Summary of Goldman Sachs Group Conference Call Company Overview - **Company**: The Goldman Sachs Group (NYSE: GS) - **Date**: February 10, 2026 - **Focus**: Strategic priorities, growth plans, macroeconomic outlook, and capital markets activity Key Points Strategic Priorities and Growth - Goldman Sachs has been executing a growth strategy since early 2020, focusing on enhancing client relationships and market share [2][3] - Significant investments have been made to improve client-centric services, leading to increased market share across various business lines [3][4] - The firm has consolidated its asset and wealth management businesses, now managing over $3.5 trillion, with a target to grow revenues in the high single digits and improve margins [5][6] Market Position and Opportunities - The firm is well-positioned for growth due to favorable macroeconomic conditions, including fiscal stimulus and a deregulatory environment [9][14] - Anticipated strong M&A and capital markets activity in 2026, with a constructive outlook for large-cap strategic M&A [16][20] - The firm expects to see a significant increase in advisory activity, with a backlog indicating higher M&A activity than the past five years [21][22] Capital Markets Outlook - The equity capital markets are expected to improve, although not to the peak levels of 2021, with a constructive IPO market anticipated [25][30] - Debt capital markets are also expected to see acceleration, driven by ongoing technology investments and capital needs [30][31] Wealth Management Focus - Goldman Sachs aims to capture more share in the ultra-high net worth segment, currently serving 15,000 of an estimated 100,000 ultra-wealthy individuals in the U.S. [43][44] - The firm is focused on scaling its wealth management platform and enhancing its product offerings through partnerships and tailored solutions [44][46] Regulatory Environment - The current regulatory environment is seen as favorable for expanding asset and wealth management, with expectations of support for such growth from regulators [72][73] - The firm is cautious about maintaining its cultural ethos while pursuing inorganic growth opportunities [67][68] Risk Management and Economic Outlook - Goldman Sachs maintains a strong risk management culture, preparing for potential economic headwinds while remaining optimistic about growth [11][12] - The macroeconomic setup is viewed positively, with expectations for constructive capital markets and M&A activity in 2026 [14][16] Conclusion - Goldman Sachs is positioned for growth, with a focus on enhancing client relationships, expanding its asset and wealth management capabilities, and capitalizing on favorable macroeconomic conditions [80][81] - The firm is committed to delivering value to shareholders through strategic growth and effective capital deployment [81]