Goldman Sachs releases its earnings – A look at the figures
- Shams ul Zoha
- January 17, 2023
- 8:03 pm
WHAT YOU SHOULD KNOW
- JPMorgan Chase and Bank of America exceeded expectations in terms of profits due to increased net interest income, while Wells Fargo and Citigroup had more mixed results.
- Morgan Stanley is set to announce their results on Tuesday.
On Tuesday, Goldman Sachs released its fourth-quarter earnings report prior to the start of trading.
The company reported earnings of $3.32 per share, which was in line with the expectations of analysts surveyed by Refinitiv. The estimated revenue for the company was $10.59 billion.
Analysts are likely to have many questions for Goldman Sachs CEO David Solomon, and one of the most pressing is sure to be at the top of their list.
Last week, JPMorgan Chase and Citigroup both experienced a dramatic decrease in investment banking revenue of nearly 60% during the fourth quarter, leaving many to wonder if a recovery will occur in the near future. The dismal performance of the two Wall Street rivals has caused many analysts to question the likelihood of a rebound in the coming months.
Investors will be keen to hear what Solomon has to say regarding the staff and expenditure cuts that Goldman Sachs made last week, with up to 3,200 people losing their jobs. Additionally, they will be interested in learning more about the bank’s consumer operations, as it has recently scaled back its ambitions in that area.
Goldman Sachs’ stock has seen an 8.9% increase in 2020 up to Tuesday, outperforming the 6.7% rise of the KBW Bank Index.
Last week, two of the biggest banks in the United States, JPMorgan Chase and Bank of America, exceeded expectations in terms of profits due to increased net interest income. Wells Fargo and Citigroup, however, had more mixed results.On Tuesday, Morgan Stanley is set to announce its results.
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