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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
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Sub-sector: Brokers

Bonds Market Movements Top Picks Issuer List
  • Top Picks
  • Goldman Sachs
Sovereign Bonds

Goldman Sachs

  • Sector: Financial Services
  • Sub Sector: BanksBrokers
  • Region: US
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Fundamental View

AS OF 28 May 2025
  • Goldman Sachs’ performance and market share in its core legacy businesses of investment banking and sales and trading have remained very solid, working through soft periods associated with rising rates; with market conditions improving into 2025 these businesses should continue to excel.

  • Goldman’s results have been weighed in recent years by costs associated with exiting the unsuccessful foray into various consumer banking businesses; such costs are largely in the rearview mirror. Wealth and Asset Management are now the most likely areas of growth in the coming years, where Goldman can leverage its strengths in HNW and alternative asset management.

Business Description

AS OF 28 May 2025
  • Goldman Sachs is now the fifth largest bank holding company in the U.S. with approximately $1.76 tn in assets as of 1Q25 and a market capitalization of $175.4 bn as of May 23rd, 2025.
  • Goldman Sachs presents its activities through three business segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.
  • Goldman's historical strengths include equity and FICC sales & trading, investment banking, institutional investment management including alternatives, and high net worth wealth management. It has been expanding its wealth management client base, and adding other stable fee income streams amid a sluggish capital market environment. 5

Risk & Catalysts

AS OF 28 May 2025
  • The early 2020’s were a mixed bag– the foray into consumer lending was costly and ultimately was reversed, diverting capital and management attention and providing a meaningful drag on profitability. Goldman has re-focused on its core businesses, though its profile will remain less diversified than large GSIB peers.

  • Goldman could participate in further M&A to achieve its long-term strategic goals, most likely through add-on deals related to asset/wealth management.

  • Goldman could be impacted by various risks during periods of market turmoil, but for the most part, has been positively impacted by bouts of volatility which tend to spur more client trading activity– 2025 tariff risks being a recent example. Goldman is subject to significant market and counterparty risks as reflected in the DFAST/SCB regime.

Key Metric

AS OF 28 May 2025
$ mn FY21 FY22 FY23 FY24 1Q25
ROAE (annual) 21.3% 9.7% 7.3% 12.0% 12.3%
ROAA (annual) 1.5% 0.7% 0.5% 0.8% 0.9%
PPNR / Avg. Assets 1.86% 1.08% 3.29% 3.92% 1.16%
Efficiency Ratio 54% 65% 282% 266% 63%
Net charge-offs (LTM) / Loans 0.19% 0.30% 0.68% 0.61% 0.61%
Common Dividend Payout 10.6% 28.4% 158.9% 129.4% 25.9%
CET1 Ratio 13.6% 15.0% 14.4% 15.0% 14.8%
Supplementary Leverage Ratio (SLR) 5.5% 5.8% 5.5% 5.5% 5.5%
Liquidity Coverage Ratio (LCR) 122% 129% 128% 126% 126%
Scroll to view columns right arrow

CreditSight View Comment

AS OF 15 Apr 2025

We maintain our Market perform recommendation for Goldman Sachs; we remain quite comfortable with the name fundamentally but see better value at JPMorgan and Wells Fargo among money center banks, particularly in the context of our shift to a more defensive stance across the sector. Goldman should be back to a normal pace of issuance so technicals should not be quite as much of a tailwind going forward as they had been in 2023 and early 2024, though the fundamental picture continues to improve with improved capital markets conditions as well as reduced drag from exited businesses. Market conditions thus far have aligned well with Goldman’s strengths in trading, though market conditions will likely have to stabilize for investment banking to regain momentum.

Recommendation Reviewed: April 15, 2025

Recommendation Changed: January 12, 2022

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