Goldman Sachs - Military Audit

Direct Defence Contracting & Procurement

No public evidence identified of a Goldman Sachs contract, tender award, framework agreement, or memorandum with the Israeli Ministry of Defense, Israel Defense Forces, Israel Prison Service, Border Police, or another Israeli security body.
A 6 January 2026 underwriting agreement named Goldman Sachs & Co. LLC as one of five underwriters for three State of Israel sovereign-bond series totalling $6 billion in aggregate principal amount ¹.
The accompanying prospectus states that net proceeds from the issuance are for the State of Israel’s general purposes and does not allocate proceeds to a defence end-user or identify military procurement ².
Goldman Sachs International appears in the Israeli Ministry of Finance’s 2024 primary-dealer ranking for nominal government bonds, which documents sovereign-debt market participation rather than a defence-procurement or security-service contract ³.

No public evidence identified of Goldman Sachs manufacturing, marketing, or supplying tactical, military-specification, defence-grade, or dual-use products to Israeli military or security end users.
Goldman Sachs’ 2025 Form 10-K describes a financial-services business spanning advisory, underwriting, financing, investment, intermediation, and transaction-banking activities, rather than manufacturing or defence contracting ⁴.
No public evidence identified of an export licence, end-user certificate, or defence-specific product record concerning Goldman Sachs supply to Israeli military or security end users.

No public evidence identified of Goldman Sachs-owned or supplied machinery being used in settlements, the separation barrier, military installations, demolitions, checkpoints, detention facilities, or related construction.
No public evidence identified of Goldman Sachs construction, engineering, maintenance, or infrastructure-service contracts connected to Israeli security installations or settlement infrastructure.
Goldman Sachs’ locations page identifies Goldman Sachs Israel LLC at the Da Vinci Building in Tel Aviv, but the cited source does not establish ownership, incorporation, permissions, activities, or an office or operation in occupied territory ⁵.

No public evidence identified of Goldman Sachs supplying components, manufacturing services, technology transfers, co-production, licensed manufacturing, or other supply-chain inputs to Elbit Systems, Israel Aerospace Industries, Rafael, IMI/Elbit Land, or another Israeli defence prime.
The January 2026 sovereign-bond transaction documents underwriting for the State of Israel generally, not a documented financing, component, or procurement relationship with a named Israeli defence prime ^{2, 1}.
Goldman Sachs Group Inc.’s significant-subsidiary exhibit lists financial-services entities including Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs Bank USA, J. Aron & Company LLC, and Goldman Sachs Asset Management, L.P. ⁶.

No public evidence identified of Goldman Sachs providing logistics, freight, port handling, facilities, fuel, catering, transport, telecommunications, or base-support services to Israeli military or security installations.
No public evidence identified of Goldman Sachs providing services for Israeli military cargo, bases, or other security installations.

No public evidence identified of Goldman Sachs acting as a manufacturer, integrator, maintainer, licensed producer, or critical-subsystem supplier for weapons, munitions, missile-defence systems, aircraft, armour, naval systems, or kinetic-targeting software supplied to Israeli forces.
BankTrack, PAX, and Profundo characterised Israeli sovereign-bond underwriting as facilitating state war financing and reported that Goldman Sachs had underwritten more than $7 billion in Israeli sovereign bonds between 7 October 2023 and January 2025, but this transaction-level total remains an unverified secondary-source lead in the supplied research ⁷.
The BankTrack/PAX/Profundo report’s use of the term “war bonds” is the authors’ characterisation and is not terminology used in the issuer’s SEC prospectus ^{2, 7}.

No public evidence identified of export-licence decisions, export-control or sanctions enforcement, arms-embargo investigations, or court proceedings concerning Goldman Sachs’ own defence-product supply to Israeli military or security end users.
The January 2026 underwriting agreement post-dates both 19 July 2024 and November 2024, while the available SEC materials provide no military end-use allocation for the issuance ^{2, 1}.
The available filings do not disclose Goldman Sachs’ individual allocation, underwriting fee, placement volume, or a defence-earmarked use of proceeds for the January 2026 sovereign-bond transaction ^{2, 1}.

The supplied document-scoped scan reported no Goldman Sachs mention in the specified OHCHR settlement-business database material or the UN Special Rapporteur’s A/HRC/59/23 report, which does not establish absence from all databases, activities, or sectors ^{8, 9}.
On 11 October 2023, Goldman Sachs CEO David Solomon announced a $2 million corporate commitment to organisations providing critical support and humanitarian relief in Israel, alongside employee-donation matching ¹⁰.
The announcement does not identify recipient organisations or establish a contribution to the IDF, Ministry of Defense, settlement bodies, or a defence contractor ¹⁰.
Goldman Sachs’ 2026 proxy identifies David Solomon as Chair and Chief Executive Officer and lists the company’s board nominees, providing the governance population described in the supplied research ¹¹.
Goldman Sachs’ 2025 proxy describes director Jan Tighe’s prior U.S. roles as Deputy Chief of Naval Operations for Information Warfare and Director of Naval Intelligence from 2016 to 2018, as well as her membership of the U.S. Defense Science Board advisory body ¹².
The cited proxy does not identify an Israeli defence, IDF, settlement, or Israel-linked military role for Jan Tighe ¹².