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Home › Banks ›
Bank
Goldman SachsUnited States

Active

This profile is actively maintained
Last update: 2023-01-20 13:22:28
Goldman Sachs' head office in New York. Photo: Z4dude via Wikimedia Commons (CC BY SA 3.0)

Active

This profile is actively maintained
Last update: 2023-01-20 13:22:28
About
Website http://www.goldmansachs.com/
Headquarters
200 West Street
10282 New York
United States
CEO/chair David M. Solomon
Chairman and CEO
Supervisor
Federal Reserve
Ownership
listed on NYSE

Goldman Sachs' shareholder structure can be accessed here.

Goldman Sachs was founded in 1869 and is an American global financial services firm that is headquartered in New York. It provides an array of financing services, including investment banking, asset management for institutions and high net worth private clients, and investment research.

Sustainability
Commitments
Policies
Voluntary standards

Goldman Sachs's most important sustainability commitments can be found at the website sections listed below.

Links

Sustainability

Sector guidelines

2022-08-25 00:00:00

Anti-bribery program

Bank policy
2022-08-25 00:00:00 | Goldman Sachs
2022-05-04 00:00:00

Code of business conduct and ethics

Bank policy
2022-05-04 00:00:00 | Goldman Sachs
2022-04-22 00:00:00

Modern Slavery and Human Trafficking Statement

Bank policy
2022-04-22 00:00:00 | Goldman Sachs
2022-03-30 00:00:00

Corporate Social Responsibility Policy

Bank policy
2022-03-30 00:00:00 | Goldman Sachs
2022-01-25 00:00:00

Sector Guidelines: General Industries, Agriculture/Soft Commodities, Metals & Mining, Oil & Gas, Power Generation

Date listed represents date as accessed on website
Bank policy
2022-01-25 00:00:00 | Goldman Sachs
2022-01-20 00:00:00

Vendor code of conduct

Bank policy
2022-01-20 00:00:00 | Goldman Sachs
2021-06-23 00:00:00

Carbonomics: Introducing the GS net zero carbon models and sector frameworks

Bank policy
2021-06-23 00:00:00 | Goldman Sachs
2020-02-11 00:00:00

Environmental policy framework

Bank policy
2020-02-11 00:00:00 | Goldman Sachs
2020-01-31 00:00:00

Statement on Policy Engagement and Political Participation

Bank policy
2020-01-31 00:00:00 | Goldman Sachs
2018-05-07 00:00:00

Statement on ESG & Impact investing

Bank policy
2018-05-07 00:00:00 | Goldman Sachs Asset Management
2012-04-30 00:00:00

Anti-money laundering program

Bank policy
2012-04-30 00:00:00 | Goldman Sachs
2011-08-03 00:00:00

Human Rights Statement

Bank policy
2011-08-03 00:00:00 | Goldman Sachs
Goldman Sachs has committed itself to the following voluntary standards:
Banking Environment InitiativeTags:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Extractive Industries Transparency InitiativeTags: oil and gas | mining and processing | transparency
Green Bond PrinciplesTags: bond issuance | investment | sustainable development
ISO 14001Tags: transparency
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
Wolfsberg PrinciplesTags: finance | corruption
Dodgy Deals

Goldman Sachs is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Goldman Sachs's link to these deals.

Campaigns

Banks and Climate

The 2022 Banking on Climate Chaos report showed that Goldman Sachs provided US$ 118.98 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Goldman Sachs fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

 

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Goldman Sachs fossil fuel policy below.

 


Banks and Human Rights

BankTrack assessed Goldman Sachs in its 2022 Global Human Rights Benchmark, where it achieved 2.5 points out of 14 and was ranked as a laggard. In addition, Goldman Sachs scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

Global Human Rights Benchmark 2022

BankLast update
Country
Score
Ranking
Details
Goldman Sachs
USA
2.5
Laggard
0
United States
Score
Laggard
2.5
Explanation

Goldman Sachs's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Laggard, with a total score of 2.5 out of 14.

Policy: 1.5/3
Due dilligence: 1/5
Reporting: 0/3
Remedy: 0/3


Response Tracking:
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0/3. See the Response Tracking section of this profile for more details.

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.

Banks and Nature

Goldman Sach’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of  5.1 out of 10 and ranking it as a front runner. Goldman Sach achieved a score of 1.2 out of 10 specifically for its policies related to the beef sector and 6.1 out of 10 for its policies related to the palm oil sector.  In addition, BankTrack and the Environmental Paper Network have assessed Goldman Sachs’s policies related to the pulp and paper sector.

Between 2016 and 2022, Goldman provided USD 753 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 80 million as of 2022. For more information, see the links below.

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
Goldman Sachs
2022-09-21
USA
5.1
Front runner
0
United States
Profile
Score
Front runner
5.1
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of Goldman Sachs' relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on Goldman Sachs' profile.

Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
Goldman Sachs
2022-09-21
USA
1.2
Follower
0
United States
Profile
Score
Follower
1.2
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Goldman Sachs' profile.

Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
Goldman Sachs
2022-09-21
USA
6.1
Front runner
0
United States
Profile
Score
Front runner
6.1
20220921
Last update: 2022-09-21
Explanation

The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Goldman Sachs' profile.

Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Tracking the Net Zero Banking Alliance

Goldman Sachs is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

 


Banks and Putin's war in Ukraine

BankTrack is keeping track of the public response of Goldman Sachs to Russia's illegal invasion of Ukraine. Goldman Sachs has publicly condemned the war. Goldman Sachs is considered by Leave-Russia.org to be "suspending" its operations in Russia. We consider its exposure to Russia as limited, with over $650m of financial assets. Goldman Sachs supports the Russian fossil fuel industry through investments, loans and underwriting. For further details, see the table linked below.

News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?

Two banks made clear they will avoid financing Rovuma LNG, but plenty remain in the frame.
2023-03-20 | BankTrack, Justiça Ambiental (JA!)/Friends of the Earth Mozambique, Les Amis de la Terre France, ReCommon
BankTrack news BankTrack blog Partner news Partner blog

Qatar’s gas output increase could cause catastrophic global heating, report says

If Qatar exploits all its reserves it will add 50bn metric tons of CO2 to atmosphere, more than entire annual emissions of whole world
BankTrack quoted
2022-12-08 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Exposed: Western banks funding Qatar’s carbon bombs

US$ 20 trillion estimated damage linked to massive gas expansion by hosts of 2022 World Cup
2022-12-08 | Henrieke Butijn – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

BankTrack’s 2022 Global Human Rights Benchmark finds reporting at a standstill, remedy still lacking and no clear leaders
2022-11-17 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

These U.S. banks are financing climate chaos through fossil fuel expansion

An overview of RAN's new report, Wall Street’s Dirtiest Secret: How fossil fuel expansion depends on big bank finance
2022-11-10 | Rainforest Action Network
BankTrack news BankTrack blog Partner news Partner blog

JPMorgan Chase and 5 other U.S. megabanks behind one-third of global funding to expand coal, oil and gas

Potential emissions from already developed fields take the world well past 1.5°C of warming, Rainforest Action Network says
2022-11-09 | MarketWatch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Leaders or laggards? Report analyzes net-zero pledges of US banks

Commitments, actions from 6 biggest banks fall far short of what’s needed for global climate goals
2022-11-02 | New York | Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

US banks: Financing coal expension, ignoring climate emergency

2022-09-19 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Santos announces refinancing of syndicated debt facilities

Santos announced it had executed documentation to amend and extend its two syndicated bank loan facilities totalling US$1.25 billion.
2022-08-30 | Santos
Blog
BankTrack news BankTrack blog Partner news Partner blog

Jackdaw shows once again Shell is failing on climate. So why are its bankers failing to act?

2022-07-19 | The Hague, The Netherlands | Sumeyra Arslan – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks have arranged US$2.7 trillion in bonds for fossil fuel companies

2022-07-12 | Australia | The Sunrise Project
BankTrack news BankTrack blog Partner news Partner blog

As peak hurricane season looms, banks bolster cozy relationship with fossil fuel industry

2022-07-12 | Louisiana, USA | Louisiana Illuminator
BankTrack news BankTrack blog Partner news Partner blog

Global banks ignore Amazon's indigenous voices at their peril

2022-06-23 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog