Goldman Sachs’ systemic risk score, which at the end of last year cooled enough to spare it from a higher Common Equity Tier 1 capital add-on, rebounded during the first quarter. If it stays at this level at the year-end, the bank would attract a 3.5% capital surcharge from 2025, up from the current 3% applied as per the Federal Reserve rules.

Risk Quantum analysis shows Goldman’s score rose from 599 basis points at the end of December to 658bp three months later, the result of higher volumes