The wealth and asset management arm of Goldman Sachs gained $13.88bn in net revenues over 2023, a 4% increase from the $13.376bn in 2022.

The gains in 2023 for Goldman Sachs in wealth were attributed to higher management fees as well as higher net revenues in debt investments, private banking and lending.

Furthermore, the increase in private banking and lending net revenues, from $2.458bn in 2022 to $2.576bn in 2023, primarily reflected higher deposit spreads and balances, partially offset by the impact of the sale of substantially all of The Marcus loans portfolio in the year.

In addition, assets under supervision increased by 10% over 2023 to a record $2.81trn.

Goldman Sachs in 2023

As a whole group, Goldman Sachs recorded net earnings of $8.52bn in 2023 from net revenues of $46.25bn, 2% lower than in 2022 ($47.365bn).

Global banking & markets generated net revenues of $30bn, driven by strong performances in both Fixed Income, Currency and Commodities (FICC), which included the second highest net revenues in FICC financing, and Equities, which included record net revenues in equities financing.

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By GlobalData

David Solomon, chairman and CEO of Goldman Sachs, said: “This was a year of execution for Goldman Sachs. With everything we achieved in 2023 coupled with our clear and simplified strategy, we have a much stronger platform for 2024. Our strategic objectives underscore our relentless commitment to serve our clients with excellence, further strengthen our leading client franchise and continue to deliver for shareholders.”

It was a year of deals for the bank as Goldman Sachs confirmed a deal to sell the GreenSky platform along with its loan assets to a group of institutional investors led by Sixth Street (the Consortium).

It also considered selling a portion of its wealth division as it turns its attention back to serving the ultra-wealthy rather than high-net-worth clients in mainstream markets.