The Goldman Sachs Group, Inc. (GS): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of The Goldman Sachs Group, Inc.'s strategy after they decisively stepped back from consumer banking. Honestly, the story for late 2025 is a sharp return to what they do best: being the indispensable advisor and market maker for the world's biggest players. Forget the retail experiments; the engine now runs on Investment Banking fees, which hit $6.762 billion in Q3 2025, and managing a staggering $3.45 trillion in Assets Under Supervision. This Business Model Canvas breaks down exactly how they structure their elite human capital and global network to generate those high-margin revenues while aggressively driving efficiency through their OneGS 3.0 tech push. You need to see the nine building blocks that define this focused powerhouse below.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Key Partnerships

You're looking at how The Goldman Sachs Group, Inc. structures its external relationships to make its business run in late 2025. Honestly, the story here is one of strategic simplification and targeted acquisition, shedding retail baggage to double down on core strengths and future tech.

The divestiture of Marcus Invest clients to Betterment, though finalized earlier, set the stage for the current partnership structure. This move allowed The Goldman Sachs Group, Inc. to focus on its deposits business, which, at the time of the deal's announcement, held over $100 billion in consumer deposits and served more than three million customers. Betterment, the acquirer, was managing over $45 billion in assets then, so this was a significant transfer of client relationships in the digital wealth space.

The exit from co-branded credit cards is now largely complete. The transfer of the GM credit card portfolio from Marcus by Goldman Sachs® to Barclays Bank was a key event expected to finalize around the summer of 2025. This was a clear signal of The Goldman Sachs Group, Inc.'s retreat from certain consumer lending areas, reportedly costing the bank around a $400 million loss on that specific partnership. Barclays stepped in to manage the cards for General Motors, which sold 2.6 million vehicles in the U.S. in 2023.

To bolster its Asset Management division, The Goldman Sachs Group, Inc. made a significant move in late 2025 by agreeing to acquire Innovator Capital Management. This is a partnership that will soon become an internal capability, but for now, it's a crucial external agreement.

The firm is aggressively pursuing internal efficiency through its OneGS 3.0 strategy, which is heavily reliant on AI integration. While specific external technology vendors for the entire multi-year effort aren't always public, the internal focus areas define where partnerships or technology sourcing are critical. As of September 2025, The Goldman Sachs Group, Inc. had a total workforce of 48,300 employees, an increase of 1,800 from the end of the prior year, showing they are balancing AI-driven efficiency with growth in technology-centric roles.

• Boost productivity across the firm.
• Transition towards more technology-centric roles.
• Optimize operational costs.
• Implement AI in client onboarding.
• Streamline lending processes.
• Automate regulatory reporting.
• Enhance vendor management.

The Transaction Banking (TxB) unit continues to rely on strategic fintech alliances to reach scale, most notably the long-standing partnership with Stripe for its Stripe Treasury offering. This 2020 agreement positioned The Goldman Sachs Group, Inc. to acquire new depositors by embedding banking services directly into Stripe's platform, which served more than 2 million customers at the time of the initial announcement. Hari Moorthy, the Global Head of Transaction Banking, framed this as an effective channel for customer acquisition, allowing for automated account opening in minutes for Stripe's ecosystem of ambitious, fast-growing businesses.

Finance: draft Q4 2025 partnership risk assessment by next Tuesday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Key Activities

You're looking at the core engine room of The Goldman Sachs Group, Inc. as of late 2025. The key activities are all about executing high-value transactions and managing massive pools of capital, with a heavy new focus on digital efficiency.

Providing M&A and strategic advisory services globally remains a top-tier activity, capitalizing on dealmaking momentum. For the first three quarters of 2025, The Goldman Sachs Group, Inc. secured the top spot as the leading financial adviser in mergers and acquisitions (M&A) based on deal value, advising on transactions totaling $432.3bn across 159 deals. Year-to-date 2025, the firm advised on nearly $1.3 trillion worth of announced M&A deals, capturing a 34% market share by value. In Europe for the first half (H1) of 2025, The Goldman Sachs Group, Inc. led in advisory value with $23.8bn in transactions. The third quarter (Q3) of 2025 saw advisory revenue hit $1.40 billion, a 60% year-over-year increase.

The underwriting activity supports corporations and governments in accessing capital markets. For Q3 2025, debt underwriting revenue increased by 30% year-over-year to $788 million, while equity underwriting revenue was $465 million, up 21% year-over-year. To give you a sense of the scale across the investment banking division, Q2 2025 saw total investment banking fees reach $2.19 billion, a 27% year-over-year rise.

Market-making and intermediation in FICC (Fixed Income, Currencies, and Commodities) and Equities trading continue to be vital profit drivers, especially amid market turbulence. For Q3 2025, FICC sales and trading revenue reached $3.47 billion, marking a 17% year-over-year climb. Equities sales and trading revenue for the same quarter was $3.74 billion, up 7% year-over-year. Within that, equities financing revenues hit a record $1.7 billion, a 33% year-over-year increase.

Managing client assets is a core, more stable revenue stream. The firm is managing $3.45 trillion in Assets Under Supervision (AUS) as of Q3 2025. This figure is set to grow further following the late 2025 announcement to acquire Innovator Capital Management, which manages $28 billion in AUS across 159 defined outcome ETFs. Asset & Wealth Management revenues for Q3 2025 were $4.4 billion, with management and other fees reaching a record $2.9 billion.

The firm is actively implementing the OneGS 3.0 digital efficiency program, which integrates artificial intelligence and automation to re-wire internal operations. This multi-year effort targets six goals, including driving efficiency and improving profitability. Management projects this program could cut total compensation and benefit expenses by up to 5%, potentially boosting net income by 5.7%. The firm expects to free up over $1.2 billion in annual operating costs through this initiative. As of September 30, 2025, the total workforce stood at 48,300 employees.

Here's a quick look at the key financial metrics supporting these activities:

The focus areas for AI re-engineering within OneGS 3.0 include:

• Sales enablement
• Client onboarding
• Lending processes
• Regulatory reporting
• Vendor management

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Key Resources

You're looking at the core assets that power The Goldman Sachs Group, Inc. in late 2025. These aren't just lines on a balance sheet; they are the engines of their franchise.

Elite human capital: top-tier investment bankers and traders

The firm's intellectual property is its people. While the exact count of top-tier bankers and traders isn't public, we know the firm is actively managing its workforce. Headcount increased by 5% compared with the end of the second quarter of 2025, reflecting the timing of campus hires. This focus on talent acquisition supports their complex client mandates.

Global brand reputation and regulatory capital base

The brand reputation is implicitly tied to its capital strength, which regulators watch closely. As of September 2025, the standardized regulatory capital ratios were solid:

• Common Equity Tier 1 (CET1) capital ratio: 14.3%
• Tier 1 capital ratio: 16.4%
• Total capital ratio: 18.3%

The firm's book value per common share stood at $353.79 as of the third quarter of 2025.

Proprietary trading algorithms and risk management systems

The commitment to technology is clear, with the CEO noting a focus on operating more efficiently, helped by new AI technologies. The daily discipline of marking substantially all inventory to current market levels is an effective tool for assessing and managing risk. The firm's risk management focus remains a priority, especially given the complexity of its trading book positions subject to counterparty credit risk regulatory capital requirements.

$490 billion in total deposits for funding

A key component of the funding structure is the client base providing stable, low-cost capital. Total deposits reached $490 billion for the third quarter of 2025, up from $466 billion a year earlier. This funding base supports the firm's lending and investment activities.

Extensive global network of offices in major financial centers

The Goldman Sachs Group, Inc. maintains offices in all major financial centers around the world to serve its global client base. Key locations supporting its worldwide operations include New York (headquarters at 200 West Street), London, Hong Kong, and Tokyo.

Here's a quick look at some of the scale metrics supporting the Asset & Wealth Management segment, which relies heavily on the firm's reputation and client relationships:

The firm's Asset & Wealth Management segment generated net revenues of $4.40 billion for the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Value Propositions

You're looking at what The Goldman Sachs Group, Inc. offers its clients-the core value it delivers that keeps them coming back. It's all about access, expertise, and scale, especially now that the firm has refocused its strategy.

Unrivaled access to global capital markets and deal flow

The firm's value proposition here is its position at the center of the biggest corporate actions. For M&A advisory, the numbers for 2025 show just how central they are to the market's biggest players. They've advised on nearly $1.3 trillion worth of M&A deals year-to-date in 2025, capturing a global market share of 34% by value. That's up from a 28% involvement in deal flow in 2024. Honestly, that kind of dominance in deal flow is the access clients pay for.

In EMEA, for example, as of early December 2025, they were ranked top by investment banking fees, earning $1.93 billion from capital markets and advisory, according to LSEG data, which edged out JP Morgan's $1.85 billion. Plus, they advised on eight of the 10 largest deals announced in EMEA this year. Here's the quick math on the global pipeline: Goldman Sachs Global M&A Co-Chairman Tim Ingrassia predicts global transaction volume will hit around $3.1 trillion in 2025, potentially increasing to $3.9 trillion in 2026.

The firm's Transaction Banking (TxB) platform is also key for corporate clients needing to move money efficiently. While the original goal was to hit $1 billion in annual revenue by 2025, the initial U.S. launch already attracted 250 clients and $35 billion in deposits in its first year.

Sophisticated, defined outcome ETF products via Innovator acquisition

The late 2025 announcement to acquire Innovator Capital Management significantly bolsters this area. This move is about capturing growth in less-commoditized products. Innovator brings $28 billion in assets under supervision (AUS) across 159 defined outcome ETFs as of September 30, 2025. The deal, valued at approximately $2.0 billion, positions Goldman Sachs Asset Management (GSAM) to be among the top ten providers of active ETFs.

The combined entity of GSAM and Innovator manages over 215 ETF strategies globally, representing more than $75 billion in total AUS as of September 30, 2025. Structured outcome ETFs, Innovator's specialty, have grown at a 66% compound annual growth rate (CAGR) since 2020. This acquisition helps GSAM compete in the active ETF space, where global AUM is $1.6 trillion, growing at a 47% CAGR since 2020.

Here are the key figures related to this strategic move:

Best-in-class strategic advice for complex corporate transactions

This is where the Investment Banking segment shines, as evidenced by the Q3 2025 results. Net revenues for Global Banking & Markets hit $10.12 billion in the third quarter of 2025. Investment banking fees specifically were up 42% year-over-year for the quarter, driven by M&A and debt underwriting. The firm's overall Q3 2025 net revenues were $15.18 billion, a 20% increase from Q3 2024.

The value is in handling the complexity. For instance, in EMEA M&A, Goldman Sachs retained the top spot in fee rankings, gaining 4.24% of fee share, according to LSEG data. This suggests clients trust them with the most intricate mandates.

Institutional-grade cash management through Transaction Banking (TxB)

TxB offers a unified, API-native platform to manage payments, replacing the need to manage separate connections for ACH, Fedwire, RTP, and Checks. The platform is engineered for speed; implementation that used to take months can now be completed in minutes. This modern infrastructure is a direct value-add against legacy systems.

The firm's initial U.S. transaction banking performance surpassed its five-year goal for client money attraction in just the first year. The original five-year goal was to draw in $50 billion in client money and win $1 billion in new revenue.

Preservation and growth of wealth for Ultra-High-Net-Worth clients

Goldman Sachs Wealth Management focuses exclusively on UHNW clients, family offices, endowments, and foundations, contrasting with competitors expanding into mass-affluent segments. This focus allows for a high-touch service model, evidenced by a 25-to-1 client-to-adviser ratio, which is below many peers.

The scale of assets managed reflects this focus. At the end of 2024, the firm was overseeing $1.6 trillion in total client assets, with $929 billion specifically in total wealth management assets under supervision. The average account size for UHNW clients in 2024 was $70 million.

The commitment to preservation and growth is reflected in client satisfaction and asset allocation preferences:

• Client-to-adviser ratio: 25-to-1.
• Average adviser tenure: 15 years.
• Recent global client satisfaction rating: 91%.
• Cash balances held across wealth tiers: 20% of net worth, showing a strong preference for wealth preservation and flexibility.

The firm's overall profitability supports its ability to serve these clients; the annualized Return on Common Equity (ROE) for Q3 2025 was 14.2%, and Book value per common share stood at $353.79 at the end of Q3 2025. Finance: draft 13-week cash view by Friday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Customer Relationships

You're looking at how The Goldman Sachs Group, Inc. maintains its deep connections across its client base, which is the lifeblood of its business. Honestly, for a firm this size, the relationship strategy has to be multi-layered, moving from white-glove service at the top to scalable digital interaction lower down the chain.

High-touch, personalized advisory relationships with C-suite executives

The relationship with C-suite executives centers on strategic advisory, which is a core part of the Global Banking & Markets segment. This is where the firm's deep market knowledge translates into high-stakes advice on mergers and acquisitions, divestitures, and restructurings. The quality of these relationships is reflected in the overall health of the deal pipeline. For instance, The Goldman Sachs Group, Inc. predicts global M&A transaction volume will be around $3.1 trillion for 2025, with expectations for that volume to climb to $3.9 trillion in 2026. This volume directly correlates with the advisory mandates secured from corporate leadership. Furthermore, the firm's alumni network, which as of March 2025 included over 600+ alumni serving as C-Suite Execs at leading companies, certainly helps maintain a strong, familiar channel for initial engagement. It's about being the trusted voice when major capital decisions are on the table.

Dedicated Private Wealth Management teams for HNW clients

For High Net Worth (HNW) clients, The Goldman Sachs Group, Inc. deploys dedicated Private Wealth Management teams, offering a suite of Family Office Services. These services go beyond simple investment management to include tax and estate planning, philanthropic advisory, and consolidated reporting. The scale of this commitment is evident in the segment's financial contribution. In the third quarter of 2025, net revenues for the wealth and asset management division rose 17 percent year-over-year to $4.4 billion. Within that, private banking/lending revenues specifically saw a 40 percent jump to $1.057 billion for the same quarter. Overall, The Goldman Sachs Group, Inc. manages a massive pool of capital, reporting approximately $3.5 trillion in assets under supervision globally as of September 30, 2025. You can choose between brokerage accounts for self-directed trading or investment advisory accounts where the firm manages allocation on a discretionary basis.

Institutional sales force for continuous client coverage in Global Markets

In Global Markets, the relationship is continuous coverage, driven by an institutional sales force that distributes investment research, trading ideas, and market information. This is a high-volume, high-touch interaction with financial institutions and investment funds. The firm facilitates client transactions and makes markets across fixed income, equity, currency, and commodity products. The sheer scale of the Global Banking & Markets segment, which posted net revenues of $10.12 billion for the second quarter of 2025, underscores the breadth of this institutional client base. The relationship model here is built on providing liquidity and executing complex transactions, including structuring and executing deals involving customized or tailor-made products. The firm maintains relationships with clients by receiving orders and distributing timely market intelligence.

Here's a quick look at the financial scale across the primary client-facing segments as of mid-to-late 2025:

Digital self-service and API integration for Transaction Banking clients

The relationship with Transaction Banking clients, which falls under the Platform Solutions segment, is increasingly digitized. This involves providing transaction banking services, often supported by API integration to embed services directly into client workflows. This is a move toward scalable, technology-driven service delivery. For the second quarter of 2025, the Platform Solutions segment generated net revenues of $685 million, which includes transaction banking and other services. While the firm is known for its high-touch advisory, this area shows the commitment to modern, self-service capabilities for operational banking needs. If onboarding takes 14+ days, churn risk rises, so speed in digital integration is key here.

Finance: draft 13-week cash view by Friday.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Channels

You're looking at how The Goldman Sachs Group, Inc. gets its services and products into the hands of clients-it's a multi-pronged approach blending high-touch human interaction with scalable digital infrastructure. This is how the firm moves value across its key segments.

Direct Investment Banking and Private Wealth Management teams

The direct channel relies on deep, personal relationships, especially at the top end of the wealth spectrum. The firm maintains a high-touch service model, which is reflected in its staffing ratios and client satisfaction scores. The synergy between the Investment Banking franchise and Private Wealth Management is key for proprietary deal flow sourcing.

The Goldman Sachs Asset Management Private Equity program, established roughly 40 years ago, supports its thematic investing approach with a team of over 100+ Investment Professionals globally as of June 30, 2025. This program has $87+ Billion Invested in Private Equity.

For Private Wealth Management, the focus is on the wealthiest clients, with the firm recognized as North America's best for ultra-high-net-worth (UHNW) clients as of March 2025. The service model is intentionally lean on client volume to ensure quality:

• Private wealth advisers have an average tenure of 15 years.
• The client-to-adviser ratio is maintained at 25-to-1.
• Customer satisfaction reached a 91% rating in a recent global client survey.

Wealth Management client assets were approximately $1.6 trillion at the end of 2024, contributing to Q3 2025 total net revenues for Asset & Wealth Management of $4.4 billion, a 17% rise year-over-year.

Global trading desks and electronic execution platforms

The Global Banking & Markets division uses its global trading desks for market-making and client execution across FICC (Fixed Income, Currency, and Commodities) and Equities. The electronic component is crucial for volume and speed, especially in derivatives and financing activities. The firm's M&A advisory strength is a major channel driver for its investment banking services.

Here's a look at the Q2 2025 trading revenue performance, which highlights the scale of the electronic and desk-driven channels:

The firm's investment banking advisory channel is expected to handle a significant portion of global deal flow, with The Goldman Sachs Group, Inc. predicting global M&A transaction volume around $3.1 trillion for the full year 2025.

On the digital asset front, The Goldman Sachs Group, Inc. has an in-house blockchain-based platform, GS DAP®, with plans to spin it out into a fully mutualized, distributed technology solution within 12 to 18 months (from late 2024).

Digital platforms for Marcus deposits and Transaction Banking (TxB)

Platform Solutions houses the digital channels, which focus on capturing sticky, recurring revenue through corporate treasury services (TxB) and consumer deposits (Marcus). TxB delivers its treasury management solution via an API-first, cloud-native platform.

The scale of these deposit-gathering channels is significant, though the consumer side has seen strategic shifts. Total Deposits across the firm's balance sheet stood at $466 billion in Q2 2025. For Platform Solutions, which includes TxB, Q3 2025 net revenues were $670 million.

The focus for TxB remains on corporate clients, aiming for durable, recurring revenues through services like liquidity management and global payments. The original goal for TxB, set in 2020, targeted $50 billion in deposit balances and $1 billion in net revenues within five years.

Third-party wealth channels for distributing Asset Management products

The Asset & Wealth Management segment distributes its investment products, particularly alternatives, through a global network of third-party distributors, including financial advisors and wealth managers. This channel is critical for scaling the distribution of private market strategies.

Data from a July/August 2025 survey highlights the channel's importance for alternatives allocation among wealthy individuals:

• 80% of households with $10 million or more in investable assets allocate to alternatives.
• Millennials allocate 20% of their assets to alternatives, significantly higher than Baby Boomers at 6%.
• The firm is actively equipping investors and advisors through initiatives like Goldman Sachs Investment University.

The Global Head of Alternatives for Third Party Wealth is Kyle Kniffen. As of Q1 2025, Asset & Wealth Management reported record Assets Under Supervision of $3.2 trillion, with $1.6 trillion specifically attributed to Wealth Management client assets at the end of 2024.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Customer Segments

You're looking at the client base for The Goldman Sachs Group, Inc. as of late 2025. This firm serves a highly diversified set of clients, from the largest global entities to wealthy individuals, with revenue figures reflecting performance through the third quarter of 2025.

The core client-facing activities are grouped under Global Banking & Markets and Asset & Wealth Management, but Transaction Banking falls within Platform Solutions.

Here's a look at the scale of the relationships and the financial metrics tied to these groups:

• Large multinational corporations and financial institutions are the primary focus of Global Banking & Markets.
• Institutional investors, including pension funds and insurers, are key drivers for the Asset & Wealth Management division.
• Ultra-High-Net-Worth and High-Net-Worth Individuals are served through Private Banking and Wealth Management.
• Corporate and institutional clients are the users of the Transaction Banking platform for cash management and treasury services.

The financial scale associated with these segments, based on the latest available 2025 data, is substantial:

The focus on corporate clients within Global Banking & Markets is evident in the M&A outlook; Goldman Sachs predicts global transaction volume around $3.1 trillion for 2025. For the Transaction Banking unit, which targets corporate and institutional clients, the initial US launch attracted 250 clients and $35 billion in deposits in its first year.

For the wealth-focused clients, the Asset & Wealth Management division saw its Private Banking and Lending net revenues rise 40% year-over-year to $1.057 billion in the third quarter of 2025. The overall scale of assets managed for institutional and individual clients reached a record $3.17 trillion in Assets under Supervision as of Q1 2025.

• Institutional investors access solutions through the Asset & Wealth Management division, which manages over $540 billion in alternatives as of mid-2025.
• The firm is actively growing its distribution for private markets evergreen funds, with three inaugural funds representing over $11.7 billion in assets under management launching on the Willow Wealth platform in December 2025.
• The firm's commitment to high-net-worth clients is supported by its growing fee-based businesses, with AWM representing around 30% of post-provision net revenue.

The Goldman Sachs Group, Inc. continues to serve governments and sovereign wealth funds primarily through its Global Banking & Markets and Asset & Wealth Management segments, which together generated $14.52 billion in net revenues in Q3 2025 ($10.12 billion + $4.40 billion, noting the AWM figure includes other clients).

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Cost Structure

The Cost Structure for The Goldman Sachs Group, Inc. is heavily weighted toward personnel and technology, reflecting its status as a knowledge-based financial institution. You see this in the largest expense categories, which are variable and tied directly to performance and talent acquisition.

High variable cost for compensation and benefits (talent retention)

Compensation and benefits is a primary cost driver, showing its variable nature with performance. For the first quarter of 2025, Compensation and benefits expense totaled $4,876 million. This represented a significant 30% increase compared to the fourth quarter of 2024, and a 6% increase year-over-year from the first quarter of 2024, clearly showing that as operating performance improves, so does this cost. Transaction based expenses, which are also variable, were $1,850 million in Q1 2025, up 24% from Q1 2024.

Here's a quick look at key operating expense components from The Goldman Sachs Group, Inc.'s Q1 2025 results:

Significant investment in technology, AI, and cybersecurity

The drive for efficiency and future-proofing the business mandates substantial, ongoing investment in digital infrastructure. The Goldman Sachs Group, Inc. announced a three-year technology investment plan focused on using automation and Artificial Intelligence (AI) to boost overall efficiency. In a specific example of this focus, The Goldman Sachs Group, Inc. planned to invest $125 million in a strategic partnership to bolster supply chain cybersecurity. For Q1 2025, Communications and technology expenses were $506 million, an 8% increase from the prior year period.

Regulatory compliance and legal expenses

Compliance remains a non-negotiable cost center, though some line items can fluctuate based on litigation outcomes. Net provisions for litigation and regulatory proceedings showed a significant drop in the second quarter of 2025, coming in at $1 million, compared to $104 million in the second quarter of 2024. The firm's regulatory capital requirements, such as the Common Equity Tier 1 (CET1) ratio under the standardized approach, were 14.8% as of Q1 2025, well above the required minimums.

Real estate costs for prime global office space

Costs associated with prime global office space fall under Occupancy in the operating expenses. For the first quarter of 2025, Occupancy expenses were reported at $233 million. This figure reflected a slight decrease of 6% compared to the first quarter of 2024, suggesting some cost management or optimization in the real estate footprint.

Operational streamlining via efficiency ratio of 62% in H1 2025

The focus on cost control is quantified by the efficiency ratio (operating expenses as a percentage of net revenues). The firm achieved an efficiency ratio of 62.0% for the first half of 2025. This is an improvement from the 63.8% reported for the first half of 2024, indicating successful operational streamlining efforts despite an 8% year-over-year increase in second-quarter operating expenses to $9.24 billion.

You should track the trend of the efficiency ratio against the planned severance charge of $150 million expected in Q2 2025, which management hopes will further drive down non-compensation costs.

The Goldman Sachs Group, Inc. (GS) - Canvas Business Model: Revenue Streams

You're looking at how The Goldman Sachs Group, Inc. actually brings in the money, which is key to understanding its valuation, especially after the recent market shifts. The revenue streams are heavily weighted toward client activity in capital markets and increasingly toward more durable asset management fees. Here's the quick math on the major components as of the third quarter of 2025.

Investment Banking Fees: Advisory and Underwriting

The advisory and underwriting business showed a strong rebound, reflecting a better environment for corporate finance. For the first nine months of 2025, Investment banking fees totaled $6.762 billion. Looking just at the third quarter, the actual fee generation was $2.657 billion, up 42% year-over-year, driven by significant activity in Advisory and Debt underwriting, which saw a 30% increase in revenue.

The components of Global Banking & Markets net revenues for the third quarter of 2025 illustrate the core trading and banking engine:

FICC and Equities Intermediation (Trading) revenues

Intermediation, which is the firm acting as a market maker for clients, remains a massive component. FICC net revenues for the third quarter of 2025 were $3.47 billion, showing strength primarily in interest rate products and commodities. Equities net revenues for the same period hit $3.74 billion. The Equities side saw significantly higher net revenues from financing, specifically prime financing, which was up 33% year-over-year, even though intermediation from cash products was lower.

Management and other fees from Assets Under Supervision (AUS)

The push toward more durable fee-based revenue is evident here. As of the end of the third quarter of 2025, Assets Under Supervision (AUS) reached a record $3.5 trillion. This helped drive Management and other fees to a record $2.9 billion for the quarter, which was up 12% year-over-year. The firm is defintely focusing on growing this base, with a stated goal to raise approximately $100 billion in alternatives for the full year 2025.

Private banking and lending net interest income

This area saw significant growth, with Private banking and lending revenues reaching $1.1 billion in the third quarter of 2025. This was largely driven by the payment of interest on a previously impaired loan, which is a non-recurring event, so you can't assume that growth rate holds. Firm-wide, total net interest income for the quarter was reported at $3.9 billion.

Platform Solutions revenue

The Platform Solutions segment, which includes transaction banking, generated $670 million in revenue for the third quarter of 2025. This represented a 71% jump year-over-year, though much of that growth was due to lapping a net loss from the General Motors credit card program that the firm has since exited. You should note the following key metrics related to this segment and overall firm health:

• Platform Solutions revenue (Q3 2025): $670 million.
• Total Deposits (Q3 2025): $490 billion.
• Provision for Credit Losses (Q3 2025): $339 million.
• Book Value Per Common Share (End of Q3 2025): $353.79.