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Sep 30, 2024
Goldman Sachs Q3 2024 Earnings Report
Reported earnings per common share of $8.40 for the third quarter.
Key Takeaways
Goldman Sachs reported net revenues of $12.70 billion and net earnings of $2.99 billion for the third quarter ended September 30, 2024. Diluted earnings per common share (EPS) was $8.40 for the third quarter of 2024.
Global Banking & Markets generated quarterly net revenues of $8.55 billion, including strong performance in Equities and record quarterly net revenues in Fixed Income, Currency and Commodities (FICC) financing.
The firm ranked #1 in worldwide announced and completed mergers and acquisitions and common stock offerings for the year-to-date.
Asset & Wealth Management generated quarterly net revenues of $3.75 billion, including record quarterly Management and other fees.
Assets under supervision increased $169 billion during the quarter to a record $3.10 trillion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
This press release contains forward-looking statements that are subject to various risks and uncertainties.
Positive Outlook
- The firm's Investment banking fees backlog increased compared with both the end of the second quarter of 2024 and the end of 2023.
- Higher net revenues in Global Banking & Markets and Asset & Wealth Management.
- Significantly higher net revenues in Debt underwriting, driven by leveraged finance and investment-grade activity, and higher net revenues in Equity underwriting, driven by secondary offerings.
- Higher net revenues in currencies and credit products and higher net revenues in mortgages.
- Significantly higher net revenues in Equities intermediation in both derivatives and cash products.
Challenges Ahead
- Lower net revenues in Platform Solutions.
- Significantly lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and commodities.
- The decrease in Consumer platforms net revenues reflected lower net revenues from the General Motors (GM) credit card program, including a loss related to the planned transitioning of the program to another issuer, partially offset by higher average credit card balances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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