Goldman Sachs: Profit jumps after record quarter for traders
Goldman Sachs posted a 15 per cent jump in first-quarter profit. The Wall Street giant’s revenue was boosted by record equities trading amid market volatility.
The bank’s first-quarter net revenue was $15.06 bn (£11.4bn), surpassing the analyst consensus of $14.8bn (£11.2bn). Net earnings were $4.74bn (£3.6bn).
Equity-trading revenue rose 27 per cent from the previous year to $4.19bn (£3.2bn). JP Morgan Chase and Morgan Stanley also secured record highs during the period.
This followed a bumper 2024 in the division, where the New York-based bank’s equity revenue rose almost 50 per cent.
Operating expenses rose to $9.13bn (£6.9bn), five per cent higher than in the first quarter of 2024 and ten per cent higher than in the final quarter of 2025. The bank said this reflected “significantly higher transaction-based expenses” and “higher compensation and benefits expenses.”
However, revenue at Goldman’s investment-banking arm fell eight per cent from the previous year. The division booked $1.91bn (£1.4bn) in revenue.
The Wall Street lender said its investment banking fees backlog had increased since 2024.
David Solomon, the lender’s chairman and chief executive, said: “Our strong results this quarter have demonstrated that in times of great uncertainty, clients turn to Goldman Sachs
for execution and insight.
“While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients.”
Goldman’s chief warns of tariff hit
Solomon is among a handful of Wall Street CEOs who have called for clarity on Trump’s tariff agenda.
“The level of uncertainty is a little bit higher, and that has kept some things on the sidelines,” Solomon told Fox News.
He added: “The more we can have certainty on the policy agenda as we move forward, the better that’s going to support capital investment and growth.”
Hedge fund manager Bill Ackman has also called for clarity on Trump’s trade ambitions. At the beginning of last week, Ackman declared in a post on X: “The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system.
“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”