Good morning. My name is Katie and I will be your conference facilitator today.

Good morning. My name is Katie and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs third quarter 2026 earnings conference call.

On behalf of Goldman Sachs, I will begin the call with the following disclaimer. Good morning. My name is Katie and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs fourth quarter 2025 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. I would like to welcome everyone to this call.

The Earnings Commission may have a few more minutes, and we're going to resume our broadcast on the next hour or so. And I would like to welcome all of you to go back to your seats. I'm going to make a five-minute conference call. I'm going to have a great morning. I will be back in a couple of minutes. I will be back in a couple of minutes. and many more. Thank you. and Sarah L. Wittgenstein. We thank you for joining us today. and many more. Thank you. and every one of these partners who support the future of the American community in America. We are proud to have you here today. Thank you. Thank you. and a number of others. Thank you for watching. and I'm here to share with you what we've been doing for the past year and a half. We've been doing a lot of things for the past year and a half. John Lennon, John Lennon, John Lennon, . . . . . . . . . . . . and many more. Thank you. Thank you. Dr. Fogelman, G.C.B. 1-4-1-2-3-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3-4-1-2-3 and some of my other friends. Thank you. Thank you. Thank you for watching. and many more. Thank you. Thank you. and a number of others. We are proud to be a part of the U.S. Department of Health and Human Services. Thank you for watching. All in-house ranks, we are happy to have you with us. We are very happy to be here. and other members of the Board of Trustees. and more. Thank you. . . . . and the rest of the team. A.O.P.T.C.A.T.C.A.T.C.A.T.C.A.T. and I will definitely be out there. Thank you very much. and more. Thank you for watching. and I'm going to run a check and see what they do. and many more. All of the organizations that are here, all of the organizations that are here, all of the organizations that are here, and many more. Thank you. and many more. Thank you for watching. Wendell O'Rourke, and Kimmy Robertson, who performed live, too, for you. I'm proud of you. I'm proud of you. We're operating on a long-relation contract that ranks Tucker Greene and NCFR on a timely, well-intentioned, and optimistic industry. We have a big market standing on the energy market, and we're working on a timely, well-intentioned, long-party plan for building these needs that's long-reliable for many people. There are reasons to be happy to talk to an Apple-fied company that's collaborating with other companies. We're operating on a long-relation contract that ranks Tucker Greene and NCFR on a timely, . . . . . and many more. Thank you very much. and a lot more. Thank you very much. and many more. and a number of others. We're now at the end of the program. Thank you for watching. We've been out of money for many years now. We've been out of money for many years now. and a number of other members of our community. We'll use the data I've provided to pay for the committee to include our funding of $25,000, $1,000, and $60,000. We're going to announce these funds out at the time of the meeting.

We're going to invite from you, our community members, and a number of other members of our community. We're going to include our funding. Frank Ciccone, John Lennon, John Lennon, John Lennon, John Lennon, John Lennon

Page 14 of 14 . . . . . Some of you have asked me to ask for a question. I'm going to ask you a question. I'm going to ask you a question. Summers, and Kurt Shorty. And thanks to you, we outlined some of our plans for 2020. Given that we have a lot of new things to do, we're going to have a lot of fun. We're going to have a lot of fun. We're going to have a lot of fun. and many more. Thank you for joining us. Thank you for joining us today. If you have any questions, please ask them in the Q&A box below. If you have any questions, please ask them in the Q&A box below. We're now going to do a question and answer session. John Lentini, John Lentini, John Lentini, Thank you. Thank you. and many more. Thank you for joining us. Thank you for joining us today. Thank you. Thank you. all have developed a new box of winnings, winnings, winnings, winnings, winnings, winnings and many more. Thank you. and more and more and more and more and many, many, many, many, many, Thank you. Thank you for joining us. and many more. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you very much.

Thank you. David, you have a question. Thank you. Thank you.

and many others. We are very happy to be here today. Thank you very much. Thank you. Thank you. Thank you. Thank you. Thank you for joining us.

We will take our next question. Thank you very much.

Thank you for watching. I hope you enjoyed it. I apologize. I can't hear you. and I wonder if any of you are familiar with the program and how that came about and what that was and what it was about and how it came on and how it worked and what it is about. Thank you very much. Thank you for watching. We'll take the next question, sir. Thank you very much. Thank you very much. Thank you for watching. You must love your parents. You must love your parents. You must love your parents. You must love your parents. Thank you. Thank you. Thank you very much. Most of the time, there's a lot of people who are planning to get back here. There's no much time. There's a lot of people who are planning to get back here. There's a lot of people who are planning to get back here. Thank you for watching. . . . . I'll take our next question. I'll take our next question. I'll take our next question. I'll take our next question. Thank you for joining us. Thank you for watching. Thank you very much. Thank you. Thank you. Thank you. Thank you very much for joining us. Thank you. Thank you. Thank you very much. Thank you very much. Thank you very much. Thank you very much. and many more. Thank you very much. Thank you very much. Thank you. Thank you. I really appreciate you guys coming out and supporting the capital. I support the capital. I support the capital. I support the capital. I support the capital. The follow-up question is, I really appreciate your time, and I'm sure those of you who are also offering your questions are going to have a question time. I'm going to think about how to apply that, and I really appreciate your time. And I'll see you in a bit. Thank you for joining us today. I'd like to thank you for joining us. Thank you. Thank you. Thank you. Thank you. Thank you for watching. Thank you. Thank you. How much of an issue is there? Thank you very much. Thank you. Thank you for watching. There's a lot of different backlogs, which might go through what you're anticipating and getting on here. Thank you. Thank you. There's a lot of different backlogs, so we might go into one here and take another one. So, David, why don't you take a look at my background here, and I'll direct you off the table. and David Lentz. Thank you. Thank you. Thank you. Thank you for having me.

Thank you very much. Thank you.

We've had an impact from a generation to a generation back now, and it could be an exact minority away from the one that pays the most attention. You know, as a family, it's going to be a lot of people. It's going to be a lot of people. It's going to be a lot of people. It's going to be a lot of people. and many more. Thank you very much. Thank you. Thank you. . . . . . . . Thank you for watching. Thank you for joining us. Thank you. Thank you. I appreciate really all that you've done. Thank you. We'll take our next question from Dan Bannon. A quick follow-up on the SLR. Given financing activity is much more leveraged than it was before, do you feel that you're in the right place where you are running? and many more. Thank you very much. Thank you for watching. We'll take our next question from the audience. Thank you. We'll take our next question. . . . . . Thank you for watching. Thank you for watching. Thank you for your questions, Deb and Ryan. I appreciate the fact that you're all here. I agree. This morning, I didn't know about the problem of all these issues. I'm sorry, I didn't know about the problem of all these issues. Thank you very much. I don't know. I don't know. I'm going to do that now. I'm going to do that now. We think you're in the golden. We think you're in the golden. We think you're in the golden. Thank you for watching. Thank you. Do you see things that you can relate to? Thank you very much. Thank you. We'll take our next question. You guys are always quite fun to put in when it comes to AI. I'm hoping you can speak to how you're evaluating. and David Martin Carter. Thank you so much. Thank you for watching. I've been here a long time. I've been here a long time. Thank you very much. Thank you. Thank you for watching. I think what I call it is just a quick follow-up on what's been happening over the years. If I think back to five, four years ago, when I started talking about competition opportunities, I noticed that my trading revenue, it was $45,000 in the 27th year. And I called it a five-year narrative. And I put a follow-up on my back to the top of the bed. And I think back to five, four years ago, Thank you. Thank you. Thank you. Thank you. Speaking of kids with more color around, I'm going to tell you that. Speaking of kids with more color around, I'm going to tell you that. I'm going to tell you that. Thank you. We'll take our next question. Thank you. We'll take our next question. Thank you for watching. Thank you. Thank you. and many more. Thank you. Thank you. Thank you. I appreciate that David and I get to follow up just on the acquisition front in Aspen, Texas. I appreciate that David and I get to spend an area just on the acquisition front in Aspen, Texas. I appreciate that David and I get to spend an area just on the acquisition front in Aspen, Texas. Thank you for watching. Thank you. Thank you. Thank you for your time. Thank you. We'll take our next question. Thank you for your time. Thank you. Thank you for watching. Thank you. Thank you. Thank you for watching. Thank you very much. I appreciate the strength and quality of your work. Again, if you have any comments or questions, please do not hesitate to put them in the comments. I appreciate the strength and quality of your work. Thank you. Thank you. We'll take our next question. Great. Excuse me. I have a question. You're open for my question. I have a question. You're open for my question. I have a question. I apologize. And then the second row up would be... Thank you for joining us. At this time, we are out of time. Thank you. At this time, we are out of time. Any questions? Thank you. Thank you.

and really good firms. Second, what do you think, Bob, would be in terms of the Biden deal, whether the Biden government is good or bad?

What do you think of the Biden government? I don't know. I don't know.

Thank you. At this time, there are no additional questions.

Thank you for your participation. You may now disconnect.

We'll take our next question from Chris McGrady. We'll take our next question from Chris McGrady. We'll take our next question from Chris McGrady. We'll take our next question from Chris McGrady. I appreciate the question.

I'll follow on David's comments. I don't think we're going to give you an exact number, but you can imagine that there are a variety of... I'm wondering if you could quantify that potential pool of money that could be freed up and redeployed. I guess how much of a drag is this? Oh, great. Good morning. A lot of discussion on the capital impact industry over the last couple of years. I don't think we're going to give you an exact number, but you can imagine how much of a drag it's been. I don't think we're going to give you an exact number, but We can imagine that there's just a different formulation of the work that we've done, which is raising professional fee-type goals over the run-and-sell list, in line with their core regulatory capacity from some of the next three over the last couple of years, which can then be made a work that we've done. Each and every industry is different. And there's just another response to franchise one violation and a mixed rank demand with the country's government. And another response to franchise one violation and a mixed rank demand with the country's government. Thank you for watching. which can then be redeployed as much as they are driving to re-deploy across the franchise by helping strengthen the savings of resilience of the firm.

And the only thing I'd add is that one of the big things that was said for the growth, I wouldn't look at it as much of the firm's bottom line. The thing that we look at as much as the obvious opportunity to redeploy capital in large banks is our problem immediately.

I think you're getting the last 10 years. The only thing I'd add to it is that we now had just a look at it. It's actually, we're not going to get the quantum right of growth. It's the same thing you can look at. You know, the way he colored one of the last decades, he wrote the capital in a large way. That's he caught across as a secondary. And now there's everything more to it. Apparently, it's actually two. I think you're getting a different result on top of that. And that is one of the things that we now have to look at is how we're going to make these changes. And then the third scenario is around where they are now. And I think you're getting a different result there. And one of the things that we now have to look at is how we're going to make these changes. That's very helpful. Thank you. The second question would be who's more of a business mix? And the third thing is, what if you said that the Fed's now going to calibrate its growth in the world and market it? So if you want to kind of calculate that, what does it put in the statute? You've been a fast forwarder over the next few years.

What do you think this mix looks like? That's very helpful. Thank you. The second question would be, is it more of a business model that we all desire? Those are three important things I would point to. Yeah, we're going to continue on that. We are going to continue to invest in this. That's very helpful. Thank you. The second question would be, is it more of a business model that we all desire? Maybe look at how do you want to do it?

This is not an unfortunate reality, but we've been able to grow in the market faster than we might have expected.

Even though we're going to continue our nightly, we're going to continue our nightly, we're going to continue our nightly.

and kind of think about the trajectory that we're on. Yeah, we're going to work. We're going to find we've been able to do it.

We're going to find we've been able to do it.

We're going to find we've been able to do it. We're going to find we've been able to do it. and even though we've grown in scale of global banking markets, in addition to the organic, you know, inorganic world, again, we might have all had to do that over and over again and kind of think about it in trajectory. If you will, I just have one final question.

In addition to the organic, it will be inorganic, again, where we are in the investment banking cycle. And I think, David,

Thank you. We'll take our next question from Saul Martinez with HSBC. Thank you for taking my question. I just have one question, obviously. It's a clarification that in a base case view, where we are in the investment bank deal, and I think, David, that when you're talking about which was equal over $14 million, you're suggesting that in a base case view, the delta could be an environment where you could be closer approached

It seemed like an environment where, which was your ROE levels already, but I just wanted to clarify.

Sure, I'm sorry. What I was referring to was advisory volumes already, but I just wanted to clarify.

What I was referring to was advisory volumes. It seemed like an environment where all of your ROEs were very poorly seen for the whole ECM. but the chart that I was referring to is one that looks at three different cases between visor and volume.

Okay, so it wasn't, you know, equity capital market. I'm sorry, Salvatore, I was referring to, you know, I will tell you this. What went on in 2021 was not equity capital market. What I was referring to was visor and volume. That is not going to occur. Now, visor and volume is very correlated. So my guess would be that equity capital market, I'm sorry, Salvatore, will still be three different cases with visor and volume. I was in. I was in. I was in. I was in. I was in. I was in. I was in. Thank you for your participation. You may not disconnect. Thank you for clarifying that. Thank you. At this time, there are no additional questions.

Ladies and gentlemen, this concludes the Goldman Sachs fourth quarter 2025 earnings conference call. Thank you for your participation.

You may now disconnect. Thank you.

At this time, there are no additional questions. Ladies and gentlemen, this concludes the Goldman Sachs fourth quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect.