Style Guide

Corporate Communications

November 2017

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 Style Guide
Introduction

Corporate Communications produced this guide to assist you in crafting and sending formal communications to large
audiences within the firm. It includes the firm’s communications policies and best practices, as well as a guide to style,
punctuation and common use of terms.
Please use this guide as a reference tool when drafting communications to ensure that the information is presented in a
tone and manner consistent with the firm's style and voice and that you follow proper approval protocols.
For further reference, please consult:
 Merriam-Webster’s Collegiate Dictionary (US English)
 Collins English Dictionary (UK English)
 The Gregg Reference Manual
 Strunk and White’s The Elements of Style
 Chicago Manual of Style

About Corporate Communications

Corporate Communications seeks to enhance Goldman Sachs’ culture, brand and reputation by communicating the firm’s
strategy and priorities. Globally, we maintain an ongoing dialogue with stakeholders internally and externally. We focus
on:
 Keeping our people connected to the firm
 Managing our firm’s relationships with the media
 Consulting with our businesses on their communication needs
 Content creation and distribution
 Brand management and market research
Note: As a US-headquartered company, we use US spellings and conventions when communicating globally. Regional
communications may use local spellings and conventions.

Table of Contents
 Top Tips and Writing Guidelines – Page 2
 Policies – Page 4
 Commonly Misspelled or Misused Words – Page 5
 Appendix: Style and Punctuation – Page 11

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 Style Guide
Top Tips and Writing Guidelines

Tone

 Tone reflects the author’s attitude toward the document’s subject and the reader. Documents should be informative,
relevant, assertive, direct and helpful.

 Avoid abstract words, jargon and technical language.

Brevity

 Key messages and action items should be at the forefront using clear and concise language.

 Information is best communicated in short paragraphs and/or bullet points.

 Summarize key messages and keep communications to less than one page in length.

Channels

 When drafting messages, consider other media in addition to e-mail, such as GSWeb and live forums.

 Look for opportunities to combine the message with other related or timely communications.

 Not every communication channel is appropriate depending on the nature of your message.

Consistency

 Keep font size, style and tense consistent throughout a document.

 Check for uniformity of dates and times. The standard Goldman Sachs format, except in EMEA, is January 1, 2018.

Formatting

 Firmwide style requires Arial 10-point font.

 Use existing templates and aim for simple aesthetics. Limit the use of emphasis (colored text, boldface, all caps, italics,
exclamation points or underlining).

Proofing

 Enlist the help of a colleague to proof documents for grammar, consistency and accuracy.

 Confirm the spelling of names (people and organizations) and double check phone numbers and web links.

 For e-mails, always place actual distribution lists in the “Bcc” field and create an appropriate false “To” field.

 Send test messages before distribution.

Consider Your Audience

 Consider time differences, cultural sensitivities and the relevance of the message to varied members of the audience.

 Consider other stakeholders who may have a vested interest in your communication.

Link at Every Opportunity

 Do not use attachments in e-mails. Use hyperlinks instead to point readers to your content.

 When including hyperlinks, do not use “click here” terminology. Hyperlink a descriptive phrase, e.g., Read the article.

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 Style Guide
Top Tips and Writing Guidelines

Active Voice
Whenever possible, write in the active voice. Strong verbs generate vitality in dry or dull content and they are an important
key to concise writing.
Yes No
The chairperson called the meeting The meeting was called to order
to order. by the chairperson.
Finance will host a townhall. Finance will be hosting a townhall.

Brevity

Multiple Words Single Word Multiple Words Single Word

In the event that If Multiplicity of Many
Prior to Before At that point Then
Owing to the fact of Because At the present time Currently
Has the ability to Can Take into consideration Consider
Take the place of Substitute

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 Style Guide
Policies

Approvals
 Formal communications (typically going to more than 100 individuals) on a global, firmwide, cross-divisional or cross-
regional level must be reviewed and approved by Corporate Communications through the “To All” Approval Process.
Examples of “To All” communications include: to all Goldman Sachs, all Americas, all IBD, individual offices, e.g., All
Bengaluru.
 Intra-divisional messages (i.e., those going within a division or to one division only) should also be reviewed and
approved by the designated divisional approver via the ”To All” Approval Process.
 All e-mail messages falling into the above categories must be formatted in an HTML e-mail template and should not
contain attachments or include any external recipients. For detailed instructions on how to download and use these e-
mail templates, visit the Internal Communications website.
Note: Team updates, even if they are sent to more than 100 people, are not considered formal communications and are
sent as plain text e-mails without a Goldman Sachs logo or any other branding (no approval is required).
If you are unsure if your communication is a “To All” or an informal message, please contact Corporate
Communications for guidance.

Mailboxes and Signatories

 All formal communications should be templated and come from an automated mailbox, e.g., Federation Leadership.
 New mailboxes should be created only when necessary and when no other appropriate mailbox exists. While
mailboxes are generally named for senior leadership (e.g., “Lloyd C. Blankfein, David M. Solomon and Harvey M.
Schwartz,” “John F.W. Rogers and Jake Siewert”), it is recommended to have a “divisional management” mailbox act
as a catch all for various messages, such as “IMD Leadership.” These mailboxes can be used to send multiple types
of communications and do not need to be updated when divisional leadership changes.
 Signatories should be listed by seniority in the following order: chairman, vice chairman, region head, division head,
partner year, managing director year, alpha within the class year (i.e., “year” as in the promotion year). Similarly, this
order should be followed when listing names in leadership announcements. Contact Corporate Communications for
guidance on ad hoc situations.
 Use the singular pronoun “I” instead of the plural pronoun “we” if there is only one signatory.
Note: A communication should not have too many signatories (one to three is standard).

Style
"To All" e-mail templates designate appropriate use of font, bullet points, subheading colors, etc. These pre-formatted
guidelines should not be altered.

Imagery
 Images increase the size and length of an e-mail and can be difficult to view on mobile devices.
 Imagery in “To All” communications should be used only if an image complements and adds value to the content (e.g.,
screengrab from a video that is linked to from your e-mail).
 Stock images should not be used, as they often detract from the credibility and focus of a message.

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 Style Guide
Commonly Misspelled or Misused Words

ABCDEFHILMOPSTUW

A
a vs. an
The article a is used before consonant sounds; an is used before vowel sounds. In cases where an “h” is silent, as in hour
or honor, an should be used. When the “h” is pronounced, a should be employed.
accept vs. except
 Accept means "to receive,” e.g., He accepted the gift.
 Except is usually a preposition meaning "but" or "leaving out,” e.g., He invited everyone except Bill.
affect vs. effect
 The verb affect means “to have an impact or influence on,” e.g., XYZ’s research and development efforts affected
industry technology.
 The verb effect means “to bring about,” e.g., XYZ’s research and development efforts effected technological change in
the industry.
 The noun effect means “consequence,” e.g., The effect of XYZ’s research and development efforts was technological
change in the industry.
all ready vs. already
 All ready means "ready," e.g., We were all ready to study grammar.
 Already, an adverb, means "by now," "even now" or "by then,” e.g., The plane had already left when we arrived.
alternate vs. alternative
Alternate is used to mean “every other,” whereas alternative is used to mean “one of two or more.”
anticipate
Do not use as a synonym for expect. Anticipate implies having foreseen something, e.g., Management anticipated the
downturn and therefore shut down the plant last spring, but Management expects to close the plant if the industry turns
down; Note that the construction We anticipate the company to . . . is incorrect; use We expect the company to . . .
instead.
appraise vs. apprise
To appraise means “to assess,” whereas apprise means “to inform.”
assure vs. ensure vs. insure
 To assure is “to make someone confident that something will happen,” e.g., Management assured investors that the
CEO’s health was good.
 To ensure is “to make sure that something does happen,” e.g., No company can ensure that its stock will not lose
value.
 To insure is “to protect against loss or take out an insurance policy,” e.g., XYZ insured the plant for $3 million.

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 Style Guide
Commonly Misspelled or Misused Words

as regards vs. with regard to vs. in regard to

With regard to and in regard to are frequently incorrectly written with an added “s” after “regard” because it is included in
as regards. For instance, with regard to is correct, but with regards to is not. Note that all three can be used
interchangeably.

B
because of vs. due to
 Because of introduces a prepositional or conjunctive adverbial phrase, e.g., Management exited the business because
of too much competition.
 Due to introduces an adjectival phrase and should be preceded by a form of the verb “to be” (is, was, are, were), e.g.,
Management’s decision to exit the business was due to competition.
between vs. among
 Between is for two, e.g., Choose between two options.
 Among is for more, e.g., Select from among the five best candidates.
 An exception to this rule is seen when more than two entities are considered in isolation, as in, There was an
agreement between the six partners.

C
compared with vs. to
 Use compared with to indicate an analysis of similarities and differences (Goldman Sachs Research predominantly
uses compared with), e.g., The division’s performance was good last year compared with the year before.
 Use compared to to show or suggest similarities, e.g., The news commentator compared the company’s efforts to turn
itself around to a dog chasing its tail.
complimentary vs. complementary
 To compliment means “to praise or admire,” and complimentary means “favorable” or “free of charge.”
 To complement means “to complete,” and complementary means “completing” or “supplementary.”
comprise vs. compose
Comprise [the whole comprises the parts] vs. compose [the parts compose the whole].
conscious vs. conscientious
Conscious means “being aware” while conscientious means “conforming to a sense of right or wrong,” e.g., Remain
conscious of sound advice to make conscientious decisions.
continual vs. continuous
Continual means “recurring steadily,” whereas continuous means “never-ending.”
currently vs. presently
Use currently to mean “now” and presently to mean “soon.” Note that these terms are usually unnecessary.

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 Style Guide
Commonly Misspelled or Misused Words

D
different from vs. than
 Use different from unless the construction would be awkward, e.g., New management is different from previous
management in two key ways.
 Use than to avoid an awkward or overly wordy sentence, e.g., New management views the issue in a different way
from the way that previous management did [awkward] vs. New management views the issue in a different way than
previous management did [not as wordy].
discreet vs. discrete
discreet means “self-restrained,” and discrete means “distinct, separate.”
disinterested vs. uninterested
Disinterested means “objective or impartial,” whereas uninterested means “lacking interest.”

E
e.g., vs. i.e.,
Use e.g. to mean “for example”; use i.e. to mean “that is” or “in other words.” A comma should always follow these terms.
enquire/inquire
Enquire is the British variant of inquire, the latter of which is more commonly used in American English. Please default to
the American spelling of the word in global communications.

F
farther vs. further
 Use farther to refer to physical distance, e.g., The new plant is farther from the headquarters than the other plants.
 Use further to mean “to a greater degree or extent” and to refer to matters unrelated to physical distance, e.g., Further
research would be helpful.
fewer vs. less
 Fewer means “not so many,” and less means “not so much.”
 Fewer for countables; less for gross amounts, e.g., Less mashed potatoes, fewer peas, fewer shares, less capital.
firm
 Goldman Sachs should be referred to as the firm (lowercase) except in legal documents.
firmwide
 The term firmwide is always one word and lowercase, e.g., firmwide technology, except when used at the beginning of
a sentence.

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 Style Guide
Commonly Misspelled or Misused Words

H
hopefully
Often used incorrectly, as in, Hopefully I will arrive on time. This would mean, I will arrive on time with hope, not I hope to
arrive on time.
historic vs. historical
 Use historic to mean “famous or important in history,” e.g., The company purchased the historic building for its
headquarters.
 Use historical to mean “relating to the past or history,” e.g., The company’s historical earnings growth rate is 15
percent. If using the indefinite article before historical, use “an,” e.g., An historical approach…

I
I vs. me
 Use the pronoun I, along with other subjective pronouns such as we, he, she, you and they, when the pronoun is
the subject of a verb, e.g., He and I attended the meeting not Me and him attended the meeting.
 Use the pronoun me, along with other objective pronouns such as us, him, her, you and them, when the pronoun is the
object of a verb, e.g., The analyst waited for Blake and me to arrive not The analyst waited for Blake and I to arrive.
I vs. myself
Use the simple personal pronoun (I/you) as a subject, e.g., Blake and I attended the meeting, not Blake and myself
attended the meeting.
if vs. whether
 Use if for sentences in which there is an actual or implied if-then, e.g., If he purchases the stock, then I will not.
 Use whether for an actual or implied whether or not, e.g., I will join the team whether or not the leadership changes.
its vs. it’s
 Its is the possessive pronoun for it; it’s is a contraction for “it is,” e.g., It’s [it is] true that the dog bit its [relating to itself]
own tail.
 Note that the firm prefers not to use contractions such as it’s.

L
like
Use like to mean “similar to,” not “such as,” e.g., XYZ’s strategy is like that of ABC, but we consider many widget
companies—such as [not like] ABC, NOP and XYZ—attractive.

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 Style Guide
Commonly Misspelled or Misused Words

M
myself

 Myself is a reflexive pronoun to be used when the person writing is both the subject of a sentence and its object or for
emphasis, e.g., I managed to restrain myself or I sent it myself.

 Myself should not be used in the following cases: as the subject of a verb, e.g. My colleagues and I do not find it to be
an issue, not My colleagues and myself do not find it to be an issue; as the object of a verb, e.g.,They asked my
colleague and me questions, not They asked my colleague and myself questions; or the object of a preposition, e.g.,
His concerns were visible to my colleague and me, not His concerns were visible to my colleague and myself.
more than vs. over
Avoid using over in place of more than, except with references to age, e.g., Most of the management team has been with
the firm for more than 10 years, and all are over 40.

O
ongoing
The word does not carry a hyphen.
only
We only want to arrest the guilty party means that we want to arrest the guilty party but not try or punish him/her. The
currect use of only is We want to arrest only the guilty party.

P
practicable vs. practical
Practicable means “feasible,” e.g., The project was not practicable. Practical means “useful,” e.g., The solution was not
practical.
principal vs. principle
Principal means “most important” and is commonly used as the primary adjective; principle is a foundational belief, e.g.,
The principals of the firm [chief executives] maintain high principles.

S
servicemen vs. servicewomen vs. veteran
Servicemen/servicewomen should be employed in reference to former non-American military personnel, and veteran
should be used for former US military personnel.
stationary vs. stationery
 Stationary means “at a standstill.”
 Stationery is writing/correspondence materials.

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 Style Guide
Commonly Misspelled or Misused Words

T
that vs. which
Which informs and that defines. Put differently, which is used for nonessential clauses and that is used for essential
clauses. The use of “which” is preceded by a comma, but the use of “that” is not.
they’re vs. their vs. there
 They're is a contraction of “they are,” e.g., They're smart students. Do not use contractions in formal communications.

 Their is a possessive pronoun and always describes a noun, e.g., Their [possessive of they] dog has fleas.
 There is an adverb meaning “that location,” e.g., I put the collar right there [that location].
titled vs. entitled
Titled means “named,” while entitled means “to have a right.”

U
utilize vs. use
In general, use the shorter word use.

W
WiFi vs. Wi-Fi
Use WiFi in all instances.
who vs. whom
Who is employed when it is the subject of a clause or sentence, whereas whom is employed when it is the object of a
verb. Thus, Who will accompany you to the theater? (Answer: He will accompany me to the theater) versus, To whom do I
owe this pleasure? (Answer: I owe this pleasure to her). If “he” or “she” can be used in place of the subject, use who, but
if “him” or “her” can be used, employ whom.
whose vs. who’s
 Whose is the possessive form of “who” (or occasionally, “which”). It means "belonging to whom or which."
 Who's is a contraction of “who is” or “who has.” Do not use contractions in formal communications.

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 Style Guide
Appendix: Style and Punctuation

This section includes common clarifications for usage of style and punctuation at the firm. Feel free to use the Search
function (Control + f) to find an entry.

ABCDEFGHIJLMNOPQRSTUVWY

A
abbreviations
general
 Avoid abbreviations. Do not abbreviate the names of states and provinces, e.g., The company opened a store in
Naples, Florida, not The company opened a store in Naples, FL.
academic degrees
 BA-Bachelor of Arts  MA-Master of Arts
 BAS-Bachelor of Applied Science  MBA-Masters in Business Administration
 BSE-Bachelor of Science in Engineering  MD-Medical Doctor
 BS-Bachelor of Science (US)  MS-Master of Science
 BSc-Bachelor of Science (UK)  JD-Doctor of Jurisprudence (law degree)
 LLM-Master of Laws  PhD-Doctor of Philosophy
Italicize Latin honors, e.g., summa cum laude.
company names
Use proper company abbreviations (those used by the company itself) after spelling out the full name; place the
abbreviation in parentheses after the first mention of the company name, e.g., Philippine Long Distance Telephone
(PLDT). If the company is better known by its abbreviated name (e.g., UPS, UBS, IBM), there is no need to spell out the
name.
Only capitalize “The” in company names if “The” is in the official name, e.g., The New York Times.
For companies that capitalize their names in all instances, such as TIME magazine, use a lowercase version in internal
communications. For instance, A spokesperson for Time magazine discussed journalism’s future.
In cases where the company name consists of initials, as in UPS for United Parcel Service, capitalize all letters.
days of the week/months of the year
Always spell out.
plurals
For units of measurement, use the singular abbreviation in all instances; for other abbreviations, add “s” when plural, e.g.,
450 cm, 2,500 KW; ADRs; several CEOs. Do not use an apostrophe.
above-average
Hyphenate adjective, e.g., above-average performance.
above-mentioned
Hyphenate adjective or use mentioned above instead, e.g., above-mentioned example or example mentioned above.
acronyms
An acronym is a word formed from the initial letters of a multi-word name. Capitalize all letters of acronyms and do not
use periods, e.g., ERISA, GAAP. Spell out the first reference in the text and place the acronym in parentheses
immediately following the term, e.g., The Investment Banking Division’s (IBD) revenues…

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 Style Guide
Appendix: Style and Punctuation

common acronyms
book value (BV) book value per share (BVPS)
earnings before interest and taxes (EBIT) earnings before interest, taxes depreciation and amortization
(EBITDA)
Employee Retirement Income Security Act (ERISA) European Union (EU)
Financial Industry Regulatory Authority (FINRA) foreign exchange (FX)
generally accepted accounting principles (GAAP) General Agreements on Tariffs and Trade (GATT)
gross domestic product (GDP) gross national product (GNP)
International Monetary Fund (IMF) initial public offering (IPO)
lesbian, gay, bisexual and transgender (LGBT) London Interbank Offered Rate (LIBOR)
North American Free Trade Agreement (Nafta) mergers and acquisitions (M&A)
over the counter (OTC) research and development (R&D)
return on assets (ROA) return on investment (ROI)
return on equity (ROE) Securities and Exchange Commission (SEC)
S&P (Standard & Poor’s)

across the board

Treat adverbial phrase as separate words; hyphenate adjectival phrase, e.g., We increased estimates across the board
vs. We made an across-the-board increase.
administration
Do not capitalize references following a country leader’s name, e.g., the Bush administration.
all-time
Hyphenate adjective, e.g., The stock reached its all-time high.
ampersand
Avoid the use of ampersands unless they are part of an official name, e.g., Spear, Leeds & Kellogg; Mergers &
Acquisitions.
Annual Report
Capitalize first letter of each word, e.g., The company released its Annual Report today.
apostrophes
Do not use an apostrophe when writing years, e.g., the 1990s not the 1990’s.
The correct form of the possessive for the firm is Goldman Sachs’ policy.
If the possessive noun is singular, always add an apostrophe and “s” but omit the “s” after the apostrophe when a word
ends in two sibilant sounds (the ch, j, s, sh, ts, or z sounds) separated only by a vowel sound: Kansas’ Governor; Texas’
population.
If the possessive noun does not end in “s” (in its written form), always add an apostrophe and “s.”

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 Style Guide
Appendix: Style and Punctuation

If the possessive noun is plural and ends in “s" (this is a characteristic feature of the large majority of plural nouns), just
add an apostrophe: the classes’ members; the actresses’ roles.
Asia Pacific
Treat noun as two words; hyphenate adjective, e.g., Companies in Asia Pacific [noun] have fared better than those in
other regions vs. Asia-Pacific [adjective] companies have fared better than those in other regions.
Asia Ex-Japan, Asia Pacific Ex-Japan
Capitalize “Ex” in Ex-Japan.
audio/video conference
Audio conference or video conference should appear as two words, without hyphenation.
average
Do not abbreviate as avg.

basis point
 Abbreviate as bp.
 Leave a space between the number and the abbreviation, e.g., 14 bp.
 Spell out the first reference in text, e.g., Note that a basis point is one-hundredth of one percent.
Bengaluru
Bengaluru, formerly known as Bangalore, is the official name of the city.
between . . . and
Use these words together, e.g., We estimate that the company will sell between 1,000 and 1,200 systems this year, not
We estimate that the company will sell between 1,000–1,200 systems this year.
billion
Do not abbreviate as bn in text, use several billion dollars.
bimonthly
Treat as one word.
bitcoin
Do not capitalize bitcoin.
biweekly
Treat as one word.
Board of Directors
Treat as singular, The Board of Directors is meeting today.

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 Style Guide
Appendix: Style and Punctuation

When referring to the plural, the “s” is added after the first word, e.g., The Boards of Directors of Company X and
Company Y are meeting today. This also applies to “chiefs of staff.”
Capitalize Board of Directors, Board of Trustees, Board of Managers, Advisory Board and all other instances in which
“Board” is accompanied by the type of board. Lowercase “board” when it appears alone, e.g., The Board of Directors met
today but The board met today.
book runner
Spell as book runner, not bookrunner or book-runner.
bond ratings
 Use all uppercase letters for references to ratings issued by Standard & Poor’s, e.g., AAA.
 Use both uppercase and lowercase letters when referring to ratings issued by Moody’s Investors Service, e.g., Aa.
bottom line/bottom-line
Treat compound noun as two words; hyphenate compound adjective, e.g., The bottom line (noun) was good, but The
bottom-line (adjective) result was good.
brand name
Treat compound noun as two words; hyphenate adjective, e.g., strong brand name and brand-name strength.
bullet points
 Capitalize the first letter.
 Place a period at the end of bullet points that form an independent clause (complete sentence). When possible, use
consistent clauses – either all sentences (with periods) or fragments (no periods).
 If you need to use a mix of fragments and sentences, do not use periods.
 In “To All” e-mails, use round bullets, not numbered bullets.
buy-side/sell-side
Use hyphens in these terms.

C
calendar year
 Use the phrase calendar year (a year that ends in December) only when necessary to avoid confusion with fiscal year
(a year that does not end in December).
 Assume that a year has a December end (is a calendar year) unless otherwise indicated.
 Abbreviate calendar year as CY only when necessary to avoid confusion with FY (the abbreviation for fiscal year), e.g.,
Our FY2001 EPS estimate of US$1.00 vs. Our CY2001 EPS estimate of US$1.20.
capitalization
 Do not use all capitals. A sentence in all capitals takes more time to read than a sentence with normal capitalization. In
addition, if you use all capitals, readers think you are shouting at them.
 Capitalize division names, including the word Division, e.g., Investment Management Division. Note that The division
is… should be lowercase, since the full name of the division is not listed.

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 Style Guide
Appendix: Style and Punctuation

 In the title format, capitalize words with more than three letters. For instance, one would capitalize With, but not and in
a title, subject line or heading.
 Do not capitalize the seasons, e.g., winter, spring, summer and fall. Avoid using seasonal terms to describe quarterly
results.
 When referring to an academic discipline, the discipline is capitalized when part of a formal title. When referring to the
discipline as a noun independent of a title, disciplines are not capitalized. For instance, one would capitalize the
following: Fields is a professor of History. The following, however, would remain lowercase: Mary, an economist by
training, taught at the university.
centuries
Spell out and do not capitalize, e.g., the twentieth century.
chair/chairman
Use chair/vice chair instead of chairman/vice chairman for a woman.
childcare
Treat as one word.
City (UK markets only)
Capitalize when used as a synonym for consensus, e.g., Our estimate is higher than the City’s.
city names
City names should not be abbreviated in formal communications, e.g., do not use NYC or SLC instead of New York City
or Salt Lake City, respectively.
collective nouns
Treat collective nouns such as management, company and Board of Directors as singular, e.g., Management
announced its decision yesterday.
commas
 When three or more items are listed in a series and the last item is preceded by the conjunctions and/or, do not include
a comma before the conjunction unless it is necessary for clarity, e.g., earnings, revenues and margins.
 Use commas in numbers with four or more digits to the left of the decimal point, e.g., 1,000; 200,000; 3,000,000.
 Use commas for index readings of more than four digits, e.g., The Dow reached 12,000; The S&P 500 reached 1400.
committees/departments
 Capitalize official committees and departments, e.g., Management Committee; Global Equity Capital Markets; Industry
Sales Group; Municipal Finance Department; Mergers & Acquisitions.
 When referencing a committee, the article should always be lowercase, e.g., “the Partnership Committee.”
 If you reference the committee again without listing its full name, committee should be lowercase, e.g., He is a
member of the Management Committee. The committee meets bimonthly.
company names
 Spell out the first reference in text; use common short forms or abbreviations thereafter, if desired.
 If a company is widely known by the short form of its name, e.g., IBM, do not spell out the name. More information is
available under “Abbreviations.”

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compound words

Refer to the chart below for how to spell nouns and verbs.

noun verb noun verb

breakdown break down payoff pay off
breakup break up
buildup build up sell-off sell off
buyback buy back setup set up
charge-off charge off shutdown shut down
dial in slowdown slow down (use slow instead)
kickoff kick off spin-off spin off
layoff lay off start-up start up
overvalue takeover take over
paydown pay down turnaround turn around
consortium
Make plural by replacing -um with -a, e.g., consortia.
contractions (e.g., don’t, aren’t, isn’t)
Avoid, except in transcripts and quotations.
corporate engagement
 Always italicize Goldman Sachs Gives, 10,000 Women, 10,000 Small Businesses and Community TeamWorks.
 For Goldman Sachs Gives, spell out the first reference, introduce the acronym (GSG) and use GSG thereafter.
 For Community TeamWorks, spell out the first reference, introduce the acryonym (CTW) and use CTW thereafter.
cross-regional/cross-divisional
Always include a hyphen.
currencies
 If a number is combined with a currency abbreviation, write the abbreviation followed by the figure with no space, e.g.,
DM50 million.
 If a currency is not accompanied by a number, spell it out in full, with the first letter lowercase. Exceptions are
Deutschmark (because all nouns are capitalized in German) and Real (to avoid confusion).
 For dollar-denominated currencies, the Asia Pacific and EMEA offices should always specify which dollar-denominated
currency, e.g., US$2 billion; HK$2 billion; P$2 billion.
 Offices in the US should use $ for US$ as long as this symbol cannot be confused with any other dollar-denominated
currency. Offices outside of the US should denote currency type, e.g., US$.
 In the case of sterling, express all share prices in pence (p), whatever the amount, and never with commas. For
sterling figures other than share prices, use p for amounts less than 100p.

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D
dangling constructions
Make sure that a sentence’s introductory phrase or clause agrees with the subject of the sentence, e.g., Our purchase
recommendation is based on valuation, not Based on valuation, we recommend purchase of the shares [i.e., we are not
based on; our recommendation is based on]; Assuming a multiple of 10X our 2001 EPS estimate, we target a stock price
of $40 by year-end, not Assuming a multiple of 10X our 2001 EPS estimate, the stock should reach $40 by year-end [the
stock is not assuming; we are assuming].
dashes
 A dash/hyphen (“-”), en-dash (“–”) and em-dash (“—”) are different. An en-dash is the size of one capital N and an em-
dash is the size of one capital M.
 Use a dash to form compound adjectives or to link ranges of numbers in an uninterrupted sequence; do not insert
spaces before or after, e.g., First-quarter earnings; end-market demand; after-tax earnings; 2014-2016; pages 15-25.
 Use an em-dash with no spaces before or after it to set off text, e.g., The company’s restructuring—which was
masterminded by the CEO—included the divestiture of underperforming operations.
data
Treat data (the plural form of the Latin word datum) as plural when it refers to the results of scientific studies or distinct
bits of information, e.g., The data from the drug trials show that the new dosing regimen is effective. Treating data as
singular is acceptable when the writer means information in a general sense, e.g., Company data suggests that the
quarter was strong.
database
Treat as one word.
dates
general
 Use US style for global communications, e.g., January 1, 2018; omit the year if extraneous.
 For EMEA communications, use 1 January 2018. When specifying a day: Tuesday, 1 January 2018.
 Do not use month/day notation, e.g., 8/7 could mean August 7 in the US or July 8 in the UK.
 Do not use a comma between a month and a year, e.g., January 2018, not January, 2018.
st
 Use only cardinal dates, not ordintal dates, e.g., January 1, not January 1 .
 Use all four digits for references to years, e.g., estimated 2018 earnings, not estimated ’18 earnings.
 In exhibits only, add E to numbers that are estimates or time periods for which information is estimated.
 Use hyphens, not slashes, for ranges, e.g., 2014-2016, not 2014/2016.
 However, write from 2014 to 2016, not from 2014-2016.
 Write between 2014 and 2016, not between 2014-2016.

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months/days of the week

 Spell out in text but abbreviate in exhibits.
 In price chart axes, use the first letter of the month only: J, F, M, etc.
 Be specific about references to dates. Instead of using yesterday, this month, next year, indicate May 1; January 2015.
decades
Use numerals followed by “s.” No apostrophe is needed, e.g., 1990s, not 1990’s, nineties or ’90s. Same guidance is
applied to 2000s and 2010s.
decimals
 Carry like figures to the same number of decimal places, but not more than two.
 For decimals smaller than 1.0, place a zero before the decimal, e.g., 0.7, and do not use trailing zeroes inaccurately.
 Carry multiples and yields to no more than one decimal place.
decision-making
Include the hyphen.
depreciation
Do not abbreviate in text.
dial in/dial-in
Two words if a verb; only use a hyphen if being used as an adjective. Note that the preferred term is “audio conference.”
dividend
Do not abbreviate in text.
dotcom
Treat as one word; do not hyphenate or use a period between dot and com.

E
EPS
 Use this abbreviation for earnings per share; indicate whether EPS are basic or diluted, if necessary. Treat EPS as
plural, e.g., EPS were US$0.45 in the first quarter, not EPS was. . .
 Do not use a cent sign (¢) to express amounts less than US$1.00, e.g., US$0.45, not 45¢.
e-words
Do not capitalize the “e,” except at the beginning of a title or sentence. Place a hyphen between the “e” and the rest of the
word (e.g., e-mail). The letter after the hyphen should be capped in a headline or title (e.g., E-Mail Policies).
eldercare
Treat as one word.

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ellipses
Use one space before and after each of the three periods, e.g., Management said, “Despite XYZ’s lackluster performance
last quarter . . . we will proceed with the acquisition.”
e.g.,
Use this abbreviation for the Latin phrase “exempli gratia,” which means “for example”; use periods after each letter and
follow with a comma, e.g.,
employee
The term employee should be used only for legal purposes; in all other situations use the people or our people. (See also
Goldman Sachs, references to).
etc.
Avoid this abbreviation; use actual examples preceded by such as or including, e.g., The company took several steps to
strengthen the balance sheet, including paying down debt and increasing working capital.
euro
When referring to the currency, the first letter of euro should remain lowercase. When, however, referring to proper
names, as in the European Union, the “E” should remain capitalized.
eurozone
The word eurozone is not capitalized.
exchange rates
Express as follows: HK$1.50/US$ or £1.2/EUR.
exclamation marks
Do not use.
exhibits
Capitalize references to specific exhibits in reports, but do not capitalize general references to the word exhibit, e.g., In
Exhibit 7, we show the geographic breakdown of the company’s sales, but All of the exhibits appear to support our view
that the economy is weakening.

F
federal
Lowercase this adjective unless it is part of a proper name, e.g., the Federal Reserve, the Federal Open Market
Committee, but federal regulations.
Federal Reserve
Spell out first text reference in all regions, except the United States. Abbreviate as Fed thereafter.
Federation
When referring to the Federation, capitalize the “f.”

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fintech
This is always written as one word, e.g., Investment in fintech soared not Investment in FinTech soared or Investment in
Fin Tech soared. If used in a header, title case applied, e.g., The Fintech Report.
first-come, first-served
Include hyphens; e.g., Registration will be on a first-come, first-served [not serve] basis.
first-hand
This word always carries a hyphen when used as an adjective, e.g., a first-hand account of the story.
first, second, third
Use first, second, third instead of firstly, secondly, thirdly.
fiscal year
 Do not abbreviate, unless space is an issue. Add the four-digit year and do not insert a space between the abbreviation
and the year, e.g., FY2017.
 Note that Japanese companies’ financial years usually end in February or March; therefore, abbreviations of fiscal
quarters, halves, and years are common.
 To avoid abbreviations of more than six figures in Japanese research or in other research in which fiscal years are
common and fiscal year-ends are understood, shorten to 1QFY17.
follow-on
This word carries a hyphen, e.g., Goldman Sachs advised Company X on a follow-on offering.
forecast
Use for both present and past tense; do not use forecasted.
forward, backward, toward
For forward, backward and toward, always omit the “s,” i.e., avoid towards.
fractions
Fractions are treated as singular nouns. For instance, Three-fifths of the government report is inaccurate, not Three-fifths
of the report are inaccurate.
from . . . to
Use these words together, e.g., The program runs from March 2 to April 5.

G
gender
 Language should strive to be gender-neutral, e.g., the third-person singular pronoun should not express gender if
antecedent noun is gender-neutral.
 The firm prefers the use of man/woman over male/female, e.g., She was the first woman CEO of this company.

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Goldman Sachs, references to

general
 The firm should be referenced internally as Goldman Sachs, except if referring to a specific entity where calling it
Goldman Sachs would be misleading or inaccurate.
 The parent entity of the firm is The Goldman Sachs Group, Inc.
 The firm’s full proper name for the main regional entities is as follows:
— Americas: Goldman, Sachs & Co.
— Europe: Goldman Sachs International
— Asia Ex-Japan: Goldman Sachs (Asia) L.L.C
— Japan: Goldman Sachs Japan Co., Ltd.
abbreviations
Abbreviations of the firm’s name (i.e., Goldman, GS) are not acceptable, except when used for a branded product or
program, or in a quote, e.g., GSWeb.
capitalization
Capitalize departments and divisions, e.g., Goldman Sachs Global Investment Research.
firm
Goldman Sachs should be referred to as the firm (lowercase) except in legal documents.
firmwide
 The term firmwide is always one word and lowercase, e.g., firmwide technology, except when used at the beginning of
a sentence.
possessive
The possessive form of the firm’s name is Goldman Sachs’.
GS Bank USA
Use this abbreviation for Goldman Sachs Bank USA. Spell out in first instance and abbreviate as GS Bank USA
thereafter (not GSBank USA or GSBankUSA).
government titles
 Capitalize a government title only if it immediately precedes the name of an individual. For instance, We are pleased to
welcome US Senator Charles Schumer. In the following example, there is no need to capitalize because the title
follows the name of the individual: Charles E. Schumer, a US senator, sponsored the bill. Similarly, you would not
capitalize the following, The senators from New York arrived at Goldman Sachs.
 Former titles follow the same guidelines, e.g., We welcome former US Secretary of State Madeleine Albright.
Growth Markets
Capitalize when referring to the firm’s business strategy.
GSWeb
The official name of the Goldman Sachs intranet is GSWeb [one word].

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H
halves and quarters
Do not abbreviate halves and quarters in text. In charts or tables, abbreviate with the number of the period followed by H
or Q, respectively, e.g., 1H, 1Q or 1H2004, 1Q2004.
headcount
Treat as one word.
headings
Do not end a heading with a period, question mark or colon.
headlines
In general, headlines should be written as a simple sentence, offer a self-contained idea, and be grammatically
independent. Headlines on recent news almost always use the present tense. If the headline relates a current action to an
earlier one, drop back only one level in time, to the past tense, e.g., Governor Signs Bill She Opposed.
Headlines should be written in title cap style. All words with four letters or more should be capitalized.
healthcare
Treat as one word.
help desk
Treat as two words.
high-yield
Use high-yield with a hyphen.
home page
Always treat as two words; only capitalize if used in a title.
hyperlink
Do not underline hyperlinks.

I
i.e.,
Use this abbreviation for the Latin phrase “id est,” which means “that is”; use periods after each letter and follow with a
comma (i.e.,).
in-house/in house
Hyphenate adjectival phrase; treat adverbial phrase as two words, e.g., The in-house printer was better than the vendor’s,
but The company chose to do its printing in house.
in-line
Hyphenate adjectival phrase; treat adverbial phrase as two words, e.g., in-line (adjectival phrase).

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index
 Treat the plural of index as indexes.
 Capitalize only if part of the proper name of an index, e.g. the Consumer Price Index.
 Use commas for index readings of more than four digits, e.g., The Dow reached 12,000; The S&P 500 reached 1400.
 Following are the primary global indexes:
— USA, S&P 500;
— Canada, TSE 300;
— Latin America, IFC Latin America;
— Europe, FTSE Europe;
— Japan, TOPIX.
Internet
Capitalize.
intranet
Lowercase.

J
joint venture
Do not abbreviate.
Do not use as a verb, e.g., ABC will joint venture with XYZ.

L
limited
Abbreviate as ltd. only when space is an issue (e.g., in tables and charts).
live stream
Treat as two words.
login/logout
Use noun as one word; use as two words for verbs, e.g., The technology reset the client’s login [noun], but The client
tried to log in [verb].

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long-term/long term
Hyphenate adjective; treat the object of a prepositional phrase as two words, e.g., Our long-term (adjective) view of the
stock is good, but Our view of the stock in the long term (object of a prepositional phrase) is good.

M
management
Treat as singular, e.g., Management is determined to improve profitability over the next 12 months, not Management are
determined to improve profitability over the next 12 months.
Marcus by Goldman Sachs
Always italicize.
medium-term/medium term
Hyphenate adjective; treat the object of a prepositional phrase as two words, e.g., Our medium-term [adjective] view of
the stock is good, but Our view of the stock in the medium term (object of a prepositional phrase) is good.
middle initials
When referring to a Goldman Sachs employee or other individual, the middle initial should be omitted. This applies to text,
not signatures.
midterm
Treat as one word meaning “at the middle of the term” (point in time); do not confuse with “medium term” (period of time).
midyear
Treat as one word, but hyphenate mid- plus a numerical year, e.g., mid-2002.
mile
Do not abbreviate.
millennials
Use millennials and millennial generation, e.g., The company targeted the millennial generation.
million
Do not abbreviate.
missing data in tables
Display the numeral 0 only when the value is zero. If no data is available, leave the cell blank. Use a footnote to explain
why information is not available only if it is reasonable to do so and if you can do so in a concise manner.
Moody’s
Always spell out.
multi
Do not hyphenate, e.g., multinational, multimillion, multifaceted, multilateral.

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N
names
Use full names when first mentioning a speaker and then use first name only for internal speakers and last name only for
external speakers.
near-term/near term
Hyphenate adjective; treat the object of a prepositional phrase as two words, e.g., Our near-term [adjective] view of the
stock is good, but Our view of the stock in the near term (object of a prepositional phrase) is good.
news channels
News channels should not be italicized in text, and the names of TV or radio shows should be placed in quotations, e.g.,
Bloomberg News featured Lloyd Blankfein on “Bloomberg Bottom Line.”
nonprofit
Write as one word without a hyphen. However, hyphenate not-for-profit organization.
nota bene
Use note instead.
numbers
changes
 Place the most recent figure first; e.g., We have increased our fiscal (June) 2003 EPS estimate to A$4.00 from A$3.00,
not We have increased our fiscal (June) 2003 EPS estimate from A$3.00 to A$4.00.
 Use the present perfect tense, e.g., have raised, have lowered and have revised.
 If specifying when the change occurred, use the past tense, e.g., We increased our estimate on March 15.
 To avoid confusion, use “have revised” or “revised” when referring to a change to or from a loss estimate, e.g., We
have revised our estimate to a loss of A$0.10 per share from a loss of A$0.05 per share, not We have raised our
estimate to a loss of A$0.05 per share from a loss of A$0.10 per share.
commas
Separate the first and second digits of numbers in thousands with commas, e.g., 7,000, not 7000.
decimals
 Avoid using too many decimal places, especially in forecasts.
 In general, carry like numbers to the same number of decimal places (always in exhibits) but never more than two.
 Insert a zero before the decimal point of numbers less than 1.0, e.g., 0.7.
 Carry multiples and yields to only one decimal place.
fractions
 Hyphenate when spelled out, e.g., three-quarters.

 Do not compare decimals with fractions.

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 Avoid fractional numbers, except in US Economic Research publications, e.g., use 2.5, not 2½.
indexes
Use commas for index readings of more than four digits, e.g., The Dow reached 12,000, but The S&P 500 reached 1400.
negatives
 In text, use words, not parentheses or minus signs, to indicate negative numbers, e.g., A loss of DM24 million.

 In exhibits, use parentheses to indicate a negative number, e.g., (DM24 mn).

ranges
 Connect with hyphens.
 For multiples and percentages, place the unit after each number, e.g., 24X-25X.
 For currencies, place the currency symbol before each number as long as space permits, e.g., DM1.5-DM2.4 billion (or
bn), US$44-US$52 million (or mn).
 If space is an issue, as in exhibits or cover data tables, use the currency symbol only at the beginning of the range,
e.g., DM1.5-2.4 bn, US$44-52 mn.
rankings
Write as No.1, e.g., Goldman Sachs was named No.1 bank not Goldman Sachs was named #1 bank.
rounding
Digits five and above are rounded up and digits below five are rounded down, e.g., 7.55 rounded to one decimal place is
7.6, and 7.53 rounded to one decimal place is 7.5.
thousands
Abbreviate as 000s in exhibits only or as “K” (as in “$5K”) if space is limited. Use numbers in text unless the reference
is general, e.g., 500,000 people were affected by the power outage, but Thousands of people had no power last night.
units, spacing with
 Place a space between a number and a unit abbreviation, e.g., 10 mn oz.
 Do not place a space between a currency abbreviation and a number, e.g., NIS50, Skr600, W7,000.
 Do not place a space between a number and an X for multiples, e.g., a P/E of 15X.
 In an exhibit, do not place a space between a number and a % sign, e.g., 45%.
words versus numerals
 In text, use words instead of numerals for one to nine inclusive, except for references to page numbers and series of
related numbers, e.g., see page 7 for our forecasts. Express round numbers greater than or equal to 10 in numerals.
 In a series, when one number is greater than nine, show figures as numbers, e.g., The company added 12, 5 and 7
new customers in the last three quarters, respectively, but The company added five, seven, and nine new customers in
the last three quarters, respectively.
 Use words for nine or lower but spell out zero in text, e.g., zero or no growth, not 0% growth.
 Avoid starting a sentence with a number; if you must start a sentence with a number, spell out the number (years are
the only exception), e.g., Twenty-five salespeople left the firm today, but 2000 was a very good year.

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 When you write two numbers together in a compound number adjective, spell out the first one or the shorter one to
avoid confusing the reader, e.g., twenty 10-inch trout, 100 twelve-volt batteries.
 Two-word numbers are hyphenated on the rare occasions when they are written out, e.g., eighty-five boxes, eighty-five
should be enough.
 When a fraction is used as an adjective, you may write it as a hyphenated compound. More commonly, fractions used
as adjectives are written as figures, e.g., two-thirds engine speed, twenty-five thousandths, 3/4 rpm.
numbered/bulleted points
Use numbered points to outline steps in a process or a chronology; use round bullet points otherwise. In “To All”
messages, always use round bullet points.
numbered points (run in)
Enclose numerals in parentheses when running in a list of numbered points, e.g., The company gave three reasons for its
decision: (1) a slowing economy, (2) declining sales growth and (3) a sharp drop in market share.

O
off-site/on-site
Include the hyphen.
offshore/onshore
Treat as one word.
online
Treat adjective and adverb as one word.
onstream
Treat both adjective and adverb as one word, e.g., The onstream [adjective] plant is not productive, but Another plant
should come onstream (adverb) in April.
outperform
Treat as one word.
overweight
Treat as one word; do not capitalize sector weighting.
oxford comma
Avoid using the oxford comma in lists of three or more unless it would generate confusion or ambiguity, e.g., The New
York, Jersey City and Bengaluru offices participated in the event. (also see “Commas”)

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P
parallel structure
Express parallel ideas in parallel form, e.g., At its meeting, the company will discuss cost-cutting initiatives, today’s
competitive environment and sales goals for the year, not At its meeting, the company will discuss cutting costs, how to
compete in today’s environment and sales goals for the year.
parentheses
A sentence containing an expression in parentheses is punctuated outside the last mark of parenthesis exactly as if the
parenthetical expression were [Link] expression within the marks is punctuated as if it stood by itself, except that the
final period is omitted unless it is a question mark or an exclamation point, e.g., I went to her house yesterday (my third
attempt to see her), but she had left town. or He declares (and why should we doubt his good faith?) that he is now certain
of success.
passive voice
Use active verbs and attribute the action in your sentence to someone or something. You will not only create more
powerful sentences but also avoid some Compliance issues, e.g., compare Third-quarter earnings are now expected to I
ncrease 25 percent year over year to $1.25 with We now expect third-quarter earnings to increase 25% year over year to
$1.25. [In the second example, the reader knows that the $1.25 is our estimate (rather than an external party’s), and
Compliance knows that we have increased our estimate.]
per annum/per year
 Abbreviate as pa in exhibits and with numbers; leave a space between the preceding text or figure and the
abbreviation, e.g., 15,000 pa. Spell out the first reference in text.
 Note that per year is also acceptable, but be consistent within a document and do not abbreviate.
percentage point
 Spell out the first reference in text and abbreviate as pp thereafter; leave a space between the number and the
abbreviation, e.g., 10 pp.
 Note that percentage points and percentages (%) are not necessarily synonymous, e.g., If third-quarter sales
increased 10 percentage points from 20% a year ago, then third-quarter sales growth was 30%; If third-quarter sales
increased 10% from 20% a year ago, then third-quarter sales growth was 22%.
percentages
 Percent is one word. The preceding number is always expressed in figures (except when it begins a sentence), e.g., 80
percent; 0.5 percent. The symbol % may be used with a figure in headlines, tables and charts.
 Use the % sign for axis labels in exhibits and in text with numbers, e.g., 13%.
 Do not insert a space between a number and a % sign.
 Do not abbreviate the word in general text, e.g., Exports account for a large percentage of the company’s profits.
 Carry percentages to no more than one decimal place, e.g., 10.7%, not 10.69%.
 Truncate whole numbers—15%, not 15.0%—unless they are part of a series, e.g., 14.8%, 15.0%, 16.4%.
 Do not precede a percentage with “by” when referring to movement, e.g., The market fell 3 percent, not The market fell
by 3 percent.

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periodicals, books, films, TV shows and documentaries

 Italicize titles of periodicals, books, films and documentaries, e.g., The Wall Street Journal.
 Place titles of TV shows in quotations, e.g., “Big Bang Theory.”
 Place the names of a podcast and a specific episode in quotations, e.g., “Exchanges at Goldman Sachs: Global Equity
Markets in Flux.”
 If the field does not allow for italics, such as e-mail subjects, place single quotations around the title.
phone numbers
All phone numbers must include the country code, city/regional code and telephone number with hyphens when
appropriate. On external client web pages, do not publish Goldman Sachs telephone numbers in our abbreviated, format
For global or cross-regional communications, use the full global extension (8-902-xxxx); for local communications usage
of the abbreviated extension (2-xxxx) is permitted.
plural
For units of measurement, use the singular abbreviation in all instances, e.g., 450 cm, 2,500 KWh; for other abbreviations,
add “s” for the plural, e.g., 4 ADRs, several CEOs
possessives
 Form the possessive of a singular noun by adding an apostrophe and an “s,” e.g., the company’s plans, management’s
decision, IBM’s meeting, Tektronix’s customers, OfficeMax’s results, CEO Lopez’s remarks.
 Note the following exceptions:
— The possessive of Goldman Sachs is Goldman Sachs’ (in line with Corporate Communications style).
— When the extra syllable created by the addition of the apostrophe and the “s” would not be pronounced or would
make the word difficult to pronounce, then an apostrophe alone is sufficient, e.g., Achilles’ heel, Sun Microsystems’
earnings, General Motors’ sales, Computer Sciences’ strategy.
— If a proper noun is already possessive, do not change it to form the possessive, e.g., McDonald’s revenues,
Standard & Poor’s ratings.
 Form the possessive of a plural noun that ends in “s” or “es” by adding an apostrophe, e.g., investors’ concerns, shares’
appreciation, workers’ compensation.
 Form the possessive of a plural noun that does not end in “s” or “es” by adding an apostrophe and an “s,” e.g., men’s,
women’s and children’s shoe sales.
premium
Use premiums as plural, not premia.
pre-tax
Include the hyphen.

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Q
quotation marks
 For quotes within quotes, use single quotation marks within double.
 For quotes within titles, use single quotation marks.
 Place commas and periods inside quotation marks, but place semicolons and colons outside quotation marks.
 Use quotation marks to indicate someone’s exact words; to set off words or phrases for special emphasis at their first
reference (technical terms, coined words or phrases, or anything else that might be unfamiliar or confusing to the
reader); or to punctuate the titles of articles, newspaper and magazines columns, and conference themes.

R
ranges
general Use a “to/from” construction that gives the latest figure first, e.g., We forecast that earnings will grow to HK$1.50
in 2002 from HK$1.10 in 2001.
between . . . and
Use these words together, e.g., We estimate that the company will sell between 1,000 and 1,200 systems this year, not
We estimate that the company will sell between 1,000-1,200 systems this year.
from . . . to
Use these words together, e.g., The event is from 11:00 a.m. to 1:00 p.m.
ratings
 Spell out stock ratings, capitalize the first letter of each word and use only in relation to a company’s shares, e.g., We
continue to rate ABC stock a Market Outperformer.
 Abbreviate ratings (RL for Recommended List, TB for Trading Buy, MO for Market Outperformer, MP for Market
Performer, and MU for Market Underperformer) only in exhibits, in notes, on the front covers of reports when space is
tight or in parentheses after company names in text, e.g., ABC Holdings (ABC, Rs116, MO).
research reports
Recurring research reports should be italicized. However, the subject matter of the report should be placed in quotes, e.g.,
Fortnightly Thoughts: “The Big Deal About Data.”
respective/respectively
 Insert commas before and after, unless the word ends a sentence.
 If writing out several associations would entail stating respectively several times, use it only the first time, e.g., Sales
were up 4 percent and 10 percent in sporting goods and apparel, respectively.
 Do not use “respective” to convey the possessive, e.g., Their opinions not Their respective opinions
revenues
Do not abbreviate as rev.

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rights issue
Use numbers, not words, for exchange ratio, e.g., 1-for-2 rights issue.
RSVP vs. R.S.V.P
Use RSVP without periods.

S
sales force
Treat noun as two words, e.g., Management expects the turnover in the sales force to have a positive impact on results.
select recipients
Do not use selected recipients.
shareholder
Treat as one word.
shareholders’ equity/stockholders’ equity
Treat as plural possessive, not as singular possessive, i.e., do not use shareholder’s equity/stockholder’s equity.
short-term/short term
Hyphenate adjective; treat the object of a prepositional phrase as two words, e.g., Our short-term [adjective] view of the
stock is good, but Our view of the stock in the short term (object of prepositional phrase) is good.
signatories
 Use the singular pronoun “I” instead of the plural pronoun “we” if there is only one signatory.
 Use only one line of space between the last paragraph and the signature.
South East Asia
The correct term is South East Asia, not Southeast Asia.
spacing
 Be consistent in using either one or two spaces between sentences.
 Use one space after colons, commas and semi-colons.
 Insert a space between a number and a unit abbreviation, e.g., 10 mn oz.
 Do not insert a space between a currency abbreviation and a number, e.g., NIS50, Skr600, W7,000.
 Do not insert a space between a number and an X for multiples, e.g., a P/E of 15X.
split infinitive
Avoid inserting a word between an infinitive and the preposition “to,” e.g., use To walk slowly, not To slowly walk.
stock
Do not treat as synonymous with company, e.g., We consider the stock, trading at 10X our 2001 EPS estimate,
undervalued, not We consider the company, trading at 10X our 2001 EPS estimate, undervalued.

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stock market
Treat as two words.
stock split
Use numbers, not words, for exchange ratio, e.g., 3-for-2 stock split.
Street (US markets)
Capitalize when used as a synonym for consensus, e.g., Our estimate is higher than the Street’s.
subheadings
 Do not start a communication with a subheading.
 Subheadings should not be followed by a colon. For instance, Best Practices – Divisional Recommendations, not Best
Practices: Divisional Recommendations:
subject/verb agreement
If singular nouns are connected to other nouns with except, together with, with, as well as, in addition to and no less than,
the noun remains singular. For instance, correct subject/verb agreement in the following would be: The report as well as
the conference was enlightening.
subtotal
Treat as one word.
sum of the parts
 Treat compound noun as separate words; hyphenate adjectival phrase, e.g., Our estimate was based on a sum of the
parts (compound noun), but Our sum-of-the-parts (adjectival phrase) analysis suggests that the stock is undervalued.
 Spell out the first reference in text and abbreviate as SOTP thereafter.
superscript
st
Do not use superscript formatting, e.g., use 1st not 1 .
survey, questionnaire
Use survey or questionnaire instead of infopoll.

T
taxpayer
Treat as one word.
that is
Can be abbreviated as i.e., (use periods and follow with a comma).
there are/there is
Avoiding these expressions will make your sentences more direct, e.g., instead of There are three reasons to own the
stock, write We highlight three reasons to own the stock. In the first instance, the reader does not know whose reasons
these are, and the writer has lost the opportunity to draw the reader in with a more active verb.

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thousands
Abbreviate as 000s in exhibits only. Use numbers in text, unless the reference is general, e.g., 500,000 people were
affected by the power outage, but Thousands of people had no power last night.
times
 When writing a specific time, always lowercase and spell as follows: a.m./p.m.
 Always abbreviate Eastern Standard Time or Eastern Daylight Time as Eastern Time.

 In internal event invitations, abbreviate Eastern Standard Time and Mountain Standard Time as ET and MT,
respectively. Abbreviate Greenwich Mean Time and British Summer Time as GMT and BST, respectively.
titles
 Lowercase titles that stand alone or that follow an individual’s name, e.g., The chief executive officer climbed Mt.
Everest after leaving the firm, and John Smith, the chief executive officer, climbed Mt. Everest after leaving the firm.
 Capitalize formal titles that precede an individual’s name, e.g., former Chief Executive Officer John Smith.
 Use managing director and vice president, not MD and VP.
top line/top-line
Treat compound noun as two words; hyphenate compound adjective, e.g., The top line (noun) was good, but The top-line
(adjective) result was good.
townhall
Treat as one word. When not in a title, townhall is lowercase.

U
underperform, undervalue
Treat as one word.
underway/under way
Treat adjective as one word and adverb as two words, e.g., Management had expected the underway (adjective) project
to start next month, but The project got under way (adverb) sooner than management had expected.
underweight
Treat as one word; do not capitalize sector weighting.
United Kingdom
Spell out when used as a noun. Abbreviate adjective as UK and do not use periods.
United States
Spell out when used as a noun. Abbreviate adjective as US and do not use periods. Do not use “USA” or “the States.”
Urban Investment Group
Always italicize.

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V
voicemail
Treat as one word.

W
webpage, webcast and website
Treat as one word; only capitalize if used in a title.
work/life
Do not use a hyphen, e.g., work/life integration not work-life integration.

Y
year
There is no need to list the year when obvious, e.g., The deadline to submit this request is July 15 (not July 15, 2018).
year end/year-end
End of the fiscal year. Hyphenate adjective only.

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