Goldman Sachs reports 7% Y/Y drop in Global Markets revenues for Q4 2021

The Goldman Sachs Group, Inc. (NYSE:GS) has just posted its financial report for the fourth quarter of 2021.

Net revenues in Global Markets were $3.99 billion for the fourth quarter of 2021, 7% lower than the fourth quarter of 2020 and 29% lower than the third quarter of 2021.

Net revenues in FICC were $1.86 billion, essentially unchanged compared with the fourth quarter of 2020. Net revenues in FICC intermediation were lower, reflecting significantly lower net revenues in interest rate products and credit products and lower net revenues in commodities and mortgages, partially offset by significantly higher net revenues in currencies.

Net revenues in Equities were $2.12 billion, 11% lower than the fourth quarter of 2020, due to significantly lower net revenues in Equities intermediation, across both derivatives and cash products. Net revenues in Equities financing were significantly higher, primarily reflecting increased activity (including higher average client balances).

For the full year 2021, net revenues in Global Markets were $22.08 billion, 4% higher than 2020.

Net revenues in FICC were $10.58 billion, 9% lower than 2020, due to lower net revenues in FICC intermediation, reflecting significantly lower net revenues in interest rate products and credit products and slightly lower net revenues in currencies, partially offset by significantly higher net revenues in mortgages and higher net revenues in commodities.

Net revenues in Equities were $11.49 billion, 20% higher than 2020, due to significantly higher net revenues in Equities financing, primarily reflecting increased activity (including higher average client balances), and higher net revenues in Equities intermediation, across both derivatives and cash products.

Across all segments, Goldman Sachs reported net revenues of $59.34 billion and net earnings of $21.64 billion for the year ended December 31, 2021. Net revenues were $12.64 billion and net earnings were $3.94 billion for the fourth quarter of 2021.

Diluted earnings per common share (EPS) was $59.45 for the year ended December 31, 2021 compared with $24.74 for the year ended December 31, 2020, and was $10.81 for the fourth quarter of 2021 compared with $12.08 for the fourth quarter of 2020 and $14.93 for the third quarter of 2021. For the year ended December 31, 2020, net provisions for litigation and regulatory proceedings reduced diluted EPS by $9.51.

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