Risk Sleuth
GS · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Goldman Sachs

36 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Cloud computing providers

depends onnamed as a risk
There have been a number of widely publicized cases of outages in connection with access to cloud computing providers, such as an incident in October 2025 that affected many businesses worldwide, including us.Risk factors (Item 1A)

Partners and platforms

Apple Card

earns fromnamed as a risk
Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited.Business (Item 1)

Clearinghouses and exchanges

depends onnamed as a risk
Regulatory reform, including the Dodd-Frank Act, has led to increased centralization of trading activity through particular clearinghouses, agent banks or exchanges, which has significantly increased our concentration of risk with respect to these entities.Risk factors (Item 1A)

Marcus by Goldman Sachs

depends on
We also raise deposits from consumers through Marcus by Goldman Sachs (Marcus).Business (Item 1)

Other companies

Credit rating agencies

$1.80 billion in the event of a two-notch downgradenamed as a risk
As of December 2025, our counterparties could have called for additional collateral or termination payments related to our net derivative liabilities under bilateral agreements in an aggregate amount of $224 million in the event of a one-notch downgrade of our credit ratings and $1.80 billion in the event of a two-notch downgrade of our credit ratings.Risk factors (Item 1A)

Also named by ALLY, KEY

1Malaysia Development Berhad (1MDB)

named as a risk
Statements about the risk exposure related to the asset recovery guarantee provided to the Government of Malaysia are subject to the risk that we may be unsuccessful in our arbitration against the Government of Malaysia.Business (Item 1)

Industry Ventures

named as a risk
In January 2026, we acquired Industry Ventures, through which we intend to expand our offering of venture capital solutions, and in December 2025, we announced an agreement to acquire Innovator Capital Management, through which we intend to expand our ETF offerings.Risk factors (Item 1A)

Places

Americas

operates in · 50% of our headcount
As of December 2025, we had headcount of 47,400, offices in over 35 countries, and 50% of our headcount was based in the Americas, 20% in Europe, Middle East and Africa (EMEA) and 30% in Asia.Business (Item 1)

Also named by BLK, CYRX, DELL, EMR, FDS, FICO, GGG, HLIO and 6 more

Bengaluru

operates in · 45% of our employees were working in strategic locations
As of December 2025, 45% of our employees were working in strategic locations.Business (Item 1)

China

named as a risk
Our business, financial condition, liquidity and results of operations may be adversely affected by disruptions in the global economy caused by escalating tensions between the U.S. and China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Taiwan

named as a risk
A conflict, or concerns about a potential conflict, involving China and Taiwan, the U.S. or other countries could negatively impact financial markets and our or our clients’ businesses.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Russia

named as a risk
Compliance with economic sanctions and restrictions imposed by governments has increased our costs and otherwise adversely affected our business and may continue to do so.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

European Union

concentrated innamed as a risk
In the ordinary course of business, we are at times subject to a concentration of credit risk to a particular counterparty, borrower, issuer (including sovereign issuers) or geographic area or group of related countries, such as the E.U., and a failure or downgrade of, or default by, such entity could negatively impact our businesses, perhaps materially, and the systems by which we set limits and monitor the level of our credit exposure to individual entities, industries, countries and regions may not function as we have anticipated.Risk factors (Item 1A)

Also named by ABBV, ADM, AVY, BA, DXCM, ENB, FPI, GEHC and 4 more

New York metropolitan area

concentrated innamed as a risk
Our headquarters is located in the New York metropolitan area, and we have our largest employee concentration occupying two principal office buildings near the Hudson River waterfront.Risk factors (Item 1A)

Also named by BJ

Commodities and inputs

U.S. Treasury securities

exposed to its pricenamed as a risk
A downgrade of the U.S. federal government’s credit rating could also materially and adversely affect the market for repurchase agreements, securities borrowing and lending, and other financings typically collateralized by U.S. Treasury or agency obligations.Risk factors (Item 1A)

Also named by BGC, BPOP, CME, HBAN, ICE

Physical commodities (crude oil, natural gas, LNG, power, metals, uranium)

exposed to its pricenamed as a risk
The commodities involved in these activities may include crude oil, refined oil products, natural gas, liquefied natural gas, electric power, agricultural products, base, precious and other metals, minerals (including unenriched uranium), emission credits, coal, freight and related products and indices.Risk factors (Item 1A)

Regulators

Federal Deposit Insurance Corporation (FDIC)

subject tonamed as a risk
GS Bank USA is our principal U.S. bank subsidiary and is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB).Business (Item 1)

Also named by AFRM, BAC, BNY, CASH, CFG, CFR, COF, FCFS and 27 more

Bank of England

subject tonamed as a risk
For example, the Bank of England requires a certain amount of intercompany funding that we provide to our material U.K. subsidiaries to contain a contractual trigger to expressly permit the Bank of England to exercise such “bail-in” powers in certain circumstances.Risk factors (Item 1A)

Also named by ICE, MA, NDAQ, V

Board of Governors of the Federal Reserve System (FRB)

subject tonamed as a risk
Group Inc. is a BHC under the U.S. Bank Holding Company Act of 1956 (BHC Act) and an FHC under amendments to the BHC Act effected by the U.S. Gramm-Leach-Bliley Act of 1999 (GLB Act), and is subject to supervision and examination by the FRB, which is our primary regulator.Business (Item 1)

Also named by BNY

U.S. Securities and Exchange Commission (SEC)

subject to
GS&Co. is our principal U.S. broker-dealer and is registered as a broker-dealer, a security-based swap dealer, a municipal advisor and an investment adviser with the SEC and as a broker-dealer in all 50 states and the District of Columbia.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Federal Energy Regulatory Commission (FERC)

subject to
As a FERC-authorized power marketer, J. Aron is subject to regulation under the U.S. Federal Power Act and FERC regulations and to the oversight of FERC.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Consumer Financial Protection Bureau (CFPB)

subject to
Our U.S. consumer-oriented activities are subject to supervision and regulation by the CFPB with respect to federal consumer protection laws, including laws relating to fair lending and the prohibition of unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products and services.Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Commodity Futures Trading Commission (CFTC)

subject to
GS&Co. and other subsidiaries, including GS Bank USA, GSBE, GSI and J. Aron, are registered with the CFTC as swap dealers.Business (Item 1)

Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more

New York State Department of Financial Services (NYDFS)

subject to
The NYDFS also requires financial institutions regulated by the NYDFS, including GS Bank USA, to, among other things, (i) establish and maintain a cybersecurity program designed to ensure the confidentiality, integrity and availability of their information systems; (ii) implement and maintain a written cybersecurity policy setting forth policies and procedures for the protection of their information systems and nonpublic information; and (iii) designate a Chief Information Security Officer.Business (Item 1)

Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, HOOD and 9 more

European Central Bank (ECB)

subject to
GSBE is directly supervised by the European Central Bank (ECB) and additionally by BaFin and Deutsche Bundesbank in the context of the E.U. Single Supervisory Mechanism.Business (Item 1)

Also named by BNY, JPM, NTRS, PYPL, STT, V

Prudential Regulation Authority (PRA)

subject to
Both GSI and GSIB are regulated by the PRA and the FCA.Business (Item 1)

Also named by AIG, TRV, UNM, WRB, WTM

Laws and programs

Volcker Rule

subject to · 3% or less of our Tier 1 capitalnamed as a risk
The limitation on investments in covered funds requires us to limit our investment in each such fund to 3% or less of the fund’s net asset value, and to limit our aggregate investment in all such funds to 3% or less of our Tier 1 capital.Business (Item 1)

Also named by AMP, BAC, HBAN, MS, NTRS, PNC, RJF, SCHW and 5 more

CRR III / CRD VI (E.U. Basel III implementation)

subject to · 72.5%
The amendments include the FRTB rules, revised rules for credit risk capital, a new standardized approach for operational risk and credit valuation adjustment (CVA) risk capital and a floor on internally modeled capital requirements at 72.5% of those required under the standardized approach, commonly known as the “output floor,” which began to be phased in from 2025 and will be fully phased in by 2030.Business (Item 1)

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk
Violation of these or similar laws and regulations have in the past resulted in and could in the future result in significant monetary penalties.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Community Reinvestment Act (CRA)

subject tonamed as a risk
If GS Bank USA fails to maintain at least a “satisfactory” rating under the CRA, we would be subject to restrictions on certain new activities and acquisitions.Business (Item 1)

Also named by ALLY, AMP, AUB, CFG, CFR, EFSC, EWBC, FCNCA and 20 more

Dodd-Frank Act

subject tonamed as a risk
U.S. and non-U.S. regulatory developments, in particular the Dodd-Frank Act and Basel III, have significantly altered the regulatory framework within which we operate and have adversely affected and may in the future adversely affect our profitability.Risk factors (Item 1A)

Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more

Basel III

subject tonamed as a risk
We may become subject to higher and more stringent capital and other regulatory requirements as a result of the implementation of the Basel Committee’s finalization of the post-crisis regulatory capital reforms, as well as future Basel Committee standards.Risk factors (Item 1A)

Also named by BGC, MS, TW, WFC

G-SIB surcharge

subject tonamed as a risk
The July 2023 proposal from the FRB would introduce additional granularity in the surcharge buckets and increase the amount of financial data used in the calculation of the G-SIB surcharge based on averages over the year, as opposed to period-end values, which could increase our G-SIB surcharge.Risk factors (Item 1A)

Also named by BAC

Stress capital buffer (SCB) / CCAR

subject tonamed as a risk
As described in “Business — Regulation — Banking Supervision and Regulation — Risk-Based Capital Ratios” in Part I, Item 1 of this Form 10-K, the SCB has replaced the capital conservation buffer under the Standardized Capital Rules and in the past has resulted in and may in the future result in higher and more volatile Standardized capital ratio requirements.Risk factors (Item 1A)

Orderly Liquidation Authority (OLA)

subject tonamed as a risk
It is possible that the application of the single point of entry strategy under OLA, in which Group Inc. would be the only entity to enter resolution proceedings (and its material broker-dealer, bank and other operating entities would not enter resolution proceedings), would result in greater losses to Group Inc.’s security holders (including holders of our fixed rate, floating rate and indexed debt securities), than the losses that would result from the application of a bankruptcy proceeding or a different resolution strategy, such as a multiple point of entry resolution strategy for Group Inc. and certain of its material subsidiaries.Risk factors (Item 1A)

Corporate Sustainability Reporting Directive (CSRD) / CSDDD

subject tonamed as a risk
In the E.U., certain of our entities are expected to be subject in varying degrees to sustainability-related laws being implemented, including directives, such as the CSRD and the CSDDD, which would significantly expand the scope of sustainability disclosure requirements applicable to us and impose stringent due diligence requirements with respect to adverse human rights and environmental impacts.Risk factors (Item 1A)