{ "docId": "019dd923-5e88-73ef-bd59-e554727c032d", "docSlug": "4c5f1d6f702f7476", "documentTitle": "one goldman sachs", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 19, "pageCount": 124, "prevPage": 18, "nextPage": 20, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 4, "notes": "Contains specific financial figures related to held-to-maturity securities and regulatory capital impact.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-e554727c032d/19", "deckHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d#slide-19", "components": [ { "bbox": null, "kind": "callout", "text": "If the unrealized losses on held-to-maturity securities had been recognized as a reduction to our regulatory capital, the after-tax impact would have been a reduction of approximately 0.1 percentage point to our regulatory capital ratios as of March 2023.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-1641-767d-84ff-579679fdfb15", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "regulatory capital ratio: 0.1%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-1641-767d-84ff-592a9abebb73", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "regulatory capital ratios relating to these securities were $2.95 billion. As of March 2023, the carrying value of our held-to-maturity securities portfolio was $53.81 billion, substantially all of which was comprised of U.S. government obligations. The pre-tax net unrealized losses on these securities were $891 million. If the unrealized losses on held-to-maturity securities had been recognized as a reduction to our regulatory capital, the after-tax impact would have been a reduction of approximately 0.1 percentage point to our regulatory capital ratios as of March 2023.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "54d5b9b1-7967-4dac-b65e-62a9f3cbe161", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.6 }, "kind": "paragraph", "text": "Our stress tests incorporate our internally designed stress scenarios, including our internally developed severely adverse scenario, and those required by the FRB, and are designed to capture our specific vulnerabilities and risks.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6269a4b2-9947-4a34-a003-d9dceee0360b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.24 }, "kind": "paragraph", "text": "Subsidiary Capital Requirements\n\nMany of our subsidiaries, including our bank and broker dealer subsidiaries, are subject to separate regulation and capital requirements of the jurisdictions in which they operate.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f2ddfb9-b1df-4b39-ae18-cc95c1e7a14e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "Capital Planning and Stress Testing Process\n\nAs part of capital planning, we project sources and uses of capital given a range of business environments, including stressed conditions. Our stress testing process is designed to identify and measure material risks associated with our business activities, including market risk, credit risk, operational risk and liquidity risk, as well as our ability to generate revenues.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a452b90b-d560-4309-83a8-102ae2d71a66", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "Our capital planning process incorporates an internal capital adequacy assessment with the objective of ensuring that we are appropriately capitalized relative to the risks in our businesses. We incorporate stress scenarios into our capital planning process with a goal of holding sufficient capital to ensure we remain adequately capitalized after experiencing a severe stress event. Our assessment of capital adequacy is viewed in tandem with our assessment of liquidity adequacy and is integrated into our overall risk management structure, governance and policy framework.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bc387c6b-e26b-4998-92c4-90c40cf8be51", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "Contingency Capital Plan\n\nAs part of our comprehensive capital management policy, we maintain a contingency capital plan. Our contingency capital plan provides a framework for analyzing and responding to a perceived or actual capital deficiency, including, but not limited to, identification of drivers of a capital deficiency, as well as mitigants and potential actions. It outlines the appropriate communication procedures to follow during a crisis period, including internal dissemination of information, as well as timely communication with external stakeholders.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bfcba5ee-4233-47e1-9fa1-b8e3c79fabea", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.08, "y": 0.04 }, "kind": "title", "text": "2023 Resolution Plan", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1d20cdba-5046-45af-966e-10b64ed93331", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Scenario planning", "slug": "scenario-planning", "agent": null, "layer": "block", "matchId": "89835d0a-6167-47aa-85a1-1b804c372889", "evidence": "keyword-coverage: contingency, scenario", "confidence": 0.2 } ], "frameworks": [], "arcBeats": [ { "to": 124, "from": 8, "beatId": "d68786b1-3dab-4ad0-b5b0-04ed44c1c6d3", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document contains extensive data tables, appendix data, and methodology explanations.", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 124, "from": 6, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "d24b5f0d-d542-4d18-a73f-65d59f4261ed", "evidence": "The document provides a detailed explanation of the plan and supporting data.", "position": 0, "objective": "To demonstrate the effectiveness of Goldman Sachs' resolution plan.", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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