Goldman Sachs Reports 13% QoQ Drop in Revenues in Q2 2021

​Goldman Sachs Group Inc. recently published its earnings results for the second quarter of 2021, ending on June 30, 2021, with the net revenues standing at $15.39 billion, 16% higher than the corresponding period in 2020 and 13% lower than prior quarter.

The bank registered net earnings of $5.49 billion. Diluted earnings per common share (EPS) came in at $15.02 compared with $0.53 from a year ealier and $18.60 for Q1 2021. Annualized return on average common shareholders’ equity (ROE) reached 23.7%, while annualized return on average tangible common shareholders’ equity (ROTE) approached 25.1%.

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In terms of Investment Banking, Goldman Sachs generated its second highest quarterly net revenues of $3.61 billion, which followed record net revenues in Q1 2021.

Its Global Markets reported quarterly net revenues of $4.90 billion, indicating solid client activity across both Fixed Income, Currency and Commodities (FICC) and Equities.

Quarterly net revenues of Asset Management also totaled a record level of $5.13 billion, reflecting record quarterly net revenues from Equity investments.

Consumer & Wealth Management recorded net revenues of $1.75 billion. 

Commenting on these results, David M. Solomon, Chairman and Chief Executive Officer of Goldman Sachs, said, “Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic. But, as always, I am proud of the dedication and resilience of our people, who have worked tirelessly to help our clients navigate the ever-changing market environment.”

As Fazzaco reported earlier, Goldman Sachs has announced to unveil Transaction Banking (TxB) in the UK​, following its successful launch in the US last year. The launch of this business in the UK will bring a suite of new services to corporate and institutional clients via a market-leading, digital-first cash management platform.