The Goldman Sachs Group, Inc.

- David M. Solomon indicated that financing levels have been elevated but somewhat pulled forward due to the current environment. - Goldman Sachs has replenished its pipeline for capital markets activity, suggesting readiness for new fundraising. - The expectation is that financing activity may normalize post-2021, possibly at a slower velocity than 2020 but still presenting a large franchise opportunity. - The firm continues to view corporate finance, including equity and debt capital raising, as a big, profitable business over the medium to long term. - There is no explicit mention of immediate plans for new fundraising, but the firm is positioned to serve clients and capture market opportunities as they arise. - Overall, Goldman Sachs maintains a nimble approach to capital markets activity, with a focus on client needs and market conditions.

- Management is focused on strategic initiatives that reduce stress loss intensity and capital/balance sheet intensity, aiming for durable fee-based revenue streams (Page 7). - Ongoing investments in growing the consumer and wealth management digital platforms organically, with a focus on building a long-term digital consumer platform (Pages 6-7). - Continual efforts to improve efficiency, including automation across the firm and strategic location management to enhance operating leverage (Page 4). - Potential for inorganic growth through acquisitions if opportunities arise that enhance or accelerate strategic goals, though currently no identified acquisition targets (Page 4). - Capital management aims to maintain CET1 ratios around 13-13.5%, balancing buffers to remain nimble amid market volatility (Page 5). - Higher liquidity levels maintained to serve clients amid market volatility and uncertainties such as LIBOR transition and COVID-19 (Page 4).

- Continued focus on serving clients and delivering shareholder value is expected to support growth (Page 7). - Market share gains in Global Markets driven by client-centric strategy and integrated approach suggest sustainable revenue growth beyond elevated pandemic volumes (Page 6). - M&A activity and backlog have increased with improved CEO confidence; expected to continue through 2021, supporting advisory revenue growth (Page 5). - Strategic initiatives targeting alternatives and transaction banking aim to reduce capital intensity and enhance durable fee-based revenue streams (Page 7). - Expansion into new market segments, especially targeting companies growing to $500 million - $2 billion valuation, creates revenue accretion opportunities (Page 7). - Digital consumer platform and credit card business viewed as long-term growth drivers despite near-term skepticism (Page 6). - Overall, capital raises and corporate finance activity normalized from pandemic highs but expected to grow sustainably over time (Page 7).

- The leadership team expresses confidence in medium- to long-term earnings growth driven by strategic initiatives focused on delivering durable, fee-based revenues and improved operating efficiency. - David Solomon emphasizes the expectation of consistent earnings growth and book value increase over periods of 3 to 10 years. - Market share gains in capital markets and increased client engagement are expected to support revenue growth despite current volatility. - Continued investments in alternative businesses and digital consumer platforms aim to diversify revenue streams and enhance profitability over the long term. - Operating leverage benefits and disciplined compensation management are anticipated to improve efficiency ratios and profitability. - The CFO highlights a focus on reducing stress loss intensity and capital intensity to support lower stress capital buffers and improved returns. - Overall, execution of the strategic plan is expected to drive sustainable, profitable growth for shareholders.

- M&A backlog has strengthened during the quarter but is not yet back to all-time highs. - There is an increase in both M&A activity and new deal announcements. - CEO confidence has improved markedly but remains below pre-pandemic levels. - Expectation that M&A activity will continue to increase through the rest of the year and into 2021. - Pipeline for capital markets activity has been replenished. - Uncertainty remains; financing levels may not sustain the elevated pace seen recently. - The firm is focused on maintaining and growing market share over the medium to long term. - Trade volumes in electronic platforms, particularly credit, show growing client engagement and stickiness.