBeth HammackEric LaneKaren SeymourStephen ScherrJim EspositoGregg LemkauHeather MinerMarco ArgentiCarey HalioJulian SalisburyStephanie CohenDavid SolomonSarah SmithTim O’NeillSheara FredmanJohn WaldronAsahi PompeyRichard GnoddeAmy HongAshok VaradhanRajashree DattaLiz MartinJohn GoldsteinMargaret AnaduEzra NahumBrian Lee1

Investor Day Agenda7:30 AMBREAKFAST & REGISTRATION8:00 AMWelcome RemarksHeather Miner, Head of Investor RelationsStrategic Roadmap and GoalsDavid Solomon, Chairman & CEOExecuting our StrategyJohn Waldron, President & COOFinancial RoadmapStephen Scherr, CFOBREAK10:00 AM12:15 PM1:15 PM2:50 PMInvestment BankingGregg LemkauGlobal MarketsJames Esposito and Ashok VaradhanAsset ManagementTim O’Neill and Julian SalisburyConsumer & Wealth ManagementEric LaneLUNCH (SKY LOBBY)International StrategyRichard GnoddeInnovationMarco Argenti and Stephanie CohenA Conversation with David SolomonDavid SolomonFixed Income Investor RelationsThe Future of Market Structure3:30 PMRisk ManagementSustainability4:00 PMRECEPTION WITH MANAGEMENT2

Our Strategic DirectionDavid SolomonChairman and Chief Executive OfficerJanuary 29, 20200

Who We Are1

OUR PURPOSEWe advance sustainable economic growthand financial opportunity2

Drawing on over 150 years of experience working with the world’sleading businesses, entrepreneurs and institutions, we mobilizeour people, culture, technologies and ideas to advancethe success of our clients, broaden individual prosperityand accelerate economic progress for all3

Successfully delivering on our purposewill drive shareholder returns4

Our Core ValuesPartnershipOur core values have enduredClient Servicefor 150 years, driven bya spirit of partnershipIntegrityExcellence5

Our Competitive AdvantagesGlobal PresenceDeep Client RelationshipsPoised to executefrom a position of strengthExceptional TalentInnovationWorld-Class BrandRisk Management6

Our EvolutionTransparentPurposeOpenCore ValuesDynamicCompetitive AdvantagesLong-term7

Our Client Focus: Deliver One Goldman SachsAssetManagementGlobalMarketsCorporationsand GovernmentsInvestmentBankingConsumer& WealthManagementInstitutionsIndividuals8

Where We Are Going9

An Era of Transformation and OpportunityDigitizationConsumerizationGlobal ComplexityCorporateStewardship10

A New Operating r TermOperatingFocusInvestingfor GrowthEnhancedAccountabilityDeliveringOne Goldman SachsMulti-yearfinancial planningprocessImproving existingbusinesses and buildingnew businessesTransparencyand performance targets11

Clear Strategic DirectionGrow andStrengthenExistingBusinessesDiversify our Productsand ServicesOperate MoreEfficientlyHigherWallet ShareMoreDurable EarningsHigherMargins and Returns12

Strong rketsConsumer &Wealth Management13

Strengthening Our CoreAssetManagementInvestmentBankingDeepen Partnerships with Asset AllocatorsExpand FootprintGlobalMarketsConsumer &Wealth ManagementEnhance Platforms Increase FinancingGrow Wealth Management14

Evaluating Opportunities for GrowthStrategic CriteriaFinancial CriteriaAddress a client needProduce more durable revenuesCapitalize on our foundationaladvantagesImprove capital efficiencyLeverage adjacencies to incumbentbusinessesEnhance our funding profileDriving a more durable and higher returning business mix15

Four Areas of FocusTransactionBankingThird PartyAlternativesDigitalConsumer BankWealthManagement16

Leveraging Adjacencies to Expand Our Addressable MarketThird Party AlternativesTransaction sInvestmentBankingConsumer &Wealth ManagementDigitalConsumerBank17

A Commitment to Driving ValueMedium-term1 Financial TargetsROE / ROTEEfficiency RatioCET1 Ratio 13% / 14% 60%13-13.5%New business growth positions Goldman Sachs to generatemid-teens or higher returns over longer-term218

Why We Will Be Successful19

Our People are our Greatest Asset85K #1Most attractive bank employeramong business students1AspirationalCampus applicationsfor 2,600 positions2for Campus Recruits66%#7Of the 2019 Managing Directorclass started as analystsor associatesMost attractive employer amongbusiness students11 of 10Companies listed every year on Fortune’s100 Best Companies to Work For List,since its inception 22 years agoAttractiveInvestedto ExperiencedTalentin our People21K (57%)Employees received leadershipdevelopment in 201920

Diversity is a Strategic Imperative2019: Our Most DiverseCampus Analyst Class49%63%WomenAsian / Black /Hispanic / Latino40%44%49%201720182019Campus Recruiting Women Hires TrendOur clients care about thediversity of our organization andour efforts to advance diversity2019: Our Most DiverseManaging Director Class29%32%WomenAsian / Black /Hispanic / Latino2018: Our Most DiversePartner Class26%26%WomenAsian / Black /Hispanic / Latino25%24%29%201520172019Managing Director Promotes Women Promotes Trend23%26%2016201814%2014Partner Promotes Women Promotes Trend21

Risk ManagementEVOLVING RISK PROFILECulture of RiskManagementProcess andStructural OversightReputationalConsumer al22

Track Record of Change and InnovationBanking-as-a-ServiceTransaction BankingCredit CardCredit CardDigital WealthDigital WealthConsumer BankingConsumer BankingConsumer BankingFinancial CounselingFinancial CounselingFinancial CounselingFinancial rnativesAlternativesUHNW 2 WealthUHNW WealthUHNW WealthUHNW WealthUHNW CommoditiesM&A Advisory3M&A AdvisoryM&A AdvisoryM&A AdvisoryM&A AdvisoryDebt & Equity U/W 1Debt & Equity U/WDebt & Equity U/WDebt & Equity U/WDebt & Equity U/WDebt & Equity U/WMarket MakingMarket MakingMarket MakingMarket MakingMarket MakingMarket Making1960s1980s2000s2010sCurrent2020s23

Clear Strategic DirectionDiversify Our Productsand ServicesOperate MoreEfficientlyInvestment Banking, Global Markets,Ultra High Net WorthBuild Transaction BankingIncrease organizational andprocess efficiencyIncrease financing activitiesGrow third party AlternativesRemix to lower costdeposit fundingGrow asset managementScale digital Consumer Banking,High Net Worth and Mass AffluentOptimize capital footprintHigher WalletShareMore DurableEarningsHigher Marginsand ReturnsGrow and StrengthenExisting BusinessesExpand our global footprint:24

Our Strategic DirectionDavid SolomonChairman and Chief Executive OfficerJanuary 29, 202025

End NotesThese notes refer to the financial metrics and/or defined term presented on:Slide 18:1.2.Medium-term refers to 3 year time horizonLonger-term refers to 5 year time horizon1.2.Source: Universum 2019For incoming 2020 class1.2.3.U/W refers to underwritingUHNW refers to ultra-high-net-worth clients (currently defined as 10mm in investable assets)M&A refers to mergers and acquisitionsSlide 20:Slide 23:26

Cautionary Note on Forward-Looking StatementsStatements about the firm’s target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved, and statements about futureoperating expense (including future litigation expense), amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and associatedinterest expense savings, future geographic location of its employees, and the timing and profitability of its business initiatives, including its launch of new businesses or newactivities, its ability to increase its market share in incumbent businesses and its ability to achieve more durable revenues and higher returns from these initiatives, are forwardlooking statements, and it is possible that the firm’s actual results may differ, possibly materially, from the targeted results indicated in these statements.Forward looking statements, including those about the firm’s target ROE, ROTE, efficiency ratio, and expense savings, and how they can be achieved, are based on the firm’scurrent expectations regarding its business prospects and are subject to the risk that the firm may be unable to achieve its targets due to, among other things, changes in the firm’sbusiness mix, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidityrequirements. Statements about the firm’s target ROE, ROTE and CET1 capital ratios, and how they can be achieved, are based on the firm’s current expectations regarding thecapital requirements applicable to the firm and are subject to the risk that the firm’s actual capital requirements may be higher than currently anticipated because of, among otherfactors, changes in the regulatory capital requirements applicable to the firm resulting from changes in regulations or the interpretation or application of existing regulations orchanges in the nature and composition of the firm’s activities. Statements about the timing and benefits of business and expense savings initiatives, the level and composition ofmore durable revenues and increases in market share are based on the firm’s current expectations regarding its ability to implement these initiatives and may change, possiblymaterially, from what is currently expected. Due to the inherent uncertainty in these forward-looking statements, investors should not place undue reliance on the firm’s ability toachieve these results.For a discussion of some of the risks and important factors that could affect the firm’s future business, results and financial condition, see “Risk Factors” in our Annual Report onForm 10-K for the year ended December 31, 2018. You should also read the cautionary notes on forward-looking statements in our Form 10-Q for the period ended September 30,2019 and Earnings Results Presentation for the Full Year and Fourth Quarter 2019. For more information regarding non-GAAP financial measures such as ROTE, refer to thefootnotes in the Earnings Release and Earnings Presentation for the Full Year and Fourth Quarter 2019 and information on the calculation of non-GAAP financial measures that isposted on the Investor Relations portion of our website: www.goldmansachs.com.The statements in the presentation are current only as of January 29, 2020 and the firm does not undertake to update forward-looking statements to reflect the impact ofsubsequent events or circumstances.27

Executing Our StrategyJohn WaldronPresident and Chief Operating OfficerJanuary 29, 2020

Executing Our StrategyOperating ApproachExecution in theCore FranchiseInvestingfor GrowthOperatingEfficiencyBrand One Goldman Sachs Engineering Talent1

Investment BankingMEASURINGNarrow Wallet Share GapsExpand Client FootprintSource FirmwideOpportunitiesInvest in TalentOUR PROGRESS Top 3 M&A and Equity ranking in everysubsector globally #1 in IB fees Relationship status improvement #1 in M&A Market Share Narrow ECM and DCM wallet share gaps #1 in Equity Market Share Coverage of 1,700 new corporates Top 4 Debt Market Share Track sourcing of investment opportunities2

Global MarketsMEASURINGOUR PROGRESSDeepen Relationships withInstitutional Clients Top 3 position with Top 100 clients 700mm OpEx reduction in 3 yearsIncrease Client Financing Increasing FICC financing revenues 250mm funding cost savings in 3 yearsDeploy Technologyto Improve Client Experience Narrow Systematic/Quant wallet sharegap ROE expansion from 7% to 10% in 3 yearsEnhance Corporate Offerings Measure utilization of key platformsOptimize Resource Utilization3

Asset ManagementMEASURINGPartner with Asset AllocatorsOUR PROGRESS Consistent strong investment performance Morningstar rankings Advisory / outsourced CIO revenues Measure quality of institutional clientrelationships 250bn of firmwide Traditional AUSinflows in 5 yearsOrganic long-term fee-based AUS growthDeliver Holistic SolutionsInnovate toServe Client NeedsInvest inInstitutional Sales Force4

Consumer & Wealth ManagementMEASURINGOrganic Advisor Growthin AmericasSource ExperiencedPWA Hires in EMEA / APACOUR PROGRESS 20% Advisor headcount in Americas 50% Advisor headcount inEMEA / APAC Measure Advisor productivity PWM lending penetration UHNW market share C&WM margin to 20% at scaleIncrease Lending toPrivate Wealth Clients5

Investing for Growth: Four Areas of FocusTransactionBankingThird PartyAlternativesDigitalConsumer BankWealthManagement6

Build Transaction Banking5 Year Opportunity 50bnStrong Client Value PropositionAnalytics and actionableinsightsDeposit Balances 1bnProgress and Forward PlanBuilt 350 Person TeamFast and easy onboardingProcessed 3tn forGoldman Sachs in 5 CurrenciesModern tools and simpleprocessesOpened Deposit Accountswith over 25 Clientsin RevenuesScalable clientcustomizationFull Platform Launch – 1H 20207

Grow Third Party Alternatives5-Year Opportunity 100bnAlternative Net Inflows1 4bnStrong Client Value PropositionProgress and Forward PlanGlobal multi-asset classfranchiseUnified 5 Investing PlatformsUnique sourcingcapabilitiesEstablished Investing TeamsAcross Asset ClassesExperienced investmentteamCreated Alternatives CapitalMarkets Strategy GroupStrong long-termtrack recordOptimizing Capital EfficiencyCapital Reduction28

Scale Digital Consumer Banking5-Year OpportunityStrong Client Value PropositionBuilding products that are:Grow to 125bn ConsumerDeposit BalancesProgress and Forward PlanLaunched Marcus Deposits,Lending and Apple CardSimpleTransparentBuilding Integrated Digital Bankand Wealth PlatformValuableGrowing Deposits, Lendingand Card BalancesGrow to 20bn ConsumerLoan/Card BalancesPersonalSecurePursue Additional Productsand Partnership Opportunities9

Expand Wealth Offering5-Year Opportunity30Corporate clientsadded annually300kEmployees addedannuallyStrong Client Value PropositionAdvice-driven solutionsInnovative digital capabilitiesHolistic offeringTailored to client needsProgress and Forward PlanComplete Integration ofUnited CapitalDrive Synergies BetweenAyco and United CapitalLaunch New Marcus ProductsIncrease Digital Utilization10

Deep Global Network of Client RelationshipsExecution Priorities 37bnFirmwideRevenues 100OfficesGlobally 38kEmployeesGloballyGrow PWMAdvisorsGrow IBCorporateFootprintClose InstitutionalInvestor WalletShare GapsChina5-Year Plan 15bn 40 rnationalEmployees111

Track Record of Building BusinessesDebt UnderwritingAsset and Wealth ManagementNet Revenues ( bn)Firmwide AUS ( bn) 84% 1,859 2.1 6.5x 1.22011 2852019Ranking12011654Q994Q192019High YieldInstitutional Loans22Ranking24Q99CurrentNot RankedTop 1012

1.3bn Run-rate Expense Savings in 3 YearsDrives Capacity for InvestmentInvestment inAutomation and InfrastructureStreamlined Organization Pyramid evolution Business alignment of7,500 engineering andoperations individuals Digital transformation Straight-throughprocessing Platform consolidationEmbed organizationaldesign capabilitiesReal Estate Strategy Strategic locations Campus consolidationIntegratedExpense Management Strategic technologycapabilities Improved governanceand transparency Holistic financial planning13

One Goldman SachsGlobalMarketsAssetManagementConsumer& WealthManagementInvestmentBankingClient-centricity driveseverything we do – fromorganizational structureto talent deployment14

One Goldman SachsForward PlanInitial Phase 30 20097% 100Identified keyclients withcomplex needsDedicatedGoldman SachsprofessionalsPositive clientfeedbackClients inexpansionplan15

One Goldman SachsClientCoverage Increasing collaborationInstitutionalizing incentivesLeveraging sourcing networkThoughtLeadership Best-in-class intellectual capitalCurated contentDedicated senior leadershipDigitalClient Experience Digital delivery channelsUnified platform experienceHarmonized client analytics16

Engineering Core to Execution StrategyInvesting for GrowthRun the BankInvesting forGrowth Build, scale and operate newplatform businesses Develop and extend differentiatedservices via API1 ecosystem Enhance foundational shared services 47% Promote secure, flexible and resilientinfrastructure Drive platform simplification 4bn2019EngineeringSpend Shape and enable One Goldman 53%Sachs capabilities Ignite the innovative capacity of ourRunthe BankpeopleMetricsPlatform Engagement Resiliency APIs Productivity Cloud Usage17

Enhancing Our World-Class Engineering Team40% 80%of Engineers have PhDs or AdvancedDegreesAcceptance rate for full-time offers1Successfully hiredandCo-CIOCTO9K Growing Cutting-Edge EngineeringCapabilities to Better Serve ClientsEngineers employed atGoldman Sachs218

Incentives Align to Long-Term Shareholder ValueManagement CommitteeIncreased use of performance-based equityPartnershipLong-term compensation closely tied to performanceOne Goldman SachsIncentivizing a client-centric and collaborative cultureFirmwidePay-for-performance philosophy with long-term orientation19

Executing Our StrategyOperating ApproachExecution in theCore FranchiseInvestingfor GrowthOperatingEfficiencyBrand One Goldman Sachs Engineering Talent20

Executing Our StrategyJohn WaldronPresident and Chief Operating OfficerJanuary 29, 2020

End NotesThese notes refer to the financial metrics and/or defined term presented on:Slide 8:1.Growth shown net of realizations2.Capital efficiencies across Alternatives in Asset Management1.Excludes the US and Canada from total international figures1.High Yield per Dealogic, Institutional Loans per Bloomberg2.Data as of 3Q19. Competitor data compiled from publicly available Quarterly Earnings Releases and Supplements, eVestment database and Morningstar Direct. Where productclassification (e.g. fixed income vs. alternatives) and portfolio management style (passive vs. active) were not explicit in competitors’ publicly available data, GS applied certainassumptions for purposes of making comparisons. Peer population represents key competitors tracked internally by product classification and portfolio management style1.Application programming interface1.Refers to acceptance rate for 2020 full-time positions as of January 20202.Includes Engineers and StratsSlide 11:Slide 12:Slide 17:Slide 18:22

Cautionary Note on Forward-Looking StatementsStatements about the firm’s target metrics, including its target ROE, ROTE, efficiency ratio and CET1 capital ratios, and how they can be achieved, and statements about futureoperating expense (including future litigation expense), amount and composition of future Assets under Supervision, planned debt issuances, growth of deposits and associatedinterest expense savings, future geographic location of its employees, and the timing and profitability of its business initiatives, including its launch of new businesses or newactivities, its ability to increase its market share in incumbent businesses and its ability to achieve more durable revenues and higher returns from these initiatives, are forwardlooking statements, and it is possible that the firm’s actual results may differ, possibly materially, from the targeted results indicated in these statements.Forward looking statements, including those about the firm’s target ROE, ROTE, efficiency ratio, and expense savings, and how they can be achieved, are based on the firm’scurrent expectations regarding its business prospects and are subject to the risk that the firm may be unable to achieve its targets due to, among other things, changes in the firm’sbusiness mix, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidityrequirements. Statements about

Investor Day Agenda 0.53.95 110.147.190 32.101.124 106.165.191Strategic Roadmap and Goals 63.174.191 32.152.193 . Global Markets James Esposito and Ashok Varadhan . Improve capital efficiency Enhance our fund

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