NEW YORK (AP) — Goldman Sachs said it saw a double digit rise in its first quarter profits on Monday, lifted broadly by the stock and bond markets’ performances in the first months of the year.
The strong quarter comes after Goldman struggled most of 2023 as higher interest rates put a pause on companies doing deals and mergers. But as executives have adjusted to the new normal and interest rates appear to be heading lower, Goldman has benefitted from the change in attitude.
The New York-based investment bank posted a profit of $4.13 billion, up 28% from a year earlier. The company earned $11.67 a share for the quarter, well above analysts expectations.
Most of Goldman’s underlying businesses had a strong quarterly performance. Investment banking fees were up 32% in the quarter at $2.08 billion. The bank said most of the growth was driven in debt underwriting, likely as a result of higher interest rates requiring companies to refinance their bonds and debt.
UK court rules that extension of UK police powers to intervene in protests is unlawful
Supreme Court torn over Oregon's homeless: Kavanaugh says they shouldn't be 'micromanaging' cities
Taylor Swift fans use clues to work out the exact dates she recorded songs on record
Channing Tatum transforms into tech billionaire in Blink Twice trailer
State Supreme Court and Republican congressional primary elections top Georgia ballots
Who is Baby Reindeer actress Nava Mau? And is her character Teri a real person?
Taylor Swift fans use clues to work out the exact dates she recorded songs on record
Solomon Islands PM Sogavare commands largest bloc in Parliament after election — Radio Free Asia
NASCAR star Kyle Larson is embracing his Indianapolis 500 debut, right down to milking a cow
Villagers in Mexico organize to take back their water as drought, avocados dry up lakes and rivers
Election 2024: Nikki Haley faces a key decision on whether or not to endorse Trump
Amber Heard celebrates 38th birthday with champagne ... marking eight