Analysts expect revenue growth to be driven by surging investment banking fees, helped in part by the record first-quarter issuance of blank check companies known as SPACs. Trading desks may also post higher revenue than a year earlier, and buoyant markets bode well for asset management fees.
Of the six biggest U.S. banks, Goldman gets the biggest share of its revenue from Wall Street activities including trading and investment banking. For the past few years that has been a detriment to the firm, as retail banking fueled by cheap consumer deposits has driven the industry's record profits.
That dynamic reversed during the coronavirus pandemic, when firms with sizeable consumer operations had to set aside tens of billions of dollars for anticipated loan losses, causing banks like Wells Fargo to post their first quarterly loss since the financial crisis.This story is developing. Please check back for updates.Sign up for
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Goldman Sachs' 1st-quarter earnings beat forecasts on strong investment-banking and trading revenueBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. Hope the Banks will reinvest in SciTech, TechEDU and TechGreen💚🌈💚 wait when GoldmanSachs will stack some Bitcoin thank you very much for your work
Source: BusinessInsider - 🏆 729. / 51 Read more »