Goldman Sachs reports record quarterly earnings of $6.8 bn
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New York (AFP) –
Goldman Sachs reported a surge in first-quarter earnings on Wednesday, demonstrating strength across its businesses, including the highest revenue from global trading in more than a decade.
The Wall Street giant reported a profit of $6.8 billion, more than four times the earnings in the year-ago period, while revenues more than doubled to $17.7 billion -- both setting quarterly records.
Goldman cited robust public stock offerings and a heavy slate of merger of acquisition activity as drivers of strong performance in investment banking. Goldman also scored higher fees tied to underwriting for clients raising equity and debt.
The New York bank garnered a 47 percent rise in global markets revenues from the year-ago period to $7.6 billion, the highest since 2010.
"We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment," said Goldman Chief Executive David Solomon. "Our businesses remain very well positioned to help our clients reposition for the recovery."
The bank's shares rose 1.7 percent to $333.33 in pre-market trading.
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