Goldman Sachs profits jump 28% to $4.13 billion during Q1

Goldman Sachs announced profits and revenues for the first quarter of 2024, which exceeded analysts’ expectations, supported by an increase in trading and investment banking revenues, as it achieved a profit of $11.58 per share, compared to $8.56 expected, while revenues reached $14.21 billion, compared to $12.92 billion. Expected.

According to CNBC, the bank said that profits jumped 28% to $4.13 billion, or $11.58 per share, compared to the same period last year, and revenues rose by 16% to $14.21 billion.

Unlike more diversified competitors, Goldman Sachs gets most of its revenue from Wall Street activities, which can lead to huge returns during boom times and poor performance when markets underperform expectations.

After shifting away from retail banking, Goldman Sachs has focused growth on its asset and wealth management division, where the bank could see gains from buoyant markets at the start of the year, although it has also taken writedowns linked to commercial real estate in the past.