Reflecting on 2020

Here's the text of an audio message I sent yesterday to our employees as we turn the page on 2020 towards a brighter 2021:

As 2020 comes to a close, I want to take a moment to express my profound gratitude to each and every one of you for your steadfast commitment to Goldman Sachs. I couldn’t be prouder of how hard you have all worked on behalf of our clients and our firm during what proved to be an incredibly challenging year for all of us.

The way I’d sum up 2020 is this: In January, we couldn’t wait for it to begin, and by March, we couldn’t wait for it to be over. I don’t need to tell any of you how difficult it has been to serve our clients during a pandemic— but you’ve done it and you've done it exceptionally well.

Working from home, quarantining, lockdown—all of this has been very isolating. But at the same time, I think of a line written on those social-distancing decals: “Stand together by standing apart.” We’re going through all this together. And in a sense, 2020 brought us closer than ever before. 

So as we look ahead to 2021, I am confident that we're well positioned because of all your hard work, and because, after all we’ve been through, our Goldman Sachs community is even stronger.

But as we've now turned the page on 2020, I still thought I'd share a few thoughts on what we’ve been through and what we’ve learned:

• First, when everything around you seems to be out of control, the best way to find your bearings is to rely on your inner compass. And for our firm, that means helping to advance sustainable economic growth and financial opportunity. Keeping our sights set on this shared purpose on behalf of our clients helped us make real progress this year.
• Second, our success is deeply rooted in our culture. Even in an era of Zoom fatigue, our people banded together, guided by the knowledge that collaboration drives better results.
• Third, our firm is only as resilient as our people. That means we have to protect our people’s physical AND mental well-being. With so many experiencing personal loss and disruption this year, we all saw a more vulnerable side of our colleagues. And we will continue to support all of you as you manage your personal and professional responsibilities.
• And fourth, we don’t know what we don’t know. At a time like this, it’s more important than ever to remember the lessons of history: Both the brash and the timid often share a similar fate; it’s the brave and the nimble who shape the future. No one knows what exactly 2021 will bring, but staying close to our clients – and each other – will get us through whatever lies ahead. 

And speaking of lessons learned, we’ve also got to keep everything we learned from our experience in Malaysia front and center: We are responsible for each other’s actions, we always remain open to improvement, and we must continue to put reputational risk at the heart of our decision-making.

And so, though I’m happy to be leaving 2020 in the rear-view mirror, I believe if we stay true to who we are, we will have a bright 2021 – and thanks to all of you.

I have to say, to serve as your CEO at any point in time would be an immense honor. But to be your CEO now, in 2020, when all of you have defied the odds, each and every day through this unbelievable year, well that's an incredible source of pride. So thank you all again for all you do on behalf of Goldman Sachs. I hope each of you has had an opportunity to recharge over these holidays and I want to wish you and your families a safe, healthy and happy 2021. Thank you.