Goldman Sachs 2013 Annual Report Download - page 103
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Management’s Discussion and Analysis
Credit Exposure by Industry
Cash OTC Derivatives Loans and Lending
Commitments 1
As of December As of December As of December
in millions 2013 2012 2013 2012 2013 2012
Asset Managers & Funds $ 91 $—$10,812 $10,552 $ 2,075 $ 1,673
Banks, Brokers & Other Financial Institutions 9,742 10,507 11,448 21,310 11,824 6,192
Consumer Products, Non-Durables & Retail ——3,448 1,516 16,477 13,304
Government & Central Banks 51,294 62,162 13,446 14,729 1,897 1,782
Healthcare & Education ——2,157 3,764 12,283 7,717
Insurance ——2,771 4,214 3,085 3,199
Natural Resources & Utilities ——4,781 4,383 17,970 16,360
Real Estate 6—388 381 8,550 3,796
Technology, Media, Telecommunications & Services ——2,124 2,016 16,740 17,674
Transportation ——673 1,207 6,729 6,557
Other ——1,554 3,332 7,695 4,650
Total $61,133 $72,669 $53,602 $67,404 $105,325 $82,904
Credit Exposure by Region
Cash OTC Derivatives Loans and Lending
Commitments 1
As of December As of December As of December
in millions 2013 2012 2013 2012 2013 2012
Americas $54,470 $65,193 $21,423 $32,968 $ 77,710 $59,792
Europe, Middle East and Africa 2,143 1,683 25,983 26,739 25,222 21,104
Asia 4,520 5,793 6,196 7,697 2,393 2,008
Total $61,133 $72,669 $53,602 $67,404 $105,325 $82,904
Credit Exposure by Credit Quality
Cash OTC Derivatives Loans and Lending
Commitments 1
in millions
Credit Rating Equivalent
As of December As of December As of December
2013 2012 2013 2012 2013 2012
AAA/Aaa $50,519 $59,825 $ 2,306 $ 3,730 $ 3,079 $ 2,179
AA/Aa2 2,748 6,356 13,113 16,445 7,001 7,220
A/A2 6,821 5,068 19,257 24,901 23,250 21,901
BBB/Baa2 527 326 9,289 13,919 30,496 26,313
BB/Ba2 or lower 518 1,094 8,074 6,811 41,114 25,291
Unrated ——1,563 1,598 385 —
Total $61,133 $72,669 $53,602 $67,404 $105,325 $82,904
1. Includes approximately $23 billion and $12 billion of loans as of December 2013 and December 2012, respectively, and approximately $82 billion and $71 billion of
lending commitments as of December 2013 and December 2012, respectively. Excludes certain loans and related lending commitments that are risk-managed as
part of market risk using VaR and sensitivity measures.
Goldman Sachs 2013 Annual Report 101