Goldman Sachs 2012 Annual Report Download - page 11

9Goldman Sachs 2012 Annual Report
of need and in excess of $105 million has been granted
to approximately 125 colleges and universities to support
financial aid. In 2012, more generally, approximately
$157 million was distributed through more than 4,500
individual grants.
In October 2012, the firm played a leading role in helping to
respond to the destruction caused by Hurricane Sandy in the
New York and New Jersey area. Goldman Sachs committed
a total of $10 million to relief and recovery efforts, including
$5 million in small business loans and $5 million in grants
from Goldman Sachs Gives. These grants also helped fund
long-term housing and small business reconstruction and
recovery. Equally important, nearly 1,200 volunteers across
the firm donated their time to help in the immediate and
ongoing recovery efforts.
Looking Ahead
Each year as we look to the next, we also are prompted
to consider our recent past. It has been a period of reflection
as an organization, an opportunity to focus on improving
wherever we could to make us a better firm, and a time
to think about our future — where we can most help our
clients and advance their interests to spur more economic
growth and opportunity.
In 2008 and 2009, our focus was on stabilizing and
fortifying the firm amidst the most turbulent days of the
global financial crisis. In 2010 and 2011, we engaged in
a rigorous and comprehensive review of our business
practices, committed to self-prescribed changes and
took aggressive steps to implement them. In 2012,
while navigating constantly shifting economic and market
sentiment, we remained true to our core businesses,
investing in our client franchise and our people.
Heading into 2013, we remain cautious given the
ever-present risks and challenges to the markets and
global economy. At the same time, we are encouraged
by early signs of broad-based improvement. When
one considers many of the issues that still weigh on market
sentiment — such as the Eurozone crisis, China’s growth
trajectory and fiscal cliff concerns in the U.S. — most are
not intractable and will be resolved.
We believe strongly that Goldman Sachs is well positioned
to realize the opportunities presented by the emerging
competitive landscape, hopefully more normalized economic
growth trajectories and the expanded opportunity set that
the confluence of these developments will provide.
We can achieve these goals by remaining focused on the
needs of our clients, committed to prudent risk management,
disciplined with our capital and expenses, focused on
superior execution and intent on building on our market-
leading positions. Our people and the culture they reflect
put us in a position to meet these imperatives, and, in doing
so, we have never been more confident in our ability to
achieve attractive returns and create long-term value for
our shareholders.
Lloyd C. Blankfein
Chairman and Chief Executive Officer
Gary D. Cohn
President and Chief Operating Officer
“We believe strongly
that Goldman Sachs
is well positioned to
realize the opportunities
presented by the
emerging competitive
landscape.”