Goldman Sachs' first-quarter profit beat Wall Street estimates as a recovery in underwriting and dealmaking boosted its investment banking unit, helping it post the highest earnings per share since 2021.
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. REUTERS/Andrew Kelly/File Photofirst-quarter profit beat Wall Street estimates as a recovery in underwriting and dealmaking boosted its investment banking unit, helping it post the highest earnings per share since 2021.
The Federal Reserve has so far managed to steer the economy toward a so-called soft landing, in which it raises interest rates and tames inflation while avoiding a major downturn. Profit rose 28% from last year to $4.13 billion, or $11.58 per share, for the three months ended March 31, higher than the $8.56 per share that analysts expected.Its shares rose 3.6% before the bell. As of Friday, they have climbed about 1% so far this year compared with a nearly 8% drop for rival Morgan StanleyRevenue from trading in fixed income, currencies and commodities rose 10% to $4.32 billion, helped by record financing revenue thanks to mortgages and structured lending.
The bank had joined its asset management and wealth management arms as part of its reorganization in 2022. , both of which are currently held by Solomon. ISS cited his "missteps and steep losses" in a report to investors.
MTPIX BACT BISV BISV08 BIZ BLR BNK BNKS BNKS1 BSVC CEN CMPNY ECO FIN FINS FINS08 HOT INT INVBIS INVBR INVBR1 INVM INVS08 MCE NEWS1 PUBL PVE PXP RES STX AMERS US NAMER TOPNWS TOPCMB
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman Sachs Expects Stronger Results in 2021Analysts predict that Goldman Sachs will report earnings per share of $8.56 and revenue of $12.92 billion. The company posted better-than-expected trading results and a rebound in investment banking fees in the first quarter. Goldman's focus on its asset and wealth management division is expected to drive growth.
Read more »
Goldman lays out the next phases of AI trade and stocks to play themThese stocks could benefit as the artificial intelligence boom matures, according to Goldman Sachs.
Read more »
Goldman Sachs CEO Warns of Potential Difficulty in Conquering InflationGoldman Sachs CEO David Solomon said Friday in his annual letter to shareholders that inflation may prove to be 'stickier' than previously anticipated.
Read more »
Goldman Sachs now expects the Bank of Japan to hike rates TuesdayGoldman Sachs expects the BOJ to raise interest rates at its March meeting ending Tuesday, bringing forward its previous forecast for an April decision.
Read more »
Goldman Sachs analysts say there’s still potential for more stock gainsIt’s been a bumpy road for the stock market this year, but investors aren’t complaining.
Read more »
Goldman Sachs hedge fund clients are piling back into crypto this yearMax Minton, Goldman Sach’s head of digital assets, says an increasing number of his firm’s hedge fund clients are making the jump back into crypto following the approval of spot Bitcoin ETFs.
Read more »