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Net revenue for the asset & wealth management arm of Goldman Sachs in 2024 was $16.14bn, 16% up on 2023.
This was attributed to higher net revenues in equity investments and higher management fees.
Also, net revenues in private banking and lending and incentive fees were higher. It was actually a record year for private banking and lending net revenues.
The increase in equity investments net revenues primarily reflected significantly higher net gains from investments in private equities (largely reflecting the impact of net losses in real estate investments in the prior year), but the increase in management and other fees primarily reflected the impact of higher average assets under supervision.
In addition, assets under supervision increased 12% in the year to reach a record $3.14trn.
Goldman Sachs in 2024 as a whole
The Goldman Sachs Group recorded net revenues of $53.51bn in 2024 with net earnings of $14.28bn as well.
Global banking & markets generated net revenues of $34.94bn, driven by record net revenues in equities as well as strong performances in investment banking fees and fixed income, currency and commodities (FICC). These results included record net revenues in each of equities financing and FICC financing.
Headcount for the bank increased 3% over the year while operating expenses were $33.77bn, 2% lower than 2023.
David Solomon, chairman and CEO of Goldman Sachs, said: “We are very pleased with our strong results for the quarter and the year. I’m encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise. With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders.”
"Goldman Sachs wealth management sees double-digit revenue increase in 2024" was originally created and published by Private Banker International, a GlobalData owned brand.
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