NEW YORK, April 14, 2021 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.70 billion and
net earnings of $6.84 billion for the first quarter ended March 31, 2021.
Diluted earnings per common share (EPS) was $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of
2020 and $12.08 for the fourth quarter of 2020.
Annualized return on average common shareholders’ equity (ROE)1 was 31.0% and annualized return on average tangible
common shareholders’ equity (ROTE)1 was 32.9% for the first quarter of 2021.
First Quarter 2021 Earnings Results
Highlights.
? The firm’s results reflected record quarterly net revenues of $17.70 billion, more than double the amount in the first quarter of 2020, record
quarterly net earnings of $6.84 billion and record quarterly diluted EPS of $18.60. Annualized ROE1 of 31.0% was the highest quarterly
ROE since 2009.
? Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong
net revenues in Financial advisory and Debt underwriting. The backlog2 ended the quarter at a record level.
? The firm retained its #1 rankings in worldwide announced and completed mergers and acquisitions, worldwide equity and equity-related
offerings and common stock offerings for the year-to-date3.
? Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net
revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency
and Commodities (FICC).
? Asset Management generated record quarterly net revenues of $4.61 billion, reflecting record net revenues from Equity investments.
? Consumer & Wealth Management generated record quarterly net revenues of $1.74 billion, reflecting continued growth in both Wealth
management and Consumer banking net revenues.
? Firmwide assets under supervision2,4 increased $59 billion during the quarter, including long-term net inflows of $37 billion, to a record
$2.20 trillion. Firmwide Management and other fees were $1.77 billion for the first quarter of 2021.
? Book value per common share increased by 6.2% during the quarter to $250.81.

? The firm returned $3.15 billion of capital to common shareholders during the quarter, including $2.70 billion of share repurchases and $448
million of common stock dividends.

Net revenues were $17.70 billion for the first quarter of 2021, 102% higher than the first
quarter of 2020 and 51% higher than the fourth quarter of 2020. The increase compared
with the first quarter of 2020 reflected higher net revenues across all segments,
including significant increases in Asset Management, Global Markets and Investment
Banking.
Investment Banking
Net revenues in Investment Banking were $3.77 billion for the first quarter of 2021, 73%
higher than the first quarter of 2020 and 44% higher than the fourth quarter of 2020.
The increase compared with the first quarter of 2020 reflected significantly higher net
revenues in both Underwriting and Financial advisory, partially offset by significantly
lower net revenues in Corporate lending.
The increase in Underwriting net revenues was due to significantly higher net revenues
in both Equity underwriting, primarily driven by strong initial public offerings activity, and
Debt underwriting, primarily reflecting higher net revenues from leveraged finance and
asset-backed activity. The increase in Financial advisory net revenues reflected a
significant increase in completed mergers and acquisitions transactions. The decrease
in Corporate lending net revenues reflected significantly lower net revenues from
relationship lending activities as the prior year period included net gains from the impact
of widening credit spreads on hedges.
The firm’s backlog2 increased compared with the end of 2020.
Global Markets
Net revenues in Global Markets were $7.58 billion for the first quarter of 2021, 47%
higher than the first quarter of 2020 and 78% higher than the fourth quarter of 2020.
Net revenues in FICC were $3.89 billion, 31% higher than the first quarter of 2020, due
to significantly higher net revenues in FICC intermediation, reflecting significantly higher
net revenues in mortgages and interest rate products and, to a lesser extent,
commodities and credit products, partially offset by significantly lower net revenues in
currencies. Net revenues in FICC financing were essentially unchanged.
Net revenues in Equities were $3.69 billion, 68% higher than the first quarter of 2020, due to significantly higher net revenues in both Equities intermediation, reflecting significantly higher net revenues in both derivatives and cash products, and Equities financing, reflecting improved market conditions and increased activity (including higher average customer balances in the Prime business).

Asset Management
Net revenues in Asset Management were $4.61 billion for the first quarter of 2021,
compared with $(96) million for the first quarter of 2020 and $3.21 billion for the fourth
quarter of 2020. The increase compared with the first quarter of 2020 primarily reflected
strong net revenues in Equity investments and Lending and debt investments,
compared with net losses in the prior year period due to a challenging operating
environment. In addition, Management and other fees were higher, while Incentive fees
were significantly lower.
Equity investments net revenues reflected significantly higher net gains from
investments in private equities and net gains from investments in public equities
compared with net losses in the prior year period. Lending and debt investments net
revenues included net gains, reflecting tighter corporate credit spreads during the
quarter, compared with significant net losses in the prior year period. The increase in
Management and other fees reflected the impact of higher average assets under
supervision, partially offset by fee waivers on money market funds. The decrease in Incentive fees was due to a strong prior year period.

Consumer & Wealth Management
Net revenues in Consumer & Wealth Management were $1.74 billion for the first quarter of 2021, 16% higher than the first quarter of 2020 and 5% higher than the fourth quarter of 2020.
Net revenues in Wealth management were $1.37 billion, 13% higher than the first
quarter of 2020, primarily due to higher Management and other fees, reflecting the impact of higher average assets under supervision. Net revenues in Private banking
and lending were higher, primarily reflecting higher net interest income from lending, while Incentive fees were lower.
Net revenues in Consumer banking were $371 million, 32% higher than the first quarter of 2020, reflecting higher credit card loan and deposit balances.

Provision for credit losses was a net benefit of $70 million for the first quarter of 2021, compared with net provisions of $937 million for the first quarter of 2020 and $293 million for the fourth quarter of 2020. The first quarter of 2021 included reserve reductions on wholesale and consumer loans reflecting continued improvement in the broader economic environment following challenging conditions that began in the first quarter of 2020 as a result of the COVID-19 pandemic, partially offset by portfolio growth, including provisions related to the pending acquisition of the General Motors co-branded credit card portfolio.
The firm’s allowance for credit losses was $4.24 billion as of March 31, 2021.

Operating expenses were $9.44 billion for the first quarter of 2021, 46% higher than the first quarter of 2020 and 60% higher than the fourth quarter of 2020. The firm’s efficiency ratio2 for the first quarter of 2021 was 53.3%, compared with 73.9% for the first quarter of 2020.
The increase in operating expenses compared with the first quarter of 2020 was
primarily due to significantly higher compensation and benefits expenses (reflecting strong performance). Transaction based expenses were significantly higher (reflecting an increase in activity levels) and technology expenses were higher, partially offset by lower net provisions for litigation and regulatory proceedings, lower travel and entertainment expenses (included in market development expenses), and lower expenses related to consolidated investments (including impairments).
Net provisions for litigation and regulatory proceedings for the first quarter of 2021 were $74 million compared with $184 million for the first quarter of 2020.
Headcount was essentially unchanged compared with the end of 2020.

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