Goldman Sachs Reports 2023 Third Quarter Earnings Per Common Share of $5.47 and Annualized Return on Common Equity of 7.1%
Selected Items Reduced Earnings Per Common Share by $2.41 and Annualized Return on Common Equity by 3.1 Percentage Points
NEW YORK, OCTOBER 17, 2023 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $11.82 billion and net earnings of $2.06 billion for the third quarter ended September 30, 2023. Diluted earnings per common share (EPS) was $5.47 for the third quarter of 2023 and annualized return on average common shareholders’ equity (ROE) was 7.1% for the third quarter of 2023.
Selected items related to the execution of strategic goals outlined at Investor Day impacted the firm’s results this quarter, which in aggregate, reduced net earnings by $828 million, EPS by $2.41, and ROE by 3.1 percentage points. These items include:
- Results related to historical principal investments within Asset & Wealth Management (legacy investments the firm intends to exit over the medium term, a 3-5 year time horizon from year-end 2022),
- Results related to GreenSky, which include the impact of our announced sale and ongoing operating results.
- Modest ongoing losses in connection with the firm’s residual Marcus loans portfolio and operating Personal Financial Management.
David Solomon, Chairman and CEO of Goldman Sachs, said, “We continue to make significant progress executing on our strategic priorities and we’re confident that the work we’re doing now provides us a much stronger platform for 2024. I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs.”
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET) on the date noted above. The call will be open to the public.
Members of the public who would like to listen to the conference call should dial +1-888-205-6786 (in the U.S.) and +1-323-794-2558 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of our website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on our website beginning approximately three hours after the event.
Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at email@example.com.