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.

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.

This is considered a success for Goldman Sachs despite a 48 percent drop in profits, which came at $2.8 billion as opposed to $5.3 billion in the same period in 2021. This is because Goldman joined Citigroup as one of the few major U.S. banks to have a positive second quarter. The majority of competitors, including Wells Fargo, JPMorgan Chase, and Morgan Stanley, either reported mixed results or missed the mark entirely.

Goldman outperforming expectations isn’t a surprise considering its track record of doing well in times of challenging economy. The surging prices of assets surely helped, given the bank’s diverse investment vehicle.

Following the report, Goldman Sachs stock (GS) took a four percent jump in premarket trading. After closing at $293.67 on Friday, the bank’s shares reached $309.33 at one point on Monday morning. Still, this is still a 23 percent drop from the start of the year, when Goldman traded north of $400 per share.

The post Goldman Sachs Beats Expectations Despite 48% Profit Drop 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.

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.

This is considered a success for Goldman Sachs despite a 48 percent drop in profits, which came at $2.8 billion as opposed to $5.3 billion in the same period in 2021. This is because Goldman joined Citigroup as one of the few major U.S. banks to have a positive second quarter. The majority of competitors, including Wells Fargo, JPMorgan Chase, and Morgan Stanley, either reported mixed results or missed the mark entirely.

Goldman outperforming expectations isn’t a surprise considering its track record of doing well in times of challenging economy. The surging prices of assets surely helped, given the bank’s diverse investment vehicle.

Following the report, Goldman Sachs stock (GS) took a four percent jump in premarket trading. After closing at $293.67 on Friday, the bank’s shares reached $309.33 at one point on Monday morning. Still, this is still a 23 percent drop from the start of the year, when Goldman traded north of $400 per share.

The post Goldman Sachs Beats Expectations Despite 48% Profit Drop appeared first on theprimarymarket.com.