As Global Treasurer, one of my primary areas of focus is to raise and manage the funding needed to support the firm’s business activities. This is no small task! Our balance sheet stands at nearly $1.8 trillion as of the second quarter of 2025. It has almost doubled since YE2019, when the firm was preparing for its first Investor Day in early 2020 and had set out an ambitious growth agenda. I had the privilege of speaking at that inaugural event, and it is amazing to see all the growth that we have achieved since that time.
To fund the growth, we utilize a diverse set of funding channels including deposits, which is a change from the firm’s longer-term history. While deposits are a familiar funding source for most banks, they have only become a meaningful part of Goldman Sachs’ funding strategy over the past 10 years. Notably, about 30% of our partner alumni left the firm before we became a bank holding company—so for many of you, this evolution may feel particularly recent. Goldman Sachs now has millions of deposit customers/clients across several business lines (Marcus and Private Bank in AWM as well as Transaction Banking) and geographies for a total of over $450bn in deposits. Deposits are a vital source of funding for the firm that provide resilience, flexibility, favorable relative pricing, diversification and large capacity for growth—meeting all of the characteristics we value.
In addition to funding, Corporate Treasury is responsible for managing the firm’s liquidity, structural interest rate risk, and balance sheet, which require an intentional focus on optimizing the deployment of financial resources to support business growth, while also ensuring we can meet our liquidity obligations in any market environment. This dual-mandate is part of what makes Corporate Treasury unique—our role is not only to protect the firm but also to actively enable its growth.
On a personal note, I had the incredible honor of being inducted into the Quarter Century Club this year, along with 369 colleagues who also joined the firm in 2000 shortly after the IPO. Over that time, I have had the privilege of serving in a range of roles and learning from so many of you. Prior to assuming the role of Treasurer last spring, I served as Global Head of Investor Relations and Chief Strategy Officer. Earlier in my career, I was Chief Executive Officer of Goldman Sachs Bank USA and spent nearly 15 years in Credit Risk, focusing on banks. That initial role continues to shape my perspective on treasury management today.
Many of you have also had the wonderful opportunity to attend a Quarter Century Club dinner, so you know what a special representation of our culture it is. As the occasion approached, I found myself deeply reflective of my career and the unexpected journey since walking in the door with little finance knowledge—benefiting so much from the guidance and support of so many past and present GS professionals in the decades since. As I shared from the stage during the firm’s most recent Investor Day in 2023, “We have great people, and we have a differentiated culture, each of these is important on their own...but together, they are extraordinary.”
I look forward to seeing many of you this fall at our Partner Alumni reception in New York.
Carey Halio
The firm's Office of Alumni Engagement is focused on supporting and engaging the alumni community. If you have any questions or need assistance, please email alumni@gs.com.