Goldman Sachs and Peers Report 12% Q1 Profit Surge to $47.3B
Goldman Sachs and five other major US banks posted a 12% rise in first-quarter profits to $47.3 billion, driven by strong client activity. Aggregate debit and credit card spending climbed 6%–9% year-over-year at leading banks, illustrating consumer resilience despite higher fuel costs.
1. Significant Profit Growth
Goldman Sachs and five other major US banks posted a collective 12% rise in Q1 profits to $47.3 billion as strong client activity drove revenue gains across investment banking and trading.
2. Robust Consumer Card Activity
Combined debit and credit card spending climbed year-over-year by 9% at JPMorgan, 7% at Wells Fargo, 6% at Bank of America and 5% at Citigroup, demonstrating resilient consumer demand despite rising fuel prices.
3. Stable Asset Quality and Provisions
JPMorgan, Citigroup and Bank of America reported declines in 90-day credit card delinquencies while Wells Fargo’s remained flat, with BofA and JPMorgan setting aside lower credit provisions than in Q1 last year.
4. Executive Outlook Highlights Risks
CEOs Brian Moynihan and Jamie Dimon noted the US economy benefits from healthy consumer spending and business activity but faces geopolitical tensions, energy price volatility, trade uncertainty and elevated asset prices.