Goldman Sachs’ CEO David Solomon led the investment bank to report first-quarter earnings that surpassed Wall Street’s expectations. The company generated over $14 billion in net revenue and $11.58 in earnings per share, showing strong growth in investment-banking fees and asset and wealth management.
The key global banking and markets division saw a 15% year-on-year increase in net revenue to $9.7 billion, driven by a 32% rise in investment-banking fees to $2.1 billion. Additionally, net revenue increased by 10% to $3.3 billion in the equities subdivision and by 10% to $4.3 billion in the fixed income, currency, and commodities segment.
Goldman’s asset and wealth management arm achieved an 18% rise in net revenue to $3.8 billion, with a record quarterly management and other fees contributing to the growth. The company’s assets under supervision also saw a significant increase, reaching a record $2.85 trillion after growing by $36 billion in the first quarter.
In a statement following the earnings release, CEO David Solomon expressed pride in the company’s performance, attributing the successful first-quarter results to the strength of Goldman Sachs’ interconnected franchises and core strategies. He reiterated the company’s commitment to serving clients, delivering shareholder value, and focusing on their core strengths.
