Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) opened around 3% higher on Wall Street despite a slowdown in investment banking fees, as strong trading revenue lifted overall results.
First-quarter profits rose 15% to $4.74 billion, with revenue up 6% at $15 billion. But dealmaking showed strain: investment banking fees fell 8% year-on-year, and advisory revenue slumped 22%, missing expectations.
Chief executive David Solomon warned of a "markedly different operating environment" in the second quarter, citing uncertainty linked to President Trump’s new tariffs.
Trading was the standout performer. Equity trading surged 27%, while overall trading revenue reached $8.59 billion — Goldman’s best since 2009.
Other Wall Street leaders also flagged caution. JPMorgan’s Jamie Dimon spoke of “considerable turbulence,” while BlackRock’s Larry Fink warned the tariff rollout could have broad consequences.
Amid IPO delays, loan deal suspensions and sharp hedge fund margin calls, investors are watching for signs of further instability.
The shares rose $13 at $507.42.