Goldman SachsChief Executive Officer David SolomonHe took the time to take in the recent achievements of his company before he set out to raise the company’s long-term financial targets.

A Credit Suisse audience gathered at the conference to remind Solomon that in early 2020 at Goldman’s first Investor Day, Solomon faced doubts when he revealed a series of goals for making Goldman more profitable. The firm exceeded those goals last year, thanks to a record-breaking surge in investment banking and trading activity which was aided by the coronavirus pandemic.

Solomon explained that there was doubt about our targets and expectations two years back. If you take a look at the results, it is obvious that our efforts have far exceeded those of the original targets.

Goldman’s new guidance for returnsThe bank’s target of 14% for 2020 was surpassed by 15%-17% on tangible common shareholders equity. Goldman’s return last year was 24%.

It also raised its 2024 goals for raising investments and fees, as well as transactions and consumer banking revenue.  

This is a developing story. Keep checking back for more updates.