Goldman Sachs returns strongest for nine years
20 July 2018 New York
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The Goldman Sachs Group has experienced its strongest first half returns in nine years.
Net revenues were $19.44 billion and net earnings were $5.4 billion for Q1 2018.
Net revenues of $9.4 billion and net earnings of $2.57 billion for the second quarter ending 30 June 2018.
Investment banking produced net revenues of $2.05 billion (the firm added that this is its third-highest quarterly figure), reflecting strong net revenues in both financial advisory and underwriting.
Net revenues in securities services inched ahead in Q2, reaching $437 million compared with $432 million in Q1.
The term securities services at Goldman Sachs includes securities lending, prime brokerage, and financing services, as well as the firm’s matched book businesses.
The firm said it also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to- date.
Net revenues in institutional client services were $3.57 billion for Q2 2018. That is 17 percent higher than Q2 2017 and 19 percent lower than Q1 2018.
Net revenues in fixed income, currency and commodities client execution were $1.68 billion, 45 percent higher than the second quarter of 2017.
Net revenues in equities were $1.89 billion, essentially unchanged compared with Q2 2017. Net revenues in equities client execution were essentially unchanged, as higher net revenues in cash products were offset by lower net revenues in derivatives.
Goldman Sachs also announced that Blankfein will retire and that the board of directors has appointed David Solomon to succeed him as both chairman and CEO.
Lloyd Blankfein will step down on 30 September, and will retire from the firm and as chairman of the board at the end of the year; he will then accept the title of senior chairman. Blankfein has been chairman and CEO since 2006.
Solomon was appointed president and co-chief operating officer in 2016. Prior to that, he was global co-head of the investment banking division from 2006. He will join the board on 1 October.
Net revenues were $19.44 billion and net earnings were $5.4 billion for Q1 2018.
Net revenues of $9.4 billion and net earnings of $2.57 billion for the second quarter ending 30 June 2018.
Investment banking produced net revenues of $2.05 billion (the firm added that this is its third-highest quarterly figure), reflecting strong net revenues in both financial advisory and underwriting.
Net revenues in securities services inched ahead in Q2, reaching $437 million compared with $432 million in Q1.
The term securities services at Goldman Sachs includes securities lending, prime brokerage, and financing services, as well as the firm’s matched book businesses.
The firm said it also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to- date.
Net revenues in institutional client services were $3.57 billion for Q2 2018. That is 17 percent higher than Q2 2017 and 19 percent lower than Q1 2018.
Net revenues in fixed income, currency and commodities client execution were $1.68 billion, 45 percent higher than the second quarter of 2017.
Net revenues in equities were $1.89 billion, essentially unchanged compared with Q2 2017. Net revenues in equities client execution were essentially unchanged, as higher net revenues in cash products were offset by lower net revenues in derivatives.
Goldman Sachs also announced that Blankfein will retire and that the board of directors has appointed David Solomon to succeed him as both chairman and CEO.
Lloyd Blankfein will step down on 30 September, and will retire from the firm and as chairman of the board at the end of the year; he will then accept the title of senior chairman. Blankfein has been chairman and CEO since 2006.
Solomon was appointed president and co-chief operating officer in 2016. Prior to that, he was global co-head of the investment banking division from 2006. He will join the board on 1 October.
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