"高盛集团：2018年度报告揭示稳健增长与彰显创新传承"

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

INDEX

Page No.

Item 8

Financial Statements and Supplementary Data 102

Management’s Report on Internal Control over Financial

Reporting

102

Report of Independent Registered Public Accounting Firm 103

Consolidated Financial Statements 104

Consolidated Statements of Earnings 104

Consolidated Statements of Comprehensive Income 104

Consolidated Statements of Financial Condition 105

Consolidated Statements of Changes in Shareholders’ Equity 106

Consolidated Statements of Cash Flows 107

Notes to Consolidated Financial Statements 108

Note 1. Description of Business 108

Note 2. Basis of Presentation 108

Note 3. Significant Accounting Policies 109

Note 4. Financial Instruments Owned and Financial

Instruments Sold, But Not Yet Purchased

116

Note 5. Fair Value Measurements 117

Note 6. Cash Instruments 118

Note 7. Derivatives and Hedging Activities 124

Note 8. Fair Value Option 135

Note 9. Loans Receivable 140

Note 10. Collateralized Agreements and Financings 144

Note 11. Securitization Activities 148

Note 12. Variable Interest Entities 149

Note 13. Other Assets 152

Note 14. Deposits 154

Note 15. Short-Term Borrowings 155

Note 16. Long-Term Borrowings 156

Note 17. Other Liabilities 158

Note 18. Commitments, Contingencies and Guarantees 158

Note 19. Shareholders’ Equity 162

Note 20. Regulation and Capital Adequacy 165

Note 21. Earnings Per Common Share 172

Note 22. Transactions with Affiliated Funds 172

Note 23. Interest Income and Interest Expense 173

Page No.

Note 24. Income Taxes 173

Note 25. Business Segments 176

Note 26. Credit Concentrations 178

Note 27. Legal Proceedings 179

Note 28. Employee Benefit Plans 186

Note 29. Employee Incentive Plans 186

Note 30. Parent Company 188

Supplemental Financial Information 190

Quarterly Results 190

Common Stock Performance 190

Selected Financial Data

191

Statistical Disclosures 191

Item 9

Changes in and Disagreements with Accountants on Accounting

and Financial Disclosure

196

Item 9A

Controls and Procedures

196

Item 9B

Other Information

196

PART III

196

Item 10

Directors, Executive Officers and Corporate Governance 196

Item 11

Executive Compensation 196

Item 12

Security Ownership of Certain Beneficial Owners and

Management and Related Stockholder Matters 196

Item 13

Certain Relationships and Related Transactions, and Director

Independence 197

Item 14

Principal Accounting Fees and Services 197

PART IV 197

Item 15

Exhibits, Financial Statement Schedules 197

SIGNATURES 202

Goldman Sachs 2018 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

PART I

Item 1. Business

Introduction

Goldman Sachs is a leading global investment banking,

securities and investment management firm that provides a

wide range of financial services to a substantial and

diversified client base that includes corporations, financial

institutions, governments and individuals.

When we use the terms “Goldman Sachs,” “the firm,”

“we,” “us” and “our,” we mean The Goldman Sachs

Group, Inc. (Group Inc. or parent company), a Delaware

corporation, and its consolidated subsidiaries.

References to “this Form 10-K” are to our Annual Report

on Form 10-K for the year ended December 31, 2018. All

references to 2018, 2017 and 2016 refer to our years ended,

or the dates, as the context requires, December 31, 2018,

December 31, 2017 and December 31, 2016, respectively.

Group Inc. is a bank holding company (BHC) and a

financial holding company (FHC) regulated by the Board of

Governors of the Federal Reserve System (FRB). Our U.S.

depository institution subsidiary, Goldman Sachs Bank

USA (GS Bank USA), is a New York State-chartered bank.

As of December 2018, we had offices in over 30 countries

and 46% of our headcount was based outside the Americas.

Our clients are located worldwide and we are an active

participant in financial markets around the world.

Our Business Segments

We report our activities in four business segments:

Investment Banking, Institutional Client Services,

Investing & Lending and Investment Management.

The chart below presents our four business segments.

Firmwide

Investment

Banking

Institutional

Client

Services

Investing &

Lending

Investment

Management

and Other Fees

Incentive Fees

Transaction

Revenues

Equity

Securities

Debt

Securities and

Loans

Fixed Income,

Currency and

Commodities

Client Execution

Equities

Client

Execution

Commissions

and Fees

Securities

Services

Financial

Advisory

Underwriting

Equity

Underwriting

Debt

Underwriting

Investment Banking

Investment Banking serves public and private sector clients

around the world. We provide financial advisory services

and help companies raise capital to strengthen and grow

their businesses. We seek to develop and maintain long-

term relationships with a diverse global group of

institutional clients, including corporates, governments,

states and municipalities. Our goal is to deliver to our

institutional clients the entire resources of the firm in a

seamless fashion, with investment banking serving as the

main initial point of contact with Goldman Sachs.

Financial Advisory. We are a leader in providing financial

advisory services, including strategic advisory assignments

with respect to mergers and acquisitions, divestitures,

corporate defense activities, restructurings, spin-offs and

risk management. In particular, we help clients execute

large, complex transactions for which we provide multiple

services, including cross-border structuring expertise.

Financial Advisory also includes revenues from derivative

transactions directly related to these client advisory

assignments. We also assist our clients in managing their

asset and liability exposures and their capital.

Goldman Sachs 2018 Form 10-K 1

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Underwriting. The other core activity of Investment

Banking is helping companies raise capital to fund their

businesses. As a financial intermediary, our job is to match

the capital of our investing clients, who aim to grow the

savings of millions of people, with the needs of our public

and private sector clients, who need financing to generate

growth, create jobs and deliver products and services. Our

underwriting activities include public offerings and private

placements, including local and cross-border transactions

and acquisition financing, of a wide range of securities and

other financial instruments, including loans. Underwriting

also includes revenues from derivative transactions entered

into with public and private sector clients in connection

with our underwriting activities.

Equity Underwriting. We underwrite common and

preferred stock and convertible and exchangeable

securities. We regularly receive mandates for large, complex

transactions and have held a leading position in worldwide

public common stock offerings and worldwide initial public

offerings for many years.

Debt Underwriting. We underwrite and originate various

types of debt instruments, including investment-grade and

high-yield debt, bank loans and bridge loans, including in

connection with acquisition financing, and emerging- and

growth-market debt, which may be issued by, among

others, corporate, sovereign, municipal and agency issuers.

In addition, we underwrite and originate structured

securities, which include mortgage-related securities and

other asset-backed securities.

Institutional Client Services

Institutional Client Services serves our clients who come to

us to buy and sell financial products, raise funding and

manage risk. We do this by acting as a market maker and

offering market expertise on a global basis. Institutional

Client Services makes markets and facilitates client

transactions in fixed income, equity, currency and

commodity products. In addition, we make markets in and

clear client transactions on major stock, options and futures

exchanges worldwide.

As a market maker, we provide prices to clients globally

across thousands of products in all major asset classes and

markets. At times we take the other side of transactions

ourselves if a buyer or seller is not readily available and at

other times we connect our clients to other parties who

want to transact. Our willingness to make markets, commit

capital and take risk in a broad range of products is crucial

to our client relationships. Market makers provide liquidity

and play a critical role in price discovery, which contributes

to the overall efficiency of the capital markets.

Our clients are primarily institutions that are professional

market participants, including investment entities whose

ultimate clients include individual investors investing for

their retirement, buying insurance or putting aside surplus

cash in a deposit account.

Through our global sales force, we maintain relationships

with our clients, receiving orders and distributing

investment research, trading ideas, market information and

analysis. Much of this connectivity between us and our

clients is maintained on technology platforms and operates

globally wherever and whenever markets are open for

trading.

Institutional Client Services and our other businesses are

supported by our Global Investment Research division,

which, as of December 2018, provided fundamental

research on approximately 3,000 companies worldwide

and more than 40 national economies, as well as on

industries, currencies and commodities.

Institutional Client Services generates revenues from the

following activities:

‰ In large, highly liquid markets (such as markets for U.S.

Treasury bills, large capitalization S&P 500 Index stocks

or certain mortgage pass-through securities), we execute a

high volume of transactions for our clients;

‰ In less liquid markets (such as mid-cap corporate bonds,

growth market currencies or certain non-agency

mortgage-backed securities), we execute transactions for

our clients for spreads and fees that are generally

somewhat larger than those charged in more liquid

markets;

‰ We also structure and execute transactions involving

customized or tailor-made products that address our

clients’ risk exposures, investment objectives or other

complex needs (such as a jet fuel hedge for an airline);

‰ We provide financing to our clients for their securities

trading activities, as well as securities lending and other

prime brokerage services; and

‰ In connection with our market-making activities, we

maintain inventory, typically for a short period of time, in

response to, or in anticipation of, client demand. We also

hold inventory to actively manage our risk exposures that

arise from these market-making activities. We carry our

inventory at fair value with changes in valuation reflected

in net revenues.

2 Goldman Sachs 2018 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Institutional Client Services activities are organized by asset

class and include both “cash” and “derivative”

instruments. “Cash” refers to trading the underlying

instrument (such as a stock, bond or barrel of oil).

“Derivative” refers to instruments that derive their value

from underlying asset prices, indices, reference rates and

other inputs, or a combination of these factors (such as an

option, which is the right or obligation to buy or sell a

certain bond, stock or other asset on a specified date in the

future at a certain price, or an interest rate swap, which is

the agreement to convert a fixed rate of interest into a

floating rate or vice versa).

Fixed Income, Currency and Commodities Client

Execution. Includes client execution activities related to

making markets in both cash and derivative instruments for

interest rate products, credit products, mortgages,

currencies and commodities.

‰ Interest Rate Products. Government bonds (including

inflation-linked securities) across maturities, other

government-backed securities, securities sold under

agreements to repurchase (repurchase agreements), and

interest rate swaps, options and other derivatives.

‰ Credit Products. Investment-grade corporate securities,

high-yield securities, credit derivatives, exchange-traded

funds, bank and bridge loans, municipal securities,

emerging market and distressed debt, and trade claims.

‰ Mortgages. Commercial mortgage-related securities,

loans and derivatives, residential mortgage-related

securities, loans and derivatives (including U.S.

government agency-issued collateralized mortgage

obligations and other securities and loans), and other

asset-backed securities, loans and derivatives.

‰ Currencies. Currency options, spot/forwards and other

derivatives on G-10 currencies and emerging-market

products.

‰ Commodities. Commodity derivatives and, to a lesser

extent, physical commodities, involving crude oil and

petroleum products, natural gas, base, precious and other

metals, electricity, coal, agricultural and other

commodity products.

Equities. Includes equities client execution, commissions

and fees, and securities services.

Equities Client Execution. We make markets in equity

securities and equity-related products, including exchange-

traded funds, convertible securities, options, futures and

over-the-counter (OTC) derivative instruments, on a global

basis. As a principal, we facilitate client transactions by

providing liquidity to our clients, including with large

blocks of stocks or derivatives, requiring the commitment

of our capital.

We also structure and make markets in derivatives on

indices, industry groups, financial measures and individual

company stocks. We develop strategies and provide

information about portfolio hedging and restructuring and

asset allocation transactions for our clients. We also work

with our clients to create specially tailored instruments to

enable sophisticated investors to establish or liquidate

investment positions or undertake hedging strategies. We

are one of the leading participants in the trading and

development of equity derivative instruments.

Our exchange-based market-making activities include

making markets in stocks and exchange-traded funds,

futures and options on major exchanges worldwide.

Commissions and Fees. We generate commissions and

fees from executing and clearing institutional client

transactions on major stock, options and futures exchanges

worldwide, as well as OTC transactions. We provide our

clients with access to a broad spectrum of equity execution

services, including electronic “low-touch” access and more

complex “high-touch” execution through both traditional

and electronic platforms.

Securities Services. Includes financing, securities lending

and other prime brokerage services.

‰ Financing Services. We provide financing to our clients

for their securities trading activities through margin loans

that are collateralized by securities, cash or other

acceptable collateral. We earn a spread equal to the

difference between the amount we pay for funds and the

amount we receive from our client.

‰ Securities Lending Services. We provide services that

principally involve borrowing and lending securities to

cover institutional clients’ short sales and borrowing

securities to cover our short sales and otherwise to make

deliveries into the market. In addition, we are an active

participant in broker-to-broker securities lending and

third-party agency lending activities.

‰ Other Prime Brokerage Services. We earn fees by

providing clearing, settlement and custody services

globally. In addition, we provide our hedge fund and

other clients with a technology platform and reporting

which enables them to monitor their security portfolios

and manage risk exposures.

Goldman Sachs 2018 Form 10-K 3

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Investing & Lending

Our investing and lending activities, which are typically

longer-term, include activities across various asset classes,

primarily debt securities and loans, public and private

equity securities, infrastructure and real estate. These

activities include making investments, some of which are

consolidated, through our Merchant Banking business and

our Special Situations Group. Some of these investments are

made indirectly through funds that we manage. We also

provide financing to corporate clients and individuals,

including bank loans, personal loans and mortgages.

Equity Securities. We make corporate, real estate,

infrastructure and other equity-related investments.

Debt Securities and Loans. We make corporate, real

estate, infrastructure and other debt investments. In

addition, we provide financing to clients through loan

facilities and through secured loans, including secured loans

through our digital platform, Goldman Sachs Private Bank

Select. We also make unsecured loans and accept deposits

through our digital platform, Marcus: by Goldman Sachs.

Investment Management

Investment Management provides investment and wealth

advisory services to help clients preserve and grow their

financial assets. We provide these services to our

institutional and high-net-worth individual clients, as well

as investors who primarily access our products through a

network of third-party distributors around the world.

We manage client assets across a broad range of investment

strategies and asset classes, including equity, fixed income

and alternative investments. Alternative investments

primarily includes hedge funds, credit funds, private equity,

real estate, currencies, commodities and asset allocation

strategies. Our investment offerings include those managed

on a fiduciary basis by our portfolio managers, as well as

strategies managed by third-party managers. We offer our

investments in a variety of structures, including separately

managed accounts, mutual funds, private partnerships and

other commingled vehicles.

We also provide customized investment advisory solutions

designed to address our clients’ investment needs. These

solutions begin with identifying clients’ objectives and

continue through portfolio construction, ongoing asset

allocation and risk management and investment realization.

We draw from a variety of third-party managers, as well as

our proprietary offerings to implement solutions for clients.

We supplement our investment advisory solutions for

high-net-worth individuals with wealth advisory services

that include income and liability management, trust and

estate planning, philanthropic giving and tax planning. We

also use our global securities and derivatives market-

making capabilities to address clients’ specific investment

needs.

Management and Other Fees. The majority of revenues

in management and other fees consists of asset-based fees

on client assets. The fees that we charge vary by asset class,

distribution channel and the type of services provided, and

are affected by investment performance, as well as asset

inflows and redemptions. Other fees we receive primarily

include financial planning and counseling fees generated

through wealth advisory services provided by our

subsidiary, The Ayco Company, L.P.

Assets under supervision include client assets where we earn

a fee for managing assets on a discretionary basis. This

includes net assets in our mutual funds, hedge funds, credit

funds and private equity funds (including real estate funds),

and separately managed accounts for institutional and

individual investors. Assets under supervision also include

client assets invested with third-party managers, bank

deposits and advisory relationships where we earn a fee for

advisory and other services, but do not have investment

discretion. Assets under supervision do not include the self-

directed brokerage assets of our clients. Long-term assets

under supervision represent assets under supervision

excluding liquidity products. Liquidity products represent

money market and bank deposit assets.

Incentive Fees. In certain circumstances, we are also

entitled to receive incentive fees based on a percentage of a

fund’s or a separately managed account’s return, or when

the return exceeds a specified benchmark or other

performance targets. Such fees include overrides, which

consist of the increased share of the income and gains

derived primarily from our private equity and credit funds

when the return on a fund’s investments over the life of the

fund exceeds certain threshold returns.

Transaction Revenues. We receive commissions and net

spreads for facilitating transactional activity in

high-net-worth individual accounts. In addition, we earn

net interest income primarily associated with client deposits

and margin lending activity undertaken by such clients.

4 Goldman Sachs 2018 Form 10-K

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