El Grupo Goldman Sachs, Inc. (GS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de las finanzas globales, Goldman Sachs se erige como un imponente coloso, transformando complejos paisajes financieros en oportunidades estratégicas con una precisión incomparable. Esta exploración de su lienzo de modelo de negocio revela la intrincada maquinaria detrás de una de las instituciones más influyentes de Wall Street, ofreciendo una rara visión de cómo navegan constantemente los mercados de billones de dólares, aprovechan las tecnologías de vanguardia y ofrecen soluciones financieras sofisticadas que dan forma a paradigmos económicos globales. . Prepárese para desentrañar el plan estratégico que ha posicionado a Goldman Sachs como una potencia transformadora en la banca de inversión, la gestión de patrimonio y el asesoramiento financiero estratégico.

The Goldman Sachs Group, Inc. (GS) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes corporaciones e instituciones financieras

Goldman Sachs mantiene asociaciones estratégicas con:

Pareja	Detalles de la asociación	Año establecido
Apple Inc.	Servicios financieros de Apple Card	2019
Servicios web de Amazon	Infraestructura de computación en la nube	2021
Microsoft Corporation	Soluciones de tecnología empresarial	2020

Empresas de gestión de inversiones y fondos de cobertura

Las asociaciones de inversión clave incluyen:

• BlackRock Inc. - Colaboración de gestión de activos
• Blackstone Group - Empresas conjuntas de capital privado
• State Street Corporation - Servicios de inversión institucional

Empresas de tecnología para la transformación digital

Métricas de asociación tecnológica:

Socio tecnológico	Monto de la inversión	Área de enfoque
Raya	$ 250 millones	Soluciones de pago de fintech
Marqeta	$ 100 millones	Plataformas de emisión de tarjetas

Capital de riesgo y redes de capital privado

Goldman Sachs Venture Capital Partnerships:

• Sequoia Capital - Inversiones de inicio de tecnología
• Andreessen Horowitz - Financiación de tecnología en etapa temprana
• SoftBank Vision Fund - Inversiones en tecnología global

Consultores regulatorios y de cumplimiento globales

Detalles de la asociación de cumplimiento:

Consultoría	Tipo de servicio	Valor anual del contrato
Deloitte	Aviso de cumplimiento regulatorio	$ 15 millones
PWC	Consultoría de gestión de riesgos	$ 12 millones

The Goldman Sachs Group, Inc. (GS) - Modelo de negocio: actividades clave

Banca de inversión y negociación de valores

Goldman Sachs reportó ingresos netos de $ 45.01 mil millones en 2023 para banca de inversión y segmentos de mercados globales.

Categoría de negociación	2023 ingresos
Comercio de renta variable	$ 6.64 mil millones
Comercio de renta fija	$ 4.12 mil millones
Aviso de banca de inversión	$ 3.22 mil millones

Servicios de gestión de patrimonio

Goldman Sachs Private Wealth Management administra $ 644 mil millones en activos del cliente a partir del cuarto trimestre de 2023.

• Tamaño promedio de la cartera del cliente: $ 25.6 millones
• Tarifas totales de gestión de patrimonio: $ 1.87 mil millones en 2023

Estrategias de gestión de activos e inversión

Goldman Sachs Asset Management supervisa $ 2.68 billones en activos bajo supervisión.

Categoría de inversión	Activos bajo administración
Estrategias de capital	$ 842 mil millones
Estrategias de renta fija	$ 627 mil millones
Inversiones alternativas	$ 436 mil millones

Asesoramiento financiero corporativo

Goldman Sachs completó $ 378 mil millones en transacciones de asesoramiento de fusión y adquisición en 2023.

• Número de ofertas de asesoramiento: 247
• Tamaño promedio de la oferta: $ 1.53 mil millones

Investigación de mercado y análisis de riesgos

Goldman Sachs invirtió $ 1.24 mil millones en infraestructura de investigación y tecnología en 2023.

Área de investigación	Inversión
Análisis de mercado	$ 463 millones
Tecnología de gestión de riesgos	$ 392 millones
Investigación cuantitativa	$ 385 millones

The Goldman Sachs Group, Inc. (GS) - Modelo de negocios: recursos clave

Profesionales y analistas financieros altamente calificados

A partir del cuarto trimestre de 2023, Goldman Sachs empleó a 45.400 empleados a tiempo completo a nivel mundial. El desglose de la fuerza laboral de la empresa incluye:

Categoría	Número de empleados
Banca de inversión	14,500
Mercados globales	12,900
Gestión de activos	6,200
Consumidor & Gestión de patrimonio	4,800

Infraestructura tecnológica avanzada

Inversión tecnológica de Goldman Sachs en 2023:

• Gasto de tecnología total: $ 4.1 mil millones
• Número de ingenieros de software: aproximadamente 9,000
• Inversión de infraestructura de computación en la nube: $ 500 millones

Red global de relaciones con los clientes

Base de clientes y presencia global:

Región	Número de clientes institucionales
América del norte	3,750
Europa	2,100
Asia Pacífico	1,850

Capital financiero sustancial

Métricas financieras para 2023:

• Activos totales: $ 1.43 billones
• Equidad del accionista: $ 98.4 mil millones
• Relación de capital de nivel 1: 14.2%
• Capital total: $ 237.8 mil millones

Algoritmos comerciales y plataformas de investigación patentadas

Capacidades de tecnología e investigación:

• Algoritmos de comercio de aprendizaje automático: 127 modelos activos
• Bases de datos de investigación: 42 plataformas patentadas
• Volumen de comercio diario procesado a través de sistemas algorítmicos: $ 89 mil millones

The Goldman Sachs Group, Inc. (GS) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para clientes institucionales

Goldman Sachs reportó $ 45.3 mil millones en ingresos netos para 2023, con segmentos clave de clientes institucionales que incluyen:

Segmento	Ingresos (2023)
Banca de inversión	$ 7.1 mil millones
Mercados globales	$ 19.3 mil millones
Gestión de activos	$ 8.0 mil millones

Estrategias de inversión de alto nivel y gestión de patrimonio

Goldman Sachs Managemento de patrimonio privado Supervisas:

• $ 817 mil millones en activos del cliente
• Patrimonio neto promedio de clientes de $ 50 millones
• Servicios para individuos ultra altos en valor

Tecnología financiera e innovación de vanguardia

Inversiones de plataforma digital Goldman Sachs:

• Gasto tecnológico de $ 3.9 mil millones en 2023
• Plataforma de banca digital de Marcus con $ 16 mil millones en depósitos
• Más de 150 lanzamientos de productos digitales desde 2016

Servicios de asesoramiento de confianza para transacciones financieras complejas

2023 destacados de transacción de asesoramiento:

Tipo de transacción	Valor total
Aviso de fusiones y adquisiciones	$ 625 mil millones
Suscripción de capital	$ 48.2 mil millones
Suscripción de deuda	$ 302 mil millones

Insights y experiencia en el mercado global

Métricas de presencia global de Goldman Sachs:

• Operando en 35 países
• 38,000 empleados en todo el mundo
• Clientes en más de 100 países

The Goldman Sachs Group, Inc. (GS) - Modelo de negocios: relaciones con los clientes

Compromiso personalizado del cliente

Goldman Sachs atiende a aproximadamente 8,000 clientes institucionales a nivel mundial a partir de 2023. La empresa mantiene un valor promedio de relación con el cliente de $ 47.2 millones en los segmentos de banca de inversión y gestión de activos.

Segmento de clientes	Valor de relación anual	Frecuencia de compromiso
Inversores institucionales	$ 62.3 millones	Trimestral
Clientes corporativos	$ 38.7 millones	Mensual
Individuos de alto patrimonio	$ 24.5 millones	Bimensual

Asociaciones estratégicas a largo plazo

Goldman Sachs mantiene asociaciones estratégicas con el 76% de las compañías Fortune 500, con una duración de asociación promedio de 7,4 años.

• Tasa de retención de asociación: 92%
• Tasa de utilización de servicio cruzado: 64%
• Valor de transacción anual promedio: $ 1.3 mil millones

Equipos dedicados de gestión de relaciones

La firma emplea a 1,247 gerentes de relaciones dedicadas en las oficinas globales, con un tamaño promedio de cartera de clientes de $ 483 millones por gerente.

Región	Gerentes de relaciones	Tamaño promedio de la cartera
América del norte	612	$ 562 millones
Europa	329	$ 412 millones
Asia Pacífico	306	$ 389 millones

Plataformas de comunicación digital avanzadas

Las plataformas digitales de Goldman Sachs procesan aproximadamente 2.3 millones de interacciones con el cliente mensualmente, con una tasa de participación digital del 98.6% entre los clientes institucionales.

• Uso de la plataforma móvil: 73%
• Canales de comunicación en tiempo real: 6
• Tiempo de respuesta digital promedio: 12 minutos

Consulta y apoyo financiero continuo

La firma ofrece servicios de consulta financiera las 24 horas, los 7 días de la semana, con un tiempo de respuesta promedio de 17 minutos en las zonas horarias globales.

Tipo de consulta	Volumen anual	Tiempo de resolución promedio
Aviso de inversión	42,000 consultas	23 minutos
Gestión de riesgos	28,500 consultas	19 minutos
Soporte de cumplimiento	15,700 consultas	14 minutos

The Goldman Sachs Group, Inc. (GS) - Modelo de negocios: canales

Equipos de ventas directos

Goldman Sachs emplea a aproximadamente 45,000 empleados en todo el mundo a partir de 2023, con equipos de ventas dedicados en múltiples divisiones.

División de ventas	Número de profesionales de ventas especializados
Banca de inversión	3,500
Mercados globales	4,200
Gestión de activos	2,800

Plataformas de banca digital

Goldman Sachs opera la plataforma de banca digital Marcus con $ 119 mil millones en depósitos a partir del cuarto trimestre de 2023.

Métricas de plataforma digital	2023 datos
Total de usuarios en línea	4.5 millones
Descargas de aplicaciones móviles	2.3 millones

Sitios web corporativos y portales en línea

• El sitio web de Goldman Sachs recibe aproximadamente 1.2 millones de visitantes mensuales
• El portal de relaciones con los inversores maneja más de 500,000 interacciones anuales

Conferencias financieras y eventos de redes

Goldman Sachs organiza y participa en más de 150 conferencias financieras anualmente.

Tipo de conferencia	Participación anual
Conferencias de inversores globales	75
Eventos específicos de la industria	45
Foros de innovación tecnológica	30

Aplicaciones de inversión móvil

La aplicación de inversión móvil Goldman Sachs admite $ 45 mil millones en activos bajo administración a través de plataformas digitales.

• Base de usuarios de aplicaciones móviles: 1.8 millones de usuarios activos
• Valor de transacción promedio: $ 75,000
• Frecuencia de transacción digital: 22 transacciones por usuario mensualmente

The Goldman Sachs Group, Inc. (GS) - Modelo de negocio: segmentos de clientes

Grandes corporaciones multinacionales

Goldman Sachs atiende al 40% de las compañías Fortune 1000 como clientes. Ingresos anuales de clientes corporativos: $ 12.4 mil millones en 2023.

Segmento de la industria	Recuento de clientes	Ingresos anuales
Tecnología	287 corporaciones	$ 3.6 mil millones
Servicios financieros	214 corporaciones	$ 2.9 mil millones
Energía	156 corporaciones	$ 2.1 mil millones

Individuos de alto nivel de red

Goldman Sachs administra $ 318 mil millones en riqueza privada para clientes de alto nivel de red a partir del cuarto trimestre de 2023.

• Piso neto promedio del cliente: $ 25 millones
• Umbral de inversión mínimo: $ 10 millones
• Base de cliente total de alto nivel de red: 24,500 individuos

Inversores institucionales

Goldman Sachs atiende a 1.872 inversores institucionales a nivel mundial. Activos totales bajo administración: $ 2.1 billones en 2023.

Tipo de inversor	Número de clientes	Activos bajo administración
Fondos de pensiones	412	$ 687 mil millones
Dotación	276	$ 423 mil millones
Compañías de seguros	389	$ 542 mil millones

Entidades gubernamentales

Goldman Sachs brinda servicios financieros a 63 entidades gubernamentales en 22 países. Ingresos anuales relacionados con el gobierno: $ 3.7 mil millones en 2023.

Fondos de riqueza soberana

Goldman Sachs aconseja 27 fondos de riqueza soberana a nivel mundial. Valor de transacción total: $ 89.6 mil millones en 2023.

Región	Número de fondos de riqueza soberana	Valor de transacción
Oriente Medio	12	$ 42.3 mil millones
Asia	9	$ 31.2 mil millones
Europa	6	$ 16.1 mil millones

The Goldman Sachs Group, Inc. (GS) - Modelo de negocio: Estructura de costos

Altos gastos de compensación de personal

En el año fiscal 2022, Goldman Sachs reportó gastos totales de compensación y beneficios de $ 31.9 mil millones. El desglose de la estructura de compensación es el siguiente:

Categoría de compensación	Cantidad (en miles de millones)
Salarios	$7.2
Bonificaciones	$12.5
Compensación de incentivos a largo plazo	$6.8
Otros beneficios	$5.4

Inversiones de infraestructura tecnológica

Goldman Sachs asignó $ 3.4 mil millones para inversiones en tecnología e infraestructura en 2022, con áreas de enfoque clave que incluyen:

• Infraestructura de computación en la nube
• Sistemas de ciberseguridad
• Plataformas de transformación digital
• Tecnologías de análisis de datos

Costos de cumplimiento regulatorio

Los gastos relacionados con el cumplimiento para Goldman Sachs en 2022 totalizaron aproximadamente $ 1.6 mil millones, abarcando:

Área de cumplimiento	Gasto (en millones)
Informes legales y regulatorios	$650
Sistemas de gestión de riesgos	$450
Personal de cumplimiento	$350
Mecanismos de auditoría y control	$150

Gastos de investigación y desarrollo

Goldman Sachs invirtió $ 2.1 mil millones en actividades de investigación y desarrollo durante 2022, centrándose en:

• Tecnologías de inteligencia artificial
• Investigación de blockchain y criptomonedas
• Plataformas de banca digital
• Algoritmos de aprendizaje automático

Gastos de marketing y adquisición de clientes

Los costos de marketing y adquisición de clientes para Goldman Sachs en 2022 ascendieron a $ 870 millones, distribuidos en varios canales:

Canal de marketing	Gasto (en millones)
Marketing digital	$320
Eventos y conferencias corporativas	$250
Publicidad dirigida	$180
Gestión de la relación con el cliente	$120

The Goldman Sachs Group, Inc. (GS) - Modelo de negocios: flujos de ingresos

Tarifas de banca de inversión

Goldman Sachs informó que los ingresos de la banca de inversión de $ 7.14 mil millones para el año fiscal 2023. Estas tarifas se generan a partir de:

• Servicios de asesoramiento de fusiones y adquisiciones
• Suscripción de deuda y ofertas de capital
• Transacciones de reestructuración

Fuente de ingresos	Cantidad de 2023 ($ B)
Aviso de fusiones y adquisiciones	3.41
Suscripción de deuda	2.15
Suscripción de capital	1.58

Ingresos comerciales y de fabricación de mercado

Goldman Sachs generó $ 15.57 mil millones De actividades comerciales en 2023, desglosadas de la siguiente manera:

Categoría de negociación	2023 ingresos ($ b)
Comercio de renta fija	6.23
Comercio de renta variable	5.84
Comercio de productos básicos	3.50

Comisiones de gestión de activos

Los ingresos de la gestión de activos totalizaron $ 6.82 mil millones En 2023, con el siguiente desglose:

• Tarifas de gestión: $ 4.67 mil millones
• Tarifas basadas en el desempeño: $ 2.15 mil millones

Cargos de servicio de asesoramiento

Goldman Sachs ganó $ 2.96 mil millones De los servicios de asesoramiento en 2023, principalmente de:

• Consultoría de estrategia corporativa
• Servicios de asesoramiento financiero
• Aviso de gestión de patrimonio

Ingresos por intereses de transacciones financieras

Los ingresos por intereses para 2023 alcanzaron $ 9.43 mil millones, derivado de:

Fuente de ingresos por intereses	Cantidad de 2023 ($ B)
Préstamos y productos de crédito	5.67
Valores de inversión	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.