And so as we came into the first quarter, we were able to re-expand the capacity, clients engaged with us. We saw an increase in balances, increase in client activities, increase in customer spreads.We’ve had in place for some time, a strategy to identify new types of clients that could come on to the platform and engage with us. And so I’d say that we’re working sort of full speed ahead on that. We continue to be very, very focused on this as one of the key priorities within the Global Banking & Markets business.Devin Ryan Okay. Thanks, Denis. Just a bigger picture follow-up here. So it feels like Goldman generally takes market share during periods of stress. And so we just went through a pretty extreme period of stress in banking system and maybe we’re getting on the other side of it, but perhaps not.
And so with Credit Suisse now forcing an acquisition and capital likely becoming tighter in the banking system more broadly, are there new areas of maybe opportunity for Goldman to take market share just in terms of where you’re going to lean in with your balance sheet as you’ve done in the past? How should we think about maybe a couple of the top areas where you feel like you can maybe incrementally take market share just as a result of what happened over the last month or so?David Solomon Well, I think our core banking and markets franchise is incredibly well positioned. You can see the performance this quarter. I certainly wouldn’t call it a top quartile for investment banking, traditional capital markets, IPOs, M&A activity. But with a 16.7% ROE in our banking and markets segment, I think it’s performing well.
We have the breadth, the footprint, the global franchise, I think, to continue to strengthen our share. And as I commented a little bit earlier, we continue to be focused on looking at our performance on the top 100, now expand to the top 150 clients and making sure that we’re moving up and capturing share and serving them well.I do think, given some of the things that have gone on, there are other opportunities. I think one of the interesting opportunities is the private wealth opportunity over in Europe. We see lots of customers that had had accounts at both large Swiss institutions with a consolidation. We’re certainly seeing opportunities in our private wealth business as people want to diversify the private wealth relationships we have.
And so that’s an area for share that we’re focused on. So we continue to look across both Global Banking & Markets and also Asset & Wealth Management for opportunities that we can strengthen our position and we think both franchises are very well positioned.Operator We’ll go next to Dan Fannon with Jefferies.Daniel Fannon Thanks. Good morning. Wanted to follow up on the third-party fundraising. You had another great quarter, but certainly highlighted that a bit slow this year, and I guess that’s not surprising given the environment. But could you talk kind of longer term, as you think about maybe a rebound as the economic conditions pick up? And also, the cycling of your vintages of funds in terms of what could be coming on line this year that might result in continued strength or some pockets of slowness as you kind of go through that cycle?Denis Coleman So thanks a lot for the question.
Obviously, this remains a big area of strategic focus for us. With $14 billion raised in the first quarter and now up to $193 billion, we feel very good about that. We indicated that the pace could slow over the balance of the year, but we do have about 20 offerings in market on diversified basis across asset classes where we’re actively looking to raise funds.I think it’s really the breadth and the diversity of our franchise that’s going to enable us to continue to raise those types of assets. Different strategies will play towards different types of environments and having the breadth of offering, I think, is proving to be beneficial. So even though we indicated it may slow later in this year, strong conviction that we’ll be on pace for the total amount that we had indicated, just given what we see across our platform.David Solomon And I’d just say, Dan, that one of the things that happens in this business is as you scale and you have the breadth that we have in this business, we set a target for 2024, but there is a longer-term goal on target, and there’s lots of room for us to grow and continue to expand our footprint and position given the offering that we have across the broad alternative spectrum, the global nature of our platform.And so this is still — these are long-dated fundraisings, long-cycle stuff, but there is a lot of runway for us once we get past the 2024 target too.Daniel Fannon Thanks.
And then just a follow-up, Denis, on the expense side. The $1 billion of savings from realization of programs that you highlighted at Investor Day, what was realized in the first quarter? Or maybe just remind us on the pacing of some of those savings as we think about the range of this year?Denis Coleman So at Investor Day, we outlined that over the course of the year, we’d have run rate payroll expense of about $600 million and non-comp efficiency, about $400 million, and we see about half of that reflected in this year and the balance thereafter. I’d say we’re on target for those initiatives and those efficiencies. And we continue to look at it, and we continue to see other opportunities to incrementally drive efficiency across our platform.One area we had focused on for quite some time was the overall level of professional fees.
We continue to grind that down. And if you look at some of the sequential components of our overall non-compensation expense, you’ll see we’re making good progress against most of the line items.Operator We’ll take our next question from Gerard Cassidy with RBC.Gerard Cassidy Good morning, David. Good morning, Denis.David Solomon Good morning.Gerard Cassidy David, in your comments about your principal investments, you mentioned obviously market conditions will impact how quickly you get to your targeted goal of $15 billion by the end of ’24. In those market conditions, is it more the IPO and ECM markets that have a bigger headwind for you in this area? Or is it just general market levels and the activity we’re seeing?David Solomon Well, I appreciate the question, Gerard.
And I think all these things contribute. Financing availability contributes on certain assets; IPO market can contribute on certain assets, and just general valuations contribute on certain assets. I want to put the comments in perspective because I think that appropriately, we want to make sure people understand obviously that when there is a lot of volatility or there are tough markets, it might slow this down, but we laid out at our Investor Day a plan to move over the coming few years to close to zero on the historical principal investments.We continue to have a target to get to $15 billion by the end of 2024. We’re confident that we’re going to execute on that target. So I think the way to think about this is we laid out a multi-year plan to reduce this down to close to zero and we’re moving along on that target.
I wouldn’t take the comments that on any quarter-to-quarter basis, things can slow down. I wouldn’t overstate that, but I want people to be aware that if the market or the environment turns more difficult, that could potentially slow us down. But we’re very focused on this, and we’re going to continue to work to execute on a quarter-to-quarter basis.Gerard Cassidy Very good. And I know you guys touched on the share repurchases slowing it down a bit and here in the second quarter, you’re very well capitalized. If market conditions — I should ask, I guess, how important is it that the financial markets need to stabilize for you guys to maybe get more aggressive in the second half of the year in buying back the stock?Denis Coleman Thanks for the question.
Look, I think it gets back to how we think about our overall capital allocation framework, and we’re looking at opportunities to deploy against our client franchise where there could be opportunities for incremental deployment. Given some of the disruption that we’re seeing in markets, we want to remain mindful of that. We want to remain committed to returning capital to shareholders, and so we’re looking to strike the right balance while being mindful of the overall operating environment.David Solomon Yes. I’d also — I also just want to highlight, when we spoke at Investor Day, we said clearly that we are focused on accelerating buybacks. That is still in place. Quarter-to-quarter may vary, but that is still in place. And so I just want that also kept in perspective too.Operator We’ll take our next question from Jim Mitchell with Seaport Global.James Mitchell Hi, good morning.
