The Goldman Sachs Group Inc. (NYSE: GS) announces its fourth quarter and record annual earnings results for 2021. The company recorded $59.34 billion in net revenues and $21.64 billion in net earnings in the 2021 financial year. The company’s fourth-quarter earnings results for the same year were net earnings of $3.95 billion and net revenues of $12.64 billion.
Diluted earnings for the 2021 financial year came to $59.45 per common share, which was a lot more than the $24.74 it reported in the previous financial year. However, in the fourth quarter, the diluted earnings were $10.81 per common share, which was down from the $12.08 they reported in the same quarter of the previous financial year.
Goldman Sachs’ Chief Executive Officer and Chairman, David Solomon, said;
“2021 was a record year for Goldman Sachs. The firm’s extraordinary performance is a testament to the strength of our client franchise and people.”
The CEO continued to claim that:
“Moving forward, our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns for shareholders.”
The company generated record-breaking net revenues, net earnings, and diluted EPS during the financial year for 2021. They significantly surpassed what the company recorded in the previous financial year. In addition, the 23% ROE it reported was the highest the company has recorded since 2007.
Its Investment Banking department generated $14.88 billion in net revenues, which was also a record-breaking result. The net revenues in this department were driven by record-breaking net revenues in the Debt Underwriting, Equity Underwriting, and Financial advisory spaces.
Its Global Markets segment generated %22.08 billion in net revenues, which was the highest Goldman Sachs has recorded in twelve years. This helped reflect the company’s strength in Fixed Income and Equities.
This was a record-breaking year for the Asset Management department as well, which brought in $14.92 billion in net revenues. This included record-breaking net revenues in the Equity investments segment.
The Consumer and Wealth Management departed recorded $7.47 billion in net revenues for the financial year of 2021, which was 25% higher than what the company recorded in the previous financial year. The Wealth Management segment alone recorded $5.98 billion in net revenues.
The post Goldman Sachs announces its fourth quarter and annual financial results for 2021 appeared first on Invezz.