Goldman Sachs boss warns of ‘great uncertainty despite a bumper start to the year

By CONNIE RILEY

Updated: 22:03 BST, 14 April 2025

The boss of Goldman Sachs warned the firm faces a ‘markedly different operating environment’ despite a bumper start to the year. 

The Wall Street banking giant reported a 15 per cent surge in first quarter profits to £3.5billion as market volatility helped it rake in record equity trading revenues.

But while the turmoil unleashed by Donald Trump has been a boom for Goldman’s traders, investment banking fees fell 8 per cent as deal-making dried up. 

And warning these are ‘times of great uncertainty’, chief executive David Solomon said: ‘We are entering the second quarter with a markedly different operating environment than earlier this year.’ Solomon called on Trump to heed warnings from corporate America.

‘We are hopeful that feedback from companies, large and small, institutional investors and, ultimately, consumers will support an approach that will lead to greater economic certainty and long-term growth,’ he said.

Equity traders at JP Morgan and Morgan Stanley also brought in record revenues in the first three months of the year. But Goldman shares have fallen 12 per cent since the ‘Liberation Day’ tariffs were unveiled this month. JP Morgan and Morgan Stanley have suffered similar falls.

Trading boom: Goldman reported a 15% surge in first quarter profits to £3.5bn as market volatility helped it rake in record equity trading revenues

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Goldman Sachs boss warns of ‘great uncertainty despite a bumper start to the year

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