Goldman Sachs reported their first-quarter earnings on Monday, exceeding Wall Street’s expectations and causing their stock price to rise as much as 3.7% in premarket trading. The esteemed investment bank reported $14.2 billion in net revenue, a 26% increase from the fourth quarter of 2023 and a 16% increase from the first quarter of last year. Additionally, they reported earnings per share of $11.58, surpassing consensus forecasts on both measures.
In the global banking and markets division, net revenue increased by 15% year over year to $9.7 billion, with investment-banking fees rising by 32% to $2.1 billion. Net revenue in the equities subdivision rose by 10% to $3.3 billion, and also increased by 10% to $4.3 billion in the fixed income, currency, and commodities segment. Goldman’s asset and wealth management arm saw an 18% increase in net revenue to $3.8 billion, fueled by record quarterly management and other fees, with assets under supervision reaching a high of $2.85 trillion after growing by $36 billion in the first three months of this year.
CEO David Solomon praised the company’s first-quarter results, attributing their success to the strength of their interconnected franchises and the earnings power of Goldman Sachs. Solomon mentioned the company’s continued focus on core strengths to serve clients and deliver value to shareholders in line with their strategy
