Following on from JPMorgan and Morgan Stanley, the bank has exceeded forecasts. Its quarterly profit reached $4.74bn, or $14.12 per share, well above the $12.35 expected. Over the same period last year, earnings were $4.13bn ($11.58 per share).

In asset and wealth management, revenues declined by 3% to $3.68bn, despite $3,170bn in assets under management. Traders took advantage of market volatility, generating $4.2bn in revenues, a record level. Fixed income, currencies and commodities grew by 2%, to $4.4bn.

On the other hand, investment banking is marking time, reaching $1.9bn, penalized by an 8% drop in fees related to advisory operations, compared with Q1 2024.

Trade tensions led by the Trump administration continue to weigh on markets. They have driven down equities, upset bonds, slowed trading and undermined consumer confidence. Amongst the major banks, Goldman Sachs is the one whose shares have suffered the most since the beginning of the mandate (-14%).

A cautious but confident stance

In this context, management displays measured optimism. "Although we enter the second quarter with a markedly different operating environment than at the start of the year, we remain confident in our ability to continue to support our customers," said David Solomon, Group CEO.

An executive in the asset management division recently spoke of a real "growth shock" caused by the tariffs. Analysts, however, anticipate a more cautious attitude from corporate clients, which could weigh on future growth.

Finally, the pleasant surprise of these results is that Goldman Sachs has announced a share buyback program of up to $40bn, to be implemented during the quarter. The AGM will be held on April 23, with a number of votes, including one on executive compensation.