The 2025 year was a tumultuous one for the company, with long-time managing director Andrew Barclay leaving the firm in June after a 26-year tenure.
He was replaced on the GSNZ board by Nathan Bond, formerly the firm’s head of investment banking for New Zealand.
Barclay has since gone on to found his own consultancy, Barclay & Co, and has been appointed chairman of Television New Zealand.
Despite the large losses at GSNZ, staff expenses, described as “salaries, bonus payments and other”, increased to $4.5m from $3.5m.
Payments to key management personnel also increased over the period to $1.4m, from $1.3m.
GSNZ, which has seen its investment banking revenue decline by 90% over the past six years, has recent mandates for KMD Brands’ capital-raising process and ExxonMobil’s proposal to exit New Zealand.
GSNZ’s ultimate parent, Goldman Sachs, this month beat analyst estimates, but still saw its share price decline in April when reporting first-quarter results to the New York Stock Exchange.
Goldman Sachs’ revenue at its fixed income, currencies and commodities division declined 10% to US$4 billion.
Equities-trading, wealth management and investment banking divisions increased, respectively, 27%, 10% and 48%.
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