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We further enhanced our operating profit growth from gross profit growth through operating leverage. Second, and more importantly, we're committed to operational efficiency and disciplined resource allocation, which includes thoughtful staff distribution and effective marketing expense management.
In addition, it also enables us to acquire Bitcoin through the use of excess cash or proceeds from equity capital raises or corporate debt capital raises, and to pursue software innovations that leverage the Bitcoin blockchain. As an operating company, we can make use of intelligent leverage. One, cash flow from software operations.
Secondly, we had the best year we've probably ever had in treasury management as we see increases in the number of operating accounts that we are -- that we're originating and services we're providing to customers. On the operating leverage side, I mean, your guidance implies negative operating leverage unsurprisingly for 2024.
What big financialinstitutions are counting on from the Fed. But yeah, asset managementfees are up 14%, and a lot of that's because the amount of money they manage swelled to $5.7 Why not leverage our cost of capital into that property type? Ricky Mulvey: Just so I'm setting the table a little bit.
We leverage our unique assets and capabilities to serve corporates, financialinstitutions, investors, and individuals with global needs. The majority of our deposits, $818 billion, are institutional and operational in nature and span across 90 countries. We maintained a very strong $2.4
We don't operate with a cross-collateralized balance sheet like depository institutions. We have virtually no net leverage at the parent company compared to U.S. banks with an average of 12 times leverage. We've always believed in extreme conservatism in managing our capital structure and the structure of our funds.
MIELLE: Of course, I was and it was particularly ruthless because I was in a group called FIG, FinancialInstitutions Group. At that time, there were still a lot of savings and loan institution, thrifts, lots of mergers. MIELLE: So financialinstitutions were not my industry to cover. Tell us about that period.
Overview of Goldman Sachs Group Goldman Sachs specializes in investment banking, securities, and investment management, serving a diverse client base that includes corporations, financialinstitutions, governments, and individuals. billion, highlighting robust managementfees and asset growth to a record $3.14
This combination not only solidifies our position as the largest commercial bank headquartered in Greater Boston and a leading financialinstitution in New England but also allows us to deliver a broader suite of offerings to our customers, greater opportunities for our colleagues, and even stronger commitment to the communities we serve.
We activated the investment periods for our corporate private equity and PE energy transition flagships in the second quarter, which, along with BXPE and private wealth, were in fee holidays as of quarter end, representing $27 billion of fee AUM in aggregate. Fee-related earnings were $1.1 BXP exited its fee holiday this month.
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