THE GOLDMAN SACHS GROUP, INC.

Red flags

• Gross loans rose to $239.9 billion from $200.9 billion in 2024, while the allowance for loan losses fell to $2.15 billion from $4.67 billion; the filing says a severe adverse scenario would require roughly $0.6 billion of additional reserves before qualitative adjustments.
• U.S. government and agency obligations totaled $391.75 billion, or 21.7% of total assets; central-bank deposits were $130.99 billion, including $86.09 billion at the Federal Reserve.
• Unsecured borrowings increased to $355.96 billion from $312.34 billion, with long-term borrowings rising to $285.50 billion from $242.63 billion.
• The Apple Card program is being transitioned to another issuer, and the GM credit card program was sold during 2025, creating execution risk and reducing the scale of Platform Solutions.