Goldman Sachs Closes 3Q23 With US$11.8 Billion Net Revenue

The Goldman Sachs Group closed 3Q23 with a net revenue of US$11.8 billion, demonstrating a steady 8% increase compared to the same period last year despite various market dynamics, according to its financial results.

Key contributors to this performance included the Global Banking & Markets division, which generated quarterly net revenues of US$8 billion, marking a 6% increase from 3Q22 and an 11% surge from the preceding quarter. This growth was fueled by robust performances in Fixed Income, Currency and Commodities (FICC).

The Americas region accounted for US$7.5 billion in net revenue, making up 64% of the firm’s total. Goldman Sachs has invested in companies like Clip and Mercado Pago, firms with strong operations in Mexico. 

Global Banking & Markets secured the top position worldwide in announced and completed mergers and acquisitions, equity and equity-related offerings and common stock offerings for the year to date.

In contrast, Asset & Wealth Management reported quarterly net revenues of US$3.23 billion, a decline attributable to lower net revenues in the period. Nevertheless, this segment achieved milestones such as record management and other fees, with assets under supervision reaching US$2.68 trillion by the quarter's end.

Platform Solutions generated quarterly net revenues of US$578 million, marking a 53% increase from the previous year. This is attributed to the firm's diversification strategy in the segment.

Book value per common share witnessed a healthy increase of 1.5% during the quarter and a cumulative growth of 3.4% during the first nine months of 2023, reaching US$313.83 per share.

“We continue to make significant progress executing on our strategic priorities and we are confident that the work we are doing now provides us a much stronger platform for 2024,” says David Solomon, Chairman and CEO, Goldman Sachs, in a press release. “I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs.”

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