Goldman Sachs is a leading global investment bank and financial services firm. Goldman operates through two core businesses. Global Banking & Markets covers investment banking (M&A advisory, restructuring, debt and equity underwriting), market-making in fixed income, currencies, commodities, and equities, financing activities (prime brokerage, repo, and structured lending), and transaction banking. Asset & Wealth Management covers institutional and individual asset management across equities, fixed income, and alternatives, plus tailored advisory and lending services for ultra-high-net-worth individuals and family offices. Goldman manages $3.6T in assets under supervision, including roughly $420B in alternatives. Goldman earns money through advisory and underwriting fees, bid-offer spreads from market-making, net interest income from financing and lending, management fees on AUS, and performance fees from alternatives. Goldman is deliberately shifting GBM toward more recurring financing revenues, which now represent roughly 37% of FICC and equity revenues, up from under 20% in 2019. In AWM, Goldman is scaling its alternatives platform toward a target of $750B in fee-paying alternative AUS by 2030, while reducing capital-intensive principal investments. Goldman is also exiting its consumer businesses, having sold the GM credit card program and announced the transition of the Apple Card program to another issuer. Goldman argues its "One Goldman Sachs" model creates a flywheel where advisory relationships generate downstream financing, hedging, and wealth management activity.