Goldman Sachs misses Q4 earnings as investment banking revenue sinks

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

Nigeria News News

Goldman Sachs misses 4th-quarter earnings forecasts as investment banking, asset management revenue sink

Goldman Sachs reported fourth-quarter earnings Tuesday that fell short on analysts' estimates, with the Wall Street giant seeing declines in investment banking and asset management revenue.

Asset management revenue tumbled 27% to $3.56 billion, and investment banking fees sank 48% to $1.87 billion. Equity trading revenue rose 5% to $2.07 billion, while fixed income trading jumped 44% to $2.69 billion. Consumer platform revenue shot up 171% to $513 million led by higher credit card balances.

"Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022. Our clear, near term focus is realizing the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency," said CEO David Solomon.Here are some key numbers:$3.32 versus the average forecast of $5.48

Across Wall Street, the business of underwriting stocks and bonds, as well as advising on deals, has dried up, which has dragged investment banking revenues down.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks bonds options to buy in 2023: Goldman Sachs strategy outlookGoldman Sachs lays out its strategy for profiting with stocks, bonds, and options in 2023 despite a rocky year — and why investors shouldn't make any big strategy changes bei durchschnittlich über 100Std. Wochenarbeitszeit geht sich schon das eine und andere Strategiepapier aus 🤦‍♂️
Source: BusinessInsider - 🏆 729. / 51 Read more »

Goldman Sachs is set to report fourth-quarter earnings — here's what the Street expectsHow long will the investment banking drought last? That's one of the top questions analysts will have for Goldman CEO David Solomon. Their starting salary Kicks the House Down. Thats what I think.
Source: CNBC - 🏆 12. / 72 Read more »