On this slide, baseline revenues are shown in gray, which represents the sum of the trailing 10-year lows for each of the businesses that are considered more cyclical, namely advisory, underwriting, and intermediation. We believe this is a very conservative measurement because it’s unlikely that every one of these businesses would ever hit a low point all at the same time. In fact, in all of the years since we became a public company, it has never happened. In dark blue, you can see the more durable revenues from financing, management, and other fees, as well as private banking and lending, which in aggregate have grown at 13% CAGR since 2019. Taken together, these two components make up over 70% of revenues in 2023. On top of that, we consistently generate upside across different market environments because of our diversified franchise.
The increase in the consistent baseline and more durable revenue streams, coupled with the diversification of our scaled franchise and our ability to capture upside, demonstrate the revenue-generating power of our firm. Narrowing our strategic focus, our leadership team spent a significant amount of time in 2023 realigning the firm’s priorities with our strategic vision, our values, and our strengths, which we highlighted on page nine. You’ve heard us talk about many of these elements before, starting with our strategic objectives. First, to harness One Goldman Sachs to serve our clients with excellence. Second, to run world-class, differentiated, and durable businesses. Third, to invest and operate at scale. As you can see on the page, our execution focus areas for 2024 are aligned with these strategic objectives.
Taking one example, investing in our people and culture. Exceptional quality of our people, supported by our unique culture of collaboration and excellence is critical in solving our clients’ most consequential problem, and it’s imperative that we continue to invest in them. All in these objectives and execution focus areas will result in our desired outcomes, to continue to be a trusted advisor to our clients, to be an employer of choice for our people, and to generate mid-teens returns through the cycle and strong total shareholder return. With everything we achieved in 2023, coupled with our clear and simplified strategy, we have a much stronger platform for 2024. I feel very confident about the future of Goldman Sachs, our ability to continue to serve our clients with excellence, and that we will continue to deliver for shareholders.
I will now turn it over to Denis to cover our financial results.
Denis Coleman: Thank you, David. Good morning. Let me start on page 10 of the presentation. In 2023, we generated net revenues of $46.3 billion, net earnings of $8.5 billion, and earnings per share of $22.87. As David highlighted, we made significant progress this year in narrowing our strategic focus. We provide details on the financial impact related to these decisions, as well as the impact of the FDIC special assessment fees on the slide. In aggregate, these items reduced full year net earnings by $2.8 billion, earnings per share by $8.04, and our ROE by 2.6 percentage points. Turning to performance by business, starting on page 12. Global Banking & Markets generated revenues of $30 billion for the year, down 8% as higher equities revenues were more than offset by a decline in FICC revenues and investment banking fees versus last year.
In the fourth quarter, investment banking fees of $1.7 billion fell 12% year-over-year, driven by a decline in advisory revenues versus a very strong quarter in 2022. For 2023, we maintained our number one league table position in announced and completed M&A as well as in equity and equity-related underwriting and ranked second in high yield debt underwriting. Our backlog rose quarter-on-quarter, driven by a significant increase in advisory. As David mentioned, we are encouraged by the robust level of dialogues with our corporate client base. And though we’re only two weeks into the New Year, there have been solid levels of capital markets activity in both the US and Europe. FICC net revenues were $2 billion in the quarter, down 24% from strong performance last year, amid lower activity in rates and other macro products.
In FICC financing, revenues rose to a record $739 million. Equities net revenues were $2.6 billion in the quarter, up 26% year-on-year. The year-over-year increase in intermediation revenues was driven by better results in derivatives. Financing revenues of $1.1 billion rose year-over-year with continued strength on higher average balances. Across FICC and equities, financing revenues rose 10% in 2023, consistent with our priority to grow client financing. Moving to Asset & Wealth Management on page 14. For 2023, revenues of $13.9 billion rose 4% year-over-year, as an increase in more durable revenues, including record management and other fees and record private banking and lending revenues, offset a decline in equity investments revenues and incentive fees.
