US investment banking companies Goldman Sachs and JPMorgan Chase showed strong earnings increases in the first quarter of 2021, according to their financial statements released Wednesday.
Goldman Sachs’ total net revenue for January-March was $17.7 billion, more than double the same period last year, when it was $8.7 billion.
Net income soared 466% from $1.2 billion to $6.8 billion during the same period.
Most of the rise came from asset management, where the bank posted revenues of $4.6 billion in the first quarter of 2021, compared to a loss of $96 million in the same period of 2020.
Goldman Chairman and CEO David Solomon said the bank’s businesses “remain very well positioned” for economic recovery from the coronavirus pandemic.
JPMorgan Chase had net revenues of $33.1 billion in the first three months of the year, up 14% from $29 billion in the same period last year.
In the first quarter, net income jumped 410% from $2.8 billion to $14.3 billion.
Chairman and CEO Jamie Dimon said the strong financial results were “partially driven by a rapidly improving economy.”
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