In spite of the pandemic, 2020 was a banner year for Goldman Sachs. The bank emerged from the global health crisis with profits up 12% and its highest net revenues in over a decade, boosted by big numbers in trading and dealmaking. Robust results from underwriting and issuance, amid a flurry of IPOs and SPACs (special purpose acquisition companies), helped too. In early 2021, Goldman narrowly evaded hefty losses from its dealings with family office Archegos, whose bets imploded in a fiasco that cost many of Goldman’s peers billions of dollars. Meanwhile, the bank continued its multiyear push into consumer banking, launching Marcus Invest—a belated entry into the popular robo-adviser market catering to Main Street investors.
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