Goldman Sachs turned in a better-than-expected profit during David Solomon’s first quarter at the helm, helped by dealmakers in the division the new chief executive once oversaw.
Reuters reports that a 56% jump in M&A fees as well as higher equities trading revenue during a volatile quarter for stocks helped offset another decline in bond trading, a business whose structural issues have forced Goldman to rethink its overall business model.
Using a plan Solomon co-developed in 2017, Goldman Sachs is trying to generate $5 billion (£3.9 billion) in additional annual revenue by growing its consumer operation, wooing new institutional customers and convincing existing clients to do more business with the bank.
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