The company sold its Personal Financial Management business during 2023 and entered into an agreement to sell GreenSky, which is expected to close in the first quarter of 2024, indicating a strategic shift in their consumer platform strategy.

The company continues to evaluate the expanded use of strategic locations, including cities in which they do not currently have a presence, and 41% of their employees were working in strategic locations as of December 2023.

The company announced a target to deploy $750 billion in sustainable financing, investing and advisory activity by the beginning of 2030 and achieved approximately 75% of that goal as of December 2023, with the majority dedicated to Climate Transition.

The efficiency ratio (total operating expenses divided by total net revenues) increased to 74.6% for 2023, compared to 65.8% for 2022, indicating a decrease in operational efficiency.

The company's headcount decreased by 7% year-over-year, reflecting a headcount reduction initiative during the year, indicating an effort to control costs.

The company's management team works closely with their Global Inclusion and Diversity Committee to foster the diversity of their global workforce at all levels. As of December 2023, approximately 54% of the Board was diverse by race, gender or sexual orientation.

The company is subject to extensive regulation and supervision worldwide, and the regulatory regimes applicable to their operations have been, and continue to be, subject to significant changes. New regulations have been adopted or are being considered by regulators and policy makers worldwide.

The financial services industry and all of the company's businesses are intensely competitive, and they expect them to remain so. Competitors include brokers and dealers, investment banking firms, commercial banks, credit card issuers, insurance companies and financial technology companies.

The company's businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions, including inflation, geopolitical tensions and market volatility.

A number of the company's businesses are subject to intense price competition, with efforts by competitors to gain market share resulting in pricing pressure in investment banking, market-making, consumer, wealth management and asset management businesses.

The company faces intense competition in attracting and retaining qualified employees and their ability to compete effectively has depended and will continue to depend upon their ability to attract new employees, retain and motivate their existing employees.

Consolidation and convergence have significantly increased the capital base and geographic reach of some of the company's competitors and have also hastened the globalization of the securities and other financial services markets.

The company highlights the importance of business continuity and information security, including cybersecurity, and has developed and implemented a framework of principles, policies and technology designed to protect information.

The company believes their investment in strategic locations enables them to build centers of excellence around specific capabilities that support their business initiatives.

The company continues to advance their resilience programs, offering a range of counseling, coaching, medical advisory and personal wellness services, and have introduced and globally scaled the internationally recognized Mental Health First Aid certification to their people.

Much of the connectivity between the company and its clients is maintained on technology platforms, including Marquee, which provides institutional investors with market intelligence, risk analytics, proprietary datasets and trade execution across multiple asset classes.

The company or its third-party vendors, clients or counterparties may develop or incorporate AI technology in certain business processes, services or products.

The company notes that the use of computing devices and phones is critical to the work done by their employees and the operation of their systems and businesses and that these are subject to various risks, including cyber attacks.

The Board approved a share repurchase program authorizing repurchases of up to $30 billion of the company's common stock, which replaced their previous share repurchase program.

During 2023, the company returned a total of $9.39 billion of capital to common shareholders, including $5.80 billion of common share repurchases and $3.59 billion of common stock dividends.

The company and GS Bank USA are subject to risk-based regulatory capital and leverage requirements that are calculated in accordance with the regulations of the FRB.

The company has a long-standing commitment to sustainability, with two priorities in this area: helping clients decarbonize their businesses and advancing solutions that expand access, increase affordability, and support outcomes to advance sustainable economic growth.

The company has expanded its operational carbon commitment to include their supply chain, targeting net-zero carbon emissions by 2030.

The company is promoting diversity and inclusion as an imperative for them, as well as for their clients and their boards, and have established a comprehensive action plan with aspirational diversity hiring and representation goals.

The global economy grew in 2023 but was impacted by broad macroeconomic and geopolitical concerns, including persistent inflation, uncertainty about the economic outlook and elevated geopolitical tensions.

The company notes that the regulatory regimes applicable to their operations have been, and continue to be, subject to significant changes, and new regulations have been adopted or are being considered by regulators and policy makers worldwide.

The company faces increased competition due to consolidation and convergence in the financial industry, the growth of electronic trading and the introduction of new products and technologies, and the increasing prevalence of passive investment strategies.