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April 14, 2021updated 15 Apr 2021 10:44am

Goldman Sachs Q1 2021 posts record quarterly net revenues and net earnings

By Douglas Blakey

Goldman Sachs Q11 2021 net revenue of $17.7bn represents a record for the firm. Moreover, it is more than double the amount posted in the first quarter of 2020. Meantime, Goldman Sachs Q1 2021 net earnings of $6.84bn represents another quarterly record.

Goldman Sachs’ Consumer & Wealth Management is also setting records. It generated record quarterly net revenues of $1.74bn, reflecting continued growth in both Wealth management and Consumer banking net revenues. Indeed, the bank’s Consumer & Wealth Management unit now contributes 10% of groupwide revenue.

Specifically, the unit posts revenue up by 16% y-o-y and ahead by 5% from the prior quarter.

Net revenues in Wealth management were $1.37bn, 13% higher than the first quarter of 2020. This is primarily due to higher management and other fees. It also reflects the impact of higher average assets under supervision. Net revenues in private banking and lending are higher, primarily reflecting higher net interest income from lending, while incentive fees are lower. Notably, net revenues in consumer banking of $371m are 32% higher than the first quarter of 2020. This reflects higher credit card loan and deposit balances.

Goldman Sachs Q1 2021: remains number 1 by market share for M&As

Investment Banking generated record quarterly net revenues of $3.77bn. This includes record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The firm retained its number 1 rankings in worldwide announced and completed mergers and acquisitions. Likewise, it ranks first for worldwide equity and equity-related offerings and common stock offerings for the year-to-date.

Goldman’s Global Markets unit generates quarterly net revenues of $7.58bn up 47% y-o-y. Firmwide assets under supervision increase $59bn during the quarter. This includes long-term net inflows of $37bn, to a record $2.20trn.

Goldman Sachs’ share price hit an all time record high of $350 in the first quarter for a market cap of over $120bn. The share price has since inched down to a current $333.

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