Net revenues in asset & wealth management were $3.79bn for Goldman Sachs in Q1 2024, 18% higher year-on-year and 14% lower than Q4 2023.

The year-on-year increase reflected higher net revenues in both private banking and lending, as well as equity investments and higher fees, management and otherwise.

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Pre-tax earnings totalled $877m, a 43% rise year-on-year, and net earnings over the same timeframe grew 40% to reach $692m.

Furthermore, the increase for private banking in Q1 2024 for Goldman Sachs reflected the impact of the sale of the Marcus loans portfolio. This was partially offset by lower deposit spreads.

Goldman Sachs in Q1 2024

The Goldman Sachs Group overall reported net revenues of $14.21bn and net earnings of $4.13bn for Q1 2024. This is 16% higher year-on-year and 26% higher than the last quarter.

In addition, diluted earnings per common share (EPS) was $11.58 and annualised return on average common shareholders’ equity (ROE) was 14.8%.

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Global Banking & Markets generated net revenues of $9.73bn in the quarter thanks to strong performances in investment banking fees, fixed income, currency and commodities.

David Solomon, Chairman and CEO of Goldman Sachs, 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.”

In March 2024, Eagle Capital Management released its first ETF through Goldman Sachs ETF Accelerator.

Eagle’s distilled high-conviction strategy which was created with an eye toward the long term and a fundamental value-oriented approach is furthered by the Eagle Capital Select Equity ETF.

This is the first ETF to be established via a separately managed account (SMA) conversion and fifth ETF to go live via the Goldman Sachs ETF Accelerator.