GOLDMAN SACHS GROUP INC

During the third quarter of 2026, the operating environment was generally characterized by resilient economic activity (particularly in the U.S.), ongoing geopolitical concerns (including the conflict in the Middle East), a focus on investments related to artificial intelligence (AI) and uncertainty in the outlook for inflation. This environment contributed to periods of market volatility, increased oil prices and higher bond yields, while equity markets proved resilient. Concerns about inflationary pressures prompted actions by central banks globally with respect to policy interest rates during the third quarter of 2026, which included rate hikes by the Federal Reserve and the European Central Bank.

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 investment demands related to AI. 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.