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 banki ...
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