Goldman Sachs reported strong first-quarter earnings, exceeding Wall Street’s expectations. The bank generated over $14 billion in net revenue and $11.58 in earnings per share, showing growth in investment-banking fees and asset and wealth management.
The first-quarter earnings report sent Goldman Sachs’ stock price up by as much as 3.7% in premarket trading. The bank’s net revenue of $14.2 billion was a 16% increase from the previous year’s first quarter and a 26% increase from the fourth quarter of 2023. Earnings per share of $11.58 also surpassed consensus forecasts.
In key divisions, global banking and markets saw a 15% increase in net revenue to $9.7 billion, driven by a 32% rise in investment-banking fees. The equities subdivision net revenue rose by 10% to $3.3 billion, and the fixed income, currency, and commodities segment saw a 10% increase to $4.3 billion.
Goldman Sachs’ asset and wealth management arm also performed well with an 18% increase in net revenue to $3.8 billion, helped by record quarterly management and other fees. The bank’s assets under supervision also grew to a record $2.85 trillion.
CEO David Solomon attributed the strong first-quarter results to the bank’s world-class franchises and interconnected strengths. He emphasized the importance of executing their strategic focus on serving clients and delivering for shareholders.
Overall, Goldman Sachs had a successful start to the year, driven by its strong performance across all key areas of business
