Strong revenues in Goldman Sachs’ newly created investments and lending arm saw the bank lift first-quarter net income above Wall Street’s expectations.
Even with much of its business hit by regulatory and economic uncertainty, Goldman still made strong gains in the new unit, which houses stakes in companies such as Industrial and Commercial Bank of China as well as the loans it extends to clients. It was created earlier this year to make its financial reporting more transparent.
Buoyed by asset sales, higher marks on its equity and debt holdings and interest on loans, revenue from investing and lending jumped 37 per cent to $2.7bn – more than double what Goldman produced in investment banking fees.
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