Goldman Sachs tech spend jumps 10% YoY to $466M

Goldman Sachs was focused on growing its Global Banking and Markets, and Asset and Wealth Management businesses in the first quarter of 2023 amid market turbulence. “Our robust financial position allowed us to focus on serving our clients and helping them navigate this period of market disruption across our leading businesses,” Chief Financial Officer Denis Coleman said during today’s Q1 2023 earnings call. [caption id="attachment_57368154" align="alignright" width="300"] Bloomberg (Photo by Michael M. Santiago/Getty Images) [/caption] THE BIG PICTURE: In Q4 2022, the bank prioritized its Platform Solutions business and in doing so, this quarter, the business segment more than doubled its net revenue year over year to $564 million, according to the earnings release. “In Platform Solutions, we saw positive underlying trends this quarter with revenues greater than provisions and we remain focused on driving this business toward profitability,” Chief Executive David Solomon said during the call. BY THE NUMBERS: Goldman Sachs reported for Q1: Net revenues fell 5% YoY to $12.2 billion; and Communications and tech expenses grew 10% YoY to $466 million. NOTEWORTHY: Today, Apple rolled out a high-yield savings account through Goldman Sachs, allowing Apple Card holders to build cash rewards, according to an Apple release. The savings account follows Apple and Goldman’s October launch of Apple Card. “We are excited to deepen our partnership with Apple through additional offerings and introduce another source of deposit funding for the firm,” Coleman said. FLASHBACK: Goldman Sachs Transaction Banking developed internal APIs that link to the firm’s existing core to allow clients to make payment transactions globally, Brinda Bhattacharjee , chief operating officer for Transaction Banking in platform solutions at Goldman Sachs, said in March at Bank Automation Summit U.S. 2023 in Charlotte, N.C. The firm has spent the past two years developing the rest of Goldman’s technology to keep up with the “API cloud-native journey,” she said. MARKET REACTION: Goldman Sachs stock was down 1.7% to $333.91 at market close today, compared with $339.68 at market close Monday. [stock_market_widget type="inline" template="generic" assets="GS" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" display_currency_symbol="true" api="yf"]

Goldman Sachs tech spend jumps 10% YoY to $466M

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Bank of America personnel, tech spend rises in Q1

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Goldman Sachs tech spend jumps 10% YoY to $466M

Bank rolled out a savings account with Apple

Citi invests in tech modernization, data, CX

Bank of America personnel, tech spend rises in Q1

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