The Goldman Sachs Group, Inc. Global Resolution Plan - Public Filing
Goldman Sachs THE GOLDMAN SACHS GROUP, INC. GLOBAL RESOLUTION PLAN Public Filing - September 27, 2013
RESOLUTION PLAN 2013 Table of Contents: Sections: A.Names of of Material Entities page 2 Regarding B.Description of Core Lines page 3 page C.Summary Financial Information Assets, Liabilities, Capital andBusiness Major Funding Sources 8 16 D.Description of Derivative and Hedging Activities page E.Memberships in Material Payment, Clearing and Settlement Systems page 17 F.Description of Foreign Operations page 18 G.Material Supervisory Authorities page 20 H.Principal Officers page 24 I.Resolution Corporate Governance Structure andPlanning Processes Related to Resolution Planning pagepage 25 28 J.Description of Material Management Information Systems K.High-Level Description ofPotential Resolution Strategy, Such Items as the Range of Purchasers ofCovering the Company, its Material Entities and Core Business Lines page 29
Introduction Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("DoddFrank") requires certain large bank holding companies and non-bank financial institutions, including The Goldman Sachs Group, Inc. ("Group Inc." and together with its consolidated subsidiaries "Goldman Sachs," "GS Group," "the firm," "our," "us" or "we"), to develop a resolution plan. On October 17, 2011, the Federal Deposit Insurance Corporation (the "FDIC"), together with the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"), (collectively, our "Supervisors"), released the final rule (the "Final Rule") implementing the requirement in Dodd-Frank that covered companies prepare resolution plans. These resolution plans are intended to help covered companies, the FDIC, the Federal Reserve Board and the Financial Stability Oversight Council better respond to the financial distress of a systemically important financial company. On April 15, 2013, our Supervisors issued additional guidance ("Guidance") for the preparation of our 2013 annual resolution plan submission. Our resolution plan for 2013 is required to be responsive to, and consistent with, the Guidance. Goldman Sachs has developed a resolution plan under the Final Rule and the Guidance (the "Plan"). This resolution plan is prepared under Title I of Dodd-Frank, as required, but the firm could also be resolved under the Orderly Liquidation Authority under Title II of Dodd-Frank. The Plan does not rely on the provision of extraordinary support by the U.S. or any other government to the firm or its subsidiaries and would result in no loss to the FDIC Deposit Insurance Fund. The Plan has been submitted to our Supervisors and provides a detailed plan for the orderly resolution of Goldman Sachs under economic scenarios that include baseline, adverse and severely adverse economic conditions. We believe that the resolution planning process, as required by our Supervisors, is a critical building block in the development of orderly resolution plans for major financial institutions that will address the "too big to fail" problem, an objective we fully support. We also support the goal that all financial institutions, regardless of size or complexity, should be able to be resolved without cost to the taxpayer. Our Supervisors require that a summary of the resolution plan be made publicly available and provided a standardized format. This public document follows that format in the subsequent pages.
A. Names of Material Entities "Material Entity" is a term defined in the Final Rule as a subsidiary or foreign office of the Covered Company that is significant to the activities of a Critical Operation or Core Business Lines. The material entities we identified include those legal entities that meet these criteria and are presented below, under the headings of "Covered Company", "Material Operating Entities" and "Material Service Entities" for our 2013 resolution plan. Covered Company:The Goldman Sachs Group,Inc.(Parent holding company). Material Operating Entities:Goldman, Sachs & Co. (U.S. broker-dealer); Goldman Sachs International (U.K. broker-dealer); Goldman Bank USA (FDICinsured U.S. bank); J. Aron &Sachs Company(Commodity &(U.K. foreign exchange market maker); Goldman Sachs Japan Co., & Ltd. (Japanese broker-dealer); Goldman Sachs International Bank bank); Goldman Sachs Execution Clearing, L.P. (U.S. broker-dealer); Goldman Sachs Asset Management L.P. (U.S. investment advisor); advisor); Goldman Sachs Asset Management International (U.K. investment GS Mortgage Derivatives (U.S.(Delaware mortgage derivative entity); Sachs (Asia) L.L.C. L.L.C. which acts as in Hong Kong) aGoldman broker in Hong Kong, Taiwan & South market-making Korea); Goldman Sachs Asia Finance (Mauritian entity Material Service Entities: Goldman Sachs Services Private Limited (Indian staffing service entity); Goldman Sachs Services L.L.C. (U.S. staffing service entity); Goldman Sachs Japan Holdings, Ltd. (Japanese staffing and facilities service entity); Goldman Sachs Services Limited (U.K. staffing service entity); Goldman Sachs Headquarters LLC (U.S. facilities service entity); GSJC 30 Hudson Urban Renewal LLC (U.S. facilities service entity); GSJC Land LLC (U.S. facilities service entity); GSJC Master Lessee LLC (U.S. facilities service entity); Goldman Sachs Property Management (U.K. facilities Bridge water ODC, LLC (U.S. facilitiesservice service entity);service entity); Federal Boulevard, LLC (U.S. facilities service entity); Birch field Estates Ltd (U.K. facilities entity)
B. Description of Core Business Lines Introduction Goldman Sachs is a global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Details on our businesses are included in our Annual Report on Form 10-K for the year ended December 31, 2012 and our Quarterly Report on Form 10-Q for the period ended June 30, 2013. Goldman Sachs is a bank holding company and a financial holding company regulated by the Federal Reserve Board. Our U.S. bank depository institution subsidiary, Goldman Sachs Bank USA ("GS Bank USA"), is a New York State-chartered bank and a member of the Federal Reserve System. GS Bank USA is supervised and regulated by the Federal Reserve Board, the FDIC, the New York State Department of Financial Services and the Consumer Financial Protection Bureau. As of December 2012, we had offices in over 30 countries and 49% of our total staff of 32,400 was based outside the Americas. Our clients are located worldwide, and we are an active participant in financial markets around the world. In 2012, we generated 41% of our net revenues outside the Americas. Goldman Sachs has a number of important businesses within our four segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management. These businesses are the core of the Goldman Sachs franchise and allow us to serve clients and execute our strategy on a global basis. Recovery planning requires a definition of core and non-core businesses based on the ability of a firm to separate business lines for sale or closure, to raise liquidity, increase capital ratios and reduce balance sheet size. Resolution planning, in contrast, requires a further definition of core as those business lines and associated support operations, services and functions that, upon failure, would result in a material loss of revenue, profit or franchise value, and may need to be singled out for specific actions as part of a resolution exercise. These business lines, which are primarily included in our Investment Banking and Institutional Client Services activities are defined as Resolution Business Core Lines and are referred to as RBCLs throughout this document. Other businesses in our Investing & Lending and Investment Management segments are important for GS Group but have not been defined as RBCLs. This Section B describes only the firm's RBCLs.
Investment Banking Investment Banking serves corporate and government clients around the world. We provide financial advisory services and help companies raise capital to strengthen and grow their businesses. We seek to develop and maintain long-term relationships with a diverse global group of institutional clients, including governments, states and municipalities. Our goal is to deliver to our clients the entire resources of the firm in a seamless fashion, with investment banking serving as the main initial point of contact with Goldman Sachs. Financial Advisory. Financial Advisory includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, risk management, restructurings and spin-offs. In particular, we help clients execute large, complex transactions for which we provide multiple services, including "one-stop" acquisition financing and crossborder structuring expertise. Financial Advisory also includes revenues from derivative transactions directly related to these client advisory assignments. We also assist our clients in managing their asset and liability exposures and their capital. In addition, we may provide lending commitments and bank loan and bridge loan facilities in connection with our advisory assignments. Underwriting. The other core activity of Investment Banking is helping companies raise capital to fund their businesses. As a financial intermediary, our job is to match the capital of our investing clients - who aim to grow the savings of millions of people - with the needs of our corporate and government clients - who need financing to generate growth, create jobs and deliver products and services. Our underwriting activities include public offerings and private placements, including domestic and cross-border transactions, of a wide range of securities and other financial instruments. Underwriting also includes revenues from derivative transactions entered into with corporate and government clients in connection with our underwriting activities. Equity Underwriting. We underwrite common and preferred stock and convertible and exchangeable securities. We regularly receive mandates for large, complex transactions and have held a leading position in worldwide public common stock offerings and worldwide initial public offerings for many years Debt Underwriting. We underwrite and originate various types of debt instruments, including investment-grade and high-yield debt, bank loans and bridge loans, and emerging- and growth-market debt, which may be issued by, among others, corporate, sovereign, municipal and agency issuers. In addition, we underwrite and originate structured securities, which include mortgage-related securities and other assetbacked securities
Institutional Client Services Institutional Client Services serves our clients who come to the firm to buy and sell financial products, raise funding and manage risk. We do this by acting as a market maker and offering market expertise on a global basis. Institutional Client Services makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. In addition, we make markets in and clear client transactions on major stock, options and futures exchanges worldwide. Market makers provide liquidity and play a critical role in price discovery, which contributes to the overall efficiency of the capital markets. Our willingness to make markets, commit capital and take risk in a broad range of products is crucial to our client relationships. Our clients are primarily institutions that are professional market participants, including investment entities whose ultimate customers include individual investors investing for their retirement or putting aside surplus cash in a deposit account. Through our global sales force, we maintain relationships with our clients, receiving orders and distributing investment research, trading ideas, market information and analysis. As a market maker, we provide prices to clients globally across thousands of products in all major asset classes and markets. At times we take the other side of transactions ourselves if a buyer or seller is not readily available and at other times we connect our clients to other parties who want to transact. Much of this connectivity between the firm and its clients is maintained on technology platforms and operates globally wherever and whenever markets are open for trading. Institutional Client Services and our other businesses are supported by our Global Investment Research division, which, as of December 2012, provided fundamental research on more than 3,700 companies worldwide and more than 40 national economies, as well as on industries, currencies and commodities. Institutional Client Services generates revenues in four ways: In large, highly liquid markets (such as markets for U.S. Treasury bills, large capitalization S&P 500 stocks or certain mortgage pass-through securities), we execute a high volume of transactions for our clients for modest spreads and fees In less liquid markets (such as mid-cap corporate bonds, growth market currencies or certain non-agency mortgage-backed securities), we execute transactions for our clients for spreads and fees that are generally somewhat larger We also structure and execute transactions involving customized or tailor-made products that address our clients' risk exposures, investment objectives or other complex needs (such as a jet fuel hedge for an airline) We provide financing to our clients for their securities trading activities, as well as securities lending and other prime brokerage services Institutional Client Services activities are organized by asset class and include both "cash" and "derivative" instruments. "Cash" refers to the underlying instrument (such as a stock, bond or barrel of oil). "Derivative" refers to instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors (such as an option, which is the right or obligation to buy or sell a certain bond or stock index on a specified date in the future at a certain price, or an interest rate swap, which is the agreement to convert a fixed rate of interest into a floating rate or vice versa).
Fixed Income, Currency and Commodities Client Execution Our Fixed Income, Currency and Commodities Client Execution business includes interest rate products, credit products, mortgages, currencies and commodities. Interest Rate Products. Government bonds, money market instruments such as commercial paper, treasury bills, repurchase agreements and other highly liquid securities and instruments, as well as interest rate swaps, options and other derivatives Credit Products. Investment-grade corporate securities, high-yield securities, credit derivatives, bank and bridge loans, municipal securities, emerging market and distressed debt, and trade claims Mortgages. Commercial mortgage-related securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U.S. government agency-issued collateralized mortgage obligations, other prime, subprime and Alt-A securities and loans), and other asset-backed securities, loans and derivatives Currencies. Most currencies, including growth-market currencies. Commodities. Oil and natural gas, base, precious and other metals, electricity, coal, agricultural and other commodity products
Equities Our Equities business includes equity client execution and commissions and fees. Equities Client Execution. We make markets in equity securities and equity-related products, including convertible securities, options, futures and over-the-counter (OTC) derivative instruments, on a global basis. As a principal, we facilitate client transactions by providing liquidity to our clients with large blocks of stocks or options, requiring the commitment of our capital. We also structure and execute derivatives on indices, industry groups, financial measures and individual company stocks. We develop strategies and provide information about portfolio hedging and restructuring and asset allocation transactions for our clients. We also work with our clients to create specially tailored instruments to enable sophisticated investors to establish or liquidate investment positions or undertake hedging strategies. We are one of the leading participants in the trading and development of equity derivative instruments. Our exchange-based market-making activities include making markets in stocks and exchange-traded funds. We are a Designated Market Maker (DMM) for stocks traded on the NYSE, a registered market maker for ETFs on NYSE Arca, a market maker in listed options on the International Securities Exchange, the Chicago Board Options Exchange, NYSE Arca, the Boston Options Exchange, the Philadelphia Stock Exchange, the Miami Options Exchange and NYSE MKT, and a market maker in futures and options on the Chicago Mercantile Exchange and the Chicago Board of Trade. Commissions and Fees. We generate commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide. We increasingly provide our clients with access to electronic "low-touch" equity trading platforms, and electronic trades account for the majority of our equity trading activity. However, a majority of our net revenues in these activities continue to be derived from our traditional "high-touch" handling of more complex trades. We expect both types of activity to remain important.
C. Summary of Financial Information Regarding Assets, Liabilities, Capital and Major Funding Sources Set out on the following pages is financial information extracted from our Annual Report on Form 10-K for the year ended December 31, 2012. Please see our Annual Report on Form 10-K for the year ended December 31, 2012 (our "2012 Form 10-K") for the notes to these statements. The notes are an integral part of our consolidated financial statements. Please see our Quarterly Report on Form 10-Q for the period ended June 30, 2013 (our "June 2013 Form 10-Q") for our second quarter financial information.
of Set forth are the 10-K consolidated statements of earnings from our 2012 Form 10-K (footnote 1.The notes accompanying earnings in below our 2012 Form areour anconsolidated integral part statements of our consolidated financial statements End footnote.) Heading rowexcept column millions, except per share amounts column 2:Year Ended December:2012 column 3:Year Ended December:2011 column 4:Year Endedbanking December:2010 end heading row In millions, per1:in share amounts:Revenues:Investment December:2012: 4,941 In Year Ended December:2011: 4,361 Year Ended December:2010: 4,810 millions, except pershare share amounts:Revenues:Investment management Year Ended December:2012: 4,968 Year Ended December:2011: 4,691 Year Ended December:2010: 4,669 In millions, except per amounts:Revenues:Commissions and fees Year Ended December:2012: 3,161 Year Ended December:2011: 3,773 YearDecember:2012: 11,348 Ended December:2010: 3,569 In millions, except per share amounts:Revenues:Market making transactions Year Ended Year Ended December:2011: 9,287 Year Ended December:2010: 13,678 In millions, per share amounts:Revenues:Other principal Year Ended except December:2012: 5,865 Year Ended December:2011: 1,507 Year Ended December:2010: 6,932 In millions, except per share amounts:Revenues:Total non-interest revenues Year Ended December:2012: 30,283 Year Ended December:2011: 23,619 Year Ended December:2010: 33,658 In millions, except per share amounts:Revenues:Interest income Year Ended December:2012: 11,381 Year Ended December:2011: 13,174 YearEnded EndedDecember:2010: 6,806 December:2010: 12,309 In millions, except per share amounts:Revenues:Interest expense Year Ended December:2012: 7,501 Year Ended December:2011: 7,982 Year In millions, except per share amounts:Revenues:Net interest income Year Ended December:2012: 3,880 Year Ended December:2011: 5,192 Year Ended December:2010: 5,503 In millions, except per share amounts:Revenues:Net revenues, including net interest income Year Ended December:2012: 34,163 Year Ended December:2011: 28,811 Year Ended December:2010: 39,161 In millions, except per share amounts:Operating expenses:Compensation and benefits Year Ended December:2012: 12,944 Year Ended December:2011: 12,223 Year EndedYear December:2010: 15,376 In millions, except per share amounts:Operating expenses: U.K. bank payroll tax Year Ended December:2012: 0 Year Ended December:2011: 0 December:2010: 465 In millions, except per share amounts:Operating expenses:Brokerage, clearing, exchange andEnded distribution fees Year Ended December:2012: 2,208 Year Ended December:2011: 2,463 Year Ended December:2010: 2,281 In millions, millions, except per share share amounts:Operating amounts:Operating expenses:Market development Year Ended December:2012: 509 Year Ended December:2011: 640 Year Ended December:2010: 530 In except per expenses:Communications and technology Year Ended December:2012: 782 Year Ended December:2011: 828 Year Ended December:2010: 758 In millions, except per share amounts:Operating expenses:Depreciation and amortization Year Ended December:2012: 1,738 Year Ended December:2011: 1,865 Year Ended December:2010: 1,889 In millions, except per share amounts:Operating expenses:Occupancy Year Ended December:2012: 875 Year Year EndedDecember:2010: 927 December:2010: 1,086 In millions, per share expenses:Professional feesEnded Year Ended except December:2012: 867 Year Ended Ended December:2011: 1,030 December:2011: 992 Year In millions, except per share amounts:Operating amounts:Operating expenses:Insurance reserves Year Ended December:2012: 598 Ended December:2011: 529 Year Ended December:2010: 398 In except per expenses:Other expenses Year Ended December:2012: 2,435 Yearamounts:Operating EndedYear December:2011: 2,072 Yearnon-compensation Ended December:2010: 2,559 In millions, millions, except per share share amounts:Operating expenses:Total expenses Year Ended December:2012: 10,012 Year Ended December:2011: 10,419 Year Ended In millions, except per share amounts:Operating expenses:Total operating expenses Year Ended except December:2012: 22,956 Year Ended December:2011: 22,642 Year Ended December:2010: 10,428 December:2010: 26,269 In millions, per share amounts:Operating earnings December:2012: 11,207 Year Endedexpenses:Pre-tax December:2011: 6,169 Year Ended December:2010: 12,892 In millions, except pershare share amounts:Operating expenses: Provision for taxes Year Ended December:2012: 3,732 Year Ended December:2011: 1,727 Year Ended December:2010: 4,538 In millions, except per amounts:Operating expenses: Net earnings Year Ended December:2012: 7,475 Year Ended December:2011: 4,442 Year Ended December:2010: 8,354 In millions, except per share amounts: Operating expenses:Preferred stock dividends Year Ended December:2012: 183 Year Ended December:2011: 1,932 Year Ended December:2010: 641 In millions, except per Year shareEnded amounts:Operating earnings applicable to per 2,510 common shareholders December:2012: 7,292 Year Ended December:2011: Year December:2010: 7,713 Inmillions, millions,expenses:Net except perYear share amounts:Earnings common share:Basic Year Ended December:2012: 14.63 Ended December:2011: Year Ended Ended December:2010: 14.15 In except per share amounts:Earnings per 4.71 common share:Diluted Year Ended December:2012: 14.13 Year Ended December:2011: 4.51 Year Ended December:2010: 13.18 In millions, except per share amounts:Average common shares outstanding:Basic Year Ended December:2012: 496.2 Year Ended December:2011: 524.6 Year Ended December:2010: 542.0 In millions, except per share amounts:Average common sharesEnded outstanding:Diluted Year Ended December:2012: 516.1 Year December:2011: 556.9 Year Ended December:2010: 585.3
of Set financial forth condition theEnd from consolidated ourconsolidated Form 10-K(Footnote 1: in our 2012 The notes accompanying our statements of earnings Form 10-Kbelow are anareintegral part of2012 ourstatements consolidated financial statements. footnote.) Heading rowand column 1:equivalents In millions, share per share amounts column 2:As 3:As of December:2012 December:2011 end heading rowand In millions, except share and share amounts: Assets Cash cash Asexcept of December:2012: 72,669 As ofperand December:2011: 56,008 In millions, except share and2012 per Cash securities segregated forshare regulatory and other purposes (includes 30,484 and 42,014 atCollateralized and fair December value asagreements:Securities 2011, of December respectively) As ofamounts:Assets: December:2012: 49,671 As of December:2011: 64,264 In millions, except share and per share amounts:Assets: purchased under agreements to resell and federal2011, fundsrespectively) sold (includes 141,331 and 187,789 atmillions, fair value as of December 2012 and December December:2012: 141,334 As of December:2011: 187,789 In except share borrowed amounts:Assets:Securities (includes 38,395 and 47,621 at fair valueshare as ofand per December 2012 andshare December 2011, respectively) As of December:2012: 136,893 As ofDecember:2011: 14,204 December:2011: 153,341 In millions, except and per share amounts:Assets:Receivables from brokers, dealers and clearing organizations As of December:2012: 18,480 As of In millions, except share and share amounts:Assets:Receivables from customers and counterparties (includes 7,866 and 9,682 atper fair of December andinstruments December 2011, respectively) As of December:2012: 72,874 As ofvalue In millions, except share and per share amounts:Assets:Financial atand fair (includes 67,177 and 53,989 pledged asascollateral as of 2012 December 2012 andowned, December 2011, As of December:2012: 407,011 As ofDecember:2011: 60,261 December:2011: 364,206 In millions, except share and per share amounts:Assets:Other assets (includes 13,426 0value atrespectively) fair value as of December 2012 and December 2011, respectively) As of December:2012: 39,623 As of December:2011: 23,152 In millions, except share and per share amounts:Assets:As of December:2012: 938,555 In millions, except share and per share amounts:Assets:As of December:2011: 923,225 In millions, except share and per share amounts: Liabilities and shareholders' equity:Deposits (includes 5,100 and 4,526 at fair value as of December 2012 and December 2011, respectively) As of December:2012: 70,124 As of December:2011: 46,109 In millions, except share and per share amounts: Liabilities and shareholders' financings: Securities sold agreements to repurchase, atequity:Collateralized fair value except As ofloaned December:2012: 171,807 As under ofLiabilities December:2011: 164,502 In millions, share andrespectively) per share amounts: and shareholders' equity:Securities (includes 1,558 at fair value as of December 2012 and December 2011, Asand of 107 December:2012: 13,765 As of December:2011: 7,182 In except share per(includes share amounts: Liabilities shareholders' equity:Other secured financings 30,337 and 30,019 atand fairclearing value as millions, ofofDecember 2012 andand December 2011, respectively) Asand ofperDecember:2012: 32,010 As December:2011: 37,364 In millions, except share and share amounts: Liabilities and shareholders' equity:Payables to brokers, dealers organizations As of December:2012: 5,283 As of December:2011: 3,667 In millions, except share and per share amounts: Liabilities and shareholders' equity:Payables to customersequity:Financial andIncounterparties As share of December:2012: 189,202 As of December:2011: 194,625 millions, except andofper share amounts: Liabilities and shareholders' instruments but not yet purchased, atexcept fair value Asandofborrowings, December:2012: 126,644 Assold, December:2011: 145,013 In millions,borrowings share per share amounts:Liabilities and shareholders' equity:Unsecured short-term including the current portion of unsecured2012 long-term (includes 17,595 and 17,854 at fair value as of December and December 2011, respectively) As of December:2012: 44,304 As of In except share per share2011, amounts:Liabilities and shareholders' equity:Unsecured long-term borrowings (includes 12,593 and 17,162 atDecember:2011: 49,038 fair value as millions, ofofDecember 2012 andand December respectively) Asand ofper December:2012: 167,305 As December:2011: 173,545 In millions, except share share amounts: Liabilities and shareholders' equity:Other liabilities and accrued expenses (includes 12,043 andper 9,486 at As fairofvalue as of December 2012 and December 2011, respectively) As of December:2012: 42,395 December:2011: 31,801 In millions, except share and share amounts:Liabilities and shareholders' equity:Total liabilities As of December:2012: 862,839 of December:2011: 852,846 In millions,preference except share perstock, share 3,100 contingencies and2011, guarantees: Shareholders' paramounts:Commitments, value 0.01 perAsshare; aggregate liquidation of and 6,200 and December 2012 and December respectively Asequity:Preferred of December:2012: 6,200 Asasofof December:2011: 3,100 In millions, 816,807,400 except share and perstock, shareparamounts:Commitments, contingencies and guarantees: Shareholders' equity:Common value 0.01 per share; 4,000,000,000 shares authorized, and 795,555,310 shares issued as of December 2012 and December 2011, respectively, and 465,148,387 and 485,467,565 shares outstanding as of December 2012 and December 2011, respectively As of December:2012: 8 As of December:2011: 8 In millions, except share and per shareunits amounts:Commitments, contingencies and guarantees: Shareholders' equity:Restricted stock
Goldman Sachs THE GOLDMAN SACHS GROUP, INC. GLOBAL RESOLUTION PLAN Public Filing - September 27, 2013 . RESOLUTION PLAN 2013 TableSections: A.NamesB.DescriptionC.SummaryLiabilities, of Contents: of Capital Material of of Financial Core and Entities Business Major Information page Funding Lines 2 Regarding page Sources 3 page Assets, 8 D .
4 Goldman Sachs’ Credit Profile Credit Ratings as of August 3, 2021 1 Preferred Stock includes Group Inc.’s preferred stock and the Normal Automatic Preferred Enhanced Capital Securities (APEX) issued by Goldman Sachs Capital II and Goldman Sachs Capital III Fitch Moody's S&P The Goldman Sachs Group, Inc. Short-term Debt F1 P-1 A-2 Long-term Debt A A2 BBB
Goldman Sachs International. Madeline Meyer 44(20)7774-4593 madeline.r.meyer@gs.com . Goldman Sachs International. Brian Singer, CFA 1(212)902-8259 brian.singer@gs.com . Goldman Sachs & Co. LLC. Derek R. Bingham 1(415)249-7435 derek.bingham@gs.com . Goldman Sachs & Co. LLC. Emma Jones 61(2)9320-1041 emma.jones@gs.com . Goldman Sachs .
Re: The Goldman Sachs Group, Inc. Incoming letter dated January 18,2012 . The submission requests that the board amend Goldman Sachs' bylaws and governing documents to "allow shareowners to make board nominations" under the procedures set forth in the submission. There appears to be some basis for your view that Goldman Sachs may exclude
Goldman Sachs Group, Inc. April 22, 2009 Page 5 In 1928, the firm formed an investment subsidiary called the Goldman Sachs Trading Corporation to operate a closed-end fun. With an initial 10 million capitalization, the new company expanded rapidly. However, the stock market crash of 1929 dealt Goldman Sachs
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .
2 My references here to Goldman Sachs include the many Goldman Sachs-controlled entities involved in this case, including without limitation the Company, Goldman Sachs Mortgage Company, PFD Holdings LLC, various Whitehall funds, the Archon Group, and WNT Holdings LLC. Goldman Sachs
The Goldman Sachs Group, Inc. Common Stock This is an initial public o†ering of shares of common stock of The Goldman Sachs Group, Inc. This prospectus relates to an o†ering of 55,200,000 shares in the United States and Canada. In addition, 9,200,000 shares are being o†ered outside the United States, Canada and the Asia/
