Goldman Sachs' Asian bankers and traders had a particularly great year

Goldman Sachs had a good 2024: profit at the firm rose 68% year-on-year and by 110% from Q4 of 2023 to Q4 of 2024. However, within Goldman, one group of regional staff did a lot better than others: those in Asia.

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For 2024 as a whole, Asia generated 13% of revenues at Goldman, up from 11% in 2023 and a dollar increase of 32% year-on-year. The fourth quarter seemed particularly strong: 14% of Goldman's revenues were generated in Asia in Q4 of 2024 compared to 9% in Q4 of 2023.

Goldman's Asian performance looks particularly impressive in light of general weakness in the Asian market. Market intelligence firm LSEG (formerly Refinitiv), says Asia-Pacific investment banking revenue fell by 11% last year.

Goldman's Asian bankers impressively bucked this trend. LSEG says their revenues rose 13% in the region, and it shot up from 17th in the local league tables to 11th. 

Goldman's Asia-based traders may have benefited from other rising tides. The Chinese government announced spectacular - and unexpected - stimulus measures to prop up the country's ailing property & stock markets. The Economist Intelligence Unit called it a "financial bazooka". 

Goldman didn't mention the Chinese stimulus in its results, but JPMorgan said "increased late-quarter activity in Asia" drove equities revenues at the time of its Q3 results. Goldman's (global) equities sales & trading revenues rose 16% in 2024.

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