Goldman Sachs 2015 Annual Report Download - page 36

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Cautionary Statement Pursuant to the U.S.
Private Securities Litigation Reform Act of
1995
We have included or incorporated by reference in the 2015
Form 10-K, and from time to time our management may
make, statements that may constitute “forward-looking
statements” within the meaning of the safe harbor provisions
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical facts, but
instead represent only our beliefs regarding future events,
many of which, by their nature, are inherently uncertain and
outside our control. These statements include statements
other than historical information or statements of current
condition and may relate to our future plans and objectives
and results, among other things, and may also include
statements about the effect of changes to the capital,
leverage, liquidity, long-term debt and total loss-absorbing
capacity rules applicable to banks and bank holding
companies, the impact of the Dodd-Frank Act on our
businesses and operations, and various legal proceedings or
mortgage-related contingencies as set forth in Notes 27 and
18, respectively, to the consolidated financial statements in
Part II, Item 8 of the 2015 Form 10-K, as well as statements
about the results of our Dodd-Frank Act and firm stress tests,
statements about the objectives and effectiveness of our
business continuity plan, information security program, risk
management and liquidity policies, statements about trends
in or growth opportunities for our businesses, statements
about our future status, activities or reporting under U.S. or
non-U.S. banking and financial regulation, and statements
about our investment banking transaction backlog. By
identifying these statements for you in this manner, we are
alerting you to the possibility that our actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Important factors that could
cause our actual results and financial condition to differ from
those indicated in the forward-looking statements include,
among others, those described below and under “Risk
Factors” in Part I, Item 1A of the 2015 Form 10-K.
Statements about the agreement in principle to resolve the
RMBS Working Group investigation and its impact on the
firm’s results of operations, financial condition and cash
flows are based on the firm’s current expectations regarding
the ultimate terms of the definitive settlement
documentation. The agreement in principle is subject to the
negotiation of definitive documentation, and there can be no
assurance that the firm, the U.S. Department of Justice and
the other applicable governmental authorities will agree on
the definitive documentation. Accordingly, the effects of the
definitive settlement, as well as the firm’s ability to negotiate
definitive documentation for the settlement, may change
materially from what is currently expected.
Statements about our investment banking transaction
backlog are subject to the risk that the terms of these
transactions may be modified or that they may not be
completed at all; therefore, the net revenues, if any, that we
actually earn from these transactions may differ, possibly
materially, from those currently expected. Important
factors that could result in a modification of the terms of a
transaction or a transaction not being completed include, in
the case of underwriting transactions, a decline or
continued weakness in general economic conditions,
outbreak of hostilities, volatility in the securities markets
generally or an adverse development with respect to the
issuer of the securities and, in the case of financial advisory
transactions, a decline in the securities markets, an inability
to obtain adequate financing, an adverse development with
respect to a party to the transaction or a failure to obtain a
required regulatory approval. For information about other
important factors that could adversely affect our
investment banking transactions, see “Risk Factors” in
Part I, Item 1A of the 2015 Form 10-K.
We have provided in this filing information regarding the
firm’s capital ratios, including the CET1 ratios under the
Advanced and Standardized approaches on a fully phased-
in basis, as well as the LCR and the supplementary leverage
ratios for the firm and GS Bank USA. The statements with
respect to these ratios are forward-looking statements,
based on our current interpretation, expectations and
understandings of the relevant regulatory rules and
guidance, and reflect significant assumptions concerning
the treatment of various assets and liabilities and the
manner in which the ratios are calculated. As a result, the
methods used to calculate these ratios may differ, possibly
materially, from those used in calculating the firm’s capital,
liquidity and leverage ratios for any future disclosures. The
ultimate methods of calculating the ratios will depend on,
among other things, implementation guidance or further
rulemaking from the U.S. federal bank regulatory agencies
and the development of market practices and standards.
24 Goldman Sachs 2015 Form 10-K