The Goldman Sachs Group Inc (NYSE:GSpA.PFD)

$ 23.73 0.13 (0.55%) Market Cap: 98.68 Bil Enterprise Value: 259.04 Bil PE Ratio: 15.56 PB Ratio: 1.44 GF Score: 78/100

Q2 2024 Goldman Sachs Group Inc Earnings Call Transcript

Jul 15, 2024 / 01:30PM GMT

Release Date Price: $23.68 (-0.32%)

Transcript 8-K

Key Points

Positve

The Goldman Sachs Group Inc (GS) delivered strong year-on-year growth in global banking, markets, and asset wealth management.
The company produced a 10.9% ROE for the second quarter and a 12.8% ROE for the first half of the year.
Assets under supervision hit a record of $2.9 trillion, with total wealth management client assets rising to roughly $1.5 trillion.
The company raised $36 billion in alternatives year to date, with expectations to exceed $50 billion in fundraising for the year.
The Board approved a 9% increase in the quarterly dividend, reflecting confidence in the durability of the franchise.

Negative

Despite the positive performance, the ROE of 10.9% for the second quarter is still below the company's target of 15%.
The investment banking activity levels are still significantly below 10-year averages, impacting overall performance.
The year-over-year increase in the stress capital buffer does not reflect the strategic evolution of the business, leading to engagement with regulators.
The company plans to moderate share buybacks due to higher than expected SCB requirements.
The asset wealth management segment's ROE is still around 10%, which is below the desired level.

Operator

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs second 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, July 15, 2024. I will now turn the call over to the Chairman and Chief Executive Officer, David Solomon, and Chief Financial Officer, Dennis Coleman. Thank you, Mr. Solomon, you may begin your conference.

David Solomon

Goldman Sachs Group Inc - Chairman of the Board, Chief Executive Officer

Thank you, operator, and good morning, everyone. Thank you all for joining us. I want to begin by addressing the horrible act of violence that

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