David Solomon

For Goldman Sachs and Goldman Sachs' performance, we've been executing.

We did our first investor day back at the beginning of 2020, where we laid out a plan to really grow the firm.

to really invest in our core business, the global banking and markets.

We pointed to four areas that we thought we really could grow the firm, asset management, wealth management, transaction banking, digital consumer banking, and we pledged to run the firm over time more efficiently.

And really, for the last five years, we've been executing on that, five, six years, we've been executing on that aggressively and making good progress.

And you go back

to the end of 2019 when we laid out that plan, the firm was about a $36 billion revenue firm.

The market cap was about $70 billion.

And as you highlight, we're a $60 billion revenue firm.

We've grown our revenues kind of 60%, 65%.

We've grown our earnings by over 100%.

We've really grown the franchise and scaled the franchise in 2025, really saw that all come together.

We made some pivots or changes along the way, but we really have got the firm in a powerful position with $2

big businesses that are well positioned to win leaders in their space growing nicely.

And, you know, I feel quite optimistic about the prospects as we look ahead, but 2025 was a year where we, you could really see the progress very concretely from investments and decisions we've made over the last five, six, seven years.

I don't think the firm was ever doing so terribly.

The press and the media can be a powerful tool and a powerful amplifier of a small number of voices.

But fundamentally, the firm was a private partnership for 130 years, and it went public in 1999.

Because the capital markets were globalizing from 1999 through 2007, the firm was growing close to 20% on the top line.

And it really ran as a public company in that period exactly the same way