Management's Discussion and Analysis of Financial Condition and Results of
Operations                                                                              46

  Introduction                                                                          46

  Executive Overview                                                                    47

  Business Environment                                                                  47

  Critical Accounting Policies                                                          47

  Use of Estimates                                                                      49

  Recent Accounting Developments                                                        50

  Results of Operations                                                                 50

  Balance Sheet and Funding Sources                                                     65

  Equity Capital Management and Regulatory Capital                                      69

  Regulatory Matters and Other Developments                                             73

  Off-Balance-Sheet Arrangements and Contractual Obligations                            75

  Risk Management                                                                       77

  Overview and Structure of Risk Management                                             77

  Liquidity Risk Management                                                             82

  Market Risk Management                                                                88

  Credit Risk Management                                                                92

  Operational Risk Management                                                           99

  Model Risk Management                                                                101

Item 7A



  Quantitative and Qualitative Disclosures About Market Risk                           102


    Goldman Sachs 2019 Form 10-K

--------------------------------------------------------------------------------


  Table of Contents
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
INDEX
                                                                      Page No.

Item 8



  Financial Statements and Supplementary Data                             102

  Management's Report on Internal Control over Financial Reporting        102

  Report of Independent Registered Public Accounting Firm                 103

  Consolidated Financial Statements                                       105

  Consolidated Statements of Earnings                                     105

  Consolidated Statements of Comprehensive Income                         105

  Consolidated Balance Sheets                                             106

  Consolidated Statements of Changes in Shareholders' Equity              107

  Consolidated Statements of Cash Flows                                   108

  Notes to Consolidated Financial Statements                              109

  Note 1.  Description of Business                                        109

  Note 2.  Basis of Presentation                                          109

  Note 3.  Significant Accounting Policies                                110

  Note 4.  Fair Value Measurements                                        115

  Note 5.  Trading Assets and Liabilities                                 120

  Note 6.  Trading Cash Instruments                                       121

  Note 7.  Derivatives and Hedging Activities                             124

  Note 8.  Investments                                                    133

  Note 9.  Loans                                                          138

  Note 10. Fair Value Option                                              144

  Note 11. Collateralized Agreements and Financings                       149

  Note 12. Other Assets                                                   153

  Note 13. Deposits                                                       156

  Note 14. Unsecured Borrowings                                           157

  Note 15. Other Liabilities                                              160

  Note 16. Securitization Activities                                      160

  Note 17. Variable Interest Entities                                     162

  Note 18. Commitments, Contingencies and Guarantees                      165

  Note 19. Shareholders' Equity                                           169

  Note 20. Regulation and Capital Adequacy                                172

  Note 21. Earnings Per Common Share                                      179

  Note 22. Transactions with Affiliated Funds                             179

  Note 23. Interest Income and Interest Expense                           180

  Note 24. Income Taxes                                                   180

  Note 25. Business Segments                                              182

  Note 26. Credit Concentrations                                          185

  Note 27. Legal Proceedings                                              185

  Note 28. Employee Benefit Plans                                         194

  Note 29. Employee Incentive Plans                                       194

  Note 30. Parent Company                                                 196


                                                                                           Page No.

  Supplemental Financial Information                                                           198

  Quarterly Results                                                                            198

  Common Stock Performance                                                                     198

  Selected Financial Data                                                                      199

  Statistical Disclosures                                                                      199

Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 204



Item 9A

  Controls and Procedures                                                                      204

Item 9B

  Other Information                                                                            204

  PART III                                                                                     204

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