Goldman Sachs is a leading global investment banking, securities and investment
management firm that provides a wide range of services worldwide to a substantial
and diversified client base.
Business Segments
Our activities are divided into three segments:
Business Segment/Component
Primary Products and Activities
Investment Banking:
Financial Advisory
''Mergers and acquisitions advisory services
''Financial restructuring advisory services
Underwriting
''Equity and debt underwriting
Trading and Principal Investments:
FICC
''Commodities and commodity derivatives, including our power generation business
''Credit products'' including investment-grade corporate securities, high-yield
securities, bank loans, municipal securities, emerging market debt and credit
derivatives
''Currencies and currency derivatives
''Interest rate products'' including interest rate derivatives and global government
securities
''Money market instruments, including the matched book
''Mortgage-backed securities and loans
Equities
''Equity securities and derivatives
''Securities, futures and options clearing services
''Specialist and market-making services in securities and options
Principal Investments
''Principal investments in connection with merchant banking activities
''Investment in the convertible preferred stock of Sumitomo Mitsui Financial
Group, Inc.
Asset Management and Securities Services:
Asset Management
''Institutional and high-net-worth asset management
''Merchant banking management fees
''Mutual funds
Securities Services
''Margin lending
''Prime brokerage
''Securities lending
Competition'
The financial services industry'' and all of our businesses'' are intensely
competitive, and we expect them to remain so. Our competitors are other brokers
and dealers, investment banking firms, insurance companies, investment advisors,
mutual funds, hedge funds, commercial banks and merchant banks. We compete with
some of our competitors globally and with others on a regional, product or niche
basis. Our competition is based on a number of factors, including transaction
execution, our products and services, innovation, reputation and price.
We also face intense competition in attracting and retaining qualified employees.
Our ability to continue to compete effectively in our businesses will depend
upon our ability to attract new employees and retain and motivate our existing
employees.