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Goldman Sachs, America's largest investment bank reported crisis impacted first third quarter earnings before the bell Wednesday. $GS was hit by losses in lending and debt investments. Goldman boosted its provision for credit losses to $937 million from $224 million.

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Goldman Sachs Group Inc NYSE: GS Reported Before Open Wednesday

$3.11 Missed $3.35 EPS and $8.74 Bil Beat $7.92 Billion Forecast in Revenue

Earnings

Goldman Sachs (NYSE: GS) reported for the first quarter EPS of $3.11 on revenue of $8.74 billion. Wall Street expected Goldman Sachs earnings per share to tumble   Refinitiv estimated had EPS at $3.35 on revenue of $7.92 billion.

It is also gives another  chance to rate the new CEO David Solomon and his new management team. The conference call will therefore focus more on future strategy. Asset management and consumer banking are expecting to be at the forefront.

Goldman Sachs Group Inc NYSE: GS

Market Reaction > Pre-market $176.35 −1.88 (-1.05%)

Highlights

  • Investment banking revenue grew 25% to $2.18 billion.
  • Fixed income trading revenue jumped 33% to $2.97 billion, 
  • Equities trading revenue climbed 22% to $2.19 billion.
  • Wealth management revenue increased 21% to $1.49 billion.
  • Asset management had negative revenue of $96 million vs. positive revenue of $1.79 billion a year ago due to losses in lending and debt investments.
  • Goldman boosted its provision for credit losses to $937 million from $224 million.

 

Goldman Sachs Q3 2019 Earnings

 

Last year the Federal Reserve restricted the payout plans of  $GS after the bank's numbers they submitted for annual stress tests fell below Fed targets. The Fed opted not to fail the bank regardless, instead giving them a "conditional" pass.

Source: Goldman Sachs, AlphaStreet


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