The Goldman Sachs Group, Inc. (NYSE:GS) Q1 2023 Earnings Call Transcript

I noticed now equity markets seem to be behaving well, debt markets are behaving reasonably well. I can’t say that there won’t be some other event that creates stress. There certainly are other things on the horizon that you could see that could create volatility like the negotiation around the debt ceiling, just to point to an example, but I do think when you have that kind of volatility, it slows down or it has people push out things that they were thinking about bringing into the capital markets.So yes, [technical difficulty] quarter. It was certainly a pretty muted quarter for investment banking activity for us and for the market as a whole.Operator We’ll take a follow-up from Ebrahim Poonawala with Bank of America.Ebrahim Poonawala Thank you.

Just one quick question, Denis, maybe. Around the Apple savings deposit, how do you intend to use the funds that come in? I appreciate early days in terms of the level of inflows that you may get on that product, but is that money just going to sit in cash earning Fed funds? Just trying to figure out what the NII revenue impact could be tied to those deposits.David Solomon Sure. Thanks. Thanks, Ebrahim. So across the firm, we have multiple funding channels, multiple sources that we tap in our BAU activities. We have multiple deposit channels that we also actively work with each and every day. We view this as one incremental and diversifying source of deposits, enables us to deepen our relationship with Apple, tap into their ecosystem and the clients that we serve together who are cardholders and want to sort of take advantage of the ease of moving into a deposit account.

And we’ll take those deposits along with all the other deposits in our portfolio and deploy it into the client franchise.Operator That will conclude our question-and-answer session. I’d like to turn it back over to our speakers for any additional or closing remarks.Carey Halio Yes. Thank you all for calling. We appreciate the time and interest in the firm. And if you have any additional questions, certainly feel free to call me or the rest of the Investor Relations team. Otherwise, we look forward to speaking with you soon. Thank you.Operator Ladies and gentlemen, this concludes the Goldman Sachs first quarter 2023 earnings conference call. Thank you for participation. You may now disconnect.