HomeIndustriesGoldman Sachs Posts 51% Gain in Year-On-Year Quarterly Earnings

Goldman Sachs Posts 51% Gain in Year-On-Year Quarterly Earnings

Goldman Sachs posted mixed full-year earnings results for 2023 on Tuesday, with the investment giant experiencing both highlights and lowlights over the past year.

The company’s net income of $8.52 billion for 2023 marked a 24% slump from the previous year, which is also its worst performance since David Solomon’s first year as CEO, when the company earned $8.46 billion. Still, the firm’s profit rose during the final quarter of 2023, with Goldman Sachs earning $2 billion over the three months ended December. This is a colossal 51% rise from the fourth quarter of 2022.

Goldman’s investment banking revenues for the fourth quarter were $3.6 billion; a 6% rise from Q3 yet still 12% lower than the fourth quarter of 2022. Data from Dealogic showed that full-year investment banking revenue was at its lowest point since 2013. Still, 2023 proved to be a challenging year economically for the industry at large, with Goldman Sachs still outperforming Wall Street rivals JPMorgan, Bank of America, Morgan Stanley, and Citi in terms of Q4 investment banking earnings.

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