Goldman Sachs approve $40 Billion Share Buyback Program
Goldman Sachs reported a first-quarter net revenue that exceeded expectations as tariff-related market volatility supported all-time high top-line returns in its equities division.
The Wall Street banking behemoth noted a 6% increase in net revenue from the previous year to $15.06 billion, compared to Bloomberg’s consensus estimates of $14.76 billion. Revenue from equity trading, in particular, jumped 27% year over year to a record $4.19 billion, surpassing projections.
According to the business, Goldman’s board also approved a plan to repurchase up to $40 billion worth of common stock. “Although the operating environment has changed significantly since the beginning of the year, we remain confident in our abilities as we enter the second quarter.”
This growth was partly due to higher volatility as markets assessed the effects of President Donald Trump’s tariff plans. However, investment banking fees dipped by 8% to $1.91 billion as Goldman’s advisory business faced challenges from the levies.
Meanwhile, strength in mortgages and structured lending contributed to a 2% rise in fixed income net revenues, reaching $4.40 billion.
Net earnings applicable to common shareholders increased by 15% to $4.74 billion during the three months ended March 31, partly due to lower-than-expected provisions for credit losses, resulting in diluted income per share of $14.12. Profit per share was reported at $12.26.
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