The US firm reported a broadly stronger set of financial results across its business, including private banking and wealth management, in the fourth quarter and 2024.

Goldman Sachs’ asset and wealth management business arm reported a 16 per cent year-on-year rise in net revenues to $16.14 billion for the year ending December 31, 2024. 

Within a total net revenue figure of $53.5 billion (rising 16 per cent) for the whole of Goldman Sachs, some $34.5 billion was in the Americas – or 64 per cent of the total, $12.25 billion was in Europe, the Middle East and Africa (23 per cent), and $6.814 billion was in Asia (13 per cent). 

The rise in asset and wealth management was mainly caused by higher equity investment revenues and higher management and other fees. Net revenues in private banking and lending and incentive fees also rose, and net revenues in debt investments declined. Revenues rose in the fourth quarter as well as the full year for the wealth and asset management business.

Goldman Sachs’ net earnings applicable to common shareholders surged 71 per cent year-on-year to $13.525 billion, it said in a statement. Provision for credit losses rose by 31 per cent to $1.348 billion in the full year of 2024. Total operating expenses fell 2 per cent year-on-year to $33.767 billion, it said. 

“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 per cent and enhanced the durability of our franchise,” David Solomon, chief executive, said.

Assets under supervision rose by 12 per cent during 2024 to a record $3.14 trillion.