For the fiscal year ended December 31, 2021 Commission ...

1 UNITED STATES SECURITIES AND EXCHANGE Commission . Washington, 20549. Form 10-K. ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF. THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2021 Commission File Number: 001-14965. The goldman sachs group , Inc. (Exact name of registrant as specified in its charter). Delaware 13-4019460. (State or other jurisdiction of ( Employer incorporation or organization) Identification No.). 200 West Street, New York, 10282. (Address of principal executive offices) (Zip Code). (212) 902-1000. (Registrant's telephone number, including area code). Securities registered pursuant to Section 12(b) of the Act: Exchange Trading on which Title of each class Symbol registered Common stock, par value $.01 per share GS NYSE. Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE.

2 Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE. Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE. Depositary Shares, Each Representing 1/1,000th Interest in a Share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J GS PrJ NYSE. Depositary Shares, Each Representing 1/1,000th Interest in a Share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K GS PrK NYSE. Fixed-to-Floating Rate Normal Automatic Preferred Enhanced capital Securities of goldman sachs capital II GS/43PE NYSE. Floating Rate Normal Automatic Preferred Enhanced capital Securities of goldman sachs capital III GS/43PF NYSE. Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due 2031 of GS Finance Corp.

3 GS/31B NYSE. Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

4 Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2. of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer . Smaller reporting company Emerging growth company . If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

5 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of June 30, 2021, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was approximately $ billion. As of February 11, 2022, there were 337,922,970 shares of the registrant's common stock outstanding. Documents incorporated by reference: Portions of The goldman sachs group , Inc.'s Proxy Statement for its 2022 Annual Meeting of Shareholders are incorporated by reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. THE goldman sachs group , INC. AND SUBSIDIARIES. ANNUAL REPORT ON FORM 10-K FOR THE fiscal YEAR ended December 31, 2021. INDEX. Form 10-K Item Number Page No. Page No. PART I 1 Item 7. Item 1 Management's Discussion and Analysis of Financial Condition Business 1 and Results of Operations 58.

6 Introduction 1 Introduction 58. Our Business Segments 1 Executive Overview 59. Investment Banking 1 Business Environment 60. Global Markets 2 Critical Accounting Policies 60. Asset Management 4 Use of Estimates 63. Consumer & Wealth Management 4 Recent Accounting Developments 63. Results of Operations 64. Business Continuity and Information Security 5. Balance Sheet and Funding Sources 79. Human capital Management 5. capital Management and regulatory capital 82. Sustainability 8. regulatory and Other Matters 87. Competition 9. Off-Balance Sheet Arrangements 89. Regulation 10. Risk Management 90. Information about our Executive Officers 25. Overview and Structure of Risk Management 90. Available Information 26. Liquidity Risk Management 96. Forward-Looking Statements 26. Market Risk Management 102. Item 1A. Credit Risk Management 106. Risk Factors 29. Operational Risk Management 114.

7 Item 1B. Model Risk Management 116. Unresolved Staff Comments 56. Item 7A. Item 2. Quantitative and Qualitative disclosures About Market Risk 117. Properties 56. Item 3. Legal Proceedings 56. Item 4. Mine Safety disclosures 56. PART II 57. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 57. goldman sachs 2021 Form 10-K. THE goldman sachs group , INC. AND SUBSIDIARIES. INDEX. Page No. Page No. Item 8 Supplemental Financial Information 223. Financial Statements and Supplementary Data 117 Common Stock Performance 223. Management's Report on Internal Control over Financial Statistical disclosures 223. Reporting 117. Item 9. Report of Independent Registered Public Accounting Firm 118. Changes in and Disagreements with Accountants on Accounting Consolidated Financial Statements 121 and Financial Disclosure 227.

8 Consolidated Statements of Earnings 121 Item 9A. Consolidated Statements of Comprehensive Income 121 Controls and Procedures 227. Consolidated Balance Sheets 122 Item 9B. Consolidated Statements of Changes in Shareholders' Equity 123 Other Information 227. Consolidated Statements of Cash Flows 124. Item 9C. Notes to Consolidated Financial Statements 125. Disclosure Regarding Foreign Jurisdictions that Prevent Note 1. Description of Business 125 Inspections 227. Note 2. Basis of Presentation 125 PART III 227. Note 3. Significant Accounting Policies 126 Item 10. Note 4. Fair Value Measurements 131 Directors, Executive Officers and Corporate Governance 227. Note 5. Trading Assets and Liabilities 136 Item 11. Note 6. Trading Cash Instruments 137 Executive Compensation 227. Note 7. Derivatives and Hedging Activities 139. Item 12. Note 8. Investments 149. Security Ownership of Certain Beneficial Owners and Note 9.

9 Loans 155 Management and Related Stockholder Matters 228. Note 10. Fair Value Option 164 Item 13. Note 11. Collateralized Agreements and Financings 169 Certain Relationships and Related Transactions, and Director Note 12. Other Assets 173 Independence 228. Note 13. Deposits 175 Item 14. Note 14. Unsecured Borrowings 176 Principal Accountant Fees and Services 228. Note 15. Other Liabilities 179 PART IV 228. Note 16. Securitization Activities 180 Item 15. Note 17. Variable Interest Entities 182 Exhibit and Financial Statement Schedules 228. Note 18. Commitments, Contingencies and Guarantees 185 SIGNATURES 234. Note 19. Shareholders' Equity 189. Note 20. Regulation and capital Adequacy 192. Note 21. Earnings Per Common Share 202. Note 22. Transactions with Affiliated Funds 202. Note 23. Interest Income and Interest Expense 203. Note 24. Income Taxes 203. Note 25. Business Segments 206.

10 Note 26. Credit Concentrations 208. Note 27. Legal Proceedings 209. Note 28. Employee Benefit Plans 218. Note 29. Employee Incentive Plans 219. Note 30. Parent Company 221. goldman sachs 2021 Form 10-K. THE goldman sachs group , INC. AND SUBSIDIARIES. PART I. Item 1. Business Introduction The chart below presents our four business segments and their revenue sources. goldman sachs is a leading global financial institution that delivers a broad range of financial services across CONSUMER & WEALTH. INVESTMENT BANKING GLOBAL MARKETS ASSET MANAGEMENT. investment banking, securities, investment management MANAGEMENT. and consumer banking to a large and diversified client base FICC. Wealth management - Management and other fees Financial advisory - FICC intermediation Management and other fees that includes corporations, financial institutions, - FICC financing - Incentive fees - Private banking and lending governments and individuals.