Goldman Sachs 2013 Annual Report Download - page 10

8Goldman Sachs 2013 Annual Report
risks in Europe and the political impasse in Washington, D.C.
appear less likely than a year ago. Collectively, we have made
a lot of progress.
Of course, concerns about emerging economies, the effect
of the Federal Reserve’s “taper,” and a host of other issues
may challenge sentiment and complicate the recovery. As
we look at the longer term fundamentals, however, we
remain optimistic.
For Goldman Sachs, our businesses are well positioned
and our client franchise is strong. We have taken important
actions to manage efficiently our capital and cost structure.
As a result, we are confident that we have achieved
significant operating leverage for our shareholders, which
will become only clearer with an improving economic
environment. Our culture of teamwork and client focus
has never been more alive and vibrant and continues to
define who we are and the work we do. We remain intent
on learning from the experience of recent years but maintain
a firm eye on the future to do our part to contribute to
economic growth and opportunity. In the process, we
are confident that Goldman Sachs will produce significant
value for our shareholders.
Lloyd C. Blankfein
Chairman and Chief Executive Officer
Gary D. Cohn
President and Chief Operating Officer
Letter to Shareholders
10,000 Women
2013 represented an important milestone for our 10,000
Women initiative. In December, the 10,000th woman entered
the program and is expected to graduate in 2014. Since it
was announced in 2008, this program has provided 10,000
underserved women entrepreneurs with a business and
management education, access to mentors and networks,
and links to capital.
10,000 Women has drawn participants
from more than 40 countries around the world. Delivered
through a network of 90 academic and non-profit partners,
10,000 Women continues to yield promising results. More
than 80 percent of surveyed graduates have increased
revenues and more than 70 percent have added new jobs.
We are focused on the next chapter of 10,000 Women
and recently announced a new partnership with the
International Finance Corporation (IFC), a member of the
World Bank Group, to create the first-ever global finance
facility dedicated exclusively to women-owned small and
medium enterprises. Goldman Sachs Foundation, IFC and
other investors will contribute up to $600 million to the
facility, which will enable approximately 100,000 women
entrepreneurs to access capital.
10,000 Women remains
committed to expanding business and management
education to reach more high-potential women entrepreneurs
around the world. Through the capital this partnership will
raise, women entrepreneurs will have a much greater
chance of reaching their full potential.
Looking Ahead
In our shareholder letter to you for 2006, we wrote that
“we are always cognizant that conditions can change quickly
and in unforeseen ways…One of the worst things we could
do, as a firm and as individuals, is to begin to believe that the
laws of economics do not apply to us — that somehow
markets aren’t cyclical.”
Much of the last five years has been challenged by the cyclical
downturn. We believe that the upcoming year may very well
represent the progression into a stronger global economy.
But, this has not been a passive exercise. The banking sector,
especially in the U.S., is well capitalized; companies are
operating with strong balance sheets; new ways to tap
sources of energy are making U.S. manufacturing more
competitive; the housing market is recovering and individuals
have significantly reduced their debt. In addition, the tail