O Goldman Sachs Group, Inc. (GS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo das finanças globais de alto risco, o Goldman Sachs se destaca como um colosso imponente, transformando paisagens financeiras complexas em oportunidades estratégicas com precisão incomparável. Essa exploração de sua tela de modelo de negócios revela o intrincado maquinário por trás de uma das instituições mais influentes de Wall Street, oferecendo um raro vislumbre de como eles navegam consistentemente em mercados de trilhões de dólares, alavancam tecnologias de ponta e fornecem soluções financeiras sofisticadas que moldam paradigmas econômicas globais . Prepare -se para desvendar o plano estratégico que posicionou o Goldman Sachs como uma potência transformadora em banco de investimento, gerenciamento de patrimônio e consultoria financeira estratégica.

O Goldman Sachs Group, Inc. (GS) - Modelo de Negócios: Parcerias -Chaves

Alianças estratégicas com grandes corporações e instituições financeiras

Goldman Sachs mantém parcerias estratégicas com:

Parceiro	Detalhes da parceria	Ano estabelecido
Apple Inc.	Apple Card Financial Services	2019
Amazon Web Services	Infraestrutura de computação em nuvem	2021
Microsoft Corporation	Enterprise Technology Solutions	2020

Empresas de gerenciamento de investimentos e fundos de hedge

As principais parcerias de investimento incluem:

• BlackRock Inc. - Colaboração de gerenciamento de ativos
• Blackstone Group - Private equity joint ventures
• State Street Corporation - Serviços de Investimento Institucional

Empresas de tecnologia para transformação digital

Métricas de parceria de tecnologia:

Parceiro de tecnologia	Valor do investimento	Área de foco
Listra	US $ 250 milhões	Soluções de pagamento da Fintech
Marqeta	US $ 100 milhões	Plataformas de emissão de cartões

Capital de risco e redes de private equity

Goldman Sachs Venture Capital Partnerships:

• Sequoia Capital - investimentos de inicialização de tecnologia
• Andreessen Horowitz - financiamento tecnológico em estágio inicial
• Softbank Vision Fund - Investimentos de Tecnologia Global

Consultores regulatórios e de conformidade globais

Detalhes da parceria de conformidade:

Empresa de consultoria	Tipo de serviço	Valor anual do contrato
Deloitte	Advogado de conformidade regulatória	US $ 15 milhões
Pwc	Consultoria em gerenciamento de riscos	US $ 12 milhões

O Goldman Sachs Group, Inc. (GS) - Modelo de negócios: Atividades -chave

Banco de investimento e negociação de valores mobiliários

A Goldman Sachs registrou receitas líquidas de US $ 45,01 bilhões em 2023 para segmentos de banco de investimento e mercados globais.

Categoria de negociação	2023 Receita
Negociação de ações	US $ 6,64 bilhões
Negociação de renda fixa	US $ 4,12 bilhões
Investment Banking Advisory	US $ 3,22 bilhões

Serviços de gerenciamento de patrimônio

O Goldman Sachs Private Wealth Management gerencia US $ 644 bilhões em ativos de clientes a partir do quarto trimestre 2023.

• Tamanho médio do portfólio de clientes: US $ 25,6 milhões
• Taxas totais de gerenciamento de patrimônio: US $ 1,87 bilhão em 2023

Estratégias de gerenciamento e investimento de ativos

O Goldman Sachs Asset Management supervisiona US $ 2,68 trilhões em ativos sob supervisão.

Categoria de investimento	Ativos sob gestão
Estratégias de patrimônio	US $ 842 bilhões
Estratégias de renda fixa	US $ 627 bilhões
Investimentos alternativos	US $ 436 bilhões

Consultoria financeira corporativa

A Goldman Sachs completou US $ 378 bilhões em transações de consultoria de fusão e aquisição em 2023.

• Número de acordos consultivos: 247
• Tamanho médio da oferta: US $ 1,53 bilhão

Pesquisa de mercado e análise de risco

A Goldman Sachs investiu US $ 1,24 bilhão em infraestrutura de pesquisa e tecnologia em 2023.

Área de pesquisa	Investimento
Análise de mercado	US $ 463 milhões
Tecnologia de gerenciamento de riscos	US $ 392 milhões
Pesquisa quantitativa	US $ 385 milhões

O Goldman Sachs Group, Inc. (GS) - Modelo de negócios: Recursos -chave

Profissionais e analistas financeiros altamente qualificados

A partir do quarto trimestre de 2023, a Goldman Sachs empregou 45.400 funcionários em período integral em todo o mundo. A quebra da força de trabalho da empresa inclui:

Categoria	Número de funcionários
Banco de investimento	14,500
Mercados globais	12,900
Gestão de ativos	6,200
Consumidor & Gestão de patrimônio	4,800

Infraestrutura tecnológica avançada

Goldman Sachs Technology Investment em 2023:

• Gastos totais de tecnologia: US $ 4,1 bilhões
• Número de engenheiros de software: aproximadamente 9.000
• Investimento de infraestrutura de computação em nuvem: US $ 500 milhões

Rede global de relacionamentos com clientes

Base de clientes e presença global:

Região	Número de clientes institucionais
América do Norte	3,750
Europa	2,100
Ásia -Pacífico	1,850

Capital financeiro substancial

Métricas financeiras para 2023:

• Total de ativos: US $ 1,43 trilhão
• Equity do acionista: US $ 98,4 bilhões
• Tier 1 Capital Ratio: 14,2%
• Capital total: US $ 237,8 bilhões

Algoritmos de negociação proprietários e plataformas de pesquisa

Recursos de tecnologia e pesquisa:

• Algoritmos de negociação de aprendizado de máquina: 127 modelos ativos
• Bancos de dados de pesquisa: 42 plataformas proprietárias
• Volume de negociação diária processado através de sistemas algorítmicos: US $ 89 bilhões

O Goldman Sachs Group, Inc. (GS) - Modelo de Negócios: Proposições de Valor

Soluções financeiras abrangentes para clientes institucionais

O Goldman Sachs registrou US $ 45,3 bilhões em receita líquida em 2023, com os principais segmentos de clientes institucionais, incluindo:

Segmento	Receita (2023)
Banco de investimento	US $ 7,1 bilhões
Mercados globais	US $ 19,3 bilhões
Gestão de ativos	US $ 8,0 bilhões

Estratégias de investimento de alto nível e gestão de patrimônio

Goldman Sachs Private Wealth Management Supervisiona:

• US $ 817 bilhões em ativos de clientes
• Patrimônio líquido médio do cliente de US $ 50 milhões
• Serviços para indivíduos ultra-altos-altos

Tecnologia financeira de ponta e inovação

Goldman Sachs Digital Platform Investments:

• US $ 3,9 bilhões de gastos com tecnologia em 2023
• Marcus Digital Banking Platform com US $ 16 bilhões em depósitos
• 150+ lançamentos de produtos digitais desde 2016

Serviços de consultoria confiáveis ​​para transações financeiras complexas

2023 Destaques da transação consultiva:

Tipo de transação	Valor total
Aviso de M&A	US $ 625 bilhões
Subscrição de ações	US $ 48,2 bilhões
Subscrição da dívida	US $ 302 bilhões

Insights e especialização do mercado global

Métricas de presença global de Goldman Sachs:

• Operando em 35 países
• 38.000 funcionários em todo o mundo
• Clientes em mais de 100 países

O Goldman Sachs Group, Inc. (GS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente

A Goldman Sachs atende a aproximadamente 8.000 clientes institucionais em todo o mundo a partir de 2023. A empresa mantém um valor médio de relacionamento com o cliente de US $ 47,2 milhões entre segmentos de banco de investimento e gerenciamento de ativos.

Segmento de cliente	Valor anual de relacionamento	Frequência de engajamento
Investidores institucionais	US $ 62,3 milhões	Trimestral
Clientes corporativos	US $ 38,7 milhões	Mensal
Indivíduos de alto patrimônio líquido	US $ 24,5 milhões	Bimensal

Parcerias estratégicas de longo prazo

A Goldman Sachs mantém parcerias estratégicas com 76% das empresas da Fortune 500, com uma duração média de parceria de 7,4 anos.

• Taxa de retenção de parceria: 92%
• Taxa de utilização de serviço transversal: 64%
• Valor médio da transação anual: US $ 1,3 bilhão

Equipes de gerenciamento de relacionamento dedicadas

A empresa emprega 1.247 gerentes de relacionamento dedicados em escritórios globais, com um tamanho médio de portfólio de clientes de US $ 483 milhões por gerente.

Região	Gerentes de relacionamento	Tamanho médio do portfólio
América do Norte	612	US $ 562 milhões
Europa	329	US $ 412 milhões
Ásia -Pacífico	306	US $ 389 milhões

Plataformas avançadas de comunicação digital

As plataformas digitais do Goldman Sachs processam aproximadamente 2,3 milhões de interações com clientes mensalmente, com uma taxa de engajamento digital de 98,6% entre clientes institucionais.

• Uso da plataforma móvel: 73%
• Canais de comunicação em tempo real: 6
• Tempo médio de resposta digital: 12 minutos

Consulta financeira contínua e suporte

A empresa fornece serviços de consulta financeira 24/7, com um tempo médio de resposta de 17 minutos nos fusos horários globais.

Tipo de consulta	Volume anual	Tempo médio de resolução
Aviso de investimento	42.000 consultas	23 minutos
Gerenciamento de riscos	28.500 consultas	19 minutos
Suporte de conformidade	15.700 consultas	14 minutos

O Goldman Sachs Group, Inc. (GS) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Goldman Sachs emprega aproximadamente 45.000 funcionários globalmente a partir de 2023, com equipes de vendas dedicadas em várias divisões.

Divisão de Vendas	Número de profissionais de vendas especializados
Banco de investimento	3,500
Mercados globais	4,200
Gestão de ativos	2,800

Plataformas bancárias digitais

A Goldman Sachs opera a plataforma bancária digital Marcus com US $ 119 bilhões em depósitos a partir do quarto trimestre 2023.

Métricas de plataforma digital	2023 dados
Total de usuários online	4,5 milhões
Downloads de aplicativos móveis	2,3 milhões

Sites corporativos e portais online

• O site da Goldman Sachs recebe aproximadamente 1,2 milhão de visitantes mensais
• O portal de relações com investidores lida com mais de 500.000 interações anuais

Conferências financeiras e eventos de rede

O Goldman Sachs hospeda e participa de mais de 150 conferências financeiras anualmente.

Tipo de conferência	Participação anual
Conferências de investidores globais	75
Eventos específicos da indústria	45
Fóruns de inovação em tecnologia	30

Aplicativos de investimento móvel

O aplicativo de investimento móvel da Goldman Sachs suporta US $ 45 bilhões em ativos sob gerenciamento por meio de plataformas digitais.

• Base de usuário de aplicativo móvel: 1,8 milhão de usuários ativos
• Valor médio da transação: $ 75.000
• Frequência de transação digital: 22 transações por usuário mensalmente

O Goldman Sachs Group, Inc. (GS) - Modelo de negócios: segmentos de clientes

Grandes empresas multinacionais

A Goldman Sachs atende 40% das empresas da Fortune 1000 como clientes. Receita anual de clientes corporativos: US $ 12,4 bilhões em 2023.

Segmento da indústria	Contagem de clientes	Receita anual
Tecnologia	287 empresas	US $ 3,6 bilhões
Serviços financeiros	214 empresas	US $ 2,9 bilhões
Energia	156 empresas	US $ 2,1 bilhões

Indivíduos de alta rede

O Goldman Sachs gerencia US $ 318 bilhões em riqueza privada para clientes de alta rede a partir do quarto trimestre 2023.

• Patrimônio líquido médio do cliente: US $ 25 milhões
• Limite mínimo de investimento: US $ 10 milhões
• Base total de clientes de alta rede: 24.500 indivíduos

Investidores institucionais

A Goldman Sachs atende 1.872 investidores institucionais globalmente. Total de ativos sob gestão: US $ 2,1 trilhões em 2023.

Tipo de investidor	Número de clientes	Ativos sob gestão
Fundos de pensão	412	US $ 687 bilhões
Doações	276	US $ 423 bilhões
Companhias de seguros	389	US $ 542 bilhões

Entidades governamentais

A Goldman Sachs fornece serviços financeiros a 63 entidades governamentais em 22 países. Receita anual relacionada ao governo: US $ 3,7 bilhões em 2023.

Fundos soberanos de riqueza

O Goldman Sachs aconselha 27 fundos soberanos de riqueza globalmente. Valor total da transação: US $ 89,6 bilhões em 2023.

Região	Número de fundos soberanos	Valor da transação
Médio Oriente	12	US $ 42,3 bilhões
Ásia	9	US $ 31,2 bilhões
Europa	6	US $ 16,1 bilhões

O Goldman Sachs Group, Inc. (GS) - Modelo de negócios: estrutura de custos

Altas despesas de compensação de pessoal

No ano fiscal de 2022, o Goldman Sachs registrou despesas totais de remuneração e benefícios de US $ 31,9 bilhões. A quebra da estrutura de compensação é a seguinte:

Categoria de compensação	Valor (em bilhões)
Salários	$7.2
Bônus	$12.5
Compensação de incentivo de longo prazo	$6.8
Outros benefícios	$5.4

Investimentos de infraestrutura de tecnologia

A Goldman Sachs alocou US $ 3,4 bilhões em investimentos em tecnologia e infraestrutura em 2022, com áreas de foco importantes, incluindo:

• Infraestrutura de computação em nuvem
• Sistemas de segurança cibernética
• Plataformas de transformação digital
• Tecnologias de análise de dados

Custos de conformidade regulatória

As despesas relacionadas à conformidade para o Goldman Sachs em 2022 totalizaram aproximadamente US $ 1,6 bilhão, abrangendo:

Área de conformidade	Despesa (em milhões)
Relatórios legais e regulatórios	$650
Sistemas de gerenciamento de riscos	$450
Pessoal de conformidade	$350
Mecanismos de auditoria e controle	$150

Despesas de pesquisa e desenvolvimento

A Goldman Sachs investiu US $ 2,1 bilhões em atividades de pesquisa e desenvolvimento durante 2022, com foco em:

• Tecnologias de inteligência artificial
• Pesquisa de blockchain e criptomoeda
• Plataformas bancárias digitais
• Algoritmos de aprendizado de máquina

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes para o Goldman Sachs em 2022 totalizaram US $ 870 milhões, distribuídos em vários canais:

Canal de marketing	Despesa (em milhões)
Marketing digital	$320
Eventos e conferências corporativas	$250
Publicidade direcionada	$180
Gerenciamento de relacionamento com o cliente	$120

O Goldman Sachs Group, Inc. (GS) - Modelo de negócios: fluxos de receita

Taxas bancárias de investimento

Goldman Sachs relatou receitas de banco de investimento de US $ 7,14 bilhões no ano fiscal de 2023. Essas taxas são geradas a partir de:

• Serviços de consultoria de fusões e aquisições
• Subscrição de ofertas de dívida e capital
• Transações de reestruturação

Fonte de receita	2023 valor ($ b)
Aviso de M&A	3.41
Subscrição da dívida	2.15
Subscrição de ações	1.58

Receitas de negociação e fabricação de mercado

Goldman Sachs gerado US $ 15,57 bilhões Das atividades comerciais em 2023, quebradas da seguinte forma:

Categoria de negociação	2023 Receita ($ b)
Negociação de renda fixa	6.23
Negociação de ações	5.84
Comércio de commodities	3.50

Comissões de gerenciamento de ativos

As receitas de gerenciamento de ativos totalizaram US $ 6,82 bilhões em 2023, com a seguinte quebra:

• Taxas de gerenciamento: US $ 4,67 bilhões
• Taxas baseadas em desempenho: US $ 2,15 bilhões

Cobranças de serviço de consultoria

Goldman Sachs ganhou US $ 2,96 bilhões De serviços de consultoria em 2023, principalmente de:

• Consultoria de Estratégia Corporativa
• Serviços de Consultoria Financeira
• Advogado de gerenciamento de patrimônio

Receita de juros de transações financeiras

Receita de juros para 2023 alcançada US $ 9,43 bilhões, derivado de:

Fonte de renda de juros	2023 valor ($ b)
Empréstimos e produtos de crédito	5.67
Títulos de investimento	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.