Goldman Sachs 2002 Annual Report Download - page 4

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2GO LDMAN SA CH S 2002 A N N UA L R EPO RT
It was a challenging year for Goldman Sachs.
The business environment was perhaps the most
difficult in recent history, marked by weak or
negative growth throughout much of the world,
international uncertainty, the third consecutive
year of broad equities market declines and the
continued aftermath of the technology/telecom-
munications bubble collapse.
As a firm, we cannot control the external
forces that shape the business climate. What we
can control is how we manage our business and
execute our strategy. On those terms, Goldman
Sachs’ 2002 results demonstrated the firm’s
resilience and ability to produce a solid perform-
ance for shareholders.
Net earnings for the year were $2.11 billion,
on total net revenues of $13.99 billion. Earnings
per diluted share were $4.03, down 5% from 2001.
Return on shareholders’ equity was 11% for the
year, and return on tangible shareholders’ equity
was 15%. Evident in this performance were both
the strength and diversity of the Goldman Sachs
franchise and our discipline concerning expense
reduction. This performance also reflected, as it
has throughout the 133 years since the firm’s
founding, in good times and bad, the quality of
the people of Goldman Sachs and their ability to
develop and execute business.
From right: HENRY M. PAULSON, JR. Chairman and Chief Executive Officer
JOHN A. THAIN President and Co-Chief Operating Officer
JOHN L. THORNTON President and Co-Chief Operating Officer
Fellow Shareholders: