Goldman Sachs Group (GS) risk factors: FY2025 10-K

1. Market Developments and General Business Environment
2. Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions.
3. Our businesses have been and may in the future be adversely affected by declining asset values, particularly where we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral.
4. Our market-making activities have been and may in the future be affected by changes in the levels of market volatility.
5. Our investment banking, client intermediation, asset management and wealth management businesses have in the past been adversely affected and may in the future be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to declines in economic activity and other unfavorable economic, geopolitical or market conditions.reworded
6. Our asset management and wealth management businesses have been and may in the future be adversely affected by the poor investment performance of our investment products or a client preference for products other than those which we offer or for products that generate lower fees.
7. Inflation has had and could in the future have a negative effect on our business, results of operations and financial condition.reworded
8. Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets.
9. Our businesses have been and may in the future be adversely affected by disruptions or lack of liquidity in the credit markets, including reduced access to credit and higher costs of obtaining credit.
10. Reductions in our credit ratings or an increase in our credit spreads may adversely affect our liquidity and cost of funding.
11. Group Inc. is a holding company and its liquidity depends on payments and loans from its subsidiaries, many of which are subject to legal, regulatory and other restrictions on providing funds or assets to Group Inc.
12. Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of or defaults by third parties.
13. Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and financing activities.
14. Derivative transactions and delayed documentation or settlements expose us to credit risk, unexpected risks and potential losses.
15. A failure in our or third-party operational systems or human error, malfeasance or other misconduct, could impair our liquidity, disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses.
16. A failure or disruption in our infrastructure, or in the operational systems or infrastructure of third parties, could impair our liquidity, disrupt our businesses, damage our reputation and cause losses.
17. The development and use of AI present risks and challenges that may adversely impact our business.AI
18. A failure to protect our computer systems, networks and information, and our clients’ information, against cyber attacks and similar threats could impair our ability to conduct our businesses, result in the disclosure, theft or destruction of confidential information, damage our reputation and cause losses.Cybersecurity
19. We have in the past incurred and may in the future incur losses as a result of ineffective risk management processes and strategies.

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1. Our businesses and those of our clients are subject to extensive and pervasive regulation around the world.
2. A failure to appropriately identify and address potential conflicts of interest has in the past adversely affected and may in the future adversely affect our businesses.reworded
3. We may be adversely affected by governmental and regulatory scrutiny or negative publicity.reworded
4. Substantial civil or criminal liability or significant regulatory action against us has in the past had and may in the future have material adverse financial effects and significant reputational consequences, which in turn could seriously harm our business prospects.
5. In conducting our businesses around the world, we are subject to political, legal, regulatory, tax and other risks that are inherent in operating in many countries.
6. The application of regulatory strategies and requirements in the U.S. and in non-U.S. jurisdictions to facilitate the orderly resolution of large financial institutions could create greater risk of loss for Group Inc.’s security holders.
7. The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders.
8. Our commodities activities, particularly our physical commodities activities, subject us to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose us to significant liabilities and costs.
9. Our results have been and may in the future be adversely affected by the composition of our client base.
10. The financial services industry is highly competitive.
11. The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies, such as cryptocurrencies, and AI technologies, has increased competition.AI
12. Our businesses would be adversely affected if we are unable to hire and retain qualified employees.
13. Market Developments and General Business Environment
14. Our businesses, financial condition, liquidity and results of operations have been and may in the future be adversely affected by unforeseen or catastrophic events, including pandemics, terrorist attacks, wars, extreme weather events or other natural disasters.
15. Climate-related physical and transition risks could disrupt our businesses and adversely affect client activity levels and the creditworthiness of our clients and counterparties, and we are at increased risk of being subject to conflicting legal and regulatory requirements and stakeholder expectations regarding climate-related matters.new
16. Our business, financial condition, liquidity and results of operations have been adversely affected by disruptions in the global economy caused by conflicts, and related sanctions and other developments.
17. Certain of our businesses and our funding instruments may be adversely affected by changes in reference rates, currencies, indexes, baskets or ETFs to which products we offer or funding that we raise are linked.
18. Our business, financial condition, liquidity and results of operations may be adversely affected by disruptions in the global economy caused by escalating tensions between the U.S. and China.China
19. We face enhanced risks as we operate in new locations and transact with a broader array of clients and counterparties.
20. We may not be able to fully realize the expected benefits or synergies from acquisitions, joint ventures or other business initiatives in the time frames we expect, or at all.reworded

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Headings in the FY2024 10-K with no match this year.

1. Climate change could disrupt our businesses and adversely affect client activity levels and the creditworthiness of our clients and counterparties, and our actual or perceived action or inaction relating to climate change could result in damage to our reputation.