Goldman Sachs (NYSE:GS) saw a 28% increase in profits in the first quarter, driven by a surge in investment banking revenues, providing CEO David Solomon with a positive start to 2024.

The bank reported net income of $4.1 billion, surpassing analyst expectations, with revenues reaching $14.2 billion, a significant rise from the previous year. The boost in revenues was fueled by a 32% increase in investment banking fees, as well as growth in asset and wealth management revenues and trading activities.

Despite a day of decline for the S&P 500, investors welcomed the news, pushing Goldman’s stock up by 3%. These improved results come after a challenging year for Solomon, marked by slowing dealmaking and significant changes within the firm, including the exit from consumer banking.

Solomon expressed optimism, stating, “Historically depressed levels of activity wouldn’t last forever,” noting that the capital markets are in the early stages of reopening.

However, Solomon faces ongoing pressure, with proxy advisory firms recommending shareholder votes this month to limit his power. Proposals include splitting the CEO and chairman roles, which Solomon currently holds, and critiquing the executive pay plan.

Despite these challenges, Goldman’s first-quarter performance is expected to bolster Solomon’s position as he navigates shareholder meetings and leadership transitions within the firm.