INDEX / DIRECTORY / GOLDMAN SACHS / ECONOMIC

Goldman Sachs ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-22
Economic Score 8.80 /10 B Goldman Sachs - BDS-1000 756
Economic 8.80

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Supply Chain & Sourcing Relationships

No public evidence identified.

The reviewed corporate materials, SEC filings, and targeted research did not identify direct supplier relationships with Israeli agricultural exporters, a dedicated importer-of-record entity, seasonal produce procurement, or third-party/white-label sourcing by Goldman Sachs 1, 2.

No public evidence identified.

The reviewed materials did not identify a Goldman-controlled Israeli manufacturer, consumer brand, infrastructure operator, or technology company acquired and operated as a subsidiary; this does not exclude passive fund holdings, advisory mandates, or minority/private-fund investments 3, 4.

Product Origin, Labeling & Regulatory Compliance

No public evidence identified.

The reviewed sources did not identify Goldman Sachs consumer products, settlement-origin labeling practices, customs or DEFRA findings, or a corporate policy addressing labels for goods originating in occupied territory 1, 2.

Goldman Sachs is principally described in its public filings as a financial-services group rather than as a producer, importer, or retailer of consumer goods 5.

No public evidence identified.

The reviewed corporate location material did not identify an office, warehouse, client-service location, reseller, supplier, or other operating site in the West Bank, East Jerusalem, or Golan Heights 2, 6.

Investment, Capital & Financial Exposure

Israel’s Ministry of Finance included Goldman Sachs in its 2024 government-bond market rankings, documenting Goldman activity in the Israeli government-debt market during that year 7.

Goldman Sachs & Co. LLC signed an 11 February 2025 underwriting agreement for the State of Israel’s US$5.0 billion offering of US$2.5 billion in 5.375% bonds due 2030 and US$2.5 billion in 5.625% bonds due 2035 8.

The agreement lists Goldman Sachs & Co. LLC among five underwriters and assigns it US$500 million of the 2030 bonds and US$500 million of the 2035 bonds, or US$1.0 billion in aggregate principal amount 8.

The offering materials identify Goldman as a 20% joint bookrunner and state a settlement date of 19 February 2025 8.

State of Israel’s amended 2024 Form 18-K exhibit index separately identifies the 11 February 2025 underwriting agreement among the State, BofA Securities, Citigroup Global Markets, Deutsche Bank, and Goldman Sachs & Co 9.

White & Case stated that Goldman Sachs & Co. LLC acted as a joint book-running manager for Israel’s US$8 billion SEC-registered sovereign-bond offering completed on 12 March 2024 10.

Goldman Sachs hosted 2020 offering material for State of Israel US$5 billion 3.80% notes due 13 May 2060, whose Taipei-market materials identify Goldman Sachs (Asia) L.L.C., Taipei Branch among the underwriters or advisers 11.

The reviewed evidence does not establish the continuing status of the 2020 underwriting relationship, and the February 2025 agreement is separate later evidence 8, 11.

A Goldman Sachs Funds SEC portfolio filing reports that the Goldman Sachs Global Managed Beta Fund held 213 Elbit Systems Ltd. shares valued at US$51,745 as of 30 November 2024 12.

That disclosed fund-portfolio position does not establish that The Goldman Sachs Group, Inc. held Elbit securities on its own balance sheet or exercised control over Elbit 12.

No public evidence identified.

The bounded review did not establish direct lending or trade-finance facilities to settlement-listed companies or Israeli defence primes, insurance underwriting, Israel Bonds retail sales, or controlling-principal/family-office investments 1, 5, 8.

Operational Presence & Market Activity

Goldman Sachs’ locations page lists Goldman Sachs Israel LLC at the Da Vinci Building, 14A Leonardo Da Vinci Street, sixth floor, Tel Aviv 2.

Goldman’s Tel Aviv private-wealth page identifies the same office and states that it serves families, entrepreneurs, and institutions in Israel 6.

The reviewed corporate location material does not disclose Goldman Sachs Israel LLC’s workforce size, revenues, assets, profits, tax payments, incorporation details, ownership percentage, or regulatory registrations 2, 6.

Goldman’s SEC significant-subsidiaries schedule does not list Goldman Sachs Israel LLC, but that schedule expressly omits subsidiaries that are not individually significant under SEC Regulation S-X 4.

The omission from that document therefore does not establish that Goldman Sachs Israel LLC is not an affiliate of the group 4, 6.

No public evidence identified.

The reviewed corporate location material did not identify facilities beyond the Tel Aviv office or operations in the West Bank, East Jerusalem, or Golan Heights 2, 6.

Corporate Structure & Foundational Ties

The Goldman Sachs Group, Inc. is the SEC registrant, is incorporated in Delaware, and reports principal executive offices at 200 West Street, New York, New York 10282 5.

Goldman’s 2024 Form 10-K describes the firm as founded in 1869 13.

The group’s significant-subsidiaries schedule states that Group Inc. directly or indirectly owns at least 99% of the voting securities of substantially all entities listed in that schedule 4.

Listed principal subsidiaries include Goldman Sachs & Co. LLC and Goldman Sachs Bank USA in New York; Goldman Sachs International and Goldman Sachs International Bank in the United Kingdom; Goldman Sachs Bank Europe SE in Germany; Goldman Sachs Japan Co., Ltd. in Japan; and Goldman Sachs Asset Management, L.P. in Delaware 4.

Goldman’s 2026 proxy identifies David Solomon as Chairman and Chief Executive Officer 14.

Goldman’s current leadership page identifies John Waldron as President and Chief Operating Officer and David Viniar as Lead Director 15.

The proxy’s director-nominee list comprises Michele Burns, Mark Flaherty, Kimberley Harris, John Hess, Kevin Johnson, Ellen Kullman, KC McClure, Thomas Montag, Peter Oppenheimer, David Solomon, Jan Tighe, David Viniar, and John Waldron 14.

As of 2 March 2026, the proxy reported that no individual director, nominee, named executive officer, or other executive officer beneficially owned more than 1% of outstanding common stock, while the 20-person group held approximately 0.55%, including vested RSUs 14.

No public evidence identified.

The reviewed filings and corporate location materials do not establish that Goldman Sachs was founded in Israel, is Israeli tax-resident, is Israeli-controlled, has principal headquarters or management in Israel, or is Israeli state-owned 5, 13, 6.

No public evidence identified.

The reviewed sources do not identify an Israeli government board appointment, golden share, or critical-national-infrastructure designation for Goldman Sachs 5, 14.

Profit Repatriation & Economic Contribution

The reviewed sources establish a Tel Aviv office operated as Goldman Sachs Israel LLC but do not quantify the entity’s Israeli revenue, assets, profits, workforce, taxes paid, dividends, intercompany payments, or profit repatriation 2, 6.

Goldman’s SEC filings describe the parent as a Delaware corporation headquartered in New York, while the available Tel Aviv-office material identifies a local office serving Israeli families, entrepreneurs, and institutions 5, 6.

No public evidence identified.

The reviewed material does not provide a basis to determine the proportion of Goldman Sachs group revenue or profit attributable to Israel, the tax jurisdiction of Goldman Sachs Israel LLC, or whether and how local earnings are transferred within the group 2, 4, 6.

The 2025 State of Israel bond-underwriting agreement demonstrates participation by Goldman Sachs & Co. LLC in a sovereign offering, but the reviewed evidence does not disclose Goldman’s underwriting fees, net proceeds, or financial benefit from that transaction 8.

The Goldman Sachs corporate PAC was active during the 2025–31 August 2026 reporting cycle, reporting US$1,048,411.87 in receipts and US$855,605.23 in disbursements, including US$855,500 in contributions to other committees 16.

The FEC overview does not itself establish an Israel- or Palestine-related recipient or purpose for those PAC transactions 16.

Goldman’s first-quarter 2025 federal lobbying report declared US$1.1 million in lobbying expenses and listed financial-services regulation, U.S. economic competitiveness, tax, trade, and bank-holding-company policy among its subjects 17.

That filing’s listed specific issues did not mention Israel or Palestine, which is a conclusion limited to that filing 17.

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/886982/000088698225000005/gs-20241231.htm ↩ ↩2 ↩3

  2. https://www.goldmansachs.com/our-firm/locations ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm ↩

  4. https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-12312025exhibit211.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  5. https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  6. https://pwm.gs.com/emea/en-gb/about-us/locations/emea/tel-aviv ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  7. https://www.gov.il/BlobFolder/dynamiccollectorresultitem/annual-debt-report-2024/en/files-eng_Annual-Debt-Reports_annual-debt-report-2024-accessible-version-en.pdf ↩

  8. https://www.sec.gov/Archives/edgar/data/52749/000110465925015165/tm256980d1_ex99-l.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  9. https://israelbondsintl.com/pdf/18K_2024_as_amended.pdf ↩

  10. https://www.whitecase.com/news/press-release/white-case-advises-israel-us8-billion-sec-registered-bond-offering ↩

  11. https://www.goldmansachs.com/worldwide/greater-china/taiwan-offerings/notes-due-13-may-2060 ↩ ↩2

  12. https://www.sec.gov/Archives/edgar/data/822977/000175272425008462/NPORT_58X8_21562828_1124.htm ↩ ↩2

  13. https://www.sec.gov/Archives/edgar/data/886982/000088698225000005/gs-20241231.htm ↩ ↩2

  14. https://www.sec.gov/Archives/edgar/data/886982/000119312526117433/gs-20260319.htm ↩ ↩2 ↩3 ↩4

  15. https://www.goldmansachs.com/our-firm/our-people-and-leadership/leadership ↩

  16. https://www.fec.gov/data/committee/C00350744/?cycle=2026 ↩ ↩2

  17. https://lda.senate.gov/filings/public/filing/d0c5d55e-b3b5-43f3-a501-bd141812f359/print/ ↩ ↩2