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The Goldman Sachs Group, Inc. (GS) today reported net revenues of
$9.95 billion and net earnings of $2.11 billion for the first quarter
ended March 31, 2012. Diluted earnings per common share were $3.92
compared with $1.56 (1) for the first quarter of 2011
and $1.84 for the fourth quarter of 2011. Annualized return on average
common shareholders’ equity (ROE) (2) was 12.2% for the
first quarter of 2012.
Highlights
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Goldman Sachs continued its leadership in investment banking, ranking
first in worldwide announced mergers and acquisitions for the
year-to-date. (3)
--
Fixed Income, Currency and Commodities Client Execution generated net
revenues of $3.46 billion, reflecting improved activity levels across
most major businesses.
--
Book value per common share and tangible book value per common share (4)
both increased approximately 3% during the quarter to $134.48 and
$123.94, respectively.
--
The firm continues to manage its liquidity and capital conservatively.
The firm’s global core excess liquidity (5) was
$171 billion as of March 31, 2012. In addition, the firm’s Tier 1
capital ratio under Basel 1 (6) was 14.7% and the
firm’s Tier 1 common ratio under Basel 1 (7) was
12.9% as of March 31, 2012, up from 13.8% and 12.1%, respectively, as
of the end of 2011.
______________
"We are pleased with the firm’s solid performance for the quarter," said
Lloyd C. Blankfein, Chairman and Chief Executive Officer. "Stronger
global markets, together with the firm’s deep and broad client
franchise, drove improved results across most of our businesses. Because
client activity remains relatively low in certain areas, especially in
parts of Investment Banking, we believe that our mix of businesses gives
the firm significant room for revenue growth as economic and market
conditions continue to improve."
Net Revenues
Investment Banking
Net revenues in Investment Banking were $1.15 billion, 9% lower than the
first quarter of 2011 and 35% higher than the fourth quarter of 2011.
Net revenues in Financial Advisory were $489 million, 37% higher than
the first quarter of 2011. Net revenues in the firm’s Underwriting
business were $665 million, 27% lower than the first quarter of 2011.
Net revenues in equity underwriting were significantly lower than the
first quarter of 2011, primarily reflecting a decline in industry-wide
activity. Net revenues in debt underwriting were lower compared with a
strong first quarter of 2011, primarily reflecting a decline in
leveraged finance activity. The firm’s investment banking transaction
backlog was essentially unchanged compared with the end of 2011. (8)
Institutional Client Services
Net revenues in Institutional Client Services were $5.71 billion, 14%
lower than the first quarter of 2011 and 87% higher than the fourth
quarter of 2011.
Net revenues in Fixed Income, Currency and Commodities Client Execution
were $3.46 billion, 20% lower than a solid first quarter of 2011, as
higher net revenues in interest rate products were more than offset by
lower net revenues in the other major businesses. During the first
quarter of 2012, Fixed Income, Currency and Commodities Client Execution
operated in an environment generally characterized by tighter credit
spreads and improved activity levels compared with the fourth quarter of
2011.
Net revenues in Equities were $2.25 billion, 3% lower than the first
quarter of 2011, as higher net revenues in equities client execution,
reflecting an increase in derivatives, were more than offset by lower
commissions and fees, consistent with lower market volumes. Securities
services net revenues were essentially unchanged compared with the first
quarter of 2011. During the first quarter of 2012, Equities operated in
an environment generally characterized by an increase in global equity
prices and lower volatility levels compared with the fourth quarter of
2011.
The net loss attributable to the impact of changes in the firm’s own
credit spreads on borrowings for which the fair value option was elected
was approximately $225 million for the first quarter of 2012.
Investing & Lending
Net revenues in Investing & Lending were $1.91 billion for the first
quarter of 2012. An increase in global equity prices and tighter credit
spreads contributed to positive results in Investing & Lending. Results
for the first quarter of 2012 included a gain of $169 million from the
firm’s investment in the ordinary shares of Industrial and Commercial
Bank of China Limited (ICBC), net gains of $891 million from other
investments in equities (with public and private equities each
contributing approximately one-half of the net gains), net gains and net
interest of $585 million from debt securities and loans, and other net
revenues of $266 million, principally related to the firm’s consolidated
entities held for investment purposes.
Investment Management
Net revenues in Investment Management were $1.18 billion, 8% lower than
the first quarter of 2011 and 7% lower than the fourth quarter of 2011.
The decrease in net revenues compared with the first quarter of 2011 was
primarily due to lower management and other fees and lower transaction
revenues. During the quarter, assets under management decreased
$4 billion to $824 billion, reflecting net outflows of $26 billion,
including net outflows in money market assets and, to a lesser extent,
equity and alternative investment assets. This decrease was partially
offset by net market appreciation of $22 billion, primarily in equity
and fixed income assets.
Expenses
Operating expenses were $6.77 billion, 14% lower than the first quarter
of 2011 and 41% higher than the fourth quarter of 2011.
Compensation and Benefits
The accrual for compensation and benefits expenses (including salaries,
estimated year-end discretionary compensation, amortization of equity
awards and other items such as benefits) was $4.38 billion for the first
quarter of 2012, a 16% decline compared with the first quarter of 2011.
The ratio of compensation and benefits to net revenues for the first
quarter of 2012 was 44.0%. Total staff (9) decreased 3%
compared with the end of 2011.
Non-Compensation Expenses
Non-compensation expenses were $2.39 billion, 9% lower than the first
quarter of 2011 and 8% lower than the fourth quarter of 2011. The
decrease compared with the first quarter of 2011 reflected lower
impairment charges, lower market development expenses, principally
reflecting the impact of expense reduction initiatives, lower occupancy
expenses and lower brokerage, clearing, exchange and distribution fees.
These decreases were partially offset by increased reserves related to
the firm’s insurance business. The first quarter of 2012 included
impairment charges related to consolidated investments of $116 million
and net provisions for litigation and regulatory proceedings of
$59 million.
Provision for Taxes
The effective income tax rate for the first quarter of 2012 was 33.7%,
up from 28.0% for 2011. The increase in the effective income tax rate
was primarily due to the earnings mix and a decrease in the impact of
permanent benefits.
Capital
As of March 31, 2012, total capital was $243.25 billion, consisting of
$71.66 billion in total shareholders’ equity (common shareholders’
equity of $68.56 billion and preferred stock of $3.10 billion) and
$171.59 billion in unsecured long-term borrowings. Book value per common
share was $134.48 and tangible book value per common share (4)
was $123.94, both approximately 3% higher compared with the end of 2011.
Book value and tangible book value per common share are based on common
shares outstanding, including restricted stock units granted to
employees with no future service requirements, of 509.8 million at
period end.
During the quarter, the firm repurchased 3.3 million shares of its
common stock at an average cost per share of $111.28, for a total cost
of $362 million. The remaining share authorization under the firm’s
existing repurchase program is 60.3 million shares. (10)
Under the regulatory capital guidelines currently applicable to bank
holding companies (Basel 1), the firm’s Tier 1 capital ratio (6)
was 14.7% and the firm’s Tier 1 common ratio (7) was
12.9% as of March 31, 2012, up from 13.8% and 12.1%, respectively, as of
the end of 2011.
Other Balance Sheet and Liquidity Metrics
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Total assets (11) were $951 billion as of
March 31, 2012, compared with $923 billion as of December 31, 2011.
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Level 3 assets (11) were $48 billion as of
March 31, 2012, essentially unchanged compared with December 31, 2011
and represented 5.0% of total assets.
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The firm’s global core excess liquidity (5) was
$171 billion as of March 31, 2012 and averaged $167 billion for the
first quarter of 2012, unchanged compared with the average for the
fourth quarter of 2011.
Dividends
The Board of Directors of The Goldman Sachs Group, Inc. increased the
firm’s quarterly dividend to $0.46 per common share from $0.35 per
common share. The dividend will be paid on June 28, 2012 to common
shareholders of record on May 31, 2012. The firm declared dividends of
$234.38, $387.50, $250.00 and $250.00 per share of Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock and Series D
Preferred Stock, respectively (represented by depositary shares, each
representing a 1/1,000th interest in a share of preferred stock), to be
paid on May 10, 2012 to preferred shareholders of record on
April 25, 2012.
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The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that
includes corporations, financial institutions, governments and
high-net-worth individuals. Founded in 1869, the firm is headquartered
in New York and maintains offices in all major financial centers around
the world.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not
historical facts, but instead represent only the firm’s beliefs
regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the
firm’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition
indicated in these forward-looking statements. For a discussion of some
of the risks and important factors that could affect the firm’s future
results and financial condition, see "Risk Factors" in Part I, Item 1A
of the firm’s Annual Report on Form 10-K for the year ended
December 31, 2011.
Certain of the information regarding the firm’s capital ratios,
risk-weighted assets, total assets, level 3 assets and global core
excess liquidity consist of preliminary estimates. These estimates are
forward-looking statements and are subject to change, possibly
materially, as the firm completes its financial statements.
Statements about the firm’s investment banking transaction backlog also
may constitute forward-looking statements. Such statements are subject
to the risk that the terms of these transactions may be modified or that
they may not be completed at all; therefore, the net revenues, if any,
that the firm actually earns from these transactions may differ,
possibly materially, from those currently expected. Important factors
that could result in a modification of the terms of a transaction or a
transaction not being completed include, in the case of underwriting
transactions, a decline or continued weakness in general economic
conditions, outbreak of hostilities, volatility in the securities
markets generally or an adverse development with respect to the issuer
of the securities and, in the case of financial advisory transactions, a
decline in the securities markets, an inability to obtain adequate
financing, an adverse development with respect to a party to the
transaction or a failure to obtain a required regulatory approval. For a
discussion of other important factors that could adversely affect the
firm’s investment banking transactions, see "Risk Factors" in Part I,
Item 1A of the firm’s Annual Report on Form 10-K for the year ended
December 31, 2011.
Conference Call
A conference call to discuss the firm’s results, outlook and related
matters will be held at 9:30 am (ET). The call will be open to the
public. Members of the public who would like to listen to the conference
call should dial 1-888-281-7154 (U.S. domestic) or 1-706-679-5627
(international). The number should be dialed at least 10 minutes prior
to the start of the conference call. The conference call will also be
accessible as an audio webcast through the Investor Relations section of
the firm’s web site, www.gs.com/shareholders.
There is no charge to access the call. For those unable to listen to the
live broadcast, a replay will be available on the firm’s web site or by
dialing 1-855-859-2056 (U.S. domestic) or 1-404-537-3406 (international)
passcode number 57180378, beginning approximately two hours after the
event. Please direct any questions regarding obtaining access to the
conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES SEGMENT
NET REVENUES (UNAUDITED) $ in millions
Three Months Ended % Change From
------------------------------------------- ---------------------------
March 31, December 31, March 31, December 31, March 31,
2012 2011 2011 2011 2011
----------- ---------------- ------------ ------------- ----------
Investment Banking
Financial Advisory $ 489 $ 470 $ 357 4 % 37 %
Equity underwriting 255 191 426 34 (40 )
Debt underwriting 410 196 486 109 (16 )
----- ----- ------ ------ ---- ----
Total Underwriting 665 387 912 72 (27 )
Total Investment Banking 1,154 857 1,269 35 (9 )
----- ----- ------ ------ ---- ----
Institutional Client Services
Fixed Income, Currency and Commodities Client Execution 3,458 1,363 4,325 154 (20 )
Equities client execution 1,050 526 979 100 7
Commissions and fees 834 782 971 7 (14 )
Securities services 367 385 372 (5 ) (1 )
----- ----- ------ ------ ----- ---- ----
Total Equities 2,251 1,693 2,322 33 (3 )
Total Institutional Client Services 5,709 3,056 6,647 87 (14 )
----- ----- ------ ------ ---- ----
Investing & Lending
ICBC 169 388 316 (56 ) (47 )
Equity securities (excluding ICBC) 891 384 1,054 132 (15 )
Debt securities and loans 585 (221 ) 1,024 N.M. (43 )
Other(12) 266 321 311 (17 ) (14 )
Total Investing & Lending 1,911 872 2,705 119 (29 )
----- ----- ------ ------ ---- ----
Investment Management
Management and other fees 1,003 1,016 1,048 (1 ) (4 )
Incentive fees 58 141 74 (59 ) (22 )
Transaction revenues 114 107 151 7 (25 )
Total Investment Management 1,175 1,264 1,273 (7 ) (8 )
----- ----- ------ ------ ----- ---- ----
Total net revenues $ 9,949 $ 6,049 $ 11,894 64 (16 )
=== ===== ==== ===== === ====== ====== ==== ====
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF EARNINGS (UNAUDITED) In
millions, except per share amounts and total staff
Three Months Ended % Change From
----------------------------------------- ---------------------------
March 31, December 31, March 31, December 31, March 31,
2012 2011 2011 2011 2011
------------ ------------- ------------ ------------- ----------
Revenues
Investment banking $ 1,160 $ 863 $ 1,269 34 % (9 ) %
Investment management 1,105 1,196 1,174 (8 ) (6 )
Commissions and fees 860 804 1,019 7 (16 )
Market making 3,905 1,289 4,462 N.M. (12 )
Other principal transactions 1,938 832 2,612 133 (26 )
------ ------ ------ ------ ---- ----
Total non-interest revenues 8,968 4,984 10,536 80 (15 )
Interest income 2,833 3,032 3,107 (7 ) (9 )
Interest expense 1,852 1,967 1,749 (6 ) 6
------ ------ ------ ------ ----- ----
Net interest income 981 1,065 1,358 (8 ) (28 )
------ ------ ------ ------ ----- ---- ----
Net revenues, including net interest income 9,949 6,049 11,894 64 (16 )
------ ------ ------ ------ ---- ----
Operating expenses
Compensation and benefits 4,378 2,208 5,233 98 (16 )
Brokerage, clearing, exchange and distribution fees 567 560 620 1 (9 )
Market development 117 138 179 (15 ) (35 )
Communications and technology 196 211 198 (7 ) (1 )
Depreciation and amortization 433 514 590 (16 ) (27 )
Occupancy 212 249 267 (15 ) (21 )
Professional fees 234 243 233 (4 ) -
Insurance reserves 157 127 88 24 78
Other expenses 474 552 446 (14 ) 6
------ ------ ------ ------ ----- ----
Total non-compensation expenses 2,390 2,594 2,621 (8 ) (9 )
Total operating expenses 6,768 4,802 7,854 41 (14 )
------ ------ ------ ------ ---- ----
Pre-tax earnings 3,181 1,247 4,040 155 (21 )
Provision for taxes 1,072 234 1,305 N.M. (18 )
------ ------ ------ ------ ---- ----
Net earnings 2,109 1,013 2,735 108 (23 )
Preferred stock dividends 35 35 1,827 - (98 )
------ ------ ------ ------ ---- ----
Net earnings applicable to common shareholders $ 2,074 $ 978 $ 908 112 128
=== ====== ==== ====== === ====== ====== ====
Earnings per common share
Basic(13) $ 4.05 $ 1.91 $ 1.66 112 % 144 %
Diluted 3.92 1.84 1.56 113 151
Average common shares outstanding
Basic 510.8 508.0 540.6 1 (6 )
Diluted 529.2 531.8 583.0 - (9 )
Selected Data
Total staff at period end(9) 32,400 33,300 35,400 (3 ) (8 )
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES SELECTED
FINANCIAL DATA (UNAUDITED)
Average Daily VaR(14)
$ in millions
Three Months Ended
-------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
------------ --------------- ------------
Risk Categories
Interest rates $ 90 $ 123 $ 87
Equity prices 29 23 49
Currency rates 15 21 24
Commodity prices 26 26 37
Diversification effect(15) (65 ) (58 ) (84 )
--- --- ---- ---- --- ---
Total $ 95 $ 135 $ 113
=== === ==== ==== === ===
Assets Under Management(16)
$ in billions
As of % Change From
------------------------------------------- ---------------------------
March 31, December 31, March 31, December 31, March 31,
2012 2011 2011 2011 2011
------------ --------------- ------------ ------------- ----------
Asset Class
Alternative investments $ 139 $ 142 $ 151 (2 ) % (8 ) %
Equity 136 126 150 8 (9 )
Fixed income 347 340 338 2 3
--- ---- --- ------ ----
Total non-money market assets 622 608 639 2 (3 )
Money markets 202 220 201 (8 ) -
--- ---- --- ------ ----- ----
Total assets under management $ 824 $ 828 $ 840 - (2 )
=== === ==== ==== === === ====== ==== ====
Three Months Ended
-------------------------------------------
March 31, December 31, March 31,
2012 2011 2011
------------ --------------- ------------
Balance, beginning of period $ 828 $ 821 $ 840
Net inflows / (outflows)
Alternative investments (4 ) (2 ) -
Equity (5 ) (7 ) -
Fixed income 1 (12 ) (5 )
--- ---- ---- --- ---
Total non-money market net inflows / (outflows) (8 ) (21 ) (5 )
Money markets (18 ) 13 (7 )
--- --- ---- --- ---
Total net inflows / (outflows) (26 ) (8 ) (12 )
Net market appreciation / (depreciation) 22 15 12
Balance, end of period $ 824 $ 828 $ 840
=== === ==== ==== === ===
Footnotes
(1) Excluding the impact of the preferred dividend of $1.64billion
related to the redemption of the firm’s SeriesG Preferred Stock
(calculated as the difference between the carrying value and the
redemption value of the preferred stock), diluted earnings per
common share were $4.38 for the first quarter of 2011. Management
believes that presenting the firm’s results for the first quarter
of 2011 excluding this dividend is meaningful, as it increases the
comparability of period-to-period results. Diluted earnings per
common share excluding this dividend is a non-GAAP measure and may
not be comparable to similar non-GAAP measures used by other
companies. The table below presents the calculation of diluted
earnings per common share excluding the impact of this dividend:
For the
-------------------------------------------------------------------------------
Three Months Ended
March 31, 2011
-------------------------------------------------------------------------------
(unaudited, in millions,
except per share amount)
Net earnings applicable to common shareholders $ 908
Impact of the SeriesG Preferred Stock dividend 1,643
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Net earnings applicable to common shareholders, excluding the $ 2,551
impact of the SeriesG Preferred Stock dividend
Divided by: average diluted common shares outstanding 583.0
------------------------------------------
Diluted earnings per common share, excluding the impact of the $ 4.38
SeriesG Preferred Stock dividend
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(2) Annualized ROE is computed by dividing annualized net earnings
applicable to common shareholders by average monthly common
shareholders’ equity. The table below presents the firm’s average
common shareholders’ equity:
Average for the
-------------------------------------------------------------------------------
Three Months Ended
March 31, 2012
-----------------------------------------------------------------------------
(unaudited, $ in millions)
Total shareholders’ equity $ 70,824
Preferred stock (3,100)
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Common shareholders’ equity $ 67,724
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(3) Thomson Reuters - January 1, 2012 through March 31, 2012.
(4) Tangible common shareholders’ equity equals total shareholders’
equity less preferred stock, goodwill and identifiable intangible
assets. Tangible book value per common share is computed by
dividing tangible common shareholders’ equity by the number of
common shares outstanding, including restricted stock units
granted to employees with no future service requirements.
Management believes that tangible common shareholders’ equity and
tangible book value per common share are meaningful because they
are measures that the firm and investors use to assess capital
adequacy. Tangible common shareholders’ equity and tangible book
value per common share are non-GAAP measures and may not be
comparable to similar non-GAAP measures used by other companies.
The table below presents the reconciliation of total shareholders’
equity to tangible common shareholders’ equity:
As of
-------------------------------------------------------------------------------
March 31, 2012
-----------------------------------------------------------------------------
(unaudited, $ in millions)
Total shareholders’ equity $ 71,656
Preferred stock (3,100)
------------------------------------------
Common shareholders’ equity 68,556
Goodwill and identifiable intangible assets (5,370)
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Tangible common shareholders’ equity $ 63,186
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(5) The firm’s global core excess represents a pool of excess
liquidity consisting of unencumbered, highly liquid securities and
cash. These amounts represent preliminary estimates as of the date
of this earnings release and may be revised in the firm’s
Quarterly Report on Form10-Q for the period ended March31,2012.
For a further discussion of the firm’s global core excess
liquidity pool, see "Liquidity Risk Management" in PartII, Item7
"Management’s Discussion and Analysis of Financial Condition and
Results of Operations" in the firm’s Annual Report on Form10-K
for the year ended December31,2011.
(6) The Tier 1 capital ratio equals Tier 1 capital divided by
risk-weighted assets. The firm’s risk-weighted assets under the
Board of Governors of the Federal Reserve System capital adequacy
regulations currently applicable to bank holding companies
(Basel1) were approximately $438billion as of March31,2012.
This ratio represents a preliminary estimate as of the date of
this earnings release and may be revised in the firm’s Quarterly
Report on Form10-Q for the period ended March31,2012. For a
further discussion of the firm’s capital ratios, see "Equity
Capital" in PartII, Item7 "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" in the firm’s
Annual Report on Form10-K for the year ended December31,2011.
(7) The Tier 1 common ratio equals Tier 1 common capital divided by
risk-weighted assets. As of March31,2012, Tier1 common capital
was $56.4billion, consisting of Tier1 capital of $64.5billion
less preferred stock of $3.1billion and junior subordinated debt
issued to trusts and APEX securities of $5.0billion. Management
believes that the Tier1 common ratio is meaningful because it is
one of the measures that the firm and investors use to assess
capital adequacy and, while not currently a formal regulatory
capital ratio, this measure is of increasing importance to
regulators. The Tier1 common ratio is a non-GAAP measure and may
not be comparable to similar non-GAAP measures used by other
companies. This ratio represents a preliminary estimate as of the
date of this earnings release and may be revised in the firm’s
Quarterly Report on Form10-Q for the period ended March31,2012.
For a further discussion of the firm’s capital ratios, see "Equity
Capital" in PartII, Item7 "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" in the firm’s
Annual Report on Form10-K for the year ended December31,2011.
(8) The firm’s investment banking transaction backlog represents an
estimate of the firm’s future net revenues from investment banking
transactions where management believes that future revenue
realization is more likely than not.
(9) Includes employees, consultants and temporary staff.
(10) The remaining share authorization represents the shares that may
be repurchased under the repurchase program approved by the Board
of Directors. As disclosed in "Note19. Shareholders’ Equity" in
PartII, Item8 "Financial Statements and Supplementary Data" in
the firm’s Annual Report on Form10-K for the year ended
December31,2011, share repurchases require approval by the Board
of Governors of the Federal Reserve System.
(11) This amount represents a preliminary estimate as of the date of
this earnings release and may be revised in the firm’s Quarterly
Report on Form10-Q for the period ended March31,2012.
(12) Primarily includes net revenues related to the firm’s consolidated
entities held for investment purposes.
(13) Unvested share-based payment awards that have non-forfeitable
rights to dividends or dividend equivalents are treated as a
separate class of securities in calculating earnings per common
share.The impact of applying this methodology was a reduction in
basic earnings per common share of $0.01 for the three months
ended March31,2012 and $0.02 for both the three months ended
December31,2011 and March31,2011.
(14) VaR is the potential loss in value of the firm’s inventory
positions due to adverse market movements over a one-day time
horizon with a 95% confidence level. For a further discussion of
VaR, see "Market Risk Management" in PartII, Item7 "Management’s
Discussion and Analysis of Financial Condition and Results of
Operations" in the firm’s Annual Report on Form10-K for the year
ended December31,2011.
(15) Equals the difference between total VaR and the sum of the VaRs
for the four risk categories. This effect arises because the four
market risk categories are not perfectly correlated.
(16) Assets under management include only client assets where the firm
earns a fee for managing assets on a discretionary basis.
SOURCE: The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc.
Media Relations:
Jake Siewert, 212-902-5400Investor Relations:
Dane E. Holmes, 212-902-0300
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