Goldman Sachs Group Inc. reported a robust profit surge for the fourth quarter of 2024, driven predominantly by substantial gains in investment banking and wealth management. The earnings report, released on January 15, 2025, indicated that the bank achieved a net income of $3.33 billion, or $9.99 per share, which exceeded analysts’ expectations of $8.97 per share. This marked a significant increase compared to the $10.32 per share reported in the same quarter of the previous year, highlighting a trend of profitability amidst fluctuating market conditions. CEO David Solomon commented, “Our strong performance was supported by our ability to capitalize on favorable market conditions and execute on our strategy to diversify our revenue streams.” The firm’s total revenue rose to $11.4 billion, compared to $13.8 billion a year earlier, reflecting a year-over-year decline that analysts attribute to softer trading revenues. Despite this, the wealth management division showed resilience, with revenues climbing 14% as the bank continued to attract new clients and expand its services. The investment banking unit, on the other hand, earned $1.94 billion, significantly up from a year earlier, showcasing high levels of M&A activity and underwriting fees. As investors gauge the bank’s performance, Solomon stated, “We remain committed to our long-term strategy and are excited about the opportunities ahead.” Goldman Sachs shares rose in premarket trading as analysts praised the bank’s ability to navigate through challenging environments and maintain growth.
Goldman Sachs Reports Fourth Quarter Earnings for 2024 with Surging Profits
