David Solomon, CEO of Goldman Sachs, will witness, during the Senate Banking Committee at the Senate Office building in Hart, Washington, DC, on December 6, 2023.
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Goldman Sachs On Monday, the first quarter was published results Which topped analysts’ expectations for the most powerful stock trading revenues.
This is what the company mentioned:
- Profits: $ 14.12 per share for $ 12.35 Lseg
- Revenue: 15.06 billion dollars for $ 14.81 billion expected
The bank said that the profits increased by 15 % of the period amounting to 4.74 billion dollars, or $ 14.12 per share, as the revenues increased by 6 % to 15.06 billion dollars. The bank said that the increase in trading revenues in the quarter corresponds to a slight decrease in asset management and wealth management revenues compared to the previous year.
Goldman’s banking and global marketing services department increased 10 % in revenue to $ 10.71 billion, as stock trading revenues increased by 27 % to $ 4.19 billion. This is about 540 million dollars more than trading shares more than what analysts included in the expected street street for this quarter.
The performance helped cover the signs of weakness elsewhere. Goldman’s fixed income department witnessed only 2 % increase from the previous year to 4.4 billion dollars, and an estimate of $ 4.56 billion. Investment fees for investment decreased by 8 % to $ 1.91 billion, slightly less than $ 1.94 billion, on low consulting revenues.
David Solomon, CEO of Goldman, hinted to the disturbances caused by President Donald Trump’s escalation of commercial tensions this month in his statements.
“While we enter the second quarter with a significantly different operating environment from the time earlier this year, we are still confident in our ability to continue to support our customers,” Solomon said in the statement.
Meanwhile, in the company’s asset management and wealth department, revenues decreased by 3 % from the previous year to $ 3.68 billion, less than $ 3.69 billion. Goldman said that the decline came from “much lower” revenues than its investments, including private shares, public shares and debt.
Finally, the company’s platforms solutions section of revenue decreased by 3 % to $ 676 million, less than $ 677.5 million.
The bank shares increased by 1.8 % in pre -market trade.
Since Trump has stumbled from commercial tensions with American commercial partners this month, cultivating uncertainty in the world’s largest economy. Goldman’s shares decreased by 14 % this year until Friday.
Analysts will be keen to hear what Suleiman says about his conversations with his companies from the turmoil.
Friday, competitors Jpmorgan Chase and Morgan Stanley All forecasts are issued for the results of the first quarter on the trading of prosperous stocks.
The stock trading revenues increased by 48 % and 45 % in banks, respectively, thanks to the fluctuations in the opening months of President Trump’s duration amid his efforts to reshape global trade agreements.
This story is developing. Please check again for updates.
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