The Goldman Sachs logo is seen at the New York Stock Exchange during morning trading on August 25, 2023, in New York City.
Michael M. Santiago/Photographer: Michael M. Santiag
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Goldman Sachs’s net revenues rose by 17% in the second quarter, as the investment banking giant’s two primary lines of business reported year-over-year upticks in profits.
On Monday, the firm said it generated $12.7 billion of net revenues for the period ending June 30, marking a 17% increase from the same quarter last year. Among the highlights of the quarter: profits in its global banking and markets division and its asset and wealth management division rose 14% and 27%, respectively, year over year, Goldman said in a press release.
Investment banking fees also rose by double digits, climbing 21% during the quarter to $1.7 billion, as a result of higher net revenues in debt underwriting and equity underwriting, the company said. Goldman, like other investment banks, has been trying to build back its investment banking business, which saw a slump last year as merger activity stalled.
In the release, Goldman said its backlog of investment banking fees “increased significantly” compared to the first quarter of this year and “increased slightly” compared to the end of last year.