Goldman Sachs 2024 Annual Report: What Southeast Asian Business Leaders Can Learn
Goldman Sachs, one of the world’s most influential financial institutions, delivered a standout performance in 2024, reporting net revenues of US$53.5 billion—a 16% year-over-year increase—and earnings per share of US$40.54, marking a 77% surge. Its return on equity rose by over 500 basis points to 12.7%, and total shareholder return hit an impressive 52% (Goldman Sachs Annual Report 2024). These headline figures are remarkable, but more importantly, they offer timely insights for business leaders in Southeast Asia who are navigating their own economic and structural transformations.
Goldman Sachs’ performance wasn’t driven merely by market conditions—it was the result of deliberate strategic focus, aggressive productivity initiatives, and deep investment in technology and people. For CEOs and founders across Singapore, Malaysia, Indonesia, and the region, this year’s report reads like a global playbook for sustainable growth.
A Dual-Engine Model With Scalable Strength
Goldman Sachs is built around two main engines: Global Banking & Markets (GBM), which encompasses investment banking, fixed income, commodities and currencies (FICC), and equities; and Asset & Wealth Management (AWM), which includes asset management and its fast-growing wealth advisory business.
In 2024, GBM remained the revenue leader, with standout results in M&A advisory—where Goldman retained its global number one position for the 22nd consecutive year (Dealogic M&A Rankings 2024). The division generated record revenues of US$9.1 billion in financing, with a compound annual growth rate of 15% since 2019. Meanwhile, AWM expanded assets under supervision to a record US$3.1 trillion, of which US$1.6 trillion was from wealth management clients.
For Southeast Asian business leaders, the lesson here is about diversification and integration. Regional financial institutions and conglomerates can draw inspiration from Goldman’s dual-engine structure: a capital markets engine paired with a stable, fee-based wealth and asset management franchise. This is especially pertinent as Southeast Asia’s family offices and high-net-worth segments continue to grow.
Private Capital is the New Frontier
In 2024, Goldman launched its Capital Solutions Group, a strategic initiative that integrates investment origination, structuring, risk, and financing into one cohesive unit. This reflects a broader pivot to private markets and direct lending—an area projected to reach US$2.8 trillion globally by 2028 (Preqin Global Private Debt Report 2024).
The implications for Southeast Asia are clear. Regional corporates are increasingly exploring non-bank financing solutions, especially amid tightening credit from traditional lenders. Family-run businesses, tech startups, and mid-sized enterprises looking for flexible funding will find parallels in this shift. Goldman’s approach suggests a global capital ecosystem that is fast moving beyond public markets.
Operational Excellence Through AI and Cost Discipline
Goldman’s leadership made 2024 a year of operational transformation. A firmwide initiative is underway to reduce non-compensation costs by cutting third-party vendor spend, streamlining office space, and automating middle and back office operations. The firm also rolled out proprietary AI tools, including GS AI, a natural-language assistant for internal knowledge search, and coding copilots for its engineers (Goldman Sachs 2024 Shareholder Letter).
For regional business leaders grappling with rising operating costs, this is an instructive example. AI isn’t just a futuristic buzzword—it’s now a competitive differentiator. Whether it’s streamlining compliance for fintechs in Singapore or automating logistics across ASEAN supply chains, firms that adopt AI-first workflows will outpace those that delay.
Talent and Culture: A Moat That Compounds
Goldman’s human capital strategy in 2024 emphasised loyalty and alumni retention. The firm brought back 380 former employees—25 of them at the partner or MD level. Over 275 Goldman alumni are now C-suite leaders at companies with over US$1 billion in market capitalisation. This focus on cultivating talent, retaining institutional knowledge, and investing in leadership pathways has built a network that reinforces Goldman’s market leadership.
The takeaway for Southeast Asia? As the region’s startups and family-owned businesses scale, there’s growing need to professionalise leadership and build long-term talent pipelines. Whether in KL, Jakarta, or Bangkok, boards should think beyond compensation packages and design cultures that reward performance, continuity, and loyalty.
Sustainability: A Strategic Growth Lever, Not a CSR Checkbox
Goldman has already deployed over 80% of its US$750 billion target for sustainable finance by year-end 2024, with significant allocations toward clean energy, sustainable transport, and green infrastructure projects (Goldman Sachs ESG Highlights 2024). The firm isn’t doing this for optics. It views sustainability as a growth engine—both commercially and reputationally.
This aligns strongly with where Southeast Asia is heading. Malaysia’s National Energy Transition Roadmap and Singapore’s Green Plan 2030 signal ambitious decarbonisation targets. As investors and regulators alike sharpen focus on ESG metrics, Southeast Asian firms must integrate sustainability into their business models—not as compliance, but as competitive strategy.
Macro Caution, Global Outlook
Despite a successful 2024, Goldman’s leadership acknowledged the complexity of the current macro environment. Geopolitical tensions, regulatory pressures in the U.S. and Europe, and shifting monetary policies remain key concerns. Yet, they also point to renewed deal-making activity, IPO pipeline recovery, and strong client demand as reasons for cautious optimism.
For ASEAN business leaders, the lesson is to stay globally attuned. Cross-border investments, capital flows, and M&A interest in the region will likely accelerate, particularly in sectors like digital infrastructure, clean energy, and logistics. Firms must remain agile while managing exposure to external shocks.
Conclusion: Southeast Asia's Moment to Lead, Learn, and Leap
Goldman Sachs’ 2024 annual report is more than a financial summary—it’s a playbook for modern leadership. It shows how legacy firms can innovate, how operational rigor compounds value, and how human capital remains irreplaceable.
For Southeast Asian companies, the opportunity is to adapt these principles at scale. Build durable business models. Embrace AI not as a cost-saving tool but as a growth enabler. Anchor strategies in sustainability. And invest in people who can carry vision through volatility.
As global capital increasingly turns to Asia, Southeast Asia is not just part of the opportunity—it is the opportunity. And if firms in the region can internalise the kind of discipline and forward-looking thinking showcased by Goldman Sachs, they may well define the next frontier of global growth.
Kevin Wu is the editor and focuses on curating stories and articles relevant for the modern-day business owner and corporate leaders in the South-east Asia region. More about Kevin Wu.
