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GS · CIK 886982

What The Goldman Sachs Group, Inc. told the SEC could break it.

Goldman Sachs flags three fairly distinct exposures. As a market intermediary, it is exposed to geopolitical disruption of financial markets: it cites the April 2025 U.S. tariffs on China and other partners and China's response — including rare-earth export controls — and warns that such trade actions, sanctions or large-scale Treasury sales could roil markets and hurt it and its clients. On the legal side, it and two subsidiaries are defendants in a putative antitrust class action, filed in 2021, alleging a conspiracy to manipulate the benchmark used to settle credit default swaps, with antitrust, Commodity Exchange Act and unjust-enrichment claims. It also notes a physical concentration risk: its largest employee base sits in two principal buildings near the Hudson River waterfront in the New York metro area, exposed to extreme weather or terrorist attacks.

3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.

In its own words

What could break it.

Litigation

  • Credit Default Swap antitrust class action (CEA + antitrust law)medium

    Goldman Sachs Group, GS&Co. and GSI are among defendants in a putative antitrust class action (filed June 2021) alleging a conspiracy to manipulate the benchmark price used to settle credit default swaps, asserting federal antitrust, Commodity Exchange Act, and unjust-enrichment claims.

    Group Inc., GS&Co. and GSI were among the defendants named in a putative antitrust class action relating to the settlement of credit default swaps, filed on June 30, 2021 in the U.S. District Court for the District of New Mexico.

    SEC filing →As of 2026

Regulatory & policy

  • U.S.-China tariffs (April 2025) and China rare-earth export controls disrupting marketsmedium

    In April 2025 the U.S. announced broad tariffs on imports from China and other partners, and China responded with trade-practice changes including rare-earth mineral export controls; such actions (plus possible sanctions, FX measures, or large-scale Treasury sales) could disrupt financial markets and adversely affect Goldman and its clients.

    in April 2025, the U.S. announced broad tariffs on imports from China and other U.S. trading partners, and China subsequently announced changes in trade practices, including with respect to the export of rare earth minerals.

Climate & physical

  • employee/HQ concentration in two Hudson River waterfront buildings (NY metro)low

    Goldman's headquarters is in the New York metro area, with its largest employee concentration in two principal buildings near the Hudson River waterfront — subject to potential catastrophic events including extreme weather and terrorist attacks.

    Our headquarters is located in the New York metropolitan area, and we have our largest employee concentration occupying two principal office buildings near the Hudson River waterfront. They are subject to potential catastrophic events, including, but not limited to, extreme weather or terrorist attacks or other hostile

    SEC filing →As of 2026

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