高盛 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Forthe quarterly period ended March31,2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number:001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) (212)902-1000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicateby check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Ifan emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒NoAs of April21, 2025, there were306,841,128shares of the registrant’s common stock outstanding. Goldman Sachs March 2025 Form 10-Q PART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited) THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESConsolidated Statements of Earnings(Unaudited) Consolidated Statements of Comprehensive Income(Unaudited) THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESConsolidated Balance Sheets(Unaudited) $ in millions The accompanying notes are an integral part of these consolidated financial statements. 3Goldman Sachs March 2025 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESConsolidated Statements of Cash Flows(Unaudited) The accompanying notes are an integral part of these consolidated financial statements. THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited) Note 1. Description of Business TheGoldman Sachs Group,Inc.(Group Inc.orparent company), a Delaware corporation, togetherwith its consolidated subsidiaries (collectively,thefirm),isaleadingglobalfinancialinstitutionthatdeliversabroadrangeoffinancialservices to a large and diversifiedclient base that includes corporations, financialinstitutions,governmentsandindividuals.Founded in 1869, the firm is headquartered in NewYork and maintains offices in all major financialcenters around the world. Asset & Wealth ManagementThefirm manages assets and offers investment productsacross all major asset classes to adiverseset of clients,both institutional andindividuals,includingthroughanetworkofthird-partydistributors around the world.Thefirmalso provides investing and wealth advisorysolutions,includingfinancialplanningandcounseling,and executing brokerage transactionsforwealth management clients.The firm issuesloansto wealth management clients and raisesdepositsthrough its consumer banking digitalplatform,Marcus by Goldman Sachs(Marcus),andthroughits private bank.The firm makes equityinvestments,which include investing activitiesrelatedto public and private equity investmentsincorporate,real estate and infrastructureassets,aswellasinvestmentsthroughconsolidatedinvestmententities(CIEs),substantiallyall of which are engaged in realestate investment activities. The firm also makesdebtinvestments,includinginvestingincorporate debt, lending to middle-market clients,and providing financing for real estate and otherassets. Thefirm manages and reports its activities inthe followingthree business segments: Global Banking & MarketsThe firm provides a broad range of services to a diversegroupofcorporations,financialinstitutions,investment funds and governments.Servicesinclude strategic advisory assignmentswithrespecttomergersandacquisitions,divestitures,corporatedefenseactivities,restructurings and spin-offs, and equity and debtunderwritingof public offerings and privateplacements.Thefirmfacilitatesclienttransactionsand makes markets in fixed income,equity,currencyandcommodityproducts.Inaddition,the firm makes markets in and clearsinstitutional client transactions on major stock,optionsandfutures