高盛2018年年报（英文）-2019.4-220页_6mb

Goldman Sachs 2018 Annual Report Summary

Core Content

The 2018 Annual Report of The Goldman Sachs Group, Inc. outlines the firm's strategic priorities and financial performance, emphasizing its long-term vision, client-centric approach, and commitment to integrity, innovation, and diversity. The report is written by David M. Solomon, the Chairman and Chief Executive Officer, who reflects on the firm's 150-year legacy and its evolving role in a rapidly changing financial landscape.

Main Points

2018 Financial Performance

• Record Earnings: Goldman Sachs achieved record diluted earnings per common share and the highest annual return on average common shareholders' equity and tangible equity since 2009.
• Revenue Growth: Net revenues reached $36.62 billion, a 12% increase from 2017, and pre-tax earnings totaled $12.48 billion, also a 12% increase.
• Book Value: Book value per common share increased by 15% to $207.36, and tangible book value per common share rose to $196.64.
• Efficiency Improvements: The firm improved its efficiency ratio to 64% in 2018, down nearly 2 percentage points over the past two years.

Strategic Priorities

Goldman Sachs outlined three core strategic priorities for 2018 and beyond:

1. Grow and Strengthen Existing Businesses

   • Expand relationships with existing clients and develop new capabilities to serve new clients.
   • In Investment Banking, they increased coverage to over 1,000 new companies and improved their client franchise.
   • In FICC and Equities, they enhanced institutional wallet share and developed digital platforms for execution and analytics.
   • Investment Management continued to generate strong organic net inflows and expanded its private wealth management and alternative products.

2. Diversify Business Mix with New Products and Services

   • Launched Marcus: by Goldman Sachs, a digital consumer financial services business.
   • Developed a digital cash management and payments platform for corporate clients.
   • Focused on creating modern, flexible solutions to meet client needs and improve returns.

3. Achieve Greater Operating Efficiency

   • Invested in automation and technology to improve client experience and reduce costs.
   • Improved FICC efficiency by reducing risk-weighted assets by 40% and expenses by over 20% since 2013.
   • Expanded deposit base by $34 billion over two years, reaching $158 billion at year-end.

Key Tenets

• Client-Centric Approach: "One Goldman Sachs" emphasizes serving clients holistically, beyond divisional silos.
• Sustainability and Social Impact: Committed to programs that support women entrepreneurs, small businesses, and clean energy initiatives.
• Diversity and Inclusion: Aiming to build a diverse and inclusive workforce to better serve a broad client base.
• Integrity and Compliance: Maintaining high ethical standards and a strong risk management culture.
• Innovation and Technology: Investing in platforms and digital solutions to enhance service delivery and efficiency.

Sustainability Initiatives

• 10,000 Women Program: Invested over $150 million to support women entrepreneurs globally.
• 10,000 Small Businesses Program: Committed $500 million to provide training and capital access to small business owners.
• Clean Energy Investments: Targeted $150 billion in clean energy financing by 2025, with $80 billion achieved by 2018.
• Urban Investment Group (UIG): Committed over $7 billion to community development projects, including $35 million to renovate a manufacturing center in Brooklyn Navy Yard.

Leadership and Culture

• Leadership Transition: Lloyd Blankfein stepped down as Chairman and CEO, leaving a legacy of market insight and resilience during the financial crisis.
• Client Relationships: The firm continues to prioritize long-term relationships and client satisfaction.
• Teamwork and Excellence: Emphasized a culture of teamwork, excellence, and problem-solving, which has been key to its success.
• Diversity: Committed to increasing diversity across all levels of the firm, with specific targets for analyst and associate hiring.

Legal and Regulatory Information

• SEC Filings: The report is part of the Form 10-K filing, which includes detailed financial data and regulatory disclosures.
• Registrant Information: The firm is incorporated in Delaware, with its principal executive office in New York.
• Securities Registered: Includes common stock, various preferred stock classes, and debt and trust securities.

Conclusion

Goldman Sachs remains focused on delivering superior long-term shareholder returns through a combination of client service, innovation, and operational efficiency. The firm's culture of integrity, adaptability, and teamwork continues to be its foundation, and its strategic initiatives are aimed at maintaining relevance and leadership in the evolving financial landscape.