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Goldman Sachs Group Inc. (NYSE:GS) Q3 2018 Antithesis Appointment Alarm October 16, 2018 9:30 AM ET

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Heather Kennedy Miner – Head-Investor Relations

Stephen Scherr – Admission Chief Cyberbanking Officer

Marty Chavez – Chief Cyberbanking Officer


Glenn Schorr – Evercore ISI

Michael Carrier – Bank of America

Christian Bolu – Bernstein

Matt O’Connor – Deutsche Bank

Mike Mayo – Wells Fargo Securities.

Betsy Graseck – Morgan Stanley

Steven Chubak – Wolfe Research

Brennan Hawken – UBS

Guy Moszkowski – Autonomous Research

Jim Mitchell – Buckingham Research

Devin Ryan – JMP Securities

Gerard Cassidy – RBC Basic Markets

Marty Mosby – Vining Sparks


Good morning. My name is Dennis, and I will be your appointment facilitator today. I would like to acceptable anybody to the Goldman Sachs Third Analysis 2018 Antithesis Appointment Call. This alarm is actuality recorded today, October 16, 2018.

Thank you. Ms. Miner, you may activate your conference.

Heather Kennedy Miner

Good morning. This is Heather Kennedy Miner, Arch of Broker Relations at Goldman Sachs. Acceptable to our third analysis antithesis appointment call. Today’s alarm may accommodate avant-garde statements. These statements represent the firm’s acceptance apropos aing contest that, by their nature, are ambiguous and alfresco of the firm’s control. The firm’s absolute after-effects and cyberbanking action may differ, possibly materially, from what is adumbrated in those avant-garde statements. For a altercation of some of the risks and factors that could affect the firm’s aing results, amuse see the description of accident factors in our accepted anniversary address on Anatomy 10-K for the year concluded December 2017.

I would additionally absolute you to apprehend the avant-garde disclaimers in our anniversary antithesis release, decidedly as it relates to the appulse of tax legislation, expenses, our advance cyberbanking transaction backlog, basic ratios, risk-weighted assets, absolute assets, all-around amount aqueous assets, added advantage arrangement and accent basic buffer. And you should additionally apprehend the admonition on the abacus of non-GAAP cyberbanking measures that’s acquaint on the Broker Relations allocation of our website, This audiocast is copyrighted actual of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast afterwards our consent.

Today on the call, I’m aing by our Chief Cyberbanking Officer, Marty Chavez; and our admission CFO, Stephen Scherr. As Stephen is new to abounding of you, I’d like to booty a moment to acquaint him. A 25-year adept at Goldman Sachs, Stephen has captivated abundant administration positions, alpha his career in Advance Cyberbanking and afresh on to Fixed Income, aing branch our Costs Group in Advance Cyberbanking and afterwards confined as our arch of firm-wide strategy. Best recently, he was CEO of GS Bank and ran our Chump & Commercial Cyberbanking Division, including Markets.

With that, I’ll canyon the alarm to Stephen.

Stephen Scherr

Thanks, Heather, and acknowledgment to anybody on the alarm for aing us this morning. I’d like to accomplish a few comments afore I about-face the alarm over to Marty to airing through our third analysis results. First, let me activate by adage it’s absolutely my amusement to be actuality today as I booty on my new responsibilities as CFO. I’m aflame about carrying on the amount job itself and accepting to apperceive all of you in the weeks and months ahead.

I charge additionally say that I’m captivated to be allotment of the firm’s new administration team. David, John and I accept formed calm for about 20 years. We apperceive anniversary added well, see anniversary added as ally in the business and allotment accepted objectives and goals for the firm. We accordingly admit the backbone and accent of our applicant franchise, our bodies and our cyberbanking capital, and I’m abiding this is of accurate accent to you. We intend to booty a abiding appearance to alive able actor returns. This is a key focus beyond for David and for the blow of the administration team. With that said, let me briefly about-face to two of our key priorities, which are amidst several areas we will awning in greater detail in the advancing months.

First, we accept that Goldman Sachs has amidst the arch applicant franchises on The Street, with corporations, with governments and institutions and with a growing cardinal of alone audience and barter aloft the abundance spectrum. But we additionally apperceive that we can do added to bear the accomplished of Goldman Sachs to our audience in a added seamless way. This is a key objective. We’ve already amorphous to reexamine means to deepen our applicant relationships by adopting easier admission to all of Goldman Sachs. We additionally plan to abide to aggrandize our adeptness to new audience of the firm. We will do so by bigger leveraging our amount competencies of advice, accident administration and technology solutions and by auspicious accession and entrepreneurship aural the firm. Importantly, we abide committed to alive on the acquirement advance opportunities we laid out for you about a year ago. I will accommodate an amend on these efforts in November.

Second, we are reviewing all of our businesses, avant-garde to back, to ensure that our bodies and our cyberbanking assets are optimally deployed. Our cold actuality is clear: to advance actor returns. This is why David, John and I, forth with the blow of the administration team, will attending for new means to abound our businesses while convalescent our operating adeptness for the affiliated term. We apprehend to abide this chat with you, absorption not alone on added defining our business priorities but additionally on the metrics we will use to admeasurement our progress. As we move ahead, we avant-garde that we will accept alive and advancing discussions with all of you. David will accompany our antithesis alarm in January and is adorable avant-garde to actuality a actor in the abode and years ahead.

Finally, I would like to acknowledge Marty for his abounding contributions to the close as our CFO. We are advantageous that we will abide to account from his administration in our Antithesis business. Abacus Marty’s abysmal compassionate of technology and the firm’s antithesis beyond to Ashok’s bazaar adeptness and Jim’s absolute adeptness of our applicant needs gives us the appropriate mix of aptitude to advance the Antithesis Division. On a claimed note, I’m beholden to Marty for his affiliation and advice in ensuring a bland transition.

With that, I’d like to about-face the alarm over to Marty, who will airing us through third analysis results. Marty?

Marty Chavez

Thank you, Stephen. I’d appetite to allotment that I’ve absolutely enjoyed the befalling to assignment with all of you, our analysts and our shareholders, during my administration as CFO. I’m additionally abundantly aflame to booty on a new administration role in the Antithesis Analysis beyond I can serve our audience and added the firm’s administration in bazaar anatomy accession and automation. And I attending avant-garde to spending time with the broker association in my new role.

I’ll now airing you through our third analysis and year-to-date results, afresh awning anniversary of our businesses. And of course, we will be blessed to acknowledgment any questions. Third analysis net revenues were $8.6 billion. Net antithesis were $2.5 billion. Antithesis per allotment were $6.28. Acknowledgment on accepted disinterestedness was 13.1%, and acknowledgment on actual accepted disinterestedness was 13.8%.

Turning to year-to-date results. We had firm-wide net revenues of $28.1 billion, the accomplished in eight years; net antithesis of $7.9 billion; and antithesis per adulterated allotment of $19.21 was a almanac for the aboriginal nine months. We grew year-to-date revenues by 16% or $3.8 billion, and we delivered absolute operating leverage, growing pre-tax antithesis by 22%. Year-to-date, acknowledgment on accepted disinterestedness was 13.7%, and acknowledgment on actual accepted disinterestedness was 14.6%, up by 340 and 370 abject points, respectively, adjoin aftermost year.

Our year-to-date acquirement advance demonstrates solid advance aloft the close as all four of our business segments grew at a double-digit pace. We grew our Institutional Applicant Casework revenues by 16% or $1.5 billion, accounting for 40% of the year-to-date acquirement improvement. That reflects an 18% backlash in FICC and a 15% admission in Equities beyond we abide to assignment to deepen our absolute relationships and aggrandize our applicant franchise.

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During the third quarter, while we saw quieter levels of applicant action in assertive businesses, several absolute macro trends continued, including advantageous all-around bread-and-er growth, decidedly in the U.S.; able CEO confidence; accessible costs markets; ascent disinterestedness bazaar valuations; and abiding acclaim spreads. Despite the melancholia abatement in applicant action amidst arising bazaar animation and barter action uncertainty, we saw advance in September as our audience affiliated to seek our market-making services. While it’s absurd to adumbrate the future, we abide anxiously optimistic accustomed alive applicant dialogues, advantageous bread-and-er advance and airy broker sentiment.

Let’s assay alone business achievement for the third quarter. Advance Cyberbanking produced net revenues of $2 billion, bottomward 3% adjoin the added quarter, but up 10% adjoin a year ago, apprenticed by a backlash in disinterestedness underwriting. Cyberbanking Advisory revenues were $916 million, up 14% about to the added quarter, absorption solid M&A volumes.

During the quarter, we alternate in appear affairs totalling over $200 billion aloft added than 90 deals. Our appear volumes affiliated to outdistance the industry, accretion 19% adjoin a year ago. Applicant assurance has bigger conspicuously aloft the Americas and Europe this year. Advantageous dialogues on cardinal action abide aloft a ample abject of sectors, including TMT, accustomed assets and bloom care, as able-bodied as from sponsor-related transactions. For the year-to-date, we ranked aboriginal in appear M&A, advising on over $1 abundance of volumes aloft 300 transactions, with a $125 billion advance over the cardinal two competitor.

Moving to Underwriting. Third analysis net revenues were $1.1 billion, bottomward 14% adjoin the added analysis on seasonally lower volumes but up 20% adjoin a year ago. Disinterestedness underwriting net revenues of $432 actor decreased 12% sequentially amidst lower follow-on volumes but added than angled adjoin a year ago as IPO action accelerated, accurate by able action in Asia. For the year-to-date, we ranked cardinal one globally in disinterestedness and equity-related underwriting with over $55 billion of accord accumulated aloft 300 transactions. We additionally ranked cardinal one in all-around IPOs.

Debt underwriting net revenues were $632 million, bottomward 16% from aftermost analysis amidst lower industry volumes. However, our year-to-date achievement was a record, absorption able applicant assurance and our multiyear advance in our accretion accounts business.

Our Advance Cyberbanking excess charcoal at able-bodied levels but decreased adjoin a almanac added quarter, apprenticed by M&A completions and underwriting. Our excess still charcoal up decidedly from a year ago. Clarity from U.S. tax reform, a admiring bread-and-er backdrop, solid disinterestedness bazaar valuations, cogent clandestine sponsor absorption as able-bodied as corporate’s admiration for cardinal M&A aloft sectors are all acknowledging advantageous activity.

Moving to Institutional Applicant Services; third analysis net revenues were $3.1 billion, bottomward 13% sequentially but about collapsed adjoin aftermost year. FICC Applicant Beheading net revenues were $1.3 billion, bottomward 22% sequentially and 10% lower than a year ago, apprenticed primarily by low levels of animation and applicant activity. Importantly, we abide to assassinate on our efforts to deepen and augment our applicant relationships.

We additionally are authoritative cogent investments in our capabilities and platforms to accommodate content, execution, abstracts and assay in avant-garde agenda formats. These efforts awning the absolute applicant experience. On the beheading side, we abide to accomplish able growth. Our cyberbanking FX volumes are up over 20% year-over-year. We now accept over 2,000 alive FX users on our Marquee single-dealer belvedere and are in the action of ablution the aing bearing in the fourth analysis to bigger serve both institutions and accumulated clients.

In credit, we additionally abide to accept success with our cyberbanking accumulated bandage offering. Our acclaim algorithm now covers 10,000 U.S. investment-grade bonds, alive trades up to $2 million, acceptance us to accretion adeptness by electronically confined a cogent allocation of our investment-grade flow. Aural that beheading mandate, the GS accumulated bandage algorithm currently ranks cardinal one in U.S. investment-grade volumes on the two bigger cyberbanking platforms.

Turning to the alone FICC business achievement in the third quarter. Currencies added adjoin a year ago in both G10 and arising markets, apprenticed by college action and bigger performance. Commodities additionally added adjoin a added challenged achievement a year ago, helped by abridgement of headwinds in accustomed gas and power. Offsetting these improvements, ante beneath decidedly year-over-year amidst low animation and lower action aloft government and aggrandizement products, decidedly in Europe. Acclaim beneath amidst apathetic action aloft articles and the abate befalling set. Lastly, mortgages beneath adjoin aftermost year, primarily on lower achievement and volumes in CMBS.

Turning to Equities, net revenues for the third analysis were $1.8 billion, bottomward 5% sequentially but up 8% adjoin a year ago on bigger performance, college U.S. disinterestedness bazaar volumes and college boilerplate volatility. Equities applicant beheading net revenues of $681 actor were about collapsed sequentially and up 17% adjoin a year ago. Achievement was accurate by backbone in our derivatives businesses, partially account by lower banknote revenues from affairs and on-exchange cyberbanking trading.

Commissions and fees of $674 actor were bottomward 12% sequentially but about collapsed adjoin a year ago. Nonetheless, we abide to see backbone and bazaar allotment advance in our low-touch volumes with allusive year-over-year assets in all regions.

Securities casework net revenues of $439 actor were collapsed sequentially and rose 9% adjoin aftermost year, absorption college boilerplate applicant balances as we abide to advance to aggrandize our brand in the business.

Moving to Advance & Lending, collectively, these activities produced net revenues of $1.9 billion in the third quarter. Disinterestedness antithesis generated net revenues of $1.1 billion, absorption net assets from clandestine investments, primarily apprenticed by bigger accumulated performance. Mark-to-market on accessible antithesis reflected lower achievement in Asia. On a year-to-date basis, our equities I&L businesses generated $3.5 billion of net revenues, about 60% from accumulated investments and 40% from absolute estate.

Our all-around clandestine and accessible disinterestedness portfolio consists of over 1,000 altered investments and charcoal adapted aloft industry and cartography and counterbalanced aloft advance vintage. We abide to reinvest to drive aing abiding performance, with 46% of the investments in the portfolio fabricated in the aftermost four years. The actual 54% is split, with 23% from investments fabricated amid 2012 to 2014 and with 31% fabricated in 2011 or earlier, which are about afterpiece to harvesting.

Net revenues from debt antithesis and loans were $750 million. After-effects included about $700 actor of net absorption income, agnate to a $2.8 billion anniversary pace. Our net absorption assets continues to abound as we admission added alternating acquirement streams and accommodate added to our ample applicant base. After-effects this analysis additionally included a accouterment for accommodation losses of $174 million, primarily accompanying to accommodation growth.

Our I&L assets included about $105 billion in loans, debt antithesis and added assets and $21 billion in disinterestedness investments. In addition, we authority accession $12 billion of circumscribed absolute acreage investments on the antithesis sheet.

Let me additionally accord you a quick amend on our markets chump business. Markets has acquired from a single-product to a multiproduct belvedere and today serves added than two actor barter through our lending and accumulation articles and our claimed cyberbanking administration app, Clarity Money. We were admiring to barrage our fourth business backward aftermost month, entering the UK retail drop market. Aback barrage through aftermost Friday, we accept aloft about $2 billion of UK online deposits aloft added than 55,000 accounts. In addition, our U.S. retail deposits grew to over $26 billion at analysis end as we abide to aggrandize and alter our sources of funding.

In our markets claimed loans business, we captivated $4 billion of loans on our antithesis beyond at analysis end. We abide to adviser acclaim affection anxiously and abide actual acquainted of beyond we are in the acclaim cycle. Our clip of accommodation advance will abide to be absolute by our appraisal of consumers’ adeptness to pay and the all-embracing macro environment. We are architecture this business for the affiliated run, and we are not block accumulated targets. We will abide to abound advisedly and carefully.

Next, axis to Advance Management, we acquaint net revenues of $1.7 billion in the third quarter, apprenticed by affiliated advance in our asset administration and clandestine abundance businesses. Net revenues were bottomward 8% sequentially, apprenticed by decidedly lower allurement fees but up 12% adjoin a year ago on college administration and added fees and allurement fees. Administration and added fees were $1.4 billion, up 3% sequentially and up 9% adjoin a year ago.

Transaction revenues were $174 million, bottomward 4% adjoin the added analysis and up 4% adjoin aftermost year. Assets beneath administration accomplished the analysis at a almanac $1.55 trillion, up $37 billion adjoin the added quarter. After-effects included $13 billion of abiding net inflows in the analysis with inflows aloft all aloft categories, with accurate backbone in equities in quantitative solutions.

In addition, we saw $8 billion of net inflows into clamminess articles and $16 billion of bazaar appreciation. Over the abaft bristles years, we admiring absolute accumulative amoebic abiding net inflows of about $225 billion.

Now let’s about-face to expenses. We abide to adviser and administer our amount abject carefully. We accent advantageous for achievement to allure and absorb the best aptitude and advance spending to abutment our audience while architecture technology, basement and platforms to abound the close for the future. Compensation and allowances amount accommodate salaries, bonuses, acquittal of above-mentioned year disinterestedness awards and added items such as benefits. We bargain our year-to-date compensation-to-net revenues arrangement to 38%, bottomward 200 abject credibility from the aboriginal nine months of aftermost year, absorption our able year-to-date acquirement advance and our accent on profitability.

Non-compensation costs year-to-date were $7.6 billion, up 17% or $1.1 billion adjoin a year ago. About 55% of the admission adjoin aftermost year affiliated to be from costs accompanying to applicant action and investments for growth, including about $425 actor aloft markets, our circumscribed investments and technology; and about $190 actor from college brokerage, allowance and barter fees. We additionally saw about $215 actor of amount admission accompanying to the new accounting accepted and a $149 actor admission in action expense.

On taxes, our year-to-date tax amount was 19%. We apprehend our abounding year 2018 tax amount to be materially constant with the aboriginal nine months. This amount can alter and is based on a cardinal of factors, including our all-embracing akin and mix of antithesis and adapted advice from Treasury on the accomplishing of Tax Legislation. As we said previously, we will accommodate updates on our tax amount for aing years already we accept final advice from Treasury accepted this quarter.

Turning to antithesis sheet, clamminess and capital, our all-around amount aqueous assets averaged $238 billion during the quarter, about banausic from added quarter. We abide to apprehend this to abatement as we redeploy our antithesis beyond to accommodated applicant needs.

Our antithesis beyond was $958 billion, about collapsed adjoin the added quarter. Our accepted disinterestedness Tier one arrangement was 13.1% application the Standardized admission and 12.4% beneath the Basel III Avant-garde approach. Our ratios bigger by 50 abject credibility and 90 abject points, respectively, on a consecutive basis. Overall, 40 abject credibility of the advance was apprenticed by an admission in accepted shareholders’ disinterestedness and bargain bazaar RWAs. The avant-garde arrangement added improved, primarily on acclaim RWA reductions. Our added advantage arrangement was 6%, up 20 abject credibility adjoin the added quarter.

On basic return, we paid $311 actor in accepted banal assets and bought aback $1.24 billion in the analysis in bandage with our $5 billion allotment repurchase allotment for the 2018 CCAR cycle. And over the accomplished three quarters, we accept now congenital aback our Standardized CET1 arrangement by 120 abject points, in bandage with our arrangement afore tax ameliorate took effect. We accept a able basic position to both serve audience and advance for growth.

Before demography questions, a few closing thoughts. We are admiring with our achievement in the aboriginal nine months of 2018, which accommodate our self-funded investments for aing amoebic growth. Our solid double-digit year-to-date acquirement admission demonstrates the capabilities in anniversary of our applicant businesses, and we abide to assignment adamantine to abound added from here. We additionally abide committed to alive absolute operating advantage as revenues grow, which was acutely on affectation as pretax antithesis are up 22%, alive our year-to-date ROTE of 14.6%. In addition, our able aggressive positions and affiliated beheading accredit us to bear adorable abiding allotment for shareholders.

With that, acknowledge you afresh for dialing in, and we’ll now accessible up the bandage for questions.

Question-and-Answer Session


[Operator Instructions] Your aboriginal catechism comes from the bandage of Glenn Schorr with Evercore ISI. Amuse go ahead

Glenn Schorr

Hi. Thanks. A aftereffect on your chat about Marcus and the accouterment in I&L. So I heard you that best of this is accompanying to growth. I’m curious, at some point, are we action to see some of it accompanying to condiment as you abound and time goes on? And I anticipate there was a adventure during the analysis that you pulled aback maybe 10% adjoin your advance expectations. Are you seeing any signs of accent or delinquencies? Is that aloof advisable accident management?

Stephen Scherr

Sure. Thanks, Glenn. It’s Stephen. I’ll booty that question. First, in agreement of the clip of action in Marcus, we accept been underwriting and reunderwriting this business from the aboriginal analysis – we began in the fourth analysis of 2016 – and at anniversary moment, demography banal of beyond we are, alert of actuality potentially backward in the chump cycle. And so we accept acid our underwriting standards and accept watched beyond our vintages appear in.

The agitation about 2019, which the columnist paid some absorption to, is absolutely about the akin and clip of growth. In 2019, I’m assured that we’ll see an admission in originations about to beyond we are in 2018. The agitation is about the clip and admeasurement of that increase. And the accommodation we’re action to accomplish is absolutely based on what we see in the portfolio, decidedly as our vintages alpha to allegorize beyond we are, but appropriately alert of beyond we are in the chump cycle. I’d say, by the way, on that, there’s no actual affirmation to advance that it’s turning. But equally, we booty banal of aloof how affiliated this aeon has gone. And so we’re absolutely careful, and 2019 will be about clip of growth, not whether we will grow.

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On the catechism I anticipate you asked about affluence that we’re taking, I would say that article on the adjustment of about 1/3 of that was, in fact, accompanying to Marcus. And it’s important to accept that the assets body about Marcus will be adequate with growth, acceptation as we booty advance up and you’re in that advance cycle, you’re action to booty added reserves. And at some point, you’ll hit a akin of adherence beyond your affluence will, in fact, akin off because you’ve collapsed off in agreement of a changeless position in agreement of loans on the book. But I anticipate that appropriate now, that’s artlessly a action of the advance aisle of the business from alpha to beyond we are.

Glenn Schorr

Okay, acknowledge all that. And afresh one aftereffect on comp. Revs are up 16% year-to-date. You commented about your year-to-date arrangement at 38% is bottomward 200 abject credibility adjoin aftermost year. Can’t adumbrate anything, but if the fourth quarter’s about in the ambit of in bandage with year-to-date trends, is it crazy to anticipate we adeptness see a abundant lower atone arrangement adjoin aftermost year, acceptation in that aforementioned 100 to 200 abject credibility lower for abounding year?

Marty Chavez

Glenn, this is Marty. On the atone ratio, as you know, it’s – we see it as an output, not an input. Important that we allure aptitude and absorb talent. And we’ll abide to do that. The arrangement that you see now, 38%, which is bottomward two credibility from the aboriginal nine months of aftermost year, bottomward one point from beyond we had it in the aboriginal bisected of this year, is, as you would expect, our best appraisal of the atone arrangement with all the admonition that we accept appropriate now.

And beyond the abounding year arrangement ends up will depend on what happens in the fourth quarter, which we won’t predict. One added thought, we had mentioned this in the accomplished that it’s important, as we aggrandize the close and abound our businesses and we accent lending and additionally platforms, increasingly, our focus is axis abroad from comp-to-net acquirement ratio, beyond – which has historically been a affair on these calls, and absolutely to adeptness arrangement all-embracing beyond we’re adorable at atone and non-comp costs holistically with the focus on profitability.

Glenn Schorr

Fair, okay. An accounting aftereffect or aloof a cartography thing. The $160 actor breakable gain, it was aloft both I&L and FICC and Equities. Do you accept that blemish aloof so we could do our little sustainability numbers and what grew where?

Marty Chavez

Sure, Glenn. I’d be blessed to breach that down. So as you noted, it’s $160 actor in acquirement on the debt tender. And the cartography in our cyberbanking statements is about analogously breach aloft FICC ICS, Equities ICS and I&L, so about analogously breach aloft those three categories.


Your aing catechism comes from the bandage of Michael Carrier with Bank of America. Amuse go ahead.

Stephen Scherr

Hello, Michael.

Michael Carrier

Good morning. Aboriginal one, aloof on the Advance Cyberbanking and the trading backdrop. Some of your competitors, you accept mentioned that the aggressive dynamics accept gotten a little bit added acute added recently. Aloof basic to get your booty on what you guys are seeing, some of the – maybe the bazaar allotment opportunities that you accept set out over a year ago, how that’s arena out and how abundant of that is either from like a aggressive standpoint adjoin maybe some of the technology initiatives that you guys accept been advance in that maybe you guys accept added of a aggressive advantage than some others.

Marty Chavez

Well, Michael, on – I’ll alpha with Advance Banking. We have, as you can see in the results, a arch position, and we abide to accent that and body on that. That position already at the top of the alliance tables is one that is an important allotment of our advance initiatives. So for instance, we accept targeted 1,000 new clients, and we’ve assigned advantage on 80% of those, and we’ve done that with abounding new hires, which you’ve apparent in the news, and that’s starting to comedy through in revenues.

Going to FICC and Equities, those businesses, as we all know, are always, consistently competitive. And there, we accept an actual backbone in our platforms. We’ve had our SecDB accident administration belvedere for decades, and that is a appropriate allotment of our adeptness in accident management. And we’re arch in those acutely aggressive businesses with content, calibration and authoritative it all client-centric and advance to advance it with agenda access, agenda formats of abounding kinds, agenda user experiences, over the Web, aforementioned accoutrement that our bodies use, deploying them to clients, additionally giving audience the abilities to bung alongside into our belvedere through APIs, which is actual abundant a affair for us as able-bodied as all companies that are architecture and deploying technology for their clients.

And we’ve started to see that, again, additionally comedy through in revenues. We’ve accent in the accomplished our advance in our belvedere amplification to serve abettor audience tailored for them but additionally a amount to our acceptable clients. And we’ve seen, aback 2016, about 180 abject credibility bazaar allotment advance in low blow and bisected of that in the year-to-date.

Michael Carrier

Okay, that’s helpful. And afresh aloof one on the I&L angle and backdrop. I anticipate aback we see added animation in the market, sometimes that weighs on you guys and maybe the afterimage on that business. Aloof accustomed what you guys accept done to body out the Advance & Lending business and the architecture today, aloof how abundant will the accessible bazaar volatility, maybe added acclaim spreads appulse it adjoin array of the amount lending growth? And afresh maybe on the disinterestedness side, like GDP advance continues to be healthy. I acceptance aloof some angle on altered backdrops and how that can appulse that business accustomed that it’s a little bit tougher to gauge.

Marty Chavez

Absolutely. So I’ll alpha by adage – and it’s a affair that we’ve discussed before, which is that these businesses are not market-beta businesses. They’re franchise-adjacent. They are allotment of our franchise, both the disinterestedness and the debt allotment of I&L. So I will alpha with the disinterestedness part. There’s two contributors. Aboriginal of all, the Merchant Cyberbanking Division, afresh additionally our Special Situations Group.

Starting with Merchant Banking, the portfolio’s adapted aloft sector, aloft geography, aloft clandestine disinterestedness and absolute estate. We accept a sourcing and alpha archetypal that’s distinctive, doesn’t abide elsewhere. It’s acerb affiliated to our IBD platform, to our institutional relationships with corporates, with clandestine disinterestedness firms. And in addition, we’re leveraging our GS beyond adeptness and adeptness to accomplish the advance decisions.

And in all of these platforms, we accept a adapted lending portfolio that’s got a differentiated sourcing apparatus with a affiliated history of able risk-adjusted returns. And so the drivers of that are action to be synergies with the blow of our belvedere and the differentiated agreeable that we accept as we accomplish – as we autumn these investments. And so I would not anticipate of it as affiliated to bazaar beta. And of course, on the disinterestedness I&L bandage for both clandestine and public, it will be afflicted by bazaar valuations and levels. But the operating achievement is absolutely what’s critical, and we saw that alive the after-effects in that articulation this quarter.


Your aing catechism is from the bandage of Christian Bolu with Bernstein. Amuse go ahead.

Christian Bolu

Good morning, Marty and acceptable to the call, Stephen.

Stephen Scherr

Thank you.

Christian Bolu

So blockage on FICC, aloof maybe chase up to the antecedent question. I acceptance if you could allotment aloof an amend on the advance initiatives you guys categorical to aggrandize the chump brand and affectionate of beyond you are in the adeptness to aces up an added billion dollars of revenues over the aing brace of years. And afresh ultimately, aback do you anticipate some of these initiatives to aggrandize the brand will alpha to affectionate of absolutely comedy out in revenues?

Marty Chavez

So there’s, as you know, Christian, abounding things we’re doing. And in the advance initiatives that we outlined, we’re tracking those closely, and you’re starting to see some of those initiatives comedy through in FICC specifically. There, as we emphasized aback we laid out the advance initiatives there, they’re not abased on advance in the bazaar environment. And so there, wallet allotment is an important metric. And it’s one that we’re afterward anxiously and captivation our bodies accountable. One of my colleagues who will be my co-Head in the Antithesis Analysis aback I rejoin, Jim Esposito, has been accomplishing this in cyberbanking for years and now is co-Head of Antithesis Division, the aforementioned affectionate of diminutive week-by-week, quarter-by-quarter tracking of beyond we are with the top 1,300 institutional clients.

It’s aloof one antecedent of third-party bazaar abstracts but, in the affiliation abstracts for the aboriginal bisected of 2018, shows that with those 1,300 institutional audience mostly apery market-making, accident and remediation, we’re cardinal two in FICC and cardinal two accordingly aloft FICC and Equities. And we’ve apparent 30 abject credibility amplification in the wallet allotment aback the end of 2016 with those clients. So aloof to footfall aback and attending at our action broadly, I’ll aloof highlight four aspects of it. First, clients. In that business, as in all of our businesses, it begins and ends with the clients. So audience accept risks they don’t want, appetite risks they don’t have. It’s our job to advice them accept their risks and to get them from A to B and to do that by accouterment them clamminess and accomplishing that by accouterment them costs and accepting a seamless applicant acquaintance avant-garde to aback in platforms. Blessed to go into it in as abundant detail as you’d like. That’s beyond I’ll be spending a lot of my time. It’s axiological to our success in the business.

And there, again, it’s demography the accoutrement that we’ve developed for ourselves and administration them actual broadly with audience in a array of formats, including for abounding audience who appetite to aloof bung in through APIs and get our abstracts sets and accident analytics anon and bung into their computers, accomplishing this all while optimizing our resources, managing our clamminess basic and expenses. What’s agitative for me and for all of us is the world-class aggregation that we accept in that business. And our success is action to be apprenticed absolutely absolutely by how finer we accompany calm engineers, salespeople, bankers, traders to bear that agreeable and execution.

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Christian Bolu

Great, actual absolute answer. Switching over to the Clandestine Bank. At atomic by our numbers, feels like Clandestine Bank lending is decidedly underpenetrated about to your peers. So analytical how you anticipate about the befalling to aggrandize afresh aural that business. And afresh added broadly, could you amend us on maybe advance on affectionate of your initiatives to abound the adviser abject and applicant assets?

Marty Chavez

We agree, and we are alive on it. It’s allotment of our advance initiatives that we outlined. And abnormally alfresco the U.S., beyond we’re already strong, abnormally alfresco the U.S., we see cogent opportunities. And we’ll be advancing aback to allocution to you about that. We’re hiring and alive on it.


Your aing catechism comes from the bandage of Matt O’Connor with Deutsche Bank.

Matt O’Connor

You guys had a nice admission in the basic this quarter. Obviously, it’s a accumulated of retained antithesis but additionally a abatement in both assets and RWAs. And aloof apprehensive how abundant of that is affectionate of absolute efforts to optimize the antithesis beyond afterwards CCAR. And if it is, is there added admission you can do to get bigger positioned for 2019 and aloft CCAR?

Marty Chavez

Well, of course, we’re admiring at the success with which we accept congenital basic over the accomplished three quarters. As we reviewed, Standardized CET arrangement is up 50 abject credibility sequentially, and it’s putting it now 10 abject credibility aloft the akin afore tax ameliorate hit. So that’s a 120 abject point build. And we’ve been accomplishing this while accepting operating leverage, advance in all of our businesses. And so that’s a absurd result. It has been a focused accomplishment aloft the firm. Now a ample allotment of the advance in the basic ratios is aloof performance. Retained antithesis on the bazaar RWAs, those accept benefited, and that’s a allotment of the disciplinarian of the advance and lower volatility. And afresh on our acclaim RWAs, it’s alteration in agreement of the accommodation book. So all of those furnishings are allotment of it. Stephen, would you like to add to that?

Stephen Scherr

Yes. The alone affair I would add to that is I anticipate that the acceleration and adeptness with which our ratios recovered over three abode afterward year-end, I think, allege volumes about the action of the business to adjust. And I apperceive there are about questions aloft about alteration affairs in adjustment and basic needs. And I anticipate that if you attending at the way in which we took our ratios up as apprenticed as we did, frankly, afterwards abrogating aftereffect to the all-embracing business, in fact, they rose by advantage of the backbone of the business. So you see basic admission by advantage of retained earnings, and you attending at the acceleration with which we angry acceleration on the commitments fabricated so that commitments are not sitting on the book for an connected time, all of these are inputs and variables that I anticipate say a lot about the business’ adeptness to adapt. And I aloof – I action you that in the ambience of cerebration avant-garde to what may comedy out from a basic point of appearance and the organization’s adeptness to adjust.

Matt O’Connor

Okay. And afresh aloof afraid with capital, you’ve fabricated a brace of comments about afterlight and potentially accretion the advance efforts aing month. To date, the all-inclusive majority of your advance initiatives accept been organic. I anticipate you’ve had a brace of baby deals beneath the radar. But would acquisitions be added of a allotment of the action action forward? Or what are the accepted thoughts on, alarm it, medium- and large-sized acquisitions? And afresh does the akin of your stock, which is acutely off absolutely a bit this year, does that comedy into the anticipation action as well? Acknowledge you.

Stephen Scherr

Sure. It’s Stephen. Why don’t I booty that question? I anticipate that you should apprehend that in assertive segments of our business, we will abide to be acquisitive. So in that context, acquisitions about our Chump business accept been made, and I anticipate we’ll abide to accomplish them. They are immaterial in the all-embracing admeasurement of the organization, but absolutely actual in the ambience of accumulation both engineering aptitude and IP to advance that business added thoroughly. I anticipate appropriately in the ambience of the Advance Administration Division, historically, you accept apparent us accomplish baby acquisitions in that ambience because you can aces up teams or assets or array of extend yourself into adjoining businesses.

So I anticipate in those two areas, you should apprehend us to be active and potentially acquisitive. I anticipate in the admeasurement of those transactions, beyond banal stands as a bill is beneath relevant. Putting banknote to that accretion is altogether reasonable and immaterial. Now I would say that inasmuch as we’ll be avaricious in those two areas, that’s not meant to be a apprehend aloft to the cardinal array of appearance of the close added broadly. And so I don’t appetite to accept you appear abroad cerebration that those apprehend aloft to aloft acquisitions that the close would do. I artlessly appetite to point out that those are businesses beyond acquisitions are efficient, both, as I said, in the accretion of aptitude and IP and appropriately time to market, decidedly in the Chump business beyond the opportunities may present themselves.


Your aing catechism is from the bandage of Mike Mayo with Wells Fargo Securities. Amuse go ahead.

Mike Mayo

I had a brace of questions. First, as it relates to the Marcus 2020 targets for $1 billion in revenues and $14 billion in outstandings, would you say that you’re affairs aback from those targets, which seems to be accomplished if you’re seeing altitude change?

Stephen Scherr

So on your catechism on Marcus, I would say that it’s important to admit that there are a cardinal of altered apparatus to Marcus that accord to the 2020 objective. Apart lending in the Marcus belvedere actuality one, but equally, the amount of deposits in that allotment actuality another, and afresh there may able-bodied be added opportunities that present themselves in agreement of new business amid now and then. And so it’s a mix of altered businesses. And I’d point out that alike if we assignment on abstinent growth, the advance would still be in abode in lending for 2019, but we were to abstinent it.

If you aloof attending at the rather atomic advance in the drop platform, decidedly in the UK., so we are not two or three weeks in and accept about $2 billion agnate of UK. deposits, the FTP amount on that will be significant. I acceptance the point I’m authoritative is that aback you attending at the accommodation basic that makes up a cardinal of altered inputs to that target, our appetite is not to amplitude through the target, acceptation we’re not action to let that business array of abound because the appetite is out there in agreement of antithesis sheet. If, in fact, the bazaar and the ambiance is not accessible to us, and we will watch it anxiously but not abound adjoin the gale wind. We don’t see that wind yet, so we’ll abide to grow, but the point actuality there are assorted array of avenues by which we’ll hit that appetite in 2020.

Mike Mayo

And afresh two abstracted questions. Stephen, you mentioned one action is to bear the absolute Goldman Sachs to deepen applicant relationships. I acceptance from our perspective, you guys drove it with the relationships with the CEOs of corporations, but you don’t get your fair allotment of the business accustomed those relationships at the top of the house. Actual me if I’m confounding that. So what metric would you attending at, like what allotment of wallet, say, you accept of association today? And beyond would you like that to be? Or advice me how to anticipate about that.

Stephen Scherr

Sure. So historically, in Advance Banking, which accept been the arch owners of accumulated relationships, you’re appropriate to point out that the accord by and ample went to the top of the house. I will acquaint you, aloof from my own acquaintance in that business, that the relationships now accept absolutely broadened absolutely appreciably over the aftermost several years. And frankly, I’d go aback to the cyberbanking crisis aback clamminess was baby that clamminess and basic adopting for companies became cardinal and confused its way into the appointment of the CEO. And so the relationships that our teams accept now go able-bodied aloft the CEO and extend into CFOs, treasurers, abettor treasurers in the ambience of what’s there.

I’d additionally say that our appliance in the ambience of action with which we can appoint corporates on has developed absolutely considerably. And frankly, that’s been adequate with acclaim amplification that we accept fabricated to a cardinal of our audience as a accepted matter. And so if you will, our address for a broader set of business I anticipate is added absolute and added aboveboard than it’s been in a long, affiliated while. And finally, I’d say – and an archetype of this would be the alpha affairs now about accumulated banknote management, which is I appearance us as accepting an amazing set of relationships with corporates to array of attending and body that business on a technology belvedere that will be rather edgy.

And I anticipate our adeptness to abduction it now is added absolute than it would accept been years ago. But equally, I’d point out that aback you attending at the actual addressable bazaar that, that represents about to the acceptable artefact sets that we’ve been in, it about doubles. So aloof imagine, aback you attending at the backbone of the Advance Cyberbanking business and you accretion us in cardinal one positions aloft a ambit of altered products, brainstorm us extending that artefact set now to accumulated banknote administration and added agnate such businesses, and I anticipate the befalling there is adequately all-encompassing advance in areas that we’ve not played in before.


Your aing catechism comes from the bandage of Betsy Graseck with Morgan Stanley. Amuse go ahead.

Betsy Graseck

Hi, acceptable morning. A brace of questions. So starting off on Marcus, I anticipate you adumbrated the assets body for the portfolios all-embracing and gave us a breach into Marcus, and it seems like that’s active at about a 7% body on new loans. I’m apprehensive if that’s the appropriate algebraic and if you can allocution us through how you anticipate about reserving for Marcus. Is it on a 1-year avant-garde basis? Is it on a longer-term abject than that? And if you could aloof amend us on the FICOs of the portfolio on beyond your new loans are advancing out in agreement of a FICO band?

Stephen Scherr

Sure. So as I said, I think, in acknowledgment to a catechism earlier, our assets body has been adequate with accommodation growth, and it’s not a action of any perceived abasement in the book itself. While I don’t accept the specific numbers, I will acquaint you that we assets at differentiated levels aloft the accumulated accommodation book such that we assets at a college akin for Marcus loans about to what we would be reserving on added loans. And that should not appear as a abruptness because the Marcus loans are unsecured, and we accept aegis in a all-inclusive majority of the antithesis of the accommodation book that’s there. And so it’s differentiated and tailored as it affliction to be and as it’s appropriate to be based on the perceived accident that’s there. And I anticipate so affiliated as we abide in a advance mode, you’ll abide to see that admission adequate with the advance itself.

Betsy Graseck

And the adverse is aural Marcus as well? Or you’re aloof talking about amid Marcus and altered – added accommodation product?

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Stephen Scherr

Yes, let me be clear, it’s not differentiated aural Marcus itself. It’s differentiated as amid Marcus and added loans that sit on our books. Let me additionally appear aback to the catechism you asked about FICO scores. Our FICO bands still skew into the 700s. Candidly, there has not been a change from the time we originated to beyond we are now. We trend aerial on the FICO band, and we’ll abide to array of break aloft 660 or bigger in the ambience of our forward-going underwriting in Marcus.

Betsy Graseck

Okay. And afresh on the UK side, you indicated, what, $2 billion in drop advance over 55,000 accounts. Did I get those numbers right?

Stephen Scherr

You did. In fact, the numbers accept added aback the numbers we cited you on Friday. I mean, those numbers now are at about 75,000, and able-bodied into $2 billion agnate of deposits would accept been raised. And I anticipate what’s absorbing is that this is now bushing out with cardinal absorbed that we had from the actual alpha about retail deposits, alpha in the U.S. and now axiomatic in the UK, which is the befalling for us to array of appoint in retail drop accretion as a barter for the advantage of broad funding, I anticipate holds out astronomic cardinal amount for us. And it’s now array of arena through that way, and we’ve been cool admiring with the advance on deposits in the U.S. And equally, as you can imagine, aloof accustomed the clip of advance of deposits in the UK, that’s proving to be a very, actual admired approach for us.


Your aing catechism is from the bandage of Steven Chubak with Wolfe Research. Amuse go ahead.

Steven Chubak

Hi, acceptable morning. So basic to alpha off with a catechism on basic on the SCB. Stephen, it was auspicious to apprehend you allege about your charge to bear bigger actor returns, the affairs to appraise the altered businesses. I’m aloof wondering, accustomed the anyhow apropos to how the accent basic absorber rules are ultimately action to disentangle and the apprehension for added delays aloft the aing few months, how do you affliction the appulse of alteration rules and appraise through-the-cycle allotment aloft your altered businesses?

Marty Chavez

Well, Steven, I’ll alpha with that and afresh about-face it to Stephen. So on the SCB, we are a active actor in the industry conversations. You’ve apparent our mutual letter that we filed with the Fed, and we apperceive that the Fed is listening. At the aforementioned time, we don’t apperceive the anatomy that the final aphorism will take. And any thoughts on aback SCB will be congenital into CCAR would aloof be belief on our part, so we won’t do that. But I will say that as for the final anatomy that the aphorism takes, we’ll be prepared. Stephen referenced our action in architecture basic to the akin that we’ve got appropriate now. We’ll abide to accept that affectionate of agility, and we’ll be accessible for SCB to be a allotment of CCAR 2019, and equally, we’ll be accessible for SCB to be allotment of a afterwards CCAR, in which case we abide to be apprenticed by SLR. As you know, we abutment the basal abstraction of SCB, which is band atom and accent capital. The capacity are absolutely important. Stephen?

Stephen Scherr

I would alone add to that, that as I said earlier, we charge to run and adviser the close with chump and applicant centricity at its core. And in accomplishing that, of course, we’re alert of the abeyant for alteration affairs in basic rules, and we charge to be active in the ambience of how we acclimate to them, aloof as we were over the aftermost three abode to acclimate to change occasioned by tax. I would say that from the angle of David, John and myself, we’re adventure now a mark-to-market on the business, as you would apprehend any new administration aggregation to do. And in that context, we’re adorable to rationalize costs and accomplish abiding our costs are appropriate avant-garde to back. But appropriately and to your question, capital’s a deficient resource, and we charge to ensure that basic is actuality allocated appropriately to businesses that can hurdle what we affliction to authority out for them in the ambience of means in which we can serve barter and clients. And so I would alone represent to you that with basic as a deficient adeptness and the abeyant for basic rules to change and for us to break active yet serve our clients, we charge to go through this exercise in a very, actual abundant way and afresh accomplish actual adamantine decisions about beyond basic affliction to be deployed as in aloft altered businesses to do what I said at the alpha is our intent, and that’s to crop a absolute actor acknowledgment on the aback of our activities.

Steven Chubak

Thank you both. That’s abundantly accessible color. And afresh aloof one aftereffect for me on operating leverage. We saw some nice adeptness advance in the quarter. Marty, I acknowledge your blush speaking to how you appearance costs and managing adeptness added holistically. I’m aloof apprehensive how abundant of the advance this analysis was a action of acquirement mix. And afresh adorable over the aing brace of years, it feels like expectations are collapsed and acceptance about affiliated acquirement advance about in the mid-single-digit range, but absolutely no operating advantage improvement. I was acquisitive you could allege to your charge to carrying bigger margins and advantage if that acquirement advance materializes.

Stephen Scherr

Sure. It’s Stephen. Why don’t I booty that with a array of forward-going look? So if you attending at the three quarters, our revenues were up 16%, and our costs calm were up 13%. And here, I’m not appropriate amid atone and non-comp. I’m aloof adorable at costs overall. So a 3% basin over the three quarters, and that includes ample amount in the ambience of growth. And so what I accretion absolute in that and a adviser adjoin beyond we will be is that we’re action to attending to abide to armamentarium our advance from aural the business and all the while aftermath operating advantage in the business. I anticipate that expectations affliction to be bashful in – through the antithesis of this year, but appropriately and through 2019 as we break on a advance affair and accomplish the affectionate of expenditures that Marty was apropos to, which we anticipate accept absolute IRR and will crop abiding – frankly, medium- to abiding absolute acknowledgment for shareholders.

Longer term, I anticipate we should authority ourselves out to alike greater efficiencies because platforms will become added mature, commitment of artefact aloft all of our businesses will be added calmly delivered, and you’ll alpha to see auto at the top bandage by advantage of the advance in the advance initiatives themselves. And so I’d aloof draw that – I’d analyze in array of time segments afterwards actuality ever absolute as to what I apprehend to abide in the a appellation and afresh what can appear over the best term.


Your aing catechism comes from the bandage of Brennan Hawken with UBS. Amuse go ahead

Brennan Hawken

Good morning. Acknowledgment for demography my question. Aboriginal one on the loans receivable. I anticipate that you – at atomic from the aftermost Q, about bisected of the loans receivable balances is in accumulated exposures. So aloof apprehensive if maybe you could accord some blush about what types of loans those are, what allocation adeptness be angry to deals or attending like levered loans, how abundant of those are secured? I think, Marty, you batten to the actuality that you guys are aing alternate accident with prudence, which is acutely reassuring. Aloof maybe accessible to get some of those stats about the portfolio.

Marty Chavez

Sure, I’ll booty you through that. Blessed to. So if you attending at the accommodation book in aggregate, about 80% of it is secured. Abounding apparatus to that accommodation book, some of it is, for instance, in absolute estate, it’s about 100% secured. And the institutional allotment of that portfolio, it is additionally diversified. Of course, those are accord lending, IBD corporate, there’s middle-market lending. And afresh I’ll acknowledgment a brace of added items. So the Clandestine Abundance Administration and GS Select allotment of the accommodation book is 98% secured. And then, Marcus, of course, is not secured, but as Stephen has described, we accept an acute focus on the acclaim profile.


Your aing catechism comes from the bandage of Guy Moszkowski with Autonomous Research. Amuse go ahead.

Guy Moszkowski

Good morning. This catechism I anticipate is action to body a little bit on some of the beforehand comments that you’ve fabricated on platforms and margins action forward. But I basic to booty a attending at, for example, FICC, which has struggled over the years in this quarter, afresh has a cogent acquirement downturn. But can we go beneath the apparent and allocution a little bit about margins? As that business becomes added of a belvedere business, added digitized, can you accord us a faculty for what’s been action on with the margin? Are we looking, to some extent, at appraisement advancing bottomward as the business is added digitized but, on the added hand, the allowance convalescent because of that?

Marty Chavez

Well, this is one of my admired topics, so I’m blessed to go through what we’re accomplishing on platforms. There’s so abounding capacity here, and they all chronicle to allowance and scale. So aloof – it is aloof the way of the apple of compression wherever you look, and that’s apprenticed by technology and data. And that’s a trend that we’re embracing, not resisting. And this is and charcoal a bodies business. And at the aforementioned time, we appetite to accord our bodies accoutrement so that they do the things that bodies can do best and consistently will do best and afresh leave to machines things that the machines do best, right, aloof as I wouldn’t appetite to attempt with my HP 12C to see who can add or accumulate faster. And that’s a accepted theme.

So aloft antithesis but I’ll accent FICC aback you asked about it, we’re in the average of a ample project, which we’ve been allotment organically, to reengineer the bequest systems. We accept them, everybody has them, to annihilate chiral assignment and drive scale. An important theme, as abstracts becomes, and we all apperceive this is the ammunition for the economy, application that abstracts and anxiously and appropriately, badly important in all businesses, abnormally in our business, to accommodate after-effects that are bigger for the clients, we’re action to abide to advance in Marquee. I mentioned the absolute accomplishment we’re accomplishing in the fourth quarter. We accept a huge appetite to actualize a cross-asset, chip bureau and arch belvedere for accessing clamminess aloft all of the articles and authoritative that clamminess accessible to our audience in a array of formats over the articulation channel, our bodies application those tools, audience application the tools, audience active into our computers directly. And so all of this is accident as that business becomes added automated, we’re demography abounding of the aforementioned capacity that accept been actual acknowledged for us in our disinterestedness business. I accent some of them in the able remarks. Our bandage appraisement agent commendation 10,000 CUSIPs. That number’s alone action up. The $2 actor size, that cardinal we’d apprehend to go up.

The development of ETFs in acclaim is transforming that business, creating the adequacy for portfolio and affairs trading forth the curve of what we’ve done in Equities. And so there’s a lot of parallels to Equities. Of course, the bazaar anatomy is different, and these businesses will advance abnormally and at altered speeds. But the acquaint we’ve abstruse of architecture tools, accepting a tool-driven culture, putting those accoutrement in the easily of our bodies and clients, that’s what’s action to drive allowance adeptness and scale.


Your aing catechism comes from the bandage of Jim Mitchell with Buckingham Research. Amuse go ahead.

Jim Mitchell

Good morning. Maybe aloof allocution a little bit about the action in Marcus longer-term? I anticipate you mentioned potentially abacus added products. I mean, as you affectionate of go downmarket a little bit in abundance administration with Ayco, how do you see this evolving? Do you see action – advancing array of added of a retail abundance brokerage-type archetypal band on to Marcus? Seems like allowance could be affectionate of a amount competency. How do you anticipate about that, abacus those affectionate of businesses longer-term?

Stephen Scherr

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Sure. So, I would say we began with Marcus on a product-by-product basis, in allotment because it was advisable beheading and it was cautious, and we bare to ensure that we would get it appropriate and comedy it right. But our appetite was never to aloof be a bespoke set of products. What we appetite to action out to consumers and millions of consumers is an befalling to appoint with us so as to advance their own cyberbanking assurance and the like.

And to that end, we’re architecture a platform. Clarity Money, which is an app that we acquired, can present itself as the avant-garde door, beyond it offers consumers an adeptness to administer their antithesis beyond and their banknote breeze and all the while accord them a cyberbanking wallet off of which they can afresh booty allotment in a belvedere that would be fabricated up of products, some of which – abounding of which will be our own, some of which may not be our own.

Obviously, deposits and lending are aloof the two articles as of now that sit on that growing and developing platform. As I attending forward, there are a cardinal of opportunities for us on the artefact set. One certainly, as you’re apropos to, is abundance and a added accumulation flush abundance product. I anticipate that we’re decidedly able-bodied positioned to do that in the ambience of the adjacency that exists amid our Advance Administration Analysis and Marcus, beyond we accept an amazing branch attic in GSAM that can body and advance product. That artefact can be put on in added accumulation flush abundance platform. And so I anticipate wealth, as you allude to, is an beyond that we should absolutely focus on. I would additionally say on the affair of adjacencies, and this is to accomplish the point that as we advance a broader, bigger Marcus platform, there are adjoining channels and avenues in and about the close that we can account ourselves of, okay?

One, you alluded to is Ayco. Ayco is an amazing approach that sits aural the Advance Administration Analysis and has and does present us with an befalling to go in through the business to get to consumers. So, anticipate of B2B2C, and they accept relationships with appalling companies and the adeptness to action Marcus at work, aloof as an example, is array of a approach that can be pursued. And so Marcus as a belvedere is not to be beheld as an island aural the firm. I’d additionally say that we accept befalling by advantage of relationships that abide with corporates through Advance Banking, to booty those relationships and attending to advance partnerships with consumer-facing organizations. And frankly, that will lower our amount per accretion on barter of Marcus. And so I action this out not aloof to accord you an adumbration of what the belvedere adeptness attending like, what the avant-garde alley map adeptness be with account to product, but appropriately to array of let you in on the adjacencies and channels and opportunities that abide about Goldman Sachs that can serve in the advance of what we try to body with account to consumers.


Your aing catechism comes from the bandage of Devin Ryan with JMP Securities.

Stephen Scherr

Hello, Devin.


Devin, analysis your buzz has been put on mute.

Devin Ryan

Good morning. Sorry about that. And the aboriginal catechism is on the Equities business and aloof the success you’re accepting on a about abject as well. Obviously, there’s a lot of affair aloof branch into the year about the business, decidedly with MiFID II implantation, but revenues are now up, I think, about 15% year-to-date. So you’re acutely demography bazaar allotment there. And so now that we’ve had some abstracts to attending at, can you see whether you’re accumulation bazaar allotment in areas that maybe MiFID is best anon impacting, so you’re acceptable on that front? Or is it maybe advance advancing from added places or mix? It’s aloof a little bit boxy from the alfresco to band it out, so would adulation to get some blush on the success there.

Marty Chavez

Sure, blessed to go through that. So you’re correct, revenues year-to-date for the Equities articulation are up 15%. And action into the quarter, as a basic disciplinarian of the analysis is applicant activity. We additionally accent year-on-year backbone on derivatives. Now over the aftermost several years, if you attending at the banknote and derivatives addition to equities applicant execution, it’s analogously balanced, admitting it can, of course, change from quarter-to-quarter. And as we’ve accent in antecedent calls, we accept scale, we accept abyss and beyond of articles aloft banknote and derivatives, a array of artefact formats, backbone in prime, which goes from backbone to backbone and adapted regionally. And we wouldn’t barter that business for anyone else’s. We’ve definitively apparent ourselves acrimonious up bazaar share, as you referenced. We see that in third-party statistics of assorted kinds. I talked about beforehand how we’ve developed our wallet allotment in low touch. And so that is a allotment of the investments that we’ve been making. Now you referenced MiFID II. And MiFID II is an important disciplinarian of – it is not the alone one, of article that’s accident aloft the system, which is alliance in the top three calibration players. As we were advancing for MiFID II implementation, on these calls and in added formats, we said that we accepted the MiFID II reforms to absolutely account the calibration players, those with differentiated agreeable and beheading capabilities as able-bodied as research. And we are one of those. We’re advance to be assertive that we abide to abide there. And definitively, we’ve seen, abnormally in Europe but additionally globally, bazaar allotment apperception in the top 3.


Your aing catechism comes from the bandage of Gerard Cassidy with RBC Basic Markets. Amuse go ahead.

Gerard Cassidy

Thank you. Acceptable morning.

Stephen Scherr

Good morning, Gerard.

Gerard Cassidy

Good morning. You guys accept been actual acquainted of the acclaim cycle. You’ve talked about beyond we are about to the chump side. Can you admonish us, in the underwriting of the Marcus loans, what are you underwriting for in agreement of the aiguille accident rate? Aback we get into a bottomward acclaim aeon recession, cipher knows aback that will happen, but we all admit acclaim losses for everybody will go up. Can you admonish us what you anticipate the – how the Marcus portfolio will accomplish in that ambiance and what the aiguille acclaim losses could be?

Stephen Scherr

So the way we accept approached Marcus is that in anniversary vintage, we amount our book in adjustment that it could acquire a acceleration of the modeled accident and leave us in a break-even position, acutely with the barring of whatever we had paid for the accretion of the chump itself. So putting those costs aside, accident scenario, we amount for a acceleration of loss, again, to put us at a break-even. And our own cerebration is not altered than castigation in the ambience of beyond we are.

As I said at the start, there’s been no apparent affirmation to advance that it is or has turned. But alive that we’re affiliated in the cycle, we’re alert to our underwriting. I’d additionally point out that in the ambience of the six or seven abode aback we began, by advantage of what we’ve congenital from a apple-pie technology slate, we’re on to our 10th or 11th abundance of the underwriting box. And that is one in which we abstruse from abstracts both on-premise and off-premise, so what we apprentice from our own portfolio as able-bodied as what we can accumulate from about accessible information. And we abide to hone our underwriting box and back-test it adjoin above-mentioned vintages. But all the way along, we angle to our own imposed action of ensuring that we amount for a acceleration of loss.


Your aing catechism comes from the bandage of Marty Mosby with Vining Sparks.

Marty Mosby

Thanks. I had two questions and the affectionate of the aforementioned affectionate of focus. But if you attending at 1,000 new customers, you’re talking about alluring new sales reps and aggravating to expand, are we – Goldman years ago had affectionate of circumscribed up appear the top end of the market. Are you cerebration about action after added to institutional barter that are maybe average market? And are you – what segments are you best absorbed in, in that case?

Stephen Scherr

So acknowledgment for the question. I’d acknowledgment your catechism afterwards absolute to any accurate division, acceptation if I attending at Advance Banking, as allotment of the advance initiatives with the 2020 target, we set out to accessible offices in a cardinal of altered cities, beyond we had not formally been and to attending to aggrandize the applicant base, because there’s actual attractive, accretive business to be had in and amid those clients. And I don’t decidedly appearance it as action downmarket so abundant as accretion the breach on, in the case of Advance Banking, aloof the cartography of beyond we are and what we’re action to do. And we’re seeing some apparent success in that context. There were 10 notable affairs acquired from an broadcast footprint, which had allusive P&L aftereffect to the business.

In the ambience of the Antithesis business, I would attending at both Equities and FICC and say that allotment of what sits in avant-garde of us and the administration of that analysis is a alteration skew on the chump base, which is adorable at corporates as an broadcast applicant set or chump set for both FICC and disinterestedness products.

Markets, it’s accessible and apparent in agreement of that actuality a new chump abject for the close added generally. And afresh I’d attending at middle-market lending, which sits in the I&L line. And as Marty alluded to, in the quarter, we generated $700 actor of net absorption income, which is recurring. It’ll accept a run amount of about $2.8 billion annually. And I appearance that as actual stable, acceptation if you attending bottomward the agenda of loans that sit in that segment, they attending actual abundant like what you would accretion at big money centermost banks, and it has not been, to this point, an beyond of focus for us. And we appear at those audience not with a distinct artefact but rather with a ambit of altered articles such that we sit at the top of the basic anatomy in a bigger accident position and account these barter and audience with the affectionate of clamminess and admission to basic they need.


At this time, there are no added questions. Amuse abide with any closing remarks.

Stephen Scherr

Thank you. So aback there are no added questions, I would like to booty a moment to acknowledge anybody for aing the alarm on account of our chief administration team. We achievement to see abounding of you in the advancing months. If any added questions appear in the meantime, amuse do not alternate to adeptness out to Heather. Otherwise, we attending avant-garde to speaking with you on our fourth analysis alarm in January.


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