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2010 Annual Report 2010 Is Everyone’S Businessis Everyone’S Progress

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2010 Annual Report 2010 Is Everyone’S Businessis Everyone’S Progress Goldman Sachs Annual 2010 Sachs Report 2010 Annual Report Progress is everyone’s business 2010 Annual Report www.gs.com The Goldman Sachs Business Principles Shareholder Information Executive Offi ces SEC Certifi cations Our clients’ interests always come fi rst. We stress teamwork in everything we do. The Goldman Sachs Group, Inc. The certifi cations by the Chief Executive Offi cer and the Chief Financial Our experience shows that if we serve our clients well, our own While individual creativity is always encouraged, we have 200 West Street Offi cer of The Goldman Sachs Group, Inc., required under Section 302 of success will follow. found that team effort often produces the best results. We have New York, New York 10282 the Sarbanes-Oxley Act of 2002, have been fi led as exhibits to the fi rm’s no room for those who put their personal interests ahead of 1-212-902-1000 2010 Annual Report on Form 10-K. the interests of the fi rm and its clients. www.gs.com Our assets are our people, capital and reputation. NYSE Certification If any of these is ever diminished, the last is the most diffi cult The dedication of our people to the fi rm and Common Stock to restore. We are dedicated to complying fully with the letter In May 2010, the Chief Executive Offi cer of The Goldman Sachs Group, Inc. the intense effort they give their jobs are greater and spirit of the laws, rules and ethical principles that govern us. The common stock of The Goldman Sachs Group, Inc. is listed on the made an unqualifi ed certifi cation to the NYSE with respect to the firm’s Our continued success depends upon unswerving adherence than one fi nds in most other organizations. New York Stock Exchange and trades under the ticker symbol “GS.” compliance with the NYSE corporate governance listing standards. to this standard. We think that this is an important part of our success. Shareholder Inquiries Transfer Agent and Registrar for Common Stock Our goal is to provide superior returns to We consider our size an asset that we try Information about the fi rm, including all quarterly earnings releases and Questions from registered shareholders of The Goldman Sachs Group, our shareholders. hard to preserve. fi nancial fi lings with the U.S. Securities and Exchange Commission, can Inc. regarding lost or stolen stock certifi cates, dividends, changes of be accessed via our Web site at www.gs.com. address and other issues related to registered share ownership should Profi tability is critical to achieving superior returns, building We want to be big enough to undertake the largest project be addressed to: our capital, and attracting and keeping our best people. that any of our clients could contemplate, yet small enough to Shareholder inquiries can also be directed to Investor Relations via email Signifi cant employee stock ownership aligns the interests of our maintain the loyalty, the intimacy and the esprit de corps that we at [email protected] or by calling 1-212-902-0300. Mellon Investor Services LLC employees and our shareholders. all treasure and that contribute greatly to our success. 480 Washington Boulevard Jersey City, New Jersey 07310 2010 Annual Report on Form 10-K U.S. and Canada: 1-800-419-2595 We take great pride in the professional quality We constantly strive to anticipate the rapidly Copies of the fi rm’s 2010 Annual Report on Form 10-K as fi led with International: 1-201-680-6541 of our work. changing needs of our clients and to develop new the U.S. Securities and Exchange Commission can be accessed via our www.melloninvestor.com We have an uncompromising determination to achieve excellence services to meet those needs. Web site at www.gs.com/shareholders/. in everything we undertake. Though we may be involved in a We know that the world of fi nance will not stand still and that Copies can also be obtained by contacting Investor Relations via email Independent Registered Public Accounting Firm wide variety and heavy volume of activity, we would, if it came complacency can lead to extinction. at [email protected] or by calling 1-212-902-0300. to a choice, rather be best than biggest. PricewaterhouseCoopers LLP PricewaterhouseCoopers Center 300 Madison Avenue We regularly receive confi dential information as part We stress creativity and imagination in New York, New York 10017 of our normal client relationships. everything we do. To breach a confi dence or to use confi dential information While recognizing that the old way may still be the best way, we improperly or carelessly would be unthinkable. constantly strive to fi nd a better solution to a client’s problems. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry. Our business is highly competitive, and we aggressively seek to expand our client relationships. We make an unusual effort to identify and recruit However, we must always be fair competitors and must never the very best person for every job. denigrate other fi rms. Although our activities are measured in billions of dollars, we select our people one by one. In a service business, we know Integrity and honesty are at the heart of our business. that without the best people, we cannot be the best fi rm. We expect our people to maintain high ethical standards in everything they do, both in their work for the fi rm and in their We offer our people the opportunity to move ahead personal lives. more rapidly than is possible at most other places. The cover and narrative sections were printed on paper which contains 100% © 2011 The Goldman Sachs Group, Inc. All rights reserved. post-consumer waste recycled fi bers. The fi nancials are printed on paper which Progress Is Everyone’s Business is a trademark of Goldman Sachs. Advancement depends on merit and we have yet to fi nd the contains a minimum of 20% post-consumer waste. The papers used in the Except where specifi cally defi ned, the terms “Goldman Sachs,” “fi rm,” “we,” “us” limits to the responsibility our best people are able to assume. printing of this Annual Report are certifi ed by the Forest Stewardship Council™, and “our” in this document may refer to The Goldman Sachs Group, Inc. and/or its which promotes environmentally appropriate, socially benefi cial and economically For us to be successful, our men and women must refl ect the subsidiaries and affi liates worldwide, or to one or more of them, depending on the viable management of the world’s forest. These papers contain a mix of pulp that diversity of the communities and cultures in which we operate. context in each instance. Except where otherwise noted, all marks indicated by ®, is derived from FSC® certifi ed well-managed forests; post-consumer recycled That means we must attract, retain and motivate people TM, or SM are trademarks or service marks of Goldman, Sachs & Co. or its affi liates. paper fi bers and other controlled sources. Cenveo ColorGraphics/LA’s FSC® from many backgrounds and perspectives. Being diverse is not “Chain of Custody” certifi cation is SGSNA-COC-005612. 4350-10-102 optional; it is what we must be. Progress can take many forms: the capital that powers an innovation, the foresight that results in a new business, or the results that enable society to grow and prosper. At Goldman Sachs, we defi ne progress in terms of how our people help move things forward for clients and communities. Progress is everyone’s business. Goldman Sachs 2010 Annual Report 1 Letter to Shareholders Fellow Shareholders: Still, we have heard the criticisms loudly and clearly. At the very least, we must have presented ourselves in a 2010 was a period of strong performance for way that made us susceptible to being criticized. And, Goldman Sachs in the context of a challenging year. as the year progressed, it became increasingly clear that We contended with uncertainty about the outlook for there was a disconnect between how we as a fi rm viewed the global economy, questions about the future of ourselves and how the broader public perceived our role regulation and signifi cant scrutiny of our industry and and activities in the market. We recognized this as an Goldman Sachs. Despite these considerable challenges, opportunity to initiate a process of introspection and our results were driven by two related and critical thorough self-assessment to consider how we can factors: (1) our clients, who turned to Goldman Sachs and should improve. for advice and execution across a broad set of global Through the Business Standards Committee (BSC), businesses and (2) the focused commitment and dedication we examined what we do and how we do it. As of our people to serving our clients’ needs and to part of this process, we drew on the important input strengthening our culture of teamwork and excellence. of more than 200 clients who were surveyed through For 2010, the fi rm generated net revenues of non-attributable, in-depth, in-person discussions $39.2 billion with net earnings of $8.4 billion. Diluted conducted by an independent consulting fi rm. earnings per common share were $13.18 and our We made recommendations for change spanning return on average common shareholders’ equity was client service, confl icts and business selection, structured 13.1 percent, excluding the U.K. bank payroll tax, the products, transparency and disclosure, committee SEC settlement and the impairment of our New York governance and training and professional development.
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