The Goldman Sachs Group, Inc. (NYSE:GS) Q3 2018 Earnings Conference Call - Final Transcript

Oct 16, 2018 • 09:30 am ET

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The Goldman Sachs Group, Inc. (NYSE:GS) Q3 2018 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 Third Quarter 2018 Earnings Conference Call. This call is being recorded today, October 16, 2018. Thank you.

Ms. Miner, you may begin your conference.

Executive
Heather Miner

Good morning. This is Heather Kennedy Miner, Head of Investor Relations at Goldman Sachs. Welcome to our third quarter earnings conference call. (Forward-Looking Cautionary Statements) And you should also read the information on the calculation of non-GAAP financial measures that's posted on the Investor Relations portion of our website www.gs.com. This audiocast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced, or rebroadcast without our consent.

Today on the call, I'm joined by our Chief Financial Officer, Marty Chavez; and our incoming CFO, Stephen Scherr. As Stephen is new to many of you, I'd like to take a moment to introduce him. A 25-year veteran at Goldman Sachs, Stephen has held numerous leadership positions beginning his career in Investment Banking and then on to Fixed Income, next heading our Financing Group, Investment Banking, and later serving as our Head of Firmwide Strategy. Most recently, he was CEO of GS Bank and ran our Consumer & Commercial Banking Division including Markets.

With that, I'll pass the call to Stephen.

Executive
Stephen Scherr

Thanks, Heather, and thanks to everyone on the call for joining us this morning, I'd like to make a few comments before I turn the call over to Marty to walk through our third quarter results. First, let me begin by saying it's truly my pleasure to be here today as I take on my new responsibilities as CFO. I'm excited about delivering on the core job itself and getting to know all of you in the weeks and months ahead. I must also say that I'm thrilled to be part of the firm's new leadership team. David, John, and I have worked together for nearly 20 years. We know each other well, see each other as partners in the business, and share common objectives and goals for the firm. We jointly recognize the strength and importance of our client franchise, our people, and our financial capital. And I'm sure this is of particular importance to you, we intend to take a long-term view to driving strong shareholder returns. This is a key focus area for David and for the rest of the management team.

With that said, let me briefly turn to two of our key priorities, which are among several areas we will cover in greater detail in the coming months. First, we believe that Goldman Sachs has amongst the strongest client franchises on the street with corporations, with governments and institutions, and with a growing number of individual clients and customers across the wealth spectrum. But we also know that we can do more to deliver the whole of Goldman Sachs to our clients in a more seamless way. This is a key objective. We've already