The Wall Street giant’s investment banking and trading business drove the results past analysts’ estimates.
ADVERTISEMENTGoldman Sachs has surprised analysts its report of a double-digit rise in revenues and profits for the first three months of this year.
Net revenues for the American multinational investment bank and financial services group reached $14.21 billion (€13.36 billion), 16% higher than last year and net earnings jumped to $4.13 billion (€3.88 billion) resulting in a 28% surge compared with a year ago.
The New York-based company said it had earnings of $11.58 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $8.54 per share.
The company reported higher net revenues across all segments compared with the first quarter of 2023.
Goldman’s global banking and markets division generated the majority of the quarterly net revenues – $9.73 billion (€9.14 billion) – driven by strong performances in investment banking fees, fixed income, currency and commodities.
David Solomon, Chairman and CEO of Goldman Sachs, said in a statement: «Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.»
Earlier this year, in Davos, the company’s co-head of EMEA Stefan Bollinger **told Euronews Business how US equity and private markets could potentially do well this year. **
The release followed a string of earnings reports from US banking competitors last week that reported the highest interest rates in two decades – which are expected to remain raised – are eating into their profits.
US competitors JPMorgan and Wells Fargo released mixed results on Friday.
