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.

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.

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.

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.