Wall Street trading and investment banking has helped the big banks this quarter, and Goldman Sachs results showed why they are a leader in those areas.
Revenue of $12.70 billion vs. $11.8 billion estimateDavid Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.topped estimates for third quarter profit and revenue on strong results from its stock trading and investment banking operations.Revenue: $12.70 billion vs. $11.8 billion estimateprofit surged 45% from a year earlier to $2.99 billion, or $8.
Fixed income trading revenue slipped 12% from a year earlier to $2.96 billion, just above the $2.91 billion estimate, on a slowdown in interest rate products and commodities. The firm's asset and wealth management division also helped it top expectations; revenue there jumped 16% to $3.75 billion, exceeding the $3.58 billion estimate on rising management fees and gains in investments.Over the past two years, the Federal Reserve's tightening campaign has made for a less-than-ideal environment for investment banks like Goldman.
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