The Goldman Sachs Group, Inc. (GS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde à enjeux élevés de la finance mondiale, Goldman Sachs est un colosse imposant, transformant des paysages financiers complexes en opportunités stratégiques avec une précision inégalée. Cette exploration de leur toile de modèle d'entreprise révèle les machines complexes derrière l'une des institutions les plus influentes de Wall Street, offrant un aperçu rare de la façon dont ils naviguent régulièrement . Préparez-vous à démêler le plan stratégique qui a positionné Goldman Sachs comme une puissance transformatrice dans la banque d'investissement, la gestion de la patrimoine et le conseil financier stratégique.

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes sociétés et les institutions financières

Goldman Sachs maintient des partenariats stratégiques avec:

Partenaire	Détails du partenariat	Année établie
Apple Inc.	Services financiers de carte Apple	2019
Services Web Amazon	Infrastructure de cloud computing	2021
Microsoft Corporation	Solutions technologiques d'entreprise	2020

Sociétés de gestion des investissements et hedge funds

Les principaux partenariats d'investissement comprennent:

• BlackRock Inc. - Collaboration de gestion des actifs
• Blackstone Group - coentreprises de capital-investissement
• State Street Corporation - Services d'investissement institutionnel

Sociétés technologiques pour la transformation numérique

Métriques de partenariat technologique:

Partenaire technologique	Montant d'investissement	Domaine de mise au point
Bande	250 millions de dollars	Solutions de paiement fintech
Marqeta	100 millions de dollars	Plates-formes d'émission de cartes

Capital de capital-risque et réseaux de capital-investissement

Goldman Sachs Venture Capital Partnerships:

• Sequoia Capital - Investissements de startup technologiques
• Andreessen Horowitz - financement technologique à un stade précoce
• Softbank Vision Fund - Global Technology Investments

Consultants en réglementation et en conformité mondiales

Détails du partenariat de conformité:

Cabinet de conseil	Type de service	Valeur du contrat annuel
Deloitte	Conseil de conformité réglementaire	15 millions de dollars
Pwc	Conseil de gestion des risques	12 millions de dollars

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: activités clés

Banque d'investissement et négociation de titres

Goldman Sachs a déclaré des revenus nets de 45,01 milliards de dollars en 2023 pour les segments de banque d'investissement et de marchés mondiaux.

Catégorie de trading	Revenus de 2023
Commerce des actions	6,64 milliards de dollars
Trading à revenu fixe	4,12 milliards de dollars
Conseil des banques d'investissement	3,22 milliards de dollars

Services de gestion de la patrimoine

Goldman Sachs Private Wealth Management gère 644 milliards de dollars d'actifs des clients au quatrième trimestre 2023.

• Taille moyenne du portefeuille des clients: 25,6 millions de dollars
• Total des frais de gestion de patrimoine: 1,87 milliard de dollars en 2023

Gestion des actifs et stratégies d'investissement

Goldman Sachs Asset Management supervise 2,68 billions de dollars d'actifs sous supervision.

Catégorie d'investissement	Actifs sous gestion
Stratégies d'actions	842 milliards de dollars
Stratégies à revenu fixe	627 milliards de dollars
Investissements alternatifs	436 milliards de dollars

Avis financier des entreprises

Goldman Sachs a effectué 378 milliards de dollars de transactions de conseil en fusion et acquisition en 2023.

• Nombre d'offres consultatives: 247
• Taille moyenne de l'accord: 1,53 milliard de dollars

Étude de marché et analyse des risques

Goldman Sachs a investi 1,24 milliard de dollars dans les infrastructures de recherche et de technologie en 2023.

Domaine de recherche	Investissement
Analytique du marché	463 millions de dollars
Technologie de gestion des risques	392 millions de dollars
Recherche quantitative	385 millions de dollars

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: Ressources clés

Professionnels et analystes financiers hautement qualifiés

Au quatrième trimestre 2023, Goldman Sachs a employé 45 400 employés à temps plein dans le monde. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie	Nombre d'employés
Banque d'investissement	14,500
Marchés mondiaux	12,900
Gestion des actifs	6,200
Consommateur & Gestion de la richesse	4,800

Infrastructure technologique avancée

Investissement technologique Goldman Sachs en 2023:

• Dépenses technologiques totales: 4,1 milliards de dollars
• Nombre d'ingénieurs logiciels: environ 9 000
• Investissement d'infrastructure en cloud computing: 500 millions de dollars

Réseau mondial de relations avec les clients

Base de clientèle et présence mondiale:

Région	Nombre de clients institutionnels
Amérique du Nord	3,750
Europe	2,100
Asie-Pacifique	1,850

Capital financier substantiel

Mesures financières pour 2023:

• Actif total: 1,43 billion de dollars
• Pariement des actionnaires: 98,4 milliards de dollars
• Ratio de capital de niveau 1: 14,2%
• Capital total: 237,8 milliards de dollars

Algorithmes commerciaux propriétaires et plateformes de recherche

Technologie et capacités de recherche:

• Algorithmes de trading d'apprentissage automatique: 127 modèles actifs
• Bases de données de recherche: 42 plateformes propriétaires
• Volume de trading quotidien traité via des systèmes algorithmiques: 89 milliards de dollars

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour les clients institutionnels

Goldman Sachs a rapporté 45,3 milliards de dollars de revenus nets pour 2023, avec des segments clés des clients institutionnels, notamment:

Segment	Revenus (2023)
Banque d'investissement	7,1 milliards de dollars
Marchés mondiaux	19,3 milliards de dollars
Gestion des actifs	8,0 milliards de dollars

Stratégies d'investissement de haut niveau et gestion de patrimoine

Goldman Sachs Private Wealth Management supervise:

• 817 milliards de dollars d'actifs clients
• Valeur nette moyenne du client de 50 millions de dollars
• Services pour les individus ultra-élevés

Technologie et innovation financières de pointe

Investissements de plate-forme numérique de Goldman Sachs:

• 3,9 milliards de dollars de technologies en 2023
• Plateforme bancaire Marcus avec 16 milliards de dollars de dépôts
• 150+ lancements de produits numériques depuis 2016

Services consultatifs de confiance pour les transactions financières complexes

2023 Faits saillants de la transaction consultative:

Type de transaction	Valeur totale
Avis de fusions et acquisitions	625 milliards de dollars
Souscription des actions	48,2 milliards de dollars
Souscription de la dette	302 milliards de dollars

Informations et expertise du marché mondial

Goldman Sachs Global Presence Metrics:

• Opérant dans 35 pays
• 38 000 employés dans le monde
• Clients de plus de 100 pays

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: relations avec les clients

Engagement client personnalisé

Goldman Sachs dessert environ 8 000 clients institutionnels dans le monde en 2023. L'entreprise maintient une valeur moyenne de la relation client de 47,2 millions de dollars entre les services bancaires d'investissement et la gestion des actifs.

Segment client	Valeur de relation annuelle	Fréquence d'engagement
Investisseurs institutionnels	62,3 millions de dollars	Trimestriel
Clients des entreprises	38,7 millions de dollars	Mensuel
Individus de valeur nette élevée	24,5 millions de dollars	Bimensuel

Partenariats stratégiques à long terme

Goldman Sachs maintient des partenariats stratégiques avec 76% des entreprises du Fortune 500, avec une durée de partenariat moyenne de 7,4 ans.

• Taux de rétention de partenariat: 92%
• Taux d'utilisation du service croisé: 64%
• Valeur de transaction annuelle moyenne: 1,3 milliard de dollars

Équipes de gestion des relations dédiées

L'entreprise emploie 1 247 gestionnaires de relations dédiées dans les bureaux mondiaux, avec une taille de portefeuille client moyenne de 483 millions de dollars par gestionnaire.

Région	Gestionnaires de relations	Taille moyenne du portefeuille
Amérique du Nord	612	562 millions de dollars
Europe	329	412 millions de dollars
Asie-Pacifique	306	389 millions de dollars

Plateformes de communication numérique avancées

Les plates-formes numériques de Goldman Sachs traitent environ 2,3 millions d'interactions clients par mois, avec un taux d'engagement numérique de 98,6% parmi les clients institutionnels.

• Utilisation de la plate-forme mobile: 73%
• Canaux de communication en temps réel: 6
• Temps de réponse numérique moyen: 12 minutes

Consultation et soutien financiers continus

L'entreprise fournit des services de consultation financière 24/7 avec un temps de réponse moyen de 17 minutes dans les fuseaux horaires mondiaux.

Type de consultation	Volume annuel	Temps de résolution moyen
Avis d'investissement	42 000 consultations	23 minutes
Gestion des risques	28 500 consultations	19 minutes
Aide à la conformité	15 700 consultations	14 minutes

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: canaux

Équipes de vente directes

Goldman Sachs emploie environ 45 000 employés dans le monde en 2023, avec des équipes de vente dédiées dans plusieurs divisions.

Division des ventes	Nombre de professionnels de la vente spécialisés
Banque d'investissement	3,500
Marchés mondiaux	4,200
Gestion des actifs	2,800

Plateformes bancaires numériques

Goldman Sachs exploite Marcus Digital Banking Plateforme avec 119 milliards de dollars de dépôts au quatrième trimestre 2023.

Métriques de plate-forme numérique	2023 données
Total des utilisateurs en ligne	4,5 millions
Téléchargements d'applications mobiles	2,3 millions

Sites Web d'entreprise et portails en ligne

• Le site Web de Goldman Sachs reçoit environ 1,2 million de visiteurs mensuels
• Le portail des relations avec les investisseurs gère plus de 500 000 interactions annuelles

Conférences financières et événements de réseautage

Goldman Sachs héberge et participe à plus de 150 conférences financières par an.

Type de conférence	Participation annuelle
Conférences mondiales d'investisseurs	75
Événements spécifiques à l'industrie	45
Forums sur l'innovation technologique	30

Applications d'investissement mobiles

L'application d'investissement mobile Goldman Sachs prend en charge 45 milliards de dollars d'actifs sous gestion via des plateformes numériques.

• Base d'utilisateurs d'applications mobiles: 1,8 million d'utilisateurs actifs
• Valeur de transaction moyenne: 75 000 $
• Fréquence des transactions numériques: 22 transactions par utilisateur mensuellement

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: segments de clientèle

Grandes sociétés multinationales

Goldman Sachs dessert 40% des sociétés Fortune 1000 en tant que clients. Revenus annuels des clients d'entreprise: 12,4 milliards de dollars en 2023.

Segment de l'industrie	Compte de clientèle	Revenus annuels
Technologie	287 sociétés	3,6 milliards de dollars
Services financiers	214 sociétés	2,9 milliards de dollars
Énergie	156 sociétés	2,1 milliards de dollars

Individus à haute nette

Goldman Sachs gère 318 milliards de dollars de richesses privées pour les clients à haute teneur en matière de naissance au quatrième trimestre 2023.

• Valeur nette moyenne du client: 25 millions de dollars
• Seuil d'investissement minimum: 10 millions de dollars
• Base de clientèle totale à haute noue: 24 500 personnes

Investisseurs institutionnels

Goldman Sachs dessert 1 872 investisseurs institutionnels dans le monde. Total des actifs sous gestion: 2,1 billions de dollars en 2023.

Type d'investisseur	Nombre de clients	Actifs sous gestion
Fonds de pension	412	687 milliards de dollars
Dotation	276	423 milliards de dollars
Compagnies d'assurance	389	542 milliards de dollars

Entités gouvernementales

Goldman Sachs fournit des services financiers à 63 entités gouvernementales dans 22 pays. Revenus annuels liés au gouvernement: 3,7 milliards de dollars en 2023.

Fonds de richesse souverain

Goldman Sachs conseille 27 fonds souverains à l'échelle mondiale. Valeur totale de la transaction: 89,6 milliards de dollars en 2023.

Région	Nombre de fonds souverains	Valeur de transaction
Moyen-Orient	12	42,3 milliards de dollars
Asie	9	31,2 milliards de dollars
Europe	6	16,1 milliards de dollars

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: Structure des coûts

Frais de rémunération du personnel élevé

Au cours de l'exercice 2022, Goldman Sachs a déclaré des dépenses totales de rémunération et de prestations de 31,9 milliards de dollars. La rupture de la structure de la rémunération est la suivante:

Catégorie de compensation	Montant (en milliards)
Salaires	$7.2
Bonus	$12.5
Compensation d'incitation à long terme	$6.8
Autres avantages	$5.4

Investissements infrastructures technologiques

Goldman Sachs a alloué 3,4 milliards de dollars pour les investissements technologiques et d'infrastructures en 2022, avec des domaines de mise au point clés, notamment:

• Infrastructure de cloud computing
• Systèmes de cybersécurité
• Plates-formes de transformation numériques
• Technologies d'analyse des données

Coûts de conformité réglementaire

Les dépenses liées à la conformité pour Goldman Sachs en 2022 ont totalisé environ 1,6 milliard de dollars, englobant:

Zone de conformité	Dépenses (en millions)
Représentation juridique et réglementaire	$650
Systèmes de gestion des risques	$450
Personnel de conformité	$350
Mécanismes d'audit et de contrôle	$150

Dépenses de recherche et développement

Goldman Sachs a investi 2,1 milliards de dollars dans les activités de recherche et développement en 2022, en se concentrant sur:

• Technologies d'intelligence artificielle
• Recherche de blockchain et de crypto-monnaie
• Plateformes bancaires numériques
• Algorithmes d'apprentissage automatique

Frais de marketing et d'acquisition des clients

Les coûts de marketing et d'acquisition des clients pour Goldman Sachs en 2022 s'élevaient à 870 millions de dollars, distribués sur divers canaux:

Canal de marketing	Dépenses (en millions)
Marketing numérique	$320
Événements et conférences d'entreprise	$250
Publicité ciblée	$180
Gestion des relations avec les clients	$120

The Goldman Sachs Group, Inc. (GS) - Modèle d'entreprise: Strots de revenus

Frais de banque d'investissement

Goldman Sachs a déclaré des revenus de la banque d'investissement de 7,14 milliards de dollars pour l'exercice 2023. Ces frais sont générés à partir de:

• Services de conseil en fusions et acquisitions
• Souscription de dettes et d'offres de capitaux propres
• Transactions de restructuration

Source de revenus	2023 Montant ($ b)
Avis de fusions et acquisitions	3.41
Souscription de la dette	2.15
Souscription des actions	1.58

Commerce de commerce et revenus de marché

Goldman Sachs généré 15,57 milliards de dollars D'après les activités commerciales en 2023, ventilées comme suit:

Catégorie de trading	2023 revenus ($ b)
Trading à revenu fixe	6.23
Commerce des actions	5.84
Commodities Trading	3.50

Commissions de gestion des actifs

Les revenus de gestion des actifs ont totalisé 6,82 milliards de dollars en 2023, avec la ventilation suivante:

• Frais de gestion: 4,67 milliards de dollars
• Frais basés sur les performances: 2,15 milliards de dollars

Frais de service consultatif

Goldman Sachs gagné 2,96 milliards de dollars des services consultatifs en 2023, principalement à partir de:

• Conseil de stratégie d'entreprise
• Services de conseil financier
• Avis de gestion de la patrimoine

Intérêt des transactions financières

Les revenus d'intérêts pour 2023 sont atteints 9,43 milliards de dollars, dérivé de:

Source des revenus d'intérêt	2023 Montant ($ b)
Prêts et produits de crédit	5.67
Titres d'investissement	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.