Goldman Sachs earnings are out — here are the numbers

David Solomon, CEO, Goldman Sachs, talking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.

Adam Galacia | CNBC

Goldman Sachs reported fourth-quarter earnings earlier than the opening bell on Tuesday.

Here are the numbers:

Earnings: $12.08 a share, vs. $7.47 per share anticipated, in line with Refinitiv.
Revenue: $11.74 billion, vs. $9.9 billion estimate.

Expectations are working excessive for Goldman Sachs CEO David Solomon.

Last week, JPMorgan Chase posted file fourth-quarter buying and selling and advisory outcomes that helped the financial institution beat revenue estimates.

Of the six largest U.S. banks, Goldman will get the largest share of its income from Wall Street actions together with buying and selling and funding banking. For the previous few years that has been a detriment to the agency as retail banking has pushed the trade’s file income.

Now, for the remaining quarter of a 12 months marred by the coronavirus pandemic, Goldman’s mannequin might show to be a bonus. Firms with huge shopper lending operations had been compelled to put aside tens of billions of {dollars} in provisions for soured loans.

But wide-open markets, because of the Federal Reserve’s unprecedented actions earlier in the 12 months, are anticipated to assist usher in the finest 12 months for buying and selling on Wall Street since the monetary disaster. Meanwhile, funding bankers are benefiting from surging demand for IPOs and a file spate of debt issuance.

Goldman shares climbed 11% in 2020, besting the 4.3% decline of the KBW Bank Index.

This story is creating. Please test again for updates.

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Written by Business Boy


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