The Goldman Sachs Group, Inc. (GS): Business Model Canvas

In der risikoreichen Welt des globalen Finanzwesens ist Goldman Sachs ein gewaltiger Koloss, der komplexe Finanzlandschaften mit beispielloser Präzision in strategische Chancen verwandelt. Diese Untersuchung ihres Business Model Canvas enthüllt die komplizierte Maschinerie hinter einer der einflussreichsten Institutionen der Wall Street und bietet einen seltenen Einblick in die Art und Weise, wie sie sich konsequent in Billionen-Dollar-Märkten bewegt, modernste Technologien nutzt und anspruchsvolle Finanzlösungen liefert, die globale Wirtschaftsparadigmen prägen. Bereiten Sie sich darauf vor, den strategischen Plan zu entschlüsseln, der Goldman Sachs zu einem transformativen Kraftpaket in den Bereichen Investmentbanking, Vermögensverwaltung und strategische Finanzberatung gemacht hat.

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Unternehmen und Finanzinstituten

Goldman Sachs unterhält strategische Partnerschaften mit:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Apple Inc.	Finanzdienstleistungen mit Apple Card	2019
Amazon Web Services	Cloud-Computing-Infrastruktur	2021
Microsoft Corporation	Technologielösungen für Unternehmen	2020

Investmentverwaltungsfirmen und Hedgefonds

Zu den wichtigsten Investitionspartnerschaften gehören:

• BlackRock Inc. – Zusammenarbeit bei der Vermögensverwaltung
• Blackstone Group – Private-Equity-Joint-Ventures
• State Street Corporation – Institutionelle Investmentdienstleistungen

Technologieunternehmen für die digitale Transformation

Kennzahlen zur Technologiepartnerschaft:

Technologiepartner	Investitionsbetrag	Fokusbereich
Streifen	250 Millionen Dollar	Fintech-Zahlungslösungen
Marqeta	100 Millionen Dollar	Kartenausgabeplattformen

Risikokapital- und Private-Equity-Netzwerke

Risikokapitalpartnerschaften von Goldman Sachs:

• Sequoia Capital – Technologie-Startup-Investitionen
• Andreessen Horowitz – Technologieförderung im Frühstadium
• SoftBank Vision Fund – Globale Technologieinvestitionen

Globale Regulierungs- und Compliance-Berater

Details zur Compliance-Partnerschaft:

Beratungsunternehmen	Servicetyp	Jährlicher Vertragswert
Deloitte	Beratung zur Einhaltung gesetzlicher Vorschriften	15 Millionen Dollar
PwC	Beratung zum Risikomanagement	12 Millionen Dollar

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Hauptaktivitäten

Investment Banking und Wertpapierhandel

Goldman Sachs meldete im Jahr 2023 einen Nettoumsatz von 45,01 Milliarden US-Dollar für die Segmente Investment Banking und Global Markets.

Handelskategorie	Umsatz 2023
Aktienhandel	6,64 Milliarden US-Dollar
Handel mit festverzinslichen Wertpapieren	4,12 Milliarden US-Dollar
Investmentbanking-Beratung	3,22 Milliarden US-Dollar

Vermögensverwaltungsdienstleistungen

Goldman Sachs Private Wealth Management verwaltet im vierten Quartal 2023 Kundenvermögen in Höhe von 644 Milliarden US-Dollar.

• Durchschnittliche Größe des Kundenportfolios: 25,6 Millionen US-Dollar
• Gesamte Vermögensverwaltungsgebühren: 1,87 Milliarden US-Dollar im Jahr 2023

Vermögensverwaltung und Anlagestrategien

Goldman Sachs Asset Management verwaltet ein verwaltetes Vermögen von 2,68 Billionen US-Dollar.

Anlagekategorie	Verwaltetes Vermögen
Aktienstrategien	842 Milliarden US-Dollar
Fixed-Income-Strategien	627 Milliarden US-Dollar
Alternative Investitionen	436 Milliarden US-Dollar

Unternehmensfinanzberatung

Goldman Sachs hat im Jahr 2023 Fusions- und Übernahmeberatungstransaktionen im Wert von 378 Milliarden US-Dollar abgeschlossen.

• Anzahl Beratungsgeschäfte: 247
• Durchschnittliche Dealgröße: 1,53 Milliarden US-Dollar

Marktforschung und Risikoanalyse

Goldman Sachs investierte im Jahr 2023 1,24 Milliarden US-Dollar in die Forschungs- und Technologieinfrastruktur.

Forschungsbereich	Investition
Marktanalyse	463 Millionen US-Dollar
Risikomanagement-Technologie	392 Millionen US-Dollar
Quantitative Forschung	385 Millionen Dollar

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Schlüsselressourcen

Hochqualifizierte Finanzexperten und Analysten

Im vierten Quartal 2023 beschäftigte Goldman Sachs weltweit 45.400 Vollzeitmitarbeiter. Die Personalaufteilung des Unternehmens umfasst:

Kategorie	Anzahl der Mitarbeiter
Investmentbanking	14,500
Globale Märkte	12,900
Vermögensverwaltung	6,200
Verbraucher & Vermögensverwaltung	4,800

Fortschrittliche technologische Infrastruktur

Technologieinvestition von Goldman Sachs im Jahr 2023:

• Gesamtausgaben für Technologie: 4,1 Milliarden US-Dollar
• Anzahl der Softwareentwickler: Ungefähr 9.000
• Investition in die Cloud-Computing-Infrastruktur: 500 Millionen US-Dollar

Globales Netzwerk von Kundenbeziehungen

Kundenstamm und globale Präsenz:

Region	Anzahl institutioneller Kunden
Nordamerika	3,750
Europa	2,100
Asien-Pazifik	1,850

Erhebliches Finanzkapital

Finanzkennzahlen für 2023:

• Gesamtvermögen: 1,43 Billionen US-Dollar
• Eigenkapital: 98,4 Milliarden US-Dollar
• Kernkapitalquote: 14,2 %
• Gesamtkapital: 237,8 Milliarden US-Dollar

Proprietäre Handelsalgorithmen und Forschungsplattformen

Technologie- und Forschungskapazitäten:

• Handelsalgorithmen für maschinelles Lernen: 127 aktive Modelle
• Forschungsdatenbanken: 42 proprietäre Plattformen
• Tägliches Handelsvolumen, das durch algorithmische Systeme verarbeitet wird: 89 Milliarden US-Dollar

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für institutionelle Kunden

Goldman Sachs meldete für 2023 einen Nettoumsatz von 45,3 Milliarden US-Dollar, zu den wichtigsten institutionellen Kundensegmenten gehören:

Segment	Umsatz (2023)
Investmentbanking	7,1 Milliarden US-Dollar
Globale Märkte	19,3 Milliarden US-Dollar
Vermögensverwaltung	8,0 Milliarden US-Dollar

Hochwertige Anlagestrategien und Vermögensverwaltung

Goldman Sachs Private Wealth Management betreut:

• Kundenvermögen in Höhe von 817 Milliarden US-Dollar
• Durchschnittliches Kundennettovermögen von 50 Millionen US-Dollar
• Dienstleistungen für sehr vermögende Privatpersonen

Modernste Finanztechnologie und Innovation

Investitionen in die digitale Plattform von Goldman Sachs:

• 3,9 Milliarden US-Dollar Technologieausgaben im Jahr 2023
• Marcus digitale Bankplattform mit Einlagen in Höhe von 16 Milliarden US-Dollar
• Über 150 digitale Produkteinführungen seit 2016

Vertrauenswürdige Beratungsdienste für komplexe Finanztransaktionen

Höhepunkte der Beratungstransaktion 2023:

Transaktionstyp	Gesamtwert
M&A-Beratung	625 Milliarden Dollar
Aktien-Underwriting	48,2 Milliarden US-Dollar
Schuldenübernahme	302 Milliarden Dollar

Globale Markteinblicke und Fachwissen

Kennzahlen zur globalen Präsenz von Goldman Sachs:

• In 35 Ländern tätig
• 38.000 Mitarbeiter weltweit
• Kunden in über 100 Ländern

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung

Goldman Sachs betreut im Jahr 2023 weltweit etwa 8.000 institutionelle Kunden. Das Unternehmen unterhält einen durchschnittlichen Kundenbeziehungswert von 47,2 Millionen US-Dollar in allen Investmentbanking- und Vermögensverwaltungssegmenten.

Kundensegment	Jährlicher Beziehungswert	Interaktionshäufigkeit
Institutionelle Anleger	62,3 Millionen US-Dollar	Vierteljährlich
Firmenkunden	38,7 Millionen US-Dollar	Monatlich
Vermögende Privatpersonen	24,5 Millionen US-Dollar	Zweimonatlich

Langfristige strategische Partnerschaften

Goldman Sachs unterhält strategische Partnerschaften mit 76 % der Fortune-500-Unternehmen, mit einer durchschnittlichen Partnerschaftsdauer von 7,4 Jahren.

• Partnerschaftsbindungsrate: 92 %
• Dienstübergreifende Auslastungsrate: 64 %
• Durchschnittlicher jährlicher Transaktionswert: 1,3 Milliarden US-Dollar

Dedizierte Relationship-Management-Teams

Das Unternehmen beschäftigt 1.247 engagierte Kundenbetreuer in seinen weltweiten Niederlassungen mit einer durchschnittlichen Kundenportfoliogröße von 483 Millionen US-Dollar pro Manager.

Region	Beziehungsmanager	Durchschnittliche Portfoliogröße
Nordamerika	612	562 Millionen US-Dollar
Europa	329	412 Millionen Dollar
Asien-Pazifik	306	389 Millionen US-Dollar

Fortschrittliche digitale Kommunikationsplattformen

Die digitalen Plattformen von Goldman Sachs verarbeiten monatlich etwa 2,3 Millionen Kundeninteraktionen, mit einer digitalen Engagement-Rate von 98,6 % bei institutionellen Kunden.

• Nutzung der mobilen Plattform: 73 %
• Echtzeit-Kommunikationskanäle: 6
• Durchschnittliche digitale Reaktionszeit: 12 Minuten

Kontinuierliche finanzielle Beratung und Unterstützung

Das Unternehmen bietet rund um die Uhr Finanzberatungsdienste mit einer durchschnittlichen Reaktionszeit von 17 Minuten in allen globalen Zeitzonen.

Beratungstyp	Jahresvolumen	Durchschnittliche Lösungszeit
Anlageberatung	42.000 Beratungen	23 Minuten
Risikomanagement	28.500 Beratungen	19 Minuten
Compliance-Unterstützung	15.700 Beratungen	14 Minuten

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Goldman Sachs beschäftigt im Jahr 2023 weltweit rund 45.000 Mitarbeiter mit engagierten Vertriebsteams in mehreren Geschäftsbereichen.

Vertriebsabteilung	Anzahl spezialisierter Vertriebsprofis
Investmentbanking	3,500
Globale Märkte	4,200
Vermögensverwaltung	2,800

Digitale Banking-Plattformen

Goldman Sachs betreibt die digitale Banking-Plattform Marcus mit Einlagen in Höhe von 119 Milliarden US-Dollar (Stand Q4 2023).

Kennzahlen für digitale Plattformen	Daten für 2023
Gesamtzahl der Online-Benutzer	4,5 Millionen
Mobile App-Downloads	2,3 Millionen

Unternehmenswebsites und Online-Portale

• Die Website von Goldman Sachs verzeichnet monatlich etwa 1,2 Millionen Besucher
• Das Investor-Relations-Portal wickelt über 500.000 jährliche Interaktionen ab

Finanzkonferenzen und Networking-Events

Goldman Sachs ist jährlich Gastgeber und Teilnehmer von über 150 Finanzkonferenzen.

Konferenztyp	Jährliche Teilnahme
Globale Investorenkonferenzen	75
Branchenspezifische Veranstaltungen	45
Technologieinnovationsforen	30

Mobile Anlageanwendungen

Die mobile Anlageanwendung von Goldman Sachs unterstützt ein verwaltetes Vermögen von 45 Milliarden US-Dollar über digitale Plattformen.

• Nutzerbasis der mobilen App: 1,8 Millionen aktive Nutzer
• Durchschnittlicher Transaktionswert: 75.000 $
• Häufigkeit digitaler Transaktionen: 22 Transaktionen pro Benutzer monatlich

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Kundensegmente

Große multinationale Unternehmen

Goldman Sachs betreut 40 % der Fortune-1000-Unternehmen als Kunden. Jahresumsatz mit Firmenkunden: 12,4 Milliarden US-Dollar im Jahr 2023.

Branchensegment	Kundenanzahl	Jahresumsatz
Technologie	287 Unternehmen	3,6 Milliarden US-Dollar
Finanzdienstleistungen	214 Unternehmen	2,9 Milliarden US-Dollar
Energie	156 Unternehmen	2,1 Milliarden US-Dollar

Vermögende Privatpersonen

Goldman Sachs verwaltet im vierten Quartal 2023 Privatvermögen in Höhe von 318 Milliarden US-Dollar für vermögende Kunden.

• Durchschnittliches Nettovermögen des Kunden: 25 Millionen US-Dollar
• Mindestinvestitionsschwelle: 10 Millionen US-Dollar
• Gesamter vermögender Kundenstamm: 24.500 Privatpersonen

Institutionelle Anleger

Goldman Sachs betreut weltweit 1.872 institutionelle Anleger. Gesamtes verwaltetes Vermögen: 2,1 Billionen US-Dollar im Jahr 2023.

Anlegertyp	Anzahl der Kunden	Verwaltetes Vermögen
Pensionskassen	412	687 Milliarden US-Dollar
Stiftungen	276	423 Milliarden US-Dollar
Versicherungsunternehmen	389	542 Milliarden US-Dollar

Regierungsstellen

Goldman Sachs bietet Finanzdienstleistungen für 63 Regierungsstellen in 22 Ländern an. Jährliche staatliche Einnahmen: 3,7 Milliarden US-Dollar im Jahr 2023.

Staatsfonds

Goldman Sachs berät weltweit 27 Staatsfonds. Gesamttransaktionswert: 89,6 Milliarden US-Dollar im Jahr 2023.

Region	Anzahl der Staatsfonds	Transaktionswert
Naher Osten	12	42,3 Milliarden US-Dollar
Asien	9	31,2 Milliarden US-Dollar
Europa	6	16,1 Milliarden US-Dollar

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Kostenstruktur

Hohe Personalvergütungsaufwendungen

Im Geschäftsjahr 2022 meldete Goldman Sachs einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 31,9 Milliarden US-Dollar. Die Vergütungsstruktur gliedert sich wie folgt:

Vergütungskategorie	Betrag (in Milliarden)
Gehälter	$7.2
Boni	$12.5
Langfristige Anreizvergütung	$6.8
Weitere Vorteile	$5.4

Investitionen in die Technologieinfrastruktur

Goldman Sachs stellte im Jahr 2022 3,4 Milliarden US-Dollar für Technologie- und Infrastrukturinvestitionen bereit, mit Schwerpunkten wie:

• Cloud-Computing-Infrastruktur
• Cybersicherheitssysteme
• Digitale Transformationsplattformen
• Datenanalysetechnologien

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Ausgaben für Goldman Sachs beliefen sich im Jahr 2022 auf rund 1,6 Milliarden US-Dollar und umfassen:

Compliance-Bereich	Aufwand (in Millionen)
Rechtliche und regulatorische Berichterstattung	$650
Risikomanagementsysteme	$450
Compliance-Personal	$350
Prüf- und Kontrollmechanismen	$150

Forschungs- und Entwicklungsausgaben

Goldman Sachs investierte im Jahr 2022 2,1 Milliarden US-Dollar in Forschungs- und Entwicklungsaktivitäten mit den Schwerpunkten:

• Künstliche Intelligenz-Technologien
• Blockchain- und Kryptowährungsforschung
• Digitale Banking-Plattformen
• Algorithmen für maschinelles Lernen

Aufwendungen für Marketing und Kundenakquise

Die Marketing- und Kundenakquisekosten für Goldman Sachs beliefen sich im Jahr 2022 auf 870 Millionen US-Dollar, verteilt auf verschiedene Kanäle:

Marketingkanal	Aufwand (in Millionen)
Digitales Marketing	$320
Firmenveranstaltungen und Konferenzen	$250
Gezielte Werbung	$180
Kundenbeziehungsmanagement	$120

The Goldman Sachs Group, Inc. (GS) – Geschäftsmodell: Einnahmequellen

Gebühren für das Investmentbanking

Goldman Sachs meldete für das Geschäftsjahr 2023 einen Investmentbanking-Umsatz von 7,14 Milliarden US-Dollar. Diese Gebühren werden generiert aus:

• Beratungsdienste bei Fusionen und Übernahmen
• Zeichnung von Schuldtiteln und Aktienangeboten
• Restrukturierungstransaktionen

Einnahmequelle	Betrag 2023 ($B)
M&A-Beratung	3.41
Schuldenübernahme	2.15
Aktien-Underwriting	1.58

Handels- und Market-Making-Erträge

Goldman Sachs generiert 15,57 Milliarden US-Dollar aus Handelsaktivitäten im Jahr 2023, aufgeteilt wie folgt:

Handelskategorie	Umsatz 2023 (B$)
Handel mit festverzinslichen Wertpapieren	6.23
Aktienhandel	5.84
Rohstoffhandel	3.50

Provisionen für die Vermögensverwaltung

Die Erträge aus der Vermögensverwaltung summierten sich 6,82 Milliarden US-Dollar im Jahr 2023, mit folgender Aufteilung:

• Verwaltungsgebühren: 4,67 Milliarden US-Dollar
• Leistungsabhängige Gebühren: 2,15 Milliarden US-Dollar

Gebühren für Beratungsleistungen

Goldman Sachs hat verdient 2,96 Milliarden US-Dollar aus Beratungsleistungen im Jahr 2023, im Wesentlichen aus:

• Unternehmensstrategieberatung
• Finanzberatungsdienstleistungen
• Beratung zur Vermögensverwaltung

Zinserträge aus Finanztransaktionen

Zinsertrag für 2023 erreicht 9,43 Milliarden US-Dollar, abgeleitet von:

Zinsertragsquelle	Betrag 2023 ($B)
Kredite und Kreditprodukte	5.67
Anlagewertpapiere	3.76

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Value Propositions

You're looking at what The Goldman Sachs Group, Inc. offers its clients-the core value it delivers that keeps them coming back. It's all about access, expertise, and scale, especially now that the firm has refocused its strategy.

Unrivaled access to global capital markets and deal flow

The firm's value proposition here is its position at the center of the biggest corporate actions. For M&A advisory, the numbers for 2025 show just how central they are to the market's biggest players. They've advised on nearly $1.3 trillion worth of M&A deals year-to-date in 2025, capturing a global market share of 34% by value. That's up from a 28% involvement in deal flow in 2024. Honestly, that kind of dominance in deal flow is the access clients pay for.

In EMEA, for example, as of early December 2025, they were ranked top by investment banking fees, earning $1.93 billion from capital markets and advisory, according to LSEG data, which edged out JP Morgan's $1.85 billion. Plus, they advised on eight of the 10 largest deals announced in EMEA this year. Here's the quick math on the global pipeline: Goldman Sachs Global M&A Co-Chairman Tim Ingrassia predicts global transaction volume will hit around $3.1 trillion in 2025, potentially increasing to $3.9 trillion in 2026.

The firm's Transaction Banking (TxB) platform is also key for corporate clients needing to move money efficiently. While the original goal was to hit $1 billion in annual revenue by 2025, the initial U.S. launch already attracted 250 clients and $35 billion in deposits in its first year.

Sophisticated, defined outcome ETF products via Innovator acquisition

The late 2025 announcement to acquire Innovator Capital Management significantly bolsters this area. This move is about capturing growth in less-commoditized products. Innovator brings $28 billion in assets under supervision (AUS) across 159 defined outcome ETFs as of September 30, 2025. The deal, valued at approximately $2.0 billion, positions Goldman Sachs Asset Management (GSAM) to be among the top ten providers of active ETFs.

The combined entity of GSAM and Innovator manages over 215 ETF strategies globally, representing more than $75 billion in total AUS as of September 30, 2025. Structured outcome ETFs, Innovator's specialty, have grown at a 66% compound annual growth rate (CAGR) since 2020. This acquisition helps GSAM compete in the active ETF space, where global AUM is $1.6 trillion, growing at a 47% CAGR since 2020.

Here are the key figures related to this strategic move:

Metric	Value/Amount	Context
Innovator Acquisition Price	$2.0 billion	Transaction consideration
Innovator Assets Under Supervision (AUS)	$28 billion	As of September 30, 2025
Innovator Defined Outcome ETFs	159	Number of strategies managed
Combined GSAM + Innovator ETF Strategies	Over 215	Globally, as of September 30, 2025
Combined GSAM + Innovator Total AUS	Over $75 billion	As of September 30, 2025
Innovator Market Share in Structured Outcome ETFs	Estimated 35%-40%	Quickly growing segment

Best-in-class strategic advice for complex corporate transactions

This is where the Investment Banking segment shines, as evidenced by the Q3 2025 results. Net revenues for Global Banking & Markets hit $10.12 billion in the third quarter of 2025. Investment banking fees specifically were up 42% year-over-year for the quarter, driven by M&A and debt underwriting. The firm's overall Q3 2025 net revenues were $15.18 billion, a 20% increase from Q3 2024.

The value is in handling the complexity. For instance, in EMEA M&A, Goldman Sachs retained the top spot in fee rankings, gaining 4.24% of fee share, according to LSEG data. This suggests clients trust them with the most intricate mandates.

Institutional-grade cash management through Transaction Banking (TxB)

TxB offers a unified, API-native platform to manage payments, replacing the need to manage separate connections for ACH, Fedwire, RTP, and Checks. The platform is engineered for speed; implementation that used to take months can now be completed in minutes. This modern infrastructure is a direct value-add against legacy systems.

The firm's initial U.S. transaction banking performance surpassed its five-year goal for client money attraction in just the first year. The original five-year goal was to draw in $50 billion in client money and win $1 billion in new revenue.

Preservation and growth of wealth for Ultra-High-Net-Worth clients

Goldman Sachs Wealth Management focuses exclusively on UHNW clients, family offices, endowments, and foundations, contrasting with competitors expanding into mass-affluent segments. This focus allows for a high-touch service model, evidenced by a 25-to-1 client-to-adviser ratio, which is below many peers.

The scale of assets managed reflects this focus. At the end of 2024, the firm was overseeing $1.6 trillion in total client assets, with $929 billion specifically in total wealth management assets under supervision. The average account size for UHNW clients in 2024 was $70 million.

The commitment to preservation and growth is reflected in client satisfaction and asset allocation preferences:

• Client-to-adviser ratio: 25-to-1.
• Average adviser tenure: 15 years.
• Recent global client satisfaction rating: 91%.
• Cash balances held across wealth tiers: 20% of net worth, showing a strong preference for wealth preservation and flexibility.

The firm's overall profitability supports its ability to serve these clients; the annualized Return on Common Equity (ROE) for Q3 2025 was 14.2%, and Book value per common share stood at $353.79 at the end of Q3 2025. Finance: draft 13-week cash view by Friday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Customer Relationships

You're looking at how The Goldman Sachs Group, Inc. maintains its deep connections across its client base, which is the lifeblood of its business. Honestly, for a firm this size, the relationship strategy has to be multi-layered, moving from white-glove service at the top to scalable digital interaction lower down the chain.

High-touch, personalized advisory relationships with C-suite executives

The relationship with C-suite executives centers on strategic advisory, which is a core part of the Global Banking & Markets segment. This is where the firm's deep market knowledge translates into high-stakes advice on mergers and acquisitions, divestitures, and restructurings. The quality of these relationships is reflected in the overall health of the deal pipeline. For instance, The Goldman Sachs Group, Inc. predicts global M&A transaction volume will be around $3.1 trillion for 2025, with expectations for that volume to climb to $3.9 trillion in 2026. This volume directly correlates with the advisory mandates secured from corporate leadership. Furthermore, the firm's alumni network, which as of March 2025 included over 600+ alumni serving as C-Suite Execs at leading companies, certainly helps maintain a strong, familiar channel for initial engagement. It's about being the trusted voice when major capital decisions are on the table.

Dedicated Private Wealth Management teams for HNW clients

For High Net Worth (HNW) clients, The Goldman Sachs Group, Inc. deploys dedicated Private Wealth Management teams, offering a suite of Family Office Services. These services go beyond simple investment management to include tax and estate planning, philanthropic advisory, and consolidated reporting. The scale of this commitment is evident in the segment's financial contribution. In the third quarter of 2025, net revenues for the wealth and asset management division rose 17 percent year-over-year to $4.4 billion. Within that, private banking/lending revenues specifically saw a 40 percent jump to $1.057 billion for the same quarter. Overall, The Goldman Sachs Group, Inc. manages a massive pool of capital, reporting approximately $3.5 trillion in assets under supervision globally as of September 30, 2025. You can choose between brokerage accounts for self-directed trading or investment advisory accounts where the firm manages allocation on a discretionary basis.

Institutional sales force for continuous client coverage in Global Markets

In Global Markets, the relationship is continuous coverage, driven by an institutional sales force that distributes investment research, trading ideas, and market information. This is a high-volume, high-touch interaction with financial institutions and investment funds. The firm facilitates client transactions and makes markets across fixed income, equity, currency, and commodity products. The sheer scale of the Global Banking & Markets segment, which posted net revenues of $10.12 billion for the second quarter of 2025, underscores the breadth of this institutional client base. The relationship model here is built on providing liquidity and executing complex transactions, including structuring and executing deals involving customized or tailor-made products. The firm maintains relationships with clients by receiving orders and distributing timely market intelligence.

Here's a quick look at the financial scale across the primary client-facing segments as of mid-to-late 2025:

Segment Metric	Value (Latest Reported)	Date/Period
Total Net Revenues (Firm-wide)	$14.58 billion	Q2 2025
Global Banking & Markets Net Revenues	$10.12 billion	Q2 2025
Asset & Wealth Management Total Net Revenues	$4.4 billion	Q3 2025
Private Banking/Lending Net Revenues	$1.057 billion	Q3 2025
Assets Under Supervision (Total)	$3.5 trillion	September 30, 2025

Digital self-service and API integration for Transaction Banking clients

The relationship with Transaction Banking clients, which falls under the Platform Solutions segment, is increasingly digitized. This involves providing transaction banking services, often supported by API integration to embed services directly into client workflows. This is a move toward scalable, technology-driven service delivery. For the second quarter of 2025, the Platform Solutions segment generated net revenues of $685 million, which includes transaction banking and other services. While the firm is known for its high-touch advisory, this area shows the commitment to modern, self-service capabilities for operational banking needs. If onboarding takes 14+ days, churn risk rises, so speed in digital integration is key here.

Finance: draft 13-week cash view by Friday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Channels

You're looking at how The Goldman Sachs Group, Inc. gets its services and products into the hands of clients-it's a multi-pronged approach blending high-touch human interaction with scalable digital infrastructure. This is how the firm moves value across its key segments.

Direct Investment Banking and Private Wealth Management teams

The direct channel relies on deep, personal relationships, especially at the top end of the wealth spectrum. The firm maintains a high-touch service model, which is reflected in its staffing ratios and client satisfaction scores. The synergy between the Investment Banking franchise and Private Wealth Management is key for proprietary deal flow sourcing.

The Goldman Sachs Asset Management Private Equity program, established roughly 40 years ago, supports its thematic investing approach with a team of over 100+ Investment Professionals globally as of June 30, 2025. This program has $87+ Billion Invested in Private Equity.

For Private Wealth Management, the focus is on the wealthiest clients, with the firm recognized as North America's best for ultra-high-net-worth (UHNW) clients as of March 2025. The service model is intentionally lean on client volume to ensure quality:

• Private wealth advisers have an average tenure of 15 years.
• The client-to-adviser ratio is maintained at 25-to-1.
• Customer satisfaction reached a 91% rating in a recent global client survey.

Wealth Management client assets were approximately $1.6 trillion at the end of 2024, contributing to Q3 2025 total net revenues for Asset & Wealth Management of $4.4 billion, a 17% rise year-over-year.

Global trading desks and electronic execution platforms

The Global Banking & Markets division uses its global trading desks for market-making and client execution across FICC (Fixed Income, Currency, and Commodities) and Equities. The electronic component is crucial for volume and speed, especially in derivatives and financing activities. The firm's M&A advisory strength is a major channel driver for its investment banking services.

Here's a look at the Q2 2025 trading revenue performance, which highlights the scale of the electronic and desk-driven channels:

Channel/Metric	Q2 2025 Net Revenue ($ millions)	Year-over-Year Change
Equities Trading Revenue	$4,300	Up 36%
FICC Revenue	$3,470	Up 9%
Total Global Banking & Markets Net Revenues	$10,120	Up 24%

The firm's investment banking advisory channel is expected to handle a significant portion of global deal flow, with The Goldman Sachs Group, Inc. predicting global M&A transaction volume around $3.1 trillion for the full year 2025.

On the digital asset front, The Goldman Sachs Group, Inc. has an in-house blockchain-based platform, GS DAP®, with plans to spin it out into a fully mutualized, distributed technology solution within 12 to 18 months (from late 2024).

Digital platforms for Marcus deposits and Transaction Banking (TxB)

Platform Solutions houses the digital channels, which focus on capturing sticky, recurring revenue through corporate treasury services (TxB) and consumer deposits (Marcus). TxB delivers its treasury management solution via an API-first, cloud-native platform.

The scale of these deposit-gathering channels is significant, though the consumer side has seen strategic shifts. Total Deposits across the firm's balance sheet stood at $466 billion in Q2 2025. For Platform Solutions, which includes TxB, Q3 2025 net revenues were $670 million.

The focus for TxB remains on corporate clients, aiming for durable, recurring revenues through services like liquidity management and global payments. The original goal for TxB, set in 2020, targeted $50 billion in deposit balances and $1 billion in net revenues within five years.

Third-party wealth channels for distributing Asset Management products

The Asset & Wealth Management segment distributes its investment products, particularly alternatives, through a global network of third-party distributors, including financial advisors and wealth managers. This channel is critical for scaling the distribution of private market strategies.

Data from a July/August 2025 survey highlights the channel's importance for alternatives allocation among wealthy individuals:

• 80% of households with $10 million or more in investable assets allocate to alternatives.
• Millennials allocate 20% of their assets to alternatives, significantly higher than Baby Boomers at 6%.
• The firm is actively equipping investors and advisors through initiatives like Goldman Sachs Investment University.

The Global Head of Alternatives for Third Party Wealth is Kyle Kniffen. As of Q1 2025, Asset & Wealth Management reported record Assets Under Supervision of $3.2 trillion, with $1.6 trillion specifically attributed to Wealth Management client assets at the end of 2024.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Customer Segments

You're looking at the client base for The Goldman Sachs Group, Inc. as of late 2025. This firm serves a highly diversified set of clients, from the largest global entities to wealthy individuals, with revenue figures reflecting performance through the third quarter of 2025.

The core client-facing activities are grouped under Global Banking & Markets and Asset & Wealth Management, but Transaction Banking falls within Platform Solutions.

Here's a look at the scale of the relationships and the financial metrics tied to these groups:

• Large multinational corporations and financial institutions are the primary focus of Global Banking & Markets.
• Institutional investors, including pension funds and insurers, are key drivers for the Asset & Wealth Management division.
• Ultra-High-Net-Worth and High-Net-Worth Individuals are served through Private Banking and Wealth Management.
• Corporate and institutional clients are the users of the Transaction Banking platform for cash management and treasury services.

The financial scale associated with these segments, based on the latest available 2025 data, is substantial:

Customer Segment Proxy / Metric	Financial Number (Latest 2025 Data)	Reporting Period / Date
Total Assets under Supervision (AUS)	$3.17 trillion	Q1 2025 Record
Asset & Wealth Management Net Revenues	$4.40 billion	Q3 2025
Global Banking & Markets Net Revenues	$10.12 billion	Q3 2025
Private Banking and Lending Net Revenues	$1.057 billion	Q3 2025
Goldman Sachs Alternatives Assets	Over $540 billion	As of June 30, 2025
Predicted Global M&A Transaction Volume	Around $3.1 trillion	2025 Estimate
Platform Solutions Net Revenues (Includes Transaction Banking)	$670 million	Q3 2025
Book Value per Common Share	$353.79	End of Q3 2025

The focus on corporate clients within Global Banking & Markets is evident in the M&A outlook; Goldman Sachs predicts global transaction volume around $3.1 trillion for 2025. For the Transaction Banking unit, which targets corporate and institutional clients, the initial US launch attracted 250 clients and $35 billion in deposits in its first year.

For the wealth-focused clients, the Asset & Wealth Management division saw its Private Banking and Lending net revenues rise 40% year-over-year to $1.057 billion in the third quarter of 2025. The overall scale of assets managed for institutional and individual clients reached a record $3.17 trillion in Assets under Supervision as of Q1 2025.

• Institutional investors access solutions through the Asset & Wealth Management division, which manages over $540 billion in alternatives as of mid-2025.
• The firm is actively growing its distribution for private markets evergreen funds, with three inaugural funds representing over $11.7 billion in assets under management launching on the Willow Wealth platform in December 2025.
• The firm's commitment to high-net-worth clients is supported by its growing fee-based businesses, with AWM representing around 30% of post-provision net revenue.

The Goldman Sachs Group, Inc. continues to serve governments and sovereign wealth funds primarily through its Global Banking & Markets and Asset & Wealth Management segments, which together generated $14.52 billion in net revenues in Q3 2025 ($10.12 billion + $4.40 billion, noting the AWM figure includes other clients).

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Cost Structure

The Cost Structure for The Goldman Sachs Group, Inc. is heavily weighted toward personnel and technology, reflecting its status as a knowledge-based financial institution. You see this in the largest expense categories, which are variable and tied directly to performance and talent acquisition.

High variable cost for compensation and benefits (talent retention)

Compensation and benefits is a primary cost driver, showing its variable nature with performance. For the first quarter of 2025, Compensation and benefits expense totaled $4,876 million. This represented a significant 30% increase compared to the fourth quarter of 2024, and a 6% increase year-over-year from the first quarter of 2024, clearly showing that as operating performance improves, so does this cost. Transaction based expenses, which are also variable, were $1,850 million in Q1 2025, up 24% from Q1 2024.

Here's a quick look at key operating expense components from The Goldman Sachs Group, Inc.'s Q1 2025 results:

Expense Category	Q1 2025 Amount (in millions)	YoY Change (vs Q1 2024)
Compensation and benefits	$4,876	6%
Transaction based	$1,850	24%
Communications and technology	$506	8%
Occupancy	$233	(6)%

Significant investment in technology, AI, and cybersecurity

The drive for efficiency and future-proofing the business mandates substantial, ongoing investment in digital infrastructure. The Goldman Sachs Group, Inc. announced a three-year technology investment plan focused on using automation and Artificial Intelligence (AI) to boost overall efficiency. In a specific example of this focus, The Goldman Sachs Group, Inc. planned to invest $125 million in a strategic partnership to bolster supply chain cybersecurity. For Q1 2025, Communications and technology expenses were $506 million, an 8% increase from the prior year period.

Regulatory compliance and legal expenses

Compliance remains a non-negotiable cost center, though some line items can fluctuate based on litigation outcomes. Net provisions for litigation and regulatory proceedings showed a significant drop in the second quarter of 2025, coming in at $1 million, compared to $104 million in the second quarter of 2024. The firm's regulatory capital requirements, such as the Common Equity Tier 1 (CET1) ratio under the standardized approach, were 14.8% as of Q1 2025, well above the required minimums.

Real estate costs for prime global office space

Costs associated with prime global office space fall under Occupancy in the operating expenses. For the first quarter of 2025, Occupancy expenses were reported at $233 million. This figure reflected a slight decrease of 6% compared to the first quarter of 2024, suggesting some cost management or optimization in the real estate footprint.

Operational streamlining via efficiency ratio of 62% in H1 2025

The focus on cost control is quantified by the efficiency ratio (operating expenses as a percentage of net revenues). The firm achieved an efficiency ratio of 62.0% for the first half of 2025. This is an improvement from the 63.8% reported for the first half of 2024, indicating successful operational streamlining efforts despite an 8% year-over-year increase in second-quarter operating expenses to $9.24 billion.

You should track the trend of the efficiency ratio against the planned severance charge of $150 million expected in Q2 2025, which management hopes will further drive down non-compensation costs.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Revenue Streams

You're looking at how The Goldman Sachs Group, Inc. actually brings in the money, which is key to understanding its valuation, especially after the recent market shifts. The revenue streams are heavily weighted toward client activity in capital markets and increasingly toward more durable asset management fees. Here's the quick math on the major components as of the third quarter of 2025.

Investment Banking Fees: Advisory and Underwriting

The advisory and underwriting business showed a strong rebound, reflecting a better environment for corporate finance. For the first nine months of 2025, Investment banking fees totaled $6.762 billion. Looking just at the third quarter, the actual fee generation was $2.657 billion, up 42% year-over-year, driven by significant activity in Advisory and Debt underwriting, which saw a 30% increase in revenue.

The components of Global Banking & Markets net revenues for the third quarter of 2025 illustrate the core trading and banking engine:

Revenue Component	Q3 2025 Net Revenue (in millions)	Year-over-Year Change
Investment Banking Fees	$2,657	42% increase
FICC Net Revenues	$3,472	17% increase
Equities Net Revenues	$3,736	7% increase
Other	$250	10% increase
Total Global Banking & Markets	$10,115	18% increase

FICC and Equities Intermediation (Trading) revenues

Intermediation, which is the firm acting as a market maker for clients, remains a massive component. FICC net revenues for the third quarter of 2025 were $3.47 billion, showing strength primarily in interest rate products and commodities. Equities net revenues for the same period hit $3.74 billion. The Equities side saw significantly higher net revenues from financing, specifically prime financing, which was up 33% year-over-year, even though intermediation from cash products was lower.

Management and other fees from Assets Under Supervision (AUS)

The push toward more durable fee-based revenue is evident here. As of the end of the third quarter of 2025, Assets Under Supervision (AUS) reached a record $3.5 trillion. This helped drive Management and other fees to a record $2.9 billion for the quarter, which was up 12% year-over-year. The firm is defintely focusing on growing this base, with a stated goal to raise approximately $100 billion in alternatives for the full year 2025.

Private banking and lending net interest income

This area saw significant growth, with Private banking and lending revenues reaching $1.1 billion in the third quarter of 2025. This was largely driven by the payment of interest on a previously impaired loan, which is a non-recurring event, so you can't assume that growth rate holds. Firm-wide, total net interest income for the quarter was reported at $3.9 billion.

Platform Solutions revenue

The Platform Solutions segment, which includes transaction banking, generated $670 million in revenue for the third quarter of 2025. This represented a 71% jump year-over-year, though much of that growth was due to lapping a net loss from the General Motors credit card program that the firm has since exited. You should note the following key metrics related to this segment and overall firm health:

• Platform Solutions revenue (Q3 2025): $670 million.
• Total Deposits (Q3 2025): $490 billion.
• Provision for Credit Losses (Q3 2025): $339 million.
• Book Value Per Common Share (End of Q3 2025): $353.79.