Goldman Sachs Warns Of 'Material Risks' To US And Global Economy Amid Trade War, As Record Equity Revenue Drives Strong Q1 Results

After reporting better-than-expected first quarter results, Goldman Sachs Group Inc. (NYSE:GS) highlighted in its earnings call that the bank navigated the market volatility with record equity revenue and warned about “material risks” to the U.S. and global economies amid the ongoing trade war.

What Happened: Goldman Sachs navigated a quarter of “rapidly shifting sentiment” to deliver robust first-quarter 2025 results, highlighted by a record $4.2 billion in equities net revenue, according to its Chairman and CEO, David Solomon.

The firm capitalized on market volatility, driven by policy uncertainty and repositioning by clients, to achieve strong performance in its Global Banking & Markets division. Solomon emphasized the strength of their global franchise and risk management capabilities in supporting client needs during this period.

While the trading desks thrived, the firm also sounded a note of caution regarding the broader economic outlook amid the ongoing tariff battle driven by U.S. trade policies under President Donald Trump‘s administration. Solomon highlighted growing concerns among clients, including corporate CEOs and institutional investors, about the “significant near-term and longer-term uncertainty” stemming ...