David Solomon, CEO of Goldman Sachs, testified during the hearing of a Senate Banking Committee at Hart Senate Office Building in Washington, DC on 6 December 2023.
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Goldman Sachs Posted in the first quarter on Monday Result It tops the expected-approved equity trading trading revenue of analysts.
The company said here:
- Earning: $ 14.12 A share vs $ 12.35 lseg estimate
- Income: $ 15.06 billion vs $ 14.81 billion is expected
The bank stated that the profit increased by 15% to $ 4.74 billion from the year-air-term period, or $ 14.12 per share, as the revenue increased by 6% more to $ 15.06 billion to 6% more. It said that increasing trade revenue in the quarter compensates for a slight decline in asset and money management revenue compared to a year ago.
Goldman’s Global Banking and Markets Division saw a 10% increase in revenue, as equity trading revenue increased by 27% to $ 4.19 billion. It is approximately $ 540 million more than equity trading, which has been estimated by the Strikunt analysts for the quarter.
The performance helped cover the signs of weakness elsewhere. Goldman’s fixed income division saw the revenue an increase of just 2% from a year ago, estimating $ 4.56 billion. Investment banking fees on low advisory revenue were $ 1.91 billion, below an estimate of $ 1.94 billion.
Goldman CEO David Solomon indicated on the upheaval due to the President Donald TrumpIncrease in trade tension in its comment this month.
Solomon said in the release, “When we are entering the second quarter with a separate operating environment earlier this year, we are convinced in our ability to continue to support our customers.”
Meanwhile, in the firm’s assets and money management division, the revenue fell 3% from a year ago to $ 3.68 billion, just under an estimate of $ 3.69 billion. Goldman said that the decline came from “much lower” revenue from its investment, including private equity, public stock and loan.
Finally, the firm’s platform solutions division saw the revenue slip from 3% to $ 676 million under an estimate of $ 677.5 million.
Bank shares increased by 2.2% in morning trading.
Trump has whip the markets this month since increasing trade tension with American trading partners, which increases uncertainty in the world’s largest economy. Goldman’s shares have fallen 14% through Friday this year.
Analysts were keen to hear what Solomon had to say about the conversation with corporate customers.
Solomon indicated that his colleagues at JP Morgan and Morgan Stanley said on Friday, the atmosphere stopped their deal plan to corporate customers.
Analysts said on Monday, “In investment banking, unstable background led more silent activity relative to the levels that we were expected to come in the year.”
“Our customers, including corporate CEOs and institutional investors, are concerned with the uncertainty of significant near-period and long-term, which has disrupted their ability to make important decisions,” Solomon said. “This uncertainty around the forward path, and fear on the potentially growing impacts of a trade war have posed a physical risk to the US and the global economy.”
On Friday, rivals JPMorgan Chase And Morgan Stanley Each top expectations for the results of the first quarter on booming equity trading.
Equity trading revenue increased by 48% and 45% in banks respectively, thanks to volatility in the early months of Trump’s tenure, amidst their efforts to reopen global trading agreements.
