Q1 2024 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported strong first quarter results, reflecting the strength of interconnected franchises and the firm's earnings power.
- Assets under supervision in Asset & Wealth Management rose to a record $2.8 trillion, marking the 25th consecutive quarter of long-term fee-based net inflows.
- The Goldman Sachs Group Inc (GS) is at the forefront of advising clients on AI and potential use cases, positioning the firm to benefit from AI-related infrastructure demand.
- Net revenues were $14.2 billion and net earnings were $4.1 billion, resulting in an ROE of 14.8% and an ROTE of 15.9%.
- The Goldman Sachs Group Inc (GS) has a diversified platform across public and private markets, delivering solid performance across asset classes.
- The Goldman Sachs Group Inc (GS) is mindful of headwinds including concerns around inflation, the commercial real estate market, and escalating geopolitical tensions.
- The Goldman Sachs Group Inc (GS)'s backlog fell quarter-on-quarter as transactions were brought to market, though client engagement remains robust.
- The Goldman Sachs Group Inc (GS) is operating in a complex environment, with the timing of a broader reopening of the capital markets remaining uncertain.
- The Goldman Sachs Group Inc (GS) is still in the early stages of a reopening of the capital markets, which may impact the pace of recovery in transaction volumes.
- The Goldman Sachs Group Inc (GS) is adjusting its transaction banking ambitions, narrowing its focus from a global scale to primarily the U.S. and Europe.
Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2024 Earnings Conference Call.
On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, April 15, 2024.
I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman.
Thank you. Mr. Solomon, you may begin your conference.
Thank you, operator, and good morning, everyone. Thank you all for joining us. We feel very good about our first quarter results, which reflect the strength of our
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