Goldman can close valuation gap on Morgan Stanley, says LiamWardProud:
Goldman Sachs on April 14 said it generated $12.9 billion of revenue in the first quarter of 2022, down 27% from the same period of 2021.
Revenue in the investment banking business fell by 36% year-on-year. The Wall Street group’s reported diluted earnings per share of $10.76 for the quarter, down 42%. Rival Morgan Stanley on the same day reported first-quarter revenue declined 6% year-on-year to $14.8 billion. Its investment banking division, which includes M&A advice and equity and debt underwriting, reported revenues down roughly two-fifths from a year earlier. The firm’s diluted earnings per share fell by 8% to $2.02.
Morgan Stanley shares were up 1.4% in premarket trading, Reuters reported at 1238 GMT, while Goldman shares were up 2.4%.The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York City, New York, U.S., November 17, 2021.
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