Goldman Sachs (GS)
Advises, underwrites, trades and manages assets for institutions and wealthy clients.
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Goldman Sachs is still mostly a giant trading floor: it helps large companies and professional investors buy, sell, protect against price swings and borrow, often lending its own money. Deal advice and managing client savings round out the firm. It is trying to make more of its income repeat through loans and money-management fees while leaving its broad consumer-bank experiment behind.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 15 more below
Equities
Goldman's largest business helps professional investors trade shares and borrow against them, producing $16.54B in FY2025. Watch trading activity and loan balances: lively markets bring orders, but also more risk.
Competes with Equities Markets (JPMorganChase) · Institutional Securities Equities (Morgan Stanley)
In plain English
Picture the wholesale counter behind the stock market. Large investment funds, insurers and companies come to Goldman to buy or sell shares, trade contracts tied to share prices, or borrow cash and shares for large positions.
Goldman collects commissions, keeps a small difference between buying and selling prices, and charges interest on what it lends. It may hold positions while finding the other side of a trade, so this is not a simple tollbooth: available funding, assets pledged against loans and limits on risk all shape how much business it can do.
Fixed Income, Currency and Commodities
A $14.52B FY2025 marketplace for bonds, currencies, mortgages and commodities. Heavy borrowing and jumpy prices help; quiet markets, expensive funding or trouble with a trading partner can squeeze it.
Competes with Fixed Income Markets (JPMorganChase) · Institutional Securities Fixed Income (Morgan Stanley)
In plain English
Governments, companies, banks and funds constantly need to borrow, exchange currencies or protect themselves from moves in interest rates and raw-material prices. Goldman stands between buyers and sellers, quotes prices for hard-to-trade holdings and designs deals around a client's exact need.
The money comes from the gap between its buy and sell prices, charges for designing a deal, and interest on loans backed by financial assets. Custom work can pay more, but Goldman must fund positions and absorb the loss if a customer cannot pay, making this engine powerful and uneven.
Capital Solutions Group
One team arranges public and private financing for large projects. Goldman joined NVIDIA and five other capital partners targeting more than $500B, but Goldman's own portion and timing are unknown.
Competes with Apollo Capital Solutions (Apollo) · Institutional Securities financing (Morgan Stanley)
In plain English
Think of a financing job too large for one drawer of money. Capital Solutions brings together Goldman's advisers, traders, lenders and client investment funds to design the package, decide which risks Goldman can hold, and find outside investors for the rest.
Borrowers pay for arranging the deal and for the money they use; investors receive interest or investment returns. Goldman's earnings then show up across trading, lending and deal fees rather than as a new standalone pile. The opportunity is large projects, including data centers, but each one still depends on willing investors and a borrower able to repay.
Management and Other Fees
The steadier fee engine set a quarterly record of $3.36B in 2Q26 as client assets grew. What matters next is keeping money in the firm despite pressure from cheaper products.
Competes with Investment Management/Wealth Management (Morgan Stanley) · Asset Management (UBS)
In plain English
This is the meter that keeps running while client money stays with Goldman. Pension funds, insurers, investment advisers and wealthy families hand over savings to be invested, or pay for planning and help buying and selling investments.
Goldman usually charges a small slice of the average amount it looks after. Specialized private investments and custom accounts can carry richer fees than low-cost funds that simply follow a market list. Rising markets and new deposits lift the base; withdrawals or weaker markets shrink it. The repeat nature of the charge makes this income steadier than waiting for a company sale or a winning investment.
Private Banking and Lending
Deposits and loans for wealthy clients generated $3.35B in FY2025, but the latest quarter fell as lower rates narrowed the gap between loan income and what Goldman pays savers.
Competes with Global Wealth Management (UBS) · Wealth Management (Morgan Stanley)
In plain English
A private bank looks familiar, only its customers have much larger and more complicated finances. Wealthy people and teams that manage a family's fortune keep deposits with Goldman and borrow against investments or for other needs; people using Marcus savings accounts also supply money the firm can put to work.
Goldman earns the difference between interest collected on loans and interest paid on deposits, plus lending charges. Customers often stay because borrowing, investing and advice sit in one relationship. Yet that convenience does not lock in the profit: changing interest rates, deposit withdrawals, weaker assets backing a loan or unpaid loans can quickly alter the result.
Incentive Fees and Investments
A smaller, lumpier $1.79B FY2025 business: Goldman gets extra fees when certain funds perform well and gains or loses as investments change value. Sale opportunities and estimated values set the rhythm.
Competes with Principal Investing and performance fees (Apollo) · Performance-eligible private-market funds (Blackstone)
In plain English
Some paydays wait until an investment has ripened. Certain funds that invest outside public markets promise Goldman an extra fee only after returns clear an agreed mark; separate holdings create gains or losses when they are sold or their estimated value changes.
That makes the income more like a harvest than a monthly bill. Pension funds, government investment funds, insurers and wealthy clients provide much of the money, while companies and property projects put it to work. Strong performance and willing buyers can release fees and gains together. A poor market can delay both, and Goldman is shrinking older investments made mainly with its own money.
Investment Banking Fees
Advice on company deals and fundraising brought in $9.34B in FY2025. The waiting list later reached a five-year high, but Goldman is paid only when confidence, financing and approvals let deals advance.
Competes with Global Investment Banking (JPMorganChase) · Institutional Securities Investment Banking (Morgan Stanley)
In plain English
When a company buys a rival, sells a division or needs a large amount of money, Goldman helps decide the price and structure, negotiates the transaction, and arranges sales of shares or bonds to investors. Governments and investment firms hire it for the same reasons.
Advisory fees arrive as work progresses or a deal closes; fundraising fees arrive when the new shares or debt are sold. A long waiting list is encouraging, not a promise. Buyers can lose confidence, financing can disappear, regulators can object or prices can move apart, leaving months of preparation without the expected finish-line payment.
EquitiesGoldman's largest business helps professional investors trade shares and borrow against them, producing $16.54B in FY2025. Watch trading activity and loan balances: lively markets bring orders, but also more risk.Goldman's largest business helps professional investors trade shares and borrow against them, producing $16.54B in FY2025. Watch trading activity and loan balances: lively markets bring orders, but also more risk.
In plain English
Picture the wholesale counter behind the stock market. Large investment funds, insurers and companies come to Goldman to buy or sell shares, trade contracts tied to share prices, or borrow cash and shares for large positions.
Goldman collects commissions, keeps a small difference between buying and selling prices, and charges interest on what it lends. It may hold positions while finding the other side of a trade, so this is not a simple tollbooth: available funding, assets pledged against loans and limits on risk all shape how much business it can do.
Competes with Equities Markets (JPMorganChase) · Institutional Securities Equities (Morgan Stanley)
Fixed Income, Currency and CommoditiesA $14.52B FY2025 marketplace for bonds, currencies, mortgages and commodities. Heavy borrowing and jumpy prices help; quiet markets, expensive funding or trouble with a trading partner can squeeze it.A $14.52B FY2025 marketplace for bonds, currencies, mortgages and commodities. Heavy borrowing and jumpy prices help; quiet markets, expensive funding or trouble with a trading partner can squeeze it.
In plain English
Governments, companies, banks and funds constantly need to borrow, exchange currencies or protect themselves from moves in interest rates and raw-material prices. Goldman stands between buyers and sellers, quotes prices for hard-to-trade holdings and designs deals around a client's exact need.
The money comes from the gap between its buy and sell prices, charges for designing a deal, and interest on loans backed by financial assets. Custom work can pay more, but Goldman must fund positions and absorb the loss if a customer cannot pay, making this engine powerful and uneven.
Competes with Fixed Income Markets (JPMorganChase) · Institutional Securities Fixed Income (Morgan Stanley)
Capital Solutions GroupOne team arranges public and private financing for large projects. Goldman joined NVIDIA and five other capital partners targeting more than $500B, but Goldman's own portion and timing are unknown.One team arranges public and private financing for large projects. Goldman joined NVIDIA and five other capital partners targeting more than $500B, but Goldman's own portion and timing are unknown.
In plain English
Think of a financing job too large for one drawer of money. Capital Solutions brings together Goldman's advisers, traders, lenders and client investment funds to design the package, decide which risks Goldman can hold, and find outside investors for the rest.
Borrowers pay for arranging the deal and for the money they use; investors receive interest or investment returns. Goldman's earnings then show up across trading, lending and deal fees rather than as a new standalone pile. The opportunity is large projects, including data centers, but each one still depends on willing investors and a borrower able to repay.
Competes with Apollo Capital Solutions (Apollo) · Institutional Securities financing (Morgan Stanley)
Management and Other FeesThe steadier fee engine set a quarterly record of $3.36B in 2Q26 as client assets grew. What matters next is keeping money in the firm despite pressure from cheaper products.The steadier fee engine set a quarterly record of $3.36B in 2Q26 as client assets grew. What matters next is keeping money in the firm despite pressure from cheaper products.
In plain English
This is the meter that keeps running while client money stays with Goldman. Pension funds, insurers, investment advisers and wealthy families hand over savings to be invested, or pay for planning and help buying and selling investments.
Goldman usually charges a small slice of the average amount it looks after. Specialized private investments and custom accounts can carry richer fees than low-cost funds that simply follow a market list. Rising markets and new deposits lift the base; withdrawals or weaker markets shrink it. The repeat nature of the charge makes this income steadier than waiting for a company sale or a winning investment.
Competes with Investment Management/Wealth Management (Morgan Stanley) · Asset Management (UBS)
Private Banking and LendingDeposits and loans for wealthy clients generated $3.35B in FY2025, but the latest quarter fell as lower rates narrowed the gap between loan income and what Goldman pays savers.Deposits and loans for wealthy clients generated $3.35B in FY2025, but the latest quarter fell as lower rates narrowed the gap between loan income and what Goldman pays savers.
In plain English
A private bank looks familiar, only its customers have much larger and more complicated finances. Wealthy people and teams that manage a family's fortune keep deposits with Goldman and borrow against investments or for other needs; people using Marcus savings accounts also supply money the firm can put to work.
Goldman earns the difference between interest collected on loans and interest paid on deposits, plus lending charges. Customers often stay because borrowing, investing and advice sit in one relationship. Yet that convenience does not lock in the profit: changing interest rates, deposit withdrawals, weaker assets backing a loan or unpaid loans can quickly alter the result.
Competes with Global Wealth Management (UBS) · Wealth Management (Morgan Stanley)
Incentive Fees and InvestmentsA smaller, lumpier $1.79B FY2025 business: Goldman gets extra fees when certain funds perform well and gains or loses as investments change value. Sale opportunities and estimated values set the rhythm.A smaller, lumpier $1.79B FY2025 business: Goldman gets extra fees when certain funds perform well and gains or loses as investments change value. Sale opportunities and estimated values set the rhythm.
In plain English
Some paydays wait until an investment has ripened. Certain funds that invest outside public markets promise Goldman an extra fee only after returns clear an agreed mark; separate holdings create gains or losses when they are sold or their estimated value changes.
That makes the income more like a harvest than a monthly bill. Pension funds, government investment funds, insurers and wealthy clients provide much of the money, while companies and property projects put it to work. Strong performance and willing buyers can release fees and gains together. A poor market can delay both, and Goldman is shrinking older investments made mainly with its own money.
Competes with Principal Investing and performance fees (Apollo) · Performance-eligible private-market funds (Blackstone)
Investment Banking FeesAdvice on company deals and fundraising brought in $9.34B in FY2025. The waiting list later reached a five-year high, but Goldman is paid only when confidence, financing and approvals let deals advance.Advice on company deals and fundraising brought in $9.34B in FY2025. The waiting list later reached a five-year high, but Goldman is paid only when confidence, financing and approvals let deals advance.
In plain English
When a company buys a rival, sells a division or needs a large amount of money, Goldman helps decide the price and structure, negotiates the transaction, and arranges sales of shares or bonds to investors. Governments and investment firms hire it for the same reasons.
Advisory fees arrive as work progresses or a deal closes; fundraising fees arrive when the new shares or debt are sold. A long waiting list is encouraging, not a promise. Buyers can lose confidence, financing can disappear, regulators can object or prices can move apart, leaving months of preparation without the expected finish-line payment.
Competes with Global Investment Banking (JPMorganChase) · Institutional Securities Investment Banking (Morgan Stanley)
Named in filings, launches and programs
- Relationship lending and company bankingProduct lineRelationship loans, takeover financing, company payments and related investments together supplied 1.8% of FY2025 revenue.
- Goldman Sachs Asset ManagementBrandThe main investing arm spans bonds, cash-like funds, shares, private investments and mixed portfolios.
- Goldman Sachs AlternativesProduct lineMore than $700B across private companies, loans, property, infrastructure and flexible trading strategies by June 2026.
- SolutionsServiceCustom portfolios and retirement, insurance and funds bought and sold like shares for institutions and advisers.
- MarqueePlatformA digital workbench where large professional clients research markets, test trades, monitor risk and place orders.
- Transaction BankingPlatformCorporate deposits, payments and day-to-day cash management now sit alongside Goldman's large-client businesses.
- Industry VenturesBrandAcquired in January 2026 to add venture investing and stakes bought from existing technology investors.
- Innovator Capital ManagementBrandAn acquired manager of more than 170 funds bought and sold like shares, designed to soften losses within set limits.
- NEOS InvestmentsBrand · AnnouncedA planned acquisition of a manager overseeing about $30B in funds that use market contracts to generate income.
- LCN Capital PartnersBrand · AnnouncedA planned property manager focused on buildings sold by companies and leased back for continued use.
- QIA strategic partnershipCustomer program · AnnouncedQatar's state investment fund intends to commit $25B to Goldman-managed funds and investments made alongside them.
- Verizon and Lockheed Martin retirement plansCustomer programGoldman was appointed to oversee $70B of retirement-plan investments for Verizon and Lockheed Martin in July 2026.
- NVIDIA computing-infrastructure financingCustomer program · AnnouncedGoldman is one of six capital partners assembled to fund the costly buildings and equipment behind artificial intelligence.
- T. Rowe Price strategic collaborationEcosystemConnects public and private investments to retirement and wealth customers through T. Rowe Price's channels.
- Marcus by Goldman SachsBrandConsumer deposits remain a funding source for wealth lending, even as Goldman abandons its broader consumer-bank build.
Relationship lending and company bankingProduct line
Relationship loans, takeover financing, company payments and related investments together supplied 1.8% of FY2025 revenue.
Goldman Sachs Asset ManagementBrand
The main investing arm spans bonds, cash-like funds, shares, private investments and mixed portfolios.
Goldman Sachs AlternativesProduct line
More than $700B across private companies, loans, property, infrastructure and flexible trading strategies by June 2026.
SolutionsService
Custom portfolios and retirement, insurance and funds bought and sold like shares for institutions and advisers.
MarqueePlatform
A digital workbench where large professional clients research markets, test trades, monitor risk and place orders.
Transaction BankingPlatform
Corporate deposits, payments and day-to-day cash management now sit alongside Goldman's large-client businesses.
Industry VenturesBrand
Acquired in January 2026 to add venture investing and stakes bought from existing technology investors.
Innovator Capital ManagementBrand
An acquired manager of more than 170 funds bought and sold like shares, designed to soften losses within set limits.
NEOS InvestmentsBrand · Announced
A planned acquisition of a manager overseeing about $30B in funds that use market contracts to generate income.
LCN Capital PartnersBrand · Announced
A planned property manager focused on buildings sold by companies and leased back for continued use.
QIA strategic partnershipCustomer program · Announced
Qatar's state investment fund intends to commit $25B to Goldman-managed funds and investments made alongside them.
Verizon and Lockheed Martin retirement plansCustomer program
Goldman was appointed to oversee $70B of retirement-plan investments for Verizon and Lockheed Martin in July 2026.
NVIDIA computing-infrastructure financingCustomer program · Announced
Goldman is one of six capital partners assembled to fund the costly buildings and equipment behind artificial intelligence.
T. Rowe Price strategic collaborationEcosystem
Connects public and private investments to retirement and wealth customers through T. Rowe Price's channels.
Marcus by Goldman SachsBrand
Consumer deposits remain a funding source for wealth lending, even as Goldman abandons its broader consumer-bank build.