Thursday, March 23, 2023

Goldman Sachs earns US$11,261 million in 2022, 48% less

The financial entity Goldman Sachs earned US$11,261 million in 2022, 47.95% less than the previous year, due to a “challenging economic context.”

The company decreased its revenues by 22% year-on-year, which stood at US$47.365 million, and 61% or US$28.669 million of geographic net revenues come from “Americas”, 27% or US$12.860 million comes from “EMEA” and the rest of Asia, as indicated in a statement on Tuesday.

The CEO, David Solomon, said that despite the “challenging economic context”, the entity achieved “double-digit returns for shareholders in 2022”.

In the fourth and last quarter of the year, the most followed by Wall Street analysts, Goldman Sachs also reduced its profits. Last Tuesday it posted its biggest profit loss in a decade amid sharp declines in investment banking and asset management revenue.

Between October and December, the company had profits of US$1,326 million, 66% less than that section of 2021, with a turnover of US$3,935 million.

Quarterly operating expenses increased 11% to US$8.091 million, which the firm attributed to technology expenses and higher compensation and benefits for its employees, among other things.

The results had a mixed reception and in electronic trading prior to the opening on Wall Street, shares of Goldman Sachs were down 2.52%. In the last year, they have appreciated by 8.9%.


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