With respect to the second part of your question, I'm sorry, I'm now on the third part of your question, you're asking about deposits. Assets under supervision rose 14% versus the prior year to $558 billion. Steven Scherr: (19:08) There’s obviously our ultra high net worth business. Got it. The improvement was driven largely by earnings and RWA management. So let me just go through the breakdown in equities. I’ll now pass the call over to David. Let me begin with our summary results on page 3. And so as we’ve long planned and expected, that will benefit us in terms of the reduction in non comp expense overall. As David highlighted, our execution of this strategy is advancing. We continue to expand our digital consumer business. And the reason you see this pickup in activity is because there was a lot of activity from our clients. On certain of the electronic platforms that we're seeing, and I would speak specifically about the credit platform, we are seeing an increasing number of our clients come to those platforms, transact on those platforms. Ms. David Ryan: (01:16:06) Now we can Betsy. That’s helpful. Has anything changed there in terms of pricing, market share, and the client’s needs for you? Consumer banking revenues were $258 million in the second quarter rising 19% versus last year, reflecting higher net interest income from credit card lending. So my question on trading is towards the beginning of the year, say at Investor Day we were talking about a little more focused on the financing side and felt like clients would pay for that. Furthermore, we will continue to pursue our longstanding practice of deploying capital to our business where returns are accretive and otherwise returning it to our shareholders as permissible and ever mindful of the environment. Speaker 2: (50:35) Thanks. But fixing this at 35%, as you may remember, we were at 33.8% last year, and so this is an ongoing quarter by quarter assessment of what we need to do, taking a look at the overall performance of the business itself. Funded consumer loan balances remained stable at $7 billion, of which approximately $4 billion were from Marcus loans and $3 billion from Apple Card. Mike Mayo: (01:06:12) So we continue to look broadly at things that can extend our strategy and accelerate the pace. How has the progress been on that? During this period, we maintained robust levels of liquidity and capital. But we’re in the very early stages. And therefore, over the medium term, we'll move more in that direction. During the quarter, we recognize firm-wide net charge offs of $260 million resulting in an annualized net charge off ratio of 0.9% up 40 basis points versus last quarter. Good morning. Automating what goes on in risk and the various control functions, uniquely automating platforms that have captured the attention of client sets. We have seen over the course of the last six weeks or so, as economies around the world have started to reopen, a re-engagement by clients and in their forward strategic view, I would say that the dialogue levels right now are particularly robust. In these turbulent markets, we have seen our underwriting market shares increase as clients have turned to Goldman Sachs, particularly for more complex and innovative financings where execution matters. We also saw continued high levels of client activity on our Marquee platform through the second quarter, with our highest ever external engagement in April. David and Stephen will be happy to take your questions following their remarks. Steven Scherr: (17:48) We expect issuance to remain relatively low for the remainder of the year, although we may consider pre-funding some planned first quarter 2021 issuances. David, you've referenced that you'll be providing an update to the strategic goals and targets that you laid out on the fourth quarter call, and you said you're committed -- you remain committed to those goals, so that's encouraging and certainly in light of some of the stories we've seen in the press, which were a little confusing. And so I think we feel very comfortable and part of the reason to take up our capital to adequate levels relative to where we will be required to be, I think it gives us greater confidence to see VAR inflate to the extent that we are in a position to serve our clients in periods of continued uncertainty, as David’s been speaking about in the markets more broadly. We may ask you for recent pay-stubs, personal bank statements, W-2s, and tax transcript among other documents to verify your self-reported income. Steven Scherr: (33:59) I saw the article. Total firm-wide net interest income was $944 million for the second quarter, down sequentially and versus a year ago. You had a record EPS quarter today. But at the moment, activity levels appear quite good. Well, I think your last statement is true, but I'll make a couple of other comments at a high level, and it would offer a perspective. While Goldman Sachs has long sought to advance diversity and inclusion, we’re still not where we need to be. Do you expect to maintain the same buffer over your required minimum as you did this quarter? Goldman Sachs is a firm that offers the opportunity to make an impact at a very early stage in your career so that’s something we always want to hear from you. David Solomon: (12:04) Please go ahead. We continue to be very comfortable with that plan. I'd like to start by saying that all of us at Goldman Sachs hope that you, your friends and family remain healthy amid the continuing challenges with COVID-19. So why don't I start with trading. And this was a very concerted effort on the part of the leadership of that business to go at finding ourselves, moving up the ladder in the top 1,000 clients that matter to the trading division. In the past, Goldman Sachs had a reputation for interviewing people until it hurts - putting potential hires through endless interviews with different Goldman staff just to check they'd be a 'fit.' Before turning to segment results, I want to spend a minute on capital, particularly in light of the recent Federal Reserve stress test results. We also provide insight into our $21 billion portfolio of CIEs, primarily comprised of real estate investments, of which $12 billion are financed predominantly by non-recourse debt. People tend to give you a PE of one on your earnings, like a quarter such as this, whereas you talk about the annuity with your clients. And we currently have 30% of our people rotating through New York office on a weekly basis. That’s not at all a reflection of our current experience in terms of losses. Sure. At quarter end, our allowance for credit losses for both loans and commitments stood at $4.4 billion, including 3.9 billion for funded loans. Before turning to Stephen, I'd like to spend a moment on our approach to return to office. Nevertheless, year-to-date we participated in over $630 billion of announced transactions and closed approximately 225 deals for $810 billion of deal volume. That said, on the global basis, growth expectations for 2020 deteriorated from an expected 2.5% decline in April to a 3.4% contraction expected today with the second quarter, reflecting a deeper decline in activity than expected three months ago. Welcome to our third quarter earnings conference call. Your next question is from the line of Devin Ryan with JMP Securities. As the world continues to digitize, it requires greater investment, and that obviously advantages companies with scale. David? Meaning we’ve seen fed funds come down by about 150 basis points, but we haven’t experienced corresponding beta on the downside in the retail deposit channel. In equity underwriting, we delivered record quarterly net revenues of $1.1 billion. You may now disconnect. In cash, we helped clients execute across both high and low touch channels. No, I don't think it's permanent. Hi. And we'll stay very, very focused on making sure that we're competitively and well-positioned, but you're seeing some of the operating leverage come through in the business. As we take these steps, we will continue to keep the health and safety of our people as our top priority. Thanks, David. There’s no question that some refinancing has been pulled forward. David: (01:22:44) On the forward, our risk managers will remain in a conservative posture, given the uncertain trajectory of the virus and early stages of the recovery, to ensure we are well-positioned to proactively support our clients. This portfolio comprises corporate and real estate loans and corporate debt securities. We are delivering our full spectrum of alternatives capabilities and have launched marketing on new funds in private equity, growth equity and real estate. Steven Scherr: (21:50) Just over a century after Goldman Sachs began dealing in commercial paper, the firm leads a commercial paper issuance for state-owned electric utility Électricité de France in 1974, the first ever in the United States on behalf of a foreign government entity. Total client assets increased to $2.1 trillion, up approximately $ 240 billion versus the first quarter and up nearly $400 billion versus a year ago. These losses damaged the bank’s reputation. And so I don't have anything really else to say about the article other than it was incorrect. And so we're going to continue to work at this cautiously. I would say the performance of the trading businesses in the third quarter, frankly like it was in throughout most of the first part of the year was really done with an eye toward high velocity turn on balance sheet. We maintain a prudent risk orientation, mindful of continued uncertainty in the markets and the ongoing health crisis. I think the way to think about it is that, in the end we’re looking to continue to build out kind of three components of that business. But if we think about what's been going on this year in terms of significant capital raising, both equity DCM, how do we think about that going forward? First one, just on the efficiency ratio. You guys beat the 60% this quarter and year-to-date that's the legal -- you're at the 60%. Heather Kennedy Miner — Head of Investor Relations. David Solomon: (01:31) The progress is going -- I appreciate that question, Jim. Hi. The most important thing in any interview is being your authentic self. Across Global Markets we continued to invest in technology platforms to enhance client experience, build on our strength in risk management and drive resource efficiencies. So what do you know intermediation spikes because the world goes crazy? One other question is you mentioned the sale of Global Atlantic. We delivered exceptional performance and FICC and equities on high levels of client activity deploying our risk intermediation expertise and our balance sheet on behalf of clients and a volatile market. As to how the election starts to impact decision-making, I can see it in some ways being an accelerant, and in some ways, potentially creating uncertainty and slowing things down. Additionally, there continues to be enormous uncertainty globally in the trajectory of the virus, which may impact the pace of the economic recovery as we head into the fall and winter. It sounds like you've replenished some of the coffer in terms of the pipeline. Sure. Otherwise, please stay safe. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. And I think that will continue. Speaker 2: (01:01:43) Additionally, we had operating revenues of $230 million related to our portfolio of consolidated investment entities. David: (01:08:16) Well, I appreciate the question, Michael, and there are a number of things going on that we’ve highlighted, but to summarize or maybe put it in a different context that frames your question, one of the things we’ve done over the last two years is we thought very, very carefully about our global markets franchise, the way we wanted to center that franchise, which was really around our clients, we invested in a one GF approach that we’ve talked about that really tries to improve the client experience for our clients across that franchise. Like digital trends across many industries, COVID-19 has accelerated client adoption and onboarding across our automated platforms. If we had an offering that was competitive, we felt it was a reasonable ask of our clients to consider our offering. Meaning, as we continue to pursue certain of our strategic initiatives, which create more durable fee-based revenue, lower capital intensity, lower balance sheet intensity, we'll be in a position where I think the requirement of us will come down. While we remain attentive to the embedded risk, we continue to be pleased with the credit performance of these portfolios. Our sequential decline was driven by $90 billion of liquidity outflows following strong inflows in the first half. David: (01:19:40) Betsy, please go ahead and check to see if you’re on mute. Goldman Sachs - Citigroup Inc. (C) Administration Presents at The Goldman Sachs U.S. Monetary Companies Digital Convention 2020 (Transcript) Citigroup Mike Carrier -- Bank of America Merrill Lynch -- Analyst. Thanks. So we'll continue to look and see if there are opportunities. The prospect for a steeper recovery in the second half is in no small part due to the forceful and rapid action by governments, central banks and governments by global central banks and governments, which are providing exceptional levels of liquidity and ongoing fiscal stimulus. Goldman Sachs (GS) reported 2020 second quarter earnings on July 15, 2020. Or was there something more going on? Please go ahead. This reflected modestly tighter credit spreads on our portfolio of corporate and real estate investments, which continue to rebound from the broader market sell-off in the first quarter. It's a reflection of the capital that's embedded in the business, and it obviously affects that judgment. So just a couple of questions. And then if you could just touch on how you think your relative currency and sort of capital position places you to do a transformative deal. We continue to prudently risk manage these portfolios and have moderated growth relative to initial budget estimates. 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