Goldman Sachs cashed in on stock market turmoil over President Donald Trump’s tariffs — with the bank’s stock traders bagging their highest revenues ever during the first three months of this year.
The US financial giant released its first-quarter esults before the opening bell on Monday, posting net profits of $4.7 billion for the first quarter of 2025 and revenues of $15.06 billion.
A filing released this morning showed that its trading division reported revenues of $4.2 billion, up 27% from the same period last year.
“While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients,” said Goldman Sachs CEO David Solomon in a thinly veiled nod to Trump’s tariff plans.
Analysts surveyed by the London Stock Exchange Group had forecast revenues of $14.8 billion.
The price of a share in Goldman Sachs closed at $494.44 on Friday as crosstown rivals JPMorgan and Morgan Stanley unveiled their earnings with JPMorgan’s CEO Jamie Dimon warning how Trump’s threats to start a global trade war could create “considerable turbulence” for the US economy.
The commander-in-chief’s move to slap tariffs on imports from a wide range of nations sent stock markets tanking before a last-gasp U-turn that only left levies against Chinese goods in pace, with the rest delayed for 90 days.
Solomon, who raked in $39 million in compensation last year, and his second-in-command, chief operating officer John Waldron have faced heat from some Wall Street observers after both received a five-year $80 million golden handcuffs bonus.
The eye-popping sums, which are subject to being signed off by the bank’s compensation committee, were seen as a play to keep Solomon and Waldron with the firm.
Last month, the Financial Times reported that Waldron was eyeing a $500 million job in private equity with Marc Rowan’s Apollo Global Management.
Defenders of the payouts have likewise pointed to Goldman’s surging profits, which have sent its share price rocketing by more than 30% over the past year.