The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base.
On Wednesday, Goldman Sachs reported quarterly profits beating analysts’ estimates for revenue but failed to meet quarterly profit expectations due to the litigation charges of $1.1 billion, as per reports. Goldman announced quarterly revenue of $9.96B, a 23% increase beating expectations at $8.51B. The quarterly profits declined 22% with $4.69/share.
CEO David Solomon stated in the release. “Strong performance in the fourth quarter helped us to deliver solid results for the year while continuing to invest in new businesses,”, “We aim to drive higher returns in the future, and look forward to sharing our strategic goals and financial targets at Investor Day later this month.”
Highlights from the report:
- The bank’s global markets division generated a 33% increase in revenue to $3.48 billion with bond trading revenue soaring by 63% to $1.77 billion.
- Investment banking revenue slipped 6% to $2.06 billion.
- New consumer and wealth management division, revenue climbed 8% to $1.41 billion.
- Bank’s asset management revenue increased by 52% to $3 billion on gains in public and private equity holdings.
- Stock trading climbed 12% to $1.71 billion, essentially matching analysts’ estimates.
Goldman shares increased 37% last year but still suffers the lowest valuation among the big six U.S. lenders.
To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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