Goldman Sachs (GS) reported a 28% increase in profits for the first quarter of 2024, driven by a surge in investment banking revenues, providing CEO David Solomon with a much-needed boost. As a result, Goldman's stock rose nearly 4% in pre-market trading today (Monday, April 15th 2024).
The company posted a net income of $4.1 billion, surpassing analyst predictions. Revenues reached $14.2 billion, up from the previous year, fueled by a 32% growth in investment banking fees. Asset and wealth management revenues, as well as trading revenues, also saw significant increases.
These positive results come after a challenging year for Solomon, marked by a slowdown in dealmaking across Wall Street, a costly exit from consumer banking, and several high-profile departures from the firm.
The pressure on Solomon continues in 2024, with two leading proxy advisory firms recommending shareholders to vote on measures that would curtail his authority. The results of these vote ...
Sign up to read the entire article. It's Free and Simple to sign up!
We are offering a
FREE 30 day trial which includes full access to the following services here at investorAi.
You only need an email address to sign up! You will NOT be billed at the end of your trial unless you wish to begin a subscription.