GOLDMAN SACHS GROUP INC

During the second quarter of 2026, the operating environment was generally characterized by resilient economic activity, particularly in the U.S., geopolitical concerns, a focus on investments related to artificial intelligence (AI) and uncertainty in the outlook for inflation and international trade policies (including tariffs). The conflict in the Middle East persisted over the course of the quarter, contributing to periods of market volatility. However, shifts in investor sentiment led to generally higher global equity markets following a decline in the prior quarter. Although the Federal Reserve held rates steady during the quarter, concerns about the economic outlook, including inflationary pressures, continued to weigh on the actions taken by central banks globally with respect to policy interest rates.

The economic outlook remains uncertain, reflecting concerns about the continuation or further escalation of the conflict in the Middle East, inflation, central bank policies and international trade policies (including tariffs). See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for further information about the operating environment for each of our business segments.