Within the overall results, consumer and wealth management accounted for 16 per cent of all net revenues.

Goldman Sachs has reported that net revenues in consumer and wealth management stood at a record $2.10 billion for the first quarter, rising 21 per cent from a year ago and 7 per cent from the fourth quarter of 2021.

Net revenues in wealth management were $1.62 billion, 19 per cent higher than the first quarter of 2021, due to higher management and other fees, primarily reflecting the impact of higher average assets under supervision, higher net revenues in private banking and lending, and higher loan balances, it said in a statement. 

Net revenues in consumer banking were $483 million, 30 per cent higher than the first quarter of 2021, mainly reflecting higher credit card balances.

Within the overall results, consumer and wealth management accounted for 16 per cent of all net revenues, while investment banking made up 19 per cent, asset management 4 per cent, equities 24 per cent and fixed income, currency and commodities accounted for 37 per cent.