Goldman Sachs Hemorrhaging Profits for Fifth Straight Quarter

Goldman Sachs, America’s largest investment bank reported worse than expected fourth quarter earnings Tuesday, profits are down two-thirds from its previous quarter. $GS shares were trading down to $348.67 ▼ -25.33 (-6.77%) in the morning. This has been a horror stretch for the ‘Giant Squid’ with GS cutting jobs and bonuses at a rate not seen since the financial crisis. Goldman’s results highlight a mixed quarter for US money center banks. Profit fell at most major banks and Goldman suffered the … Continue reading “Goldman Sachs Hemorrhaging Profits for Fifth Straight Quarter”

Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo

America’s big money center banks kick of fourth quarter earnings this week. FactSet expects the ‘Big 7’ to post $28 billion in fourth-quarter profits, which is down 15% from a year earlier. JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). and Wells Fargo (WFC) reporting Q4 results on Friday. Goldman Sachs (GS) and Morgan Stanley (MS) will report next Tuesday January 17 and PNC Financial Services Group, Inc. (PNC) and Charles Schwab Corp (SCHW) on January 18. Truist … Continue reading “Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo”

Goldman Sachs Combining Investment Banking and Trading in Reorganization

Goldman Sachs confirmed its restructuring plans with its third quarter earnings release. Goldman had flagged plans to fold its biggest businesses into three divisions the day prior. This is one of the biggest reshuffles in the firm’s history. Goldman will combine its blue-chip investment-banking and trading businesses into one unit, while merging asset and wealth management into another. Marcus, Goldman’s consumer-banking arm will be largely folded into the new asset- and wealth-management unit. There will be a third new unit … Continue reading “Goldman Sachs Combining Investment Banking and Trading in Reorganization”

Goldman Sachs Bear Market Woes, Trading Revenue up 11%, Investment Banking Revenue Fell 57%

Goldman Sachs, America’s largest investment bank reported better than expected third quarter earnings Monday, driven by bullish results in its FICC global markets trading again (fixed-income, currencies, and commodities). However, $GS profit fell 43% in the third quarter but beat expectations with $8.25 per-share earnings over $7.75 expected. Goldman’s results concluded a mixed quarter for US money center banks. Profit fell at all six major banks and Goldman suffered the sharpest decline. JPMorgan Chase & Co., Citigroup Inc., Wells Fargo … Continue reading “Goldman Sachs Bear Market Woes, Trading Revenue up 11%, Investment Banking Revenue Fell 57%”

Goldman Sachs Bond Trading Revenue Smashes Expectations with Elevated Volatility

Goldman Sachs, America’s largest investment bank reported better than expected second quarter earnings Monday, driven by bullish results in its FICC global markets trading (fixed-income, currencies, and commodities). FICC helped offset a sharp decline in investment banking revenue. The trading goliath followed five of the largest U.S. banks, JPMorgan Chase (JPM), Citigroup (C), PNC, Morgan Stanley (MS) and Wells Fargo (WFC) reporting mixed results last week. The Giant Squid Delivered Superior Trading Results Goldman Sachs Group Inc NYSE: GS Reported … Continue reading “Goldman Sachs Bond Trading Revenue Smashes Expectations with Elevated Volatility”

Federal Reserve Gives All Banks a Pass in Annual Bank Stress Test

The Federal Reserve released its annual bank stress test after the market close Thursday. All 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. With the dismal state of the economy through soaring inflation and record low consumer sentiment these tests were keenly watched. Banks suffered slightly more hypothetical losses in the 2022 severe test than last year, posting $612 billion in projected losses as capital … Continue reading “Federal Reserve Gives All Banks a Pass in Annual Bank Stress Test”

Goldman Sachs Beats Earnings Expectations on Strong Currencies and Commodities Trading Results

Goldman Sachs, America’s largest investment bank reported better than expected first earnings Thursday, driven by bullish results in its FICC global markets trading (fixed-income, currencies, and commodities). FICC helped offset a sharp decline in investment banking revenue. The trading goliath followed five of the largest U.S. banks, JPMorgan Chase (JPM), Citigroup (C), PNC, Morgan Stanley (MS) and Wells Fargo (WFC) reporting mixed results last week. The Giant Squid Delivered Superior Trading Results Goldman Sachs Group Inc NYSE: GS Reported Before … Continue reading “Goldman Sachs Beats Earnings Expectations on Strong Currencies and Commodities Trading Results”

Goldman Sachs Miss Earnings Expectations First Time in Seven Quarters as Trading Revenue Fell

Goldman Sachs, America’s largest investment bank reported worse than expected fourth earnings Tuesday. It was the first miss by $GS in seven quarters as trading revenue fell and gains on its portfolio of equity investments diminished. The trading goliath followed three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) reporting mixed results last week. Trading activity has been weak. Both $JPM and $C saw fixed- income trading down double digits at both banks. The … Continue reading “Goldman Sachs Miss Earnings Expectations First Time in Seven Quarters as Trading Revenue Fell”

Goldman Sachs Trading and SPACs Investment Banking Fees Pull in Record Revenue

Goldman Sachs, America’s largest investment bank reported record first-quarter net profits and revenues from the firm’s investment banking and trading businesses. $GS results represented growth of 498% from a year earlier. Investment banking net revenues a record $3.77 billion

Goldman Sachs Trading Accounted for 47% of Revenue in 2020, The Best In A Decade

Goldman Sachs, America’s largest investment bank reported much stronger than expected fourth quarter earnings before the bell Tuesday. Revenue at all four of $GS businesses rose in the quarter with trading adding the most, jumping 23% to $4.3 billion