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Goldman Sachs Reports Earnings Per Common Share Of $15.46 For 2013

“Our work in advancing our client franchise and in ensuring continued cost discipline has allowed us to provide solid returns even in a somewhat challenging environment,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “We believe that we are well positioned to generate solid returns as the economy continues to heal and provide considerable upside for our shareholders as conditions materially improve.”

Net Revenues

Investment Banking

Full YearNet revenues in Investment Banking were $6.00 billion for 2013, 22% higher than 2012. Net revenues in Financial Advisory were $1.98 billion, essentially unchanged compared with 2012. Net revenues in Underwriting were $4.03 billion, 36% higher than 2012, due to strong net revenues in both equity and debt underwriting. Net revenues in equity underwriting were significantly higher compared with 2012, reflecting an increase in client activity, particularly in initial public offerings. Net revenues in debt underwriting were significantly higher compared with 2012, principally due to leveraged finance activity.

Fourth QuarterNet revenues in Investment Banking were $1.72 billion for the fourth quarter of 2013, 22% higher than the fourth quarter of 2012 and 47% higher than the third quarter of 2013. Net revenues in Financial Advisory were $585 million, 15% higher than the fourth quarter of 2012. Net revenues in Underwriting were $1.13 billion, 26% higher than the fourth quarter of 2012, due to strong net revenues in equity underwriting. Net revenues in equity underwriting were more than double the amount in the fourth quarter of 2012, reflecting an increase in client activity, particularly in initial public offerings. Net revenues in debt underwriting were lower compared with a strong fourth quarter of 2012, primarily reflecting lower net revenues from investment-grade activity.

The firm’s investment banking transaction backlog increased compared with the end of the third quarter of 2013 and increased significantly compared with the end of 2012.  (9)

Institutional Client Services

Full YearNet revenues in Institutional Client Services were $15.72 billion for 2013, 13% lower than 2012.

Net revenues in Fixed Income, Currency and Commodities Client Execution were $8.65 billion for 2013, 13% lower than 2012, reflecting significantly lower net revenues in interest rate products compared with a solid 2012, and significantly lower net revenues in mortgages compared with a strong 2012. In addition, net revenues in currencies were slightly lower, while net revenues in credit products and commodities were essentially unchanged compared with 2012. Fixed Income, Currency and Commodities Client Execution operated in a generally challenging environment during much of 2013, as macroeconomic concerns and uncertainty led to challenging market-making conditions and generally lower levels of activity.

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