Goldman Sachs reports surprise profit surge thanks to strong trading, dealmaking
NY Post
Goldman Sachs recorded a 28% surge in quarterly profits — topping Wall Street’s expectations thanks to surprising strength in the bank’s trading and investment banking operations.
The Wall Street giant said Monday its first quarter earnings jumped to $4.13 billion. Revenue for the three months ended March 31 rose 16% to $14.21 billion, blowing past analysts’ estimates by more than $1 billion.
Goldman’s return on equity, a closely watched metric of profitability for Wall Street banks, surged to 14.8% — nearly double the mere 7.5% returns it posted in 2023, per Bloomberg.
The unexpected jump was attributed to Goldman’s back-to-basics approach on dealmaking as well as its traders, according to Bloomberg.
“Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs,” Solomon said. “We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.”
Goldman managed to skirt the slowdown that its rival JPMorgan Chase experienced, which chief Jamie Dimon blamed on an “unsettling” global landscape.
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