Goldman's core business restructuring has resulted in significant profit growth, showing that the bank's strategy of moving away from consumer loans and focusing on asset and wealth management and investment banking is right.

Investment banking business growth: Goldman Sachs' investment banking division achieved revenue of $2.08 billion, a year-on-year increase of 32%, mainly due to strong performance in equity and debt underwriting. Although Goldman Sachs pointed out a decrease in reserves of future banking revenue and investment banking activity returning to normal, it is still below historical levels.

Asset and Wealth Management Performance Improvement: Goldman Sachs Asset and Wealth Management's revenue increased by 18% to $3.79 billion, mainly driven by record breaking management expenses. The asset size of the department has grown to a record high of $2.85 trillion, demonstrating Goldman Sachs' strong growth momentum in this field.

The increase in trading revenue: Goldman Sachs' trading revenue reached $7.6 billion, a 10% increase. This growth mainly comes from loans to institutional clients such as hedge funds and private equity firms, particularly in fixed income, currency and commodity (FICC) financing, which has set records.

Faced with economic challenges: Goldman Sachs' performance has also been affected by a higher interest rate environment, as sustained high inflation may force the Federal Reserve to maintain a high interest rate policy. This may pose challenges to certain operations of the company, such as revenue from debt issuance services.

Withdrawal from consumer loan business: Goldman Sachs completed the sale of professional lending company GreenSky in the first quarter and recorded a pre tax loss of $117 million in its platform solutions division, reflecting its ongoing withdrawal from consumer loan business.