Goldman Sachs

Core activities remain cyclical. Investment banking and market‑sensitive revenues swing with risk appetite, issuance windows, and volatility.

Offsetting this, Asset and Wealth Management has delivered record AUS near 3.5 trillion and record management fees, while private banking and financing revenues are growing, adding a more resilient layer of cash earnings.

The firm’s backlog entering late 2025 was described as the highest in three years, but policy and geopolitical shifts can quickly change trajectories. Net of these factors, we view medium‑term earnings as moderately predictable, with structural improvement versus 2019–2022 given fee and financing growth.