Goldman Sachs Group (GS) risk factors, 2026 10-K

Goldman Sachs Group's 2026 10-K lists 44 risk factors. No earlier 10-K is on file to compare against, so the most company-specific risks are read out below.

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Risk factors listed
440 groups
Section length
21k wordsItem 1A

What dominates the section

  • Market declines, volatility, credit stress and liquidity constraints can directly reduce trading, asset-management and financing results.
  • Operational, cyber, AI and third-party infrastructure failures could disrupt high-volume, complex global transactions and expose confidential information.
  • Extensive global regulation, litigation, sanctions and geopolitical conflicts create financial, operating and reputational risks across Goldman Sachs businesses.

The risks most specific to Goldman Sachs Group

  • Our businesses have been and may in the future be adversely affected by declining asset values, particularly where we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral

    Declining values across debt, loans, derivatives, mortgages, equities and real estate can generate losses on Goldman Sachs’s net long positions.

  • Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets

    Goldman Sachs depends on debt markets, deposits, asset sales and subsidiary funding to maintain liquidity and meet obligations.

  • Reductions in our credit ratings or an increase in our credit spreads may adversely affect our liquidity and cost of funding

    Credit-rating cuts or wider Goldman Sachs credit spreads could raise funding costs, restrict capital-market access and trigger trading-contract obligations.

  • Derivative transactions and delayed documentation or settlements expose us to credit risk, unexpected risks and potential losses

    Large volumes of customized derivatives, including credit derivatives, may be difficult to exit or settle and could create unexpected counterparty losses.

  • The development and use of AI present risks and challenges that may adversely impact our business

    AI used by Goldman Sachs, vendors, clients or counterparties could create technology, control, legal, reputational or competitive risks.

  • A failure to protect our computer systems, networks and information, and our clients’ information, against cyber attacks and similar threats could impair our ability to conduct our businesses, result in the disclosure, theft or destruction of confidential information, damage our reputation and cause losses

    Cyber attacks against Goldman Sachs or vendors could disrupt operations and expose, steal or destroy confidential client and company information.

  • Our businesses and those of our clients are subject to extensive and pervasive regulation around the world

    Global systemically important bank status subjects Goldman Sachs to extensive worldwide regulation, enforcement, taxation and private litigation risks.

  • Our commodities activities, particularly our physical commodities activities, subject us to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose us to significant liabilities and costs

    Physical commodities activities involving oil, gas, power, agricultural products and metals create environmental, regulatory, reputational and liability exposures.

  • Our business, financial condition, liquidity and results of operations have been adversely affected by disruptions in the global economy caused by conflicts, and related sanctions and other developments

    Russia-related sanctions, export controls and oil price caps have disrupted the global economy and could continue affecting Goldman Sachs’s business and operations.

All 44 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01We face a variety of risks that are substantial and inherent in our businesses
  2. 02Market Developments and General Business Environment
  3. 03THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
  4. 04Our businesses have been and may in the future be adversely affected by conditions in the global financial markets and broader economic conditions
  5. 05Our businesses have been and may in the future be adversely affected by declining asset values, particularly where we have net “long” positions, receive fees based on the value of assets managed, or receive or post collateral
  6. 06In our exchange-based market-making activities, we are obligated by stock exchange rules to maintain an orderly market, including by purchasing securities in a declining market. In markets where asset values are declining and in volatile markets, this results in losses and an increased need for liquidity
  7. 07Our market-making activities have been and may in the future be affected by changes in the levels of market volatility
  8. 08In certain circumstances, market uncertainty or general declines in market or economic activity may adversely affect our client intermediation businesses by decreasing levels of overall activity or by decreasing volatility
  9. 09Our asset management and wealth management businesses have been and may in the future be adversely affected by the poor investment performance of our investment products or a client preference for products other than those which we offer or for products that generate lower fees
  10. 10Inflation has had and could in the future have a negative effect on our business, results of operations and financial condition
  11. 11Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets
  12. 12Our businesses have been and may in the future be adversely affected by disruptions or lack of liquidity in the credit markets, including reduced access to credit and higher costs of obtaining credit
  13. 13Reductions in our credit ratings or an increase in our credit spreads may adversely affect our liquidity and cost of funding
  14. 14Group Inc. is a holding company and its liquidity depends on payments and loans from its subsidiaries, many of which are subject to legal, regulatory and other restrictions on providing funds or assets to Group Inc
  15. 15Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of or defaults by third parties
  16. 16Concentration of risk increases the potential for significant losses in our market-making, underwriting, investing and financing activities
  17. 17Derivative transactions and delayed documentation or settlements expose us to credit risk, unexpected risks and potential losses
  18. 18A failure in our or third-party operational systems or human error, malfeasance or other misconduct, could impair our liquidity, disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses
  19. 19A failure or disruption in our infrastructure, or in the operational systems or infrastructure of third parties, could impair our liquidity, disrupt our businesses, damage our reputation and cause losses
  20. 20The development and use of AI present risks and challenges that may adversely impact our business
  21. 21A failure to protect our computer systems, networks and information, and our clients’ information, against cyber attacks and similar threats could impair our ability to conduct our businesses, result in the disclosure, theft or destruction of confidential information, damage our reputation and cause losses
  22. 22We have in the past incurred and may in the future incur losses as a result of ineffective risk management processes and strategies
  23. 23Prudent risk management, as well as regulatory restrictions, may cause us to limit our exposure to counterparties, geographic areas or markets, which may limit our business opportunities and increase the cost of our funding or hedging activities
  24. 24Our businesses and those of our clients are subject to extensive and pervasive regulation around the world
  25. 25GS Bank USA is assessed pursuant to a strategic plan for CRA compliance purposes. Any failure to comply with CRA requirements could negatively impact GS Bank USA’s CRA ratings, cause reputational harm and result in limits on our ability to make future acquisitions or engage in certain new activities
  26. 26A failure to appropriately identify and address potential conflicts of interest has in the past adversely affected and may in the future adversely affect our businesses
  27. 27In addition, our status as a BHC subjects us to heightened regulation and increased regulatory scrutiny by the FRB with respect to transactions between GS Bank USA and its subsidiaries and entities that are or could be viewed as affiliates of ours and, under the Volcker Rule, transactions between us and covered funds
  28. 28We may be adversely affected by governmental and regulatory scrutiny or negative publicity
  29. 29Substantial civil or criminal liability or significant regulatory action against us has in the past had and may in the future have material adverse financial effects and significant reputational consequences, which in turn could seriously harm our business prospects
  30. 30In conducting our businesses around the world, we are subject to political, legal, regulatory, tax and other risks that are inherent in operating in many countries
  31. 31The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders
  32. 32Our commodities activities, particularly our physical commodities activities, subject us to extensive regulation and involve certain potential risks, including environmental, reputational and other risks that may expose us to significant liabilities and costs
  33. 33We make investments in and finance entities that engage in the production, storage and transportation of numerous commodities, including many of the commodities referenced above
  34. 34Our results have been and may in the future be adversely affected by the composition of our client base
  35. 35The financial services industry is highly competitive
  36. 36The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies, such as cryptocurrencies, and AI technologies, has increased competition
  37. 37Our businesses would be adversely affected if we are unable to hire and retain qualified employees
  38. 38Our businesses, financial condition, liquidity and results of operations have been and may in the future be adversely affected by unforeseen or catastrophic events, including pandemics, terrorist attacks, wars, extreme weather events or other natural disasters
  39. 39Our business, financial condition, liquidity and results of operations have been adversely affected by disruptions in the global economy caused by conflicts, and related sanctions and other developments
  40. 40The conflicts in the Middle East could also affect and harm our business and increase market uncertainty. The impact of these conflicts on our business and operations is uncertain and therefore cannot be predicted
  41. 41Certain of our businesses and our funding instruments may be adversely affected by changes in reference rates, currencies, indexes, baskets or ETFs to which products we offer or funding that we raise are linked
  42. 42Our business, financial condition, liquidity and results of operations may be adversely affected by disruptions in the global economy caused by escalating tensions between the U.S. and China
  43. 43We face enhanced risks as we operate in new locations and transact with a broader array of clients and counterparties
  44. 44We may not be able to fully realize the expected benefits or synergies from acquisitions, joint ventures or other business initiatives in the time frames we expect, or at all

About this page

Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.

Goldman Sachs Group (GS) Risk Factors: 2026 10-K, What Changed | Gloomberb