Goldman Sachs Reports 2022 net revenues of $47.37 billion
The Goldman Sachs Group, Inc. today reported net revenues of $47.37 billion and net earnings of $11.26 billion for the year ended December 31, 2022.
Net revenues were $10.59 billion and net earnings were $1.33 billion for the fourth quarter of 2022, Diluted earnings per common share (EPS) was $30.06 for the year ended December 31, 2022 compared with $59.45 for the year ended December 31, 2021, and was $3.32 for the fourth quarter of 2022 compared with $10.81 for the fourth quarter of 2021 and $8.25 for the third quarter of 2022.
Return on average common shareholders’ equity (ROE)1 was 10.2% for 2022 and annualized ROE was 4.4% for the fourth quarter of 2022. Return on average tangible common shareholders’ equity (ROTE)1 was 11.0% for 2022 and annualized ROTE was 4.8% for the fourth quarter of 2022.
Net revenues in Global Banking & Markets were $32.49 billion, 12% lower than a strong 2021, Investment banking fees were $7.36 billion, 48% lower than a strong 2021, due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes, and lower net revenues in Advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions from elevated activity levels in the prior year.
The firm’s Investment banking fees backlog4 decreased significantly compared with the end of 2021, Net revenues in FICC were $14.68 billion, 38% higher than 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, currencies and commodities, partially offset by significantly lower net revenues in mortgages and lower net revenues in credit products. In addition, net revenues in FICC financing were significantly higher, primarily driven by secured lending.
Net revenues in Equities were $10.99 billion, 6% lower than 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives.
Net revenues in Equities financing were higher, primarily reflecting increased client activity, Net revenues in Other were $(537) million for 2022, compared with $265 million for 2021, reflecting significantly lower net gains from investments in equities and net mark-downs on acquisition financing activities.
