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| Goldman Sachs Reports Strong 2023 Third Quarter Earnings and Strategic Progress |
In its latest financial report, The Goldman Sachs Group, Inc. (NYSE: GS) reveals robust results for the third quarter of 2023. The firm reported net revenues of $11.82 billion and net earnings of $2.06 billion for the period ending September 30, 2023. The diluted earnings per common share (EPS) stood at $5.47, and the annualized return on average common shareholders' equity (ROE) reached 7.1% for the same quarter.
Key Highlights:
- Net revenues of $11.82 billion
- Net earnings of $2.06 billion
- Diluted EPS of $5.47
- ROE at 7.1%
Strategic Goals Impact Results:
Several selected items, linked to the execution of strategic goals outlined at the Investor Day, influenced the firm's performance during this quarter. In total, these items reduced net earnings by $828 million, EPS by $2.41, and ROE by 3.1 percentage points. These include results related to historical principal investments within Asset & Wealth Management (legacy investments the firm intends to exit over a 3-5 year time horizon from year-end 2022), results related to GreenSky, and ongoing modest losses connected with the firm's residual Marcus loans portfolio and operating Personal Financial Management.
CEO's Perspective:
David Solomon, Chairman and CEO of Goldman Sachs, expressed his confidence in the progress made in executing the firm's strategic priorities. He stated, "We continue to make significant progress executing on our strategic priorities, and we're confident that the work we're doing now provides us with a much stronger platform for 2024. I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs."
Conference Call:
A conference call to discuss the firm's financial results, outlook, and related matters will be open to the public on the noted date. For those interested, the dial-in numbers are +1-888-205-6786 (in the U.S.) and +1-323-794-2558 (outside the U.S.) with the passcode number 7042022. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Goldman Sachs website, www.goldmansachs.com/investor-relations. There is no charge to access the call, and a replay will be available on the website approximately three hours after the event.
For further inquiries about accessing the conference call, please contact Goldman Sachs Investor Relations via email at gs-investor-relations@gs.com.
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