Table of Contents THE GOLDMAN SACHS GROUP, INC. Basis of Presentation 120 Note 3. Trading Assets and Liabilities 131 Note 6. Unsecured Borrowings 171 Note 15. Regulation and Capital Adequacy 187 Note 21. Transactions with Affiliated Funds 195 Note 23. Our purpose is to advance sustainable economic growth and financial opportunity. We help companies raise capital to fund their businesses. We also provide transaction banking services to certain of our corporate clients. AND SUBSIDIARIES Global Markets consists of FICC and Equities. FICC generates revenues from intermediation and financing activities. We earn fees by providing clearing, settlement and custody services globally. We invest in corporate debt and provide financing for real estate and other assets. 8226; Private banking and lending. AND SUBSIDIARIES Consumer Banking. It appears that this trend toward low-commission trading will continue. We also face intense competition in attracting and retaining qualified employees. The FRB has proposed guidance for the governance and controls component. GS Bank USA also has a branch in London, which is regulated by the FCA and PRA. This requirement will be applicable beginning in June 2021. We are required to maintain a minimum LCR of 100%. In addition, we are required to perform company-run stress tests on an annual basis. Our first SCB requirement of 6.6% took effect on October 1, 2020. We resumed stock repurchases in the first quarter of 2021. Our next required submission is a targeted submission by July 1, 2021. The prompt corrective action regulations do not apply to BHCs. Volcker Rule and Other Restrictions on Activities. Compliance with these amendments became effective in January 2021. The CFTC is the U.S. federal agency charged with the administration of the CEA. Brian J. Lee, 54 Mr. Lee has been Chief Risk Officer since November 2019. Our officers may use similar social media channels to disclose public information. 8226; The financial services industry is highly competitive. These conditions can change suddenly and negatively. An example of such a situation is a "margin call" in connection with a brokerage account. Liquidity is essential to our businesses. We seek to finance many of our assets on a secured basis. Our strategy with respect to Brexit may not be effective. Similar developments have occurred with respect to other IBORs. For example, during 2019, we started to issue credit cards to consumers. Such investments may not be successful or have returns similar to our other businesses. Such risks are exacerbated in times of increased volatility. Claims of collusion or anti-competitive conduct have become more common. Antitrust laws generally provide for joint and several liability and treble damages. To facilitate the execution of our resolution plan, we formed Funding IHC. Our client base is not the same as that of our major competitors. Technology is fundamental to our business and our industry. Any reference to a future year refers to a year ending on December 31 of that year. See Note 3 to the consolidated financial statements for further information about ASU No. Estimating the fair value of level 3 financial instruments requires judgments to be made. Data obtained from various sources is compared to ensure consistency and validity. Valuations are corroborated by comparison to values realized upon sales. These activities are included in our Global Markets segment. The table below presents our provision for credi