{
  "slug": "the-goldman-sachs-group-inc",
  "symbol": "GS",
  "name": "Goldman Sachs Group Inc",
  "fiscalYearEnd": "2025-12-31",
  "filing": {
    "accession": "0000886982-26-000091",
    "form": "10-K",
    "filed": "2026-02-25",
    "url": "https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm"
  },
  "model": "claude-haiku-5-5",
  "promptVersion": "2026-10-31.2",
  "generatedAt": "2026-10-31T20:06:36.657535+00:00",
  "segments": null,
  "sections": {
    "businessModel": [
      {
        "de": "Asset & Wealth Management erzielt Erlöse aus Management- und sonstigen Gebühren, Incentive-Gebühren, Private-Banking- und Kreditgeschäft sowie Investitionen.",
        "en": "Asset & Wealth Management earns revenue from management and other fees, incentive fees, private banking and lending, and investments.",
        "quote": "Asset & Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending and investments."
      },
      {
        "de": "Fast alle Erlöse in Platform Solutions stammen aus der Ausgabe von Kreditkarten an Apple-Card-Kunden, der Annahme von Einlagen dieser Kunden und aus aufgegebenen Geschäften.",
        "en": "Almost all revenue in Platform Solutions comes from issuing credit cards to Apple Card customers, taking deposits from them, and from businesses that have been exited.",
        "quote": "Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited."
      },
      {
        "de": "Das Unternehmen tritt als Market Maker auf und stellt Kunden weltweit Preise für Tausende Produkte in allen wichtigen Anlageklassen und Märkten bereit.",
        "en": "The firm acts as a market maker, quoting prices to clients worldwide for thousands of products across all major asset classes and markets.",
        "quote": "As a market maker, we provide prices to clients globally across thousands of products in all major asset classes and markets."
      },
      {
        "de": "Der überwiegende Teil der Erlöse aus Management- und sonstigen Gebühren besteht aus vermögensbasierten Gebühren auf die vom Unternehmen verwalteten Kundenvermögen.",
        "en": "Most of the management and other fee revenue is asset-based fees on client assets the firm manages.",
        "quote": "The vast majority of revenues in management and other fees consists of asset-based fees on client assets that we manage."
      }
    ],
    "customers": [
      {
        "de": "Das Unternehmen strebt langfristige Beziehungen zu einer vielfältigen, weltweiten Gruppe institutioneller Kunden an, darunter Unternehmen, Regierungen, Bundesstaaten und Kommunen.",
        "en": "The firm seeks long-term relationships with a diverse global group of institutional clients, including corporations, governments, states and municipalities.",
        "quote": "We seek to develop and maintain long-term relationships with a diverse global group of institutional clients, including corporations, governments, states and municipalities."
      },
      {
        "de": "Das Unternehmen bietet außerdem maßgeschneiderte Vermögensberatung, vor allem für Kunden mit sehr hohem Nettovermögen.",
        "en": "The firm also offers tailored wealth advisory services, mainly to clients with very high net worth.",
        "quote": "We also provide tailored wealth advisory services, primarily to ultra-high-net worth clients."
      }
    ],
    "competition": [
      {
        "de": "Die Finanzdienstleistungsbranche und alle Geschäftsbereiche des Unternehmens sind sehr wettbewerbsintensiv, und das Unternehmen erwartet, dass dies so bleibt.",
        "en": "The financial services industry and all of the firm's businesses are intensely competitive, and the firm expects this to continue.",
        "quote": "The financial services industry and all of our businesses are intensely competitive, and we expect them to remain so."
      },
      {
        "de": "Zu den Wettbewerbern zählen Broker und Händler, Investmentbanken, Geschäftsbanken, Kreditkartenanbieter, Versicherer, Anlageberater, Investmentfonds, Hedgefonds, Private-Equity- und Private-Credit-Fonds, Merchant Banken sowie Finanztechnologie- und andere Internetunternehmen.",
        "en": "Competitors include brokers and dealers, investment banks, commercial banks, credit card issuers, insurers, investment advisers, mutual funds, hedge funds, private equity and private credit funds, merchant banks, and financial technology and internet companies.",
        "quote": "Our competitors include brokers and dealers, investment banking firms, commercial banks, credit card issuers, insurance companies, investment advisers, mutual funds, hedge funds, private equity funds, private credit funds, merchant banks and financial technology and other internet-based companies."
      },
      {
        "de": "Das Unternehmen konkurriert unter anderem über die Ausführung von Transaktionen, das Kundenerlebnis, Produkte und Dienstleistungen, Innovation, Reputation und Preis.",
        "en": "The firm competes on factors such as transaction execution, client experience, products and services, innovation, reputation and price.",
        "quote": "we compete based on a number of factors, including transaction execution, client experience, products and services, innovation, reputation and price."
      }
    ],
    "risks": [
      {
        "de": "Risikokonzentrationen erhöhen das Potenzial für erhebliche Verluste im Market-Making, im Emissionsgeschäft, bei Investitionen und in der Finanzierung.",
        "en": "Concentration of risk raises the chance of large losses in the firm's market-making, underwriting, investing and financing activities.",
        "quote": "Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and financing activities."
      },
      {
        "de": "Nahezu alle Investitions- und Market-Making-Positionen sowie ein Teil der Kredite werden täglich oder regelmäßig zum Marktwert bewertet, sodass sinkende Vermögenswerte schnell das Ergebnis belasten, sofern die Risiken nicht wirksam abgesichert sind.",
        "en": "Nearly all of the firm's investing and market-making positions and some loans are marked to market daily or periodically, so falling asset values quickly affect earnings unless the exposure is effectively hedged.",
        "quote": "Substantially all of our investing and market-making positions and a portion of our loans are marked-to-market on a daily or other periodic basis and declines in asset values directly and promptly impact our earnings, unless we have effectively “hedged” our exposures to those declines."
      },
      {
        "de": "Zum Stand Dezember 2025 hätten Gegenparteien bei einer Herabstufung der Kreditratings um eine Stufe zusätzliche Sicherheiten oder Kündigungszahlungen von 224 Millionen US-Dollar auf Netto-Derivateverbindlichkeiten aus bilateralen Vereinbarungen verlangen können.",
        "en": "As of December 2025, counterparties could have asked for extra collateral or termination payments of $224 million on net derivative liabilities under bilateral agreements if the firm's credit ratings fell by one notch.",
        "quote": "As of December 2025, our counterparties could have called for additional collateral or termination payments related to our net derivative liabilities under bilateral agreements in an aggregate amount of $224 million in the event of a one-notch downgrade of our credit ratings"
      },
      {
        "de": "Group Inc. ist eine Holdinggesellschaft und deshalb auf Dividenden, Ausschüttungen, Darlehen und andere Zahlungen seiner Tochtergesellschaften angewiesen, um Aktienrückkäufe, Dividenden und Zahlungen auf seine Verbindlichkeiten zu finanzieren.",
        "en": "Group Inc. is a holding company and depends on dividends, loans and other payments from its subsidiaries to fund share buybacks, dividends and debt payments.",
        "quote": "Group Inc. is a holding company and, therefore, depends on dividends, distributions, loans and other payments from its subsidiaries to fund share repurchases and dividend payments and to fund payments on its obligations, including debt obligations."
      }
    ]
  }
}