Goldman posts strong quarter as Solomon says dealmaking could top 2021

Businessinsider reports that Goldman Sachs posted strong fourth-quarter earnings as dealmaking surged, its stock is up more than 60% over the past year, and CEO David Solomon said dealmaking levels may soon rival — or exceed — the heyday of 2021. Goldman's rebound follows strategic shifts dating to a 2020 investor day that emphasized digitization and consumerization.

The bank retreated from parts of its consumer push after Marcus proved costly and has relinquished its Apple Card partnership to JPMorgan, though Marcus still holds more than $100 billion in consumer deposits in the US and UK and contributes to more than $500 billion in deposits overall, the bank has said.

Goldman also merged its asset and wealth businesses, grew assets under supervision to $3.6 trillion last year, formalized a Capital Solutions Group about a year ago, acquired the ETF platform Innovator and VC firm Industry Ventures, and partnered with T. Rowe Price while rolling out One Goldman Sachs 3.0.

Key Topics

Business, Goldman Sachs, David Solomon, Marcus, Apple Card, Capital Solutions Group