David Solomon, general director of Goldman Sachs, testifies during the hearing of the Senate Banking Committee at the Hart Senate Office building in Washington, December 6, 2023.
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Goldman Sachs On Monday he published the first quarter results This exceeded the expectations of analysts against stronger than expected revenues from trade in shares.
Here's what the company reported:
- Earnings: USD 14.12
- Revenues: USD 15.06 billion vs. Expected $ 14.81 billion
The bank stated that the profit increased by 15% from the period of the year to USD 4.12 billion, i.e. USD 14.12 per share, because revenues increased by more modest from 6% to USD 15.06 billion. The bank said that the growing revenues from trade in the quarter balanced a small decrease in revenues from assets and property management compared to the previous year.
The global banking and Goldman market department recorded a 10% increase in revenues to USD 10.71 billion, because capital trade revenues increased by 27% to USD 4.19 billion. It is about $ 540 million more than trading in shares than analysts surveyed by Streetaccount forecasted for a quarter.
The performance helped cover the signs of weakness elsewhere. The Goldman's constant department has noted an increase in revenues by only 2% from a year earlier to $ 4.4 billion, there are estimates worth $ 4.56 billion. Investment banking fees dropped by 8% to USD 1.91 billion, slightly below estimates 1.94 billion USD, with lower advisory revenues.
David Solomon, general director of Goldman, suggested a confusion caused by the escalation by President Donald Trump trade tensions this month in his comments.
“While in the second quarter in the second quarter with a clearly different operating environment than at the beginning of this year we are sure of our ability to continue supporting our clients,” said Solomon in a communiqué.
Meanwhile, in the company's assets and property management department, revenues fell by 3% from a year to $ 3.68 billion, somewhat according to estimates $ 3.69 billion. Goldman said that the decline comes from “much lower” investment revenues, including private equity, public actions and debt.
Finally, the company's platform solutions have recorded a drop in revenues by 3% to USD 676 million, somewhat according to estimates in the amount of USD 677.5 million.
The bank's shares increased by 1.8% in Premarket trade.
The markets have been whipped since Trump escalated commercial tensions with American trading partners this month, supplying uncertainty in the world's largest economy. Goldman shares fell by 14% this year until Friday.
Analysts will be happy to hear what Salomon has to say about their conversations with corporate clients among the hustle and bustle.
Rivals on Friday Jpmorgan chase AND Morgan Stanley Each of them achieved results in the first quarter for swinging trade in shares.
Revenues from trade in shares increased by 48% and 45% in banks, respectively, thanks to the volatility in the opening months of President Trump's term of office among his efforts to change global trade agreements.
This story is developing. Check updates.