The investment bank’s total operating expenses were $8.09bn for the fourth quarter that ended 31 December 2022, an increase of 11% compared to $7.2bn for the corresponding period of 2021
Goldman Sachs Tower, Jersey City, US. (Credit: Akshay Sadarangani on Unsplash)
Goldman Sachs has reported net earnings of $1.18bn, or $3.32 per diluted share, for the fourth quarter ended 31 December 2022, a 69% decrease compared to $3.8bn, or $10.81 per diluted share, for the same period of 2021.
The US-based investment bank has reported total net revenues of $10.5bn for the fourth quarter of 2022, a 16% decrease compared to $12.6bn for the same quarter of 2021.
Goldman Sachs stated that the decrease primarily reflected significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets.
The bank’s net revenues in Asset & Wealth Management were $3.56bn for the fourth quarter of 2022, 27% lower than the fourth quarter of 2021. Its net revenues in Global Banking & Markets were $6.52bn for the fourth quarter of 2022, 14% lower than both in the fourth quarter of 2021.
The investment bank’s total operating expenses were $8.09bn for the fourth quarter that ended 31 December 2022, an increase of 11% compared to $7.2bn for the corresponding period of 2021.
Goldman Sachs reported net interest income of $2.07bn for the fourth quarter of 2022, a 16% increase compared to $1.79bn for the same period of 2021.
Goldman Sachs chairman and chief executive officer David Solomon said: “Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022.
“Our clear, near-term focus is realising the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency. The foundation of all of our strategic efforts is our client franchise which is second to none.”
The bank reported net earnings of $10.7bn for the year ended 31 December 2022, a 49% decrease compared to $21.15bn for the previous year.
Goldman Sachs has reported total net revenues of $47.36bn for the year ended 31 December 2022, a 20% decrease compared to $59.34bn for 2021.
Earlier this month, the US-based investment bank planned to cut more than 3,000 jobs, as it prepares for an adverse economic environment this year.