Goldman Sachs Group, Inc. has unveiled its financial results for the fourth quarter and full year 2024, marking a strong performance with substantial increases across multiple metrics. The firm reported a net income of $14.28 billion for the year, translating to earnings per share (EPS) of $40.54, up from $22.87 in 2023. The fourth quarter saw earnings per share rise to $11.95, a significant jump from $5.48 in the previous year's quarter.
"We are very pleased with our strong results for the quarter and the year," stated David Solomon, Chairman and Chief Executive Officer. "I’m encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago, and as a result, have both grown our revenues by nearly 50% and enhanced the durability of our franchise."
The year also saw the firm's return on average common shareholders' equity (ROE) reach 12.7%, with an annualized ROE of 14.6% for the fourth quarter. Diluted earnings per share (EPS) were reported at $40.54 for the full year and $11.95 for the fourth quarter. These results reflect a clearly upward trend, as the firm aims to leverage its core strengths to further enhance shareholder value.
Goldman Sachs recorded net revenues of $53.51 billion for 2024, a notable 16% increase compared to the previous year. The performance in the fourth quarter was particularly impressive, with $13.87 billion in revenues, which is 23% higher than Q4 2023 and 9% higher than Q3 2024. Solomon attributed these results to the firm's commitment to client service and strategic execution.
"With an improving operating backdrop and growing CEO confidence, we are harnessing the power of One Goldman Sachs to continue to serve our clients with excellence and create further value for our shareholders," Solomon added, underscoring the firm’s unified approach to tackling market challenges and capitalizing on opportunities.
In terms of business segments, Global Banking & Markets was a key driver of growth, generating net revenues of $34.94 billion—an increase of 16% compared to 2023. This growth was fueled by record achievements in equities and strong performances in investment banking fees and fixed income.
Notably, Goldman Sachs ranked first in global announced and completed mergers and acquisitions, cementing its position as a leader in the market. The firm’s Asset & Wealth Management division also performed robustly, posting net revenues of $16.14 billion, significantly aided by record management fees and private banking revenues.
"Our ability to execute effectively in diverse market conditions has solidified our leadership positions in both the equity and debt spaces," Solomon explained, highlighting the comprehensive strategies employed by Goldman Sachs, including a focus on innovation and operational efficiency.
Goldman Sachs’ assets under supervision increased by 12% throughout 2024, reaching a record $3.14 trillion. Additionally, the book value per common share rose by 7.4% to $336.77, reflecting the firm's strong financial health.
With such a solid year behind them, Goldman Sachs is poised to face the future with optimism. As the financial landscape continually evolves, the firm remains committed to its strategic goals and client relationships, suggesting further growth and innovation in the coming year.