While most of the main indictors were positive in terms of growth, the figures appeared to not greatly impress investors, with shares in the US firm down yesterday.

Today, Goldman Sachs reported a 10 per cent year-over-year rise in net asset and wealth management revenues to $4.08 billion for the first three months of 2026, although they declined by 14 per cent from the previous quarter.

The increase compared with the first quarter of 2025 primarily reflected higher management and other fees, partially offset by lower net revenues in private banking and lending, the New York-listed group said.

Higher average assets under supervision were the main cause of the higher management and other fees.

Goldman Sachs said its fall in private banking and lending fees was caused by lower deposit spreads related to its retail Marcus deposit accounts, partly offset by higher deposit balances. Incentive fees rose, it said in a statement. 

Across all parts of the Goldman Sachs business, net revenues rose 14 per cent year-on-year in Q1, and were up 28 per cent quarter-on-quarter.

The year-on-year gain was mainly driven by higher net revenues in global banking and markets.

However, investors weren’t impressed by the results overall. Shares in Goldman Sachs were down almost 4 per cent in early-afternoon US trade yesterday.

"Goldman Sachs has delivered a solid set of numbers, but in this environment ‘solid’ isn’t quite enough to keep investors interested. The strength in equities trading and dealmaking shows that the machine is still firing on all cylinders, yet the drop in FICC revenues is a reminder that this is not a one-way street, especially with markets being buffeted by the Iran war. After such a strong run in the share price, investors were clearly looking for something exceptional, not just good,” Axel Rudolph, chief technical analyst at investing and trading platform IG, said.

“The bigger issue is that Goldman’s results feel like a snapshot of a world that may already be fading. With oil prices surging, inflation fears building and recession risks creeping back in, the outlook for dealmaking and capital markets activity becomes far less certain. In that context, today’s numbers risk being seen as close to peak earnings, and it’s little surprise that investors have opted to take some money off the table,” Rudolph said in a note.