Q1 2025 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported strong first-quarter net revenues of $15.1 billion and earnings per share of $14.12.
- The company achieved a return on equity (ROE) of 16.9% and a return on tangible equity (ROTE) of 18%, indicating robust profitability.
- Assets under supervision reached a record $3.2 trillion, marking the 29th consecutive quarter of long-term fee-based net inflows.
- The Global Banking & Markets segment produced revenues of $10.7 billion, with an ROE of over 20%, showcasing strong performance.
- The company announced a multi-year share repurchase program of up to $40 billion, providing increased capital management flexibility.
- Investment banking activity was more muted than expected due to a volatile market backdrop, impacting expected revenue levels.
- The macroeconomic outlook is uncertain, with expectations for US growth falling from over 2% to 0.5%, increasing recession risks.
- The company faces significant near-term and longer-term uncertainty, constraining clients' ability to make strategic decisions.
- The volatile market environment has led to concerns about the sustainability of financing and trading activities in the short term.
- The company recorded a provision for credit losses of $287 million, primarily related to the credit card portfolio.
Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to The Goldman Sachs first-quarter 2025 earnings conference call.
On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of The Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audiocast is copyrighted material of The Goldman Sachs Group, Inc. and may not be duplicated, reproduced, or rebroadcast without consent.
This call is being recorded today, April 14, 2025.
I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman.
Thank you.
Mr. Solomon, you may begin your conference.
Thank you very much, operator. Good morning, everyone. Thank you all for joining us.
In the first quarter, we
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