- Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts.
- The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share.
- Goldman reported strong growth in investment-banking fees and asset and wealth management.
Goldman Sachs reported first-quarter earnings on Monday that crushed Wall Street's expectations.
The storied investment bank generated $14.2 billion in net revenue — a 16% rise versus the previous year and 26% above the fourth quarter of 2023 — and $11.58 of earnings per share, trouncing consensus forecasts on both measures.
Net revenue in the key global banking and markets division rose 15% year on year to nearly $10 billion, fueled by a 32% rise in investment-banking fees, and 10% revenue growth in both its fixed income, currency and commodities segment, and its equities business.
Goldman's asset and wealth management arm posted an 18% rise in net revenues, helped by record quarterly management and other fees. Its assets under supervision grew by $36 billion to a record $2.85 trillion.
In the earnings release, Goldman CEO David Solomon said: "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."
