Goldman Sachs 2015 Annual Report Download - page 128
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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
Year Ended December
in millions, except per share amounts 2015 2014 2013
Revenues
Investment banking $ 7,027 $ 6,464 $ 6,004
Investment management 5,868 5,748 5,194
Commissions and fees 3,320 3,316 3,255
Market making 9,523 8,365 9,368
Other principal transactions 5,018 6,588 6,993
Total non-interest revenues 30,756 30,481 30,814
Interest income 8,452 9,604 10,060
Interest expense 5,388 5,557 6,668
Net interest income 3,064 4,047 3,392
Net revenues, including net interest income 33,820 34,528 34,206
Operating expenses
Compensation and benefits 12,678 12,691 12,613
Brokerage, clearing, exchange and distribution fees 2,576 2,501 2,341
Market development 557 549 541
Communications and technology 806 779 776
Depreciation and amortization 991 1,337 1,322
Occupancy 772 827 839
Professional fees 963 902 930
Insurance reserves —— 176
Other expenses 5,699 2,585 2,931
Total non-compensation expenses 12,364 9,480 9,856
Total operating expenses 25,042 22,171 22,469
Pre-tax earnings 8,778 12,357 11,737
Provision for taxes 2,695 3,880 3,697
Net earnings 6,083 8,477 8,040
Preferred stock dividends 515 400 314
Net earnings applicable to common shareholders $ 5,568 $ 8,077 $ 7,726
Earnings per common share
Basic $ 12.35 $ 17.55 $ 16.34
Diluted 12.14 17.07 15.46
Average common shares outstanding
Basic 448.9 458.9 471.3
Diluted 458.6 473.2 499.6
The accompanying notes are an integral part of these consolidated financial statements.
116 Goldman Sachs 2015 Form 10-K