From Yahoo Finance.: 2025-04-14 07:31:00

Goldman Sachs reported a 15% increase in first-quarter profit, reaching $4.74 billion, driven by record revenue in equities trading and fixed income results. CEO David Solomon expressed confidence despite economic uncertainty due to tariffs. Equities trading revenue surged 27%, but investment banking fees fell 8%.

The market volatility lifted Goldman’s equities trading revenue to a record $4.2 billion, with fixed income, currency, and commodities trading revenue rising 2% to $4.4 billion. Concerns over tariffs have impacted the market, limiting growth potential as businesses navigate trade barriers. IPOs are slow to recover, and mergers and acquisitions remain subdued.

Goldman’s shares have fallen 12% since the tariffs were announced, reflecting caution from corporate clients amid trade uncertainties. Revenue in asset and wealth management fell 3% to $3.68 billion. The bank set aside $287 million in provisions for credit losses, compared to $318 million last year.

CEO David Solomon received an $80 million stock bonus, while COO John Waldron was awarded $80 million in restricted stock, reflecting a reversal for the management team. Proxy advisers have called on investors to reject the excessive compensation awards, complicating the board’s efforts to retain talent. Shareholders will vote on proposals, including pay, at the annual meeting on April 23.

Read more: Goldman Sachs’ profit jumps as traders deliver gains