New York City lender Goldman Sachs posts record quarterly results as profit jumps



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New York City lender Goldman Sachs posts record quarterly results as profit jumps

Goldman Sachs Group Inc., the New York City-based American multinational investment bank and financial services provider, often contemplated as a primary dealer in US Treasury Security market and a dominant market maker, had stormed past Wall St.’s profit expectations for first quarter of 2021 amid a boom in US money market activities on Wednesday, setting off an earnings season in an upbeat tenure which is expected to report a 24.2 per cent growth in benchmark S&P 500 on a year-on-year basis.

Aside from Goldman Sachs, the fifth-largest US lender, JPMorgan Chase & Co. alongside Wells Fargo had also beaten Wall St. profit estimates for first quarter of 2021 earlier in the day. In point of fact, Goldman Sachs’ upbeat quarterly earnings report for fiscal Q1, 2021, that ended on March 31, came against the backdrop of a record surge in the volume of deals alongside a sharp upswing in equity trading activities, as investors appeared to be heavily banking in on a solid economic recovery followed by an acceleration of pandemic vaccination campaign alongside a flurry of riant economic data, while exclusive events like of a Reddit discussion group-led Gamestop buying frenzy, inflated the Wall St.

lenders’ equity trading portfolio by a substantial margin.

Goldman Sachs reports record quarterly revenue & earnings

Besides, since a latest leg of torrential high-tide in Wall St. trading activities had scaled Goldman’s quarterly profit and revenues to a record high while helping secure its highest turnover on equities since 2009, shares’ prices of NYSE-listed Goldman Sachs wrapped up the day 2.34 per cent higher to $335.35 apiece after rocketing as much as 3.5 per cent in pre-market trading.

In tandem, according to Goldman Sachs’ quarterly earnings’ report released earlier in the day, the lender had coffered a net earning of $6.7 billion in the quarter that ended on March 31, nearly six-folds higher than those of a year earlier on an annuallized basis, while its earnings per share surged to $18.60 from $3.11 apiece on a year-on-year basis.

Goldman’s revenues had more than doubled to $17.7 billion over the first quarter of 2021 with broad-based gains across all of its major business wings. Meanwhile, adding that the fifth-largest US lender could set more ambitious goals over longer-term, Goldman Chief David Solomon said in a post-earnings conference call with the reporters, “We do see opportunities to drive the franchises forward and drive higher returns over the long term than what our current medium-term targets are”.