Q3 2024 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported net revenues of $12.7 billion for the third quarter, up 7% year-over-year.
- Earnings per share increased by 54% year-over-year to $8.40.
- Assets under supervision reached a record $3.1 trillion, marking the 27th consecutive quarter of long-term net inflows.
- The company achieved record financing revenues in FICC and strong performance in equities, demonstrating robust client engagement.
- The Asset & Wealth Management segment saw revenues rise by 16% year-over-year, with management and other fees reaching a new record.
- The narrowing of the consumer footprint reduced the company's ROE by 80 basis points.
- Equity underwriting revenues, while improved, are still below longer-term averages.
- The company continues to face regulatory uncertainties, particularly concerning Basel III revisions.
- The consumer business remains a drag on overall performance, with ongoing operating losses expected until the transition of the GM card platform is completed.
- The investment banking segment, despite improvements, is still operating below 10-year averages in M&A and equity volumes.
Good morning. My name is Katie, and I'll be your conference facilitator to welcome everyone to the Goldman Sachs third quarter 2024 earnings conference call.
On behalf of Goldman Sachs, I will begin disclaimer. The earnings presentation can be found on the Investor Relations website and contains information on forward-looking statements and non-GAAP measures and is copyrighted material of Goldman Sachs Group Inc. and may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, October 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.
Thank you, operator. Good morning, everyone. Thank you all for joining us. In the third quarter, we produced net revenues of $12.7 billion and generated earnings per share of $8.40 and an ROE of 10.4% and an RoTE of 11.1%. Overall, I'm pleased with our performance,
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