Photo by Arno Senoner on unsplash
Goldman Sachs Releases Financial Reports and Increases Pay
July 15, 2024
In its recent press release, Goldman Sachs reported second-quarter 2024 earnings. According to the group, it has achieved net revenues of $12.73 billion and net earnings of $3.04 billion. In conjunction with that, the company’s annualized return on common equity (ROE) was 10.9%, while its diluted earnings per share (EPS) were $8.62.
CEO David Solomon highlighted the firm’s strong performance in Global Banking & Markets and Asset & Wealth Management, attributing success to its “One Goldman Sachs” approach.
“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management. Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment.”
David Solomon, Chairman and CEO of Goldman Sachs, via Goldman Sachs press release
An audio webcast and replay are available on the company’s investor relations website.
Furthermore, Goldman Sachs increased banker pay and bonuses by 17% following a 150% surge in quarterly profits. According to the firm, a total of $4.2 billion was spent on compensation and benefits for its 45,300 staff in the second quarter, up from the same period last year.
This rise in compensation reflects improved operating performance, with profits jumping to $3 billion due to a rebound in dealmaking, including major deals like ExxonMobil’s $60 billion takeover of Pioneer Natural Resources. Expectations of interest rate cuts by central banks have boosted demand for investment banking services, leading to larger bonuses.
Additionally, according to The Guardian, the CEO of Goldman Sachs International, Richard Gnodde, revealed in May that the bank would be revising its compensation structure, “giving hundreds of its highest-earning staff the ability to make 25 times their salaries in bonuses.”
Recent News
Delta Seeks Outage Damages From Microsoft, CrowdStrike
The airline plans to sue both Microsoft and CrowdStrike for damages.
Sprouts Shares Positive Q2 Financial Results
Sprouts Farmers Market, Inc. reported robust second-quarter results ending on June 30, 2024.
Johnnie Walker Maker, Diageo, Posts Largest Sales Drop Since the Pandemic
As inflation and high interest rates force many to find ways to cut spending, it appears alcohol is also losing its buzz.
IKEA Focuses on Sleepeasy With New Pop-Up Event
IKEA U.S. is making new strides in the furniture retail market by launching The IKEA Sleepeasy, an immersive pop-up event that will take place in New York in August.