Goldman Sachs letter to shareholders, 2022

About this letter

David Solomon, chairman and chief executive of Goldman Sachs, wrote this letter to shareholders in the firm's 2022 annual report, after its second Investor Day in February 2023. He opens by recalling the first Investor Day in January 2020, when the leadership team laid out its strategy and, for the first time, set public firmwide financial targets.

The letter reviews the three years since, through a pandemic, the war in Ukraine and monetary tightening, and reports 2022 net revenues of $47.4 billion and net earnings of $11.3 billion in a challenging operating environment. It explains the December 2022 reorganisation into three segments and their execution priorities, reviews each segment, firmwide expenses and the balance sheet, and covers people, community initiatives, sustainable finance and the path ahead.

What to notice

1. 1

   Solomon writes that in 2022 the firm decided to significantly narrow its ambitions for its consumer strategy, and that it was considering strategic alternatives for its consumer platforms.

“Being exceptional is not a given, but we always learn and adapt.”