Goldman Sachs Reports 28% Profit Surge in First Quarter

Goldman Sachs reported a 28% increase in profits in the first quarter, driven by a surge in investment banking revenues and a rise in asset and wealth management revenues. CEO David Solomon faces pressure from shareholder proposals to split the CEO and chairman roles and to limit executive pay, despite his 2023 compensation rising 24% to $31 million. The improved results come after a challenging year for Solomon, marked by a costly exit from consumer banking and high-profile departures from the firm. Key executives continue to depart, raising questions about the race to succeed Solomon, while the board of Goldman also undergoes changes.