The company’s net income of $8.52 billion for 2023 marked a 24% slump from the previous year, which is also its worst performance since David Solomon’s first year as CEO, when the company earned $8.46 billion. Still, the firm’s profit rose during the final quarter of 2023, with Goldman Sachs earning $2 billion over the three months ended December. This is a colossal 51% rise from the fourth quarter of 2022.

Goldman’s investment banking revenues for the fourth quarter were $3.6 billion; a 6% rise from Q3 yet still 12% lower than the fourth quarter of 2022. Data from Dealogic showed that full-year investment banking revenue was at its lowest point since 2013. Still, 2023 proved to be a challenging year economically for the industry at large, with Goldman Sachs still outperforming Wall Street rivals JPMorgan, Bank of America, Morgan Stanley, and Citi in terms of Q4 investment banking earnings.

The post Goldman Sachs Posts 51% Gain in Year-On-Year Quarterly Earnings appeared first on theprimarymarket.com.

Goldman Sachs reported $1.1 billion in profit for the second quarter, which is 58% down compared to the same period in 2023. The revenue came at $10.9 billion, marking an 8% dip but still coming above the expected $10.6 billion. The bank also reported $3.08 in earnings per share, coming under the $3.16 that the Wall Street analysts expected.

“This was obviously a tough quarter, but we also had one-off items that we put in,” Solomon said during the conference call.

However, Solomon feels that the strategic shift that includes moving away from consumer banking and focusing on capital markets will end up yielding positive results for Goldman Sachs.

“But I feel very, very good about the strategic decisions that we’re making, the execution that we’re working on, the progress we’re making in asset and wealth management, and we as a leadership team see a clear path to improvement in a better operating environment,” he added.

It appears that investors share Solomon’s optimism as Goldman Sachs’ stock has jumped by 4.22% in the past five days and traded at $345.00 per share at its highest on Wednesday.

The post Goldman Sachs CEO Feels “Very, Very Good” About Strategy Change Despite a “Tough” Q2 appeared first on theprimarymarket.com.

Citigroup CEO Jane Fraser commented that “the long-awaited rebound in investment banking has yet to materialize,” following the release of her bank’s disappointing second-quarter results. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

These two banks provided two divergent views of financial institutions’ performance post-banking turmoil, with Bank of America exceeding expectations while Goldman Sachs struggled.

Bank of America’s stock rose by 2.6% during pre-market trading on Tuesday after the bank earnings of $8.2 billion; up 15% from the first quarter of 2022. Compared to the fourth quarter of 2022, Bank of America’s net interest income remained fairly constant at $233 million.

Goldman Sachs reported earnings of $3.1 billion; down from the $3.83 billion reported during the first quarter of 2022. Its investment banking revenue was down 26%, while its advisory fees were down 27%. The investment company’s stock was 3% lower during pre-market trading.

The post Bank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles appeared first on theprimarymarket.com.

Goldman Sachs’ saw its quarterly profit drop to $3.23 billion compared to the $3.83 billion it had during the same period last year. The earnings of $8.79 per share exceeded the $8.10 estimate from Wall Street analysts, but the revenue of $12.22 billion fell short of the expected $12.79 billion.

The bank’s disappointing performances in the first quarter were a result of quite deal making as well as several other factors. This includes the decision to offload a significant chunk of its Marcus loans portfolio that came with a $470 million loss.

Addressing the underwhelming results, Goldman Sachs’ David Solomon said that they should be viewed in light of the recent crisis in the banking industry.

“The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation’s largest financial institutions,” Solomon shared.

Goldman Sachs’ stock traded at $327.11 per share on Tuesday morning. The company’s shares are currently 5.5% down year-to-date.

The post Goldman Sachs Stock Slides 3.5% After Reported Profit Loss appeared first on theprimarymarket.com.

The company’s net income of $8.52 billion for 2023 marked a 24% slump from the previous year, which is also its worst performance since David Solomon’s first year as CEO, when the company earned $8.46 billion. Still, the firm’s profit rose during the final quarter of 2023, with Goldman Sachs earning $2 billion over the three months ended December. This is a colossal 51% rise from the fourth quarter of 2022.

Goldman’s investment banking revenues for the fourth quarter were $3.6 billion; a 6% rise from Q3 yet still 12% lower than the fourth quarter of 2022. Data from Dealogic showed that full-year investment banking revenue was at its lowest point since 2013. Still, 2023 proved to be a challenging year economically for the industry at large, with Goldman Sachs still outperforming Wall Street rivals JPMorgan, Bank of America, Morgan Stanley, and Citi in terms of Q4 investment banking earnings.

The post Goldman Sachs Posts 51% Gain in Year-On-Year Quarterly Earnings appeared first on theprimarymarket.com.

Goldman Sachs reported $1.1 billion in profit for the second quarter, which is 58% down compared to the same period in 2023. The revenue came at $10.9 billion, marking an 8% dip but still coming above the expected $10.6 billion. The bank also reported $3.08 in earnings per share, coming under the $3.16 that the Wall Street analysts expected.

“This was obviously a tough quarter, but we also had one-off items that we put in,” Solomon said during the conference call.

However, Solomon feels that the strategic shift that includes moving away from consumer banking and focusing on capital markets will end up yielding positive results for Goldman Sachs.

“But I feel very, very good about the strategic decisions that we’re making, the execution that we’re working on, the progress we’re making in asset and wealth management, and we as a leadership team see a clear path to improvement in a better operating environment,” he added.

It appears that investors share Solomon’s optimism as Goldman Sachs’ stock has jumped by 4.22% in the past five days and traded at $345.00 per share at its highest on Wednesday.

The post Goldman Sachs CEO Feels “Very, Very Good” About Strategy Change Despite a “Tough” Q2 appeared first on theprimarymarket.com.

Citigroup CEO Jane Fraser commented that “the long-awaited rebound in investment banking has yet to materialize,” following the release of her bank’s disappointing second-quarter results. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

These two banks provided two divergent views of financial institutions’ performance post-banking turmoil, with Bank of America exceeding expectations while Goldman Sachs struggled.

Bank of America’s stock rose by 2.6% during pre-market trading on Tuesday after the bank earnings of $8.2 billion; up 15% from the first quarter of 2022. Compared to the fourth quarter of 2022, Bank of America’s net interest income remained fairly constant at $233 million.

Goldman Sachs reported earnings of $3.1 billion; down from the $3.83 billion reported during the first quarter of 2022. Its investment banking revenue was down 26%, while its advisory fees were down 27%. The investment company’s stock was 3% lower during pre-market trading.

The post Bank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles appeared first on theprimarymarket.com.

Goldman Sachs’ saw its quarterly profit drop to $3.23 billion compared to the $3.83 billion it had during the same period last year. The earnings of $8.79 per share exceeded the $8.10 estimate from Wall Street analysts, but the revenue of $12.22 billion fell short of the expected $12.79 billion.

The bank’s disappointing performances in the first quarter were a result of quite deal making as well as several other factors. This includes the decision to offload a significant chunk of its Marcus loans portfolio that came with a $470 million loss.

Addressing the underwhelming results, Goldman Sachs’ David Solomon said that they should be viewed in light of the recent crisis in the banking industry.

“The events of the first quarter acted as another real-life stress test, demonstrating the resilience of Goldman Sachs and the nation’s largest financial institutions,” Solomon shared.

Goldman Sachs’ stock traded at $327.11 per share on Tuesday morning. The company’s shares are currently 5.5% down year-to-date.

The post Goldman Sachs Stock Slides 3.5% After Reported Profit Loss appeared first on theprimarymarket.com.