The Goldman Sachs Group, Inc. (NYSE:GS.PRN) Q4 2016 Earnings Conference Call - Final Transcript

Jan 18, 2017 • 09:30 am ET

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The Goldman Sachs Group, Inc. (NYSE:GS.PRN) Q4 2016 Earnings Conference Call - Final Transcript

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Operator
Operator

Good morning. My name is Dennis and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs' Fourth Quarter 2016 Earnings Conference Call. This call is being recorded today, January 18, 2017. Thank you.

Mr. Holmes, you may begin your conference.

Executive
Dane Holmes

Good morning. This is Dane Holmes, Head of Investor Relations at Goldman Sachs, and welcome to our fourth quarter earnings conference call.

Today's call may include forward-looking statements. These statements represent the Firm's belief regarding future events that, by their nature, are uncertain and outside of the Firm's control. The Firm's actual results and financial condition may differ possibly materially from what is indicated in these forward-looking statements. For a discussion of some of the risks and factors that could affect the Firm's future results, please see the description of Risk Factors in our current annual report on Form 10-K for the year ended December 2015. I would also direct you to read the forward-looking disclaimers in our quarterly earnings release, particularly as it relates to our Investment Banking transaction backlog, capital ratios, risk-weighted assets, global core liquid assets and supplementary leverage ratio and you should also read the information on the calculation of non-GAAP financial measures that is posted on the Investor Relations portion of our website at www.gs.com.

This audio cast is copyrighted material to The Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

I'll now pass the call over to our Chief Financial Officer, Harvey Schwartz, who is also joined by our Deputy CFO, Marty Chavez. Harvey?

Executive
Harvey Schwartz

Thanks, Dane, and thanks to everyone for dialing in. As many of you are aware, Marty will be assuming my position in April. As you would expect, we're already working side by side to ensure a smooth transition in the coming months. Over his career, Marty held positions of increasing responsibility in investment banking, institutional client services and then most recently as our Chief Information Officer. During that time, Marty established a track record of creating tremendous value for both our clients and our Firm. Having worked closely with him for over a decade, I have full confidence that Marty will continue that track record as our Chief Financial Officer.

With that, Marty would like to make a few comments.

Executive
Marty Chavez

Thanks, Harvey. Just a few brief words from me. I have really enjoyed the opportunity to meet many of you in my prior role as CIO. I look forward to building upon existing relationships and building new ones in the months and years ahead. I have always found our conversations to be extremely insightful and valuable to effectively managing our Firm. Goldman Sachs has a long tradition of vigilantly focusing on risk management, operational excellence and maintaining a conservative financial profile. In my new role, I have every intention of continuing that focus and tradition.

With that, I will turn it back to Harvey.

Executive
Harvey Schwartz

Thanks, Marty. Okay. Now, let's walk through the fourth quarter and full