posted record fourth-quarter trading and advisory results that helped the bank beat profit estimates.
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 has driven the industry's record profits. Now, for the final quarter of a year marred by the coronavirus pandemic, Goldman's model may prove to be an advantage. Firms with vast consumer lending operations were forced to set aside tens of billions of dollars in provisions for soured loans.
But wide-open markets, thanks to the Federal Reserve's unprecedented actions earlier in the year, are expected to help usher in the best year for trading on Wall Street since the financial crisis. Meanwhile, investment bankers are benefiting from surging demand for IPOs and a record spate of debt issuance.This story is developing. Please check back for updates.
JoeSquawk is SO far off tone....how can he stick up for Fox 'News' after all that has happened. He should go now...he's not right for CNBC's image, moving forward.
Stock market going up but can't buy a freezer. Pandemic going wild, people not working. WTF damm if you do damm if you don't.
thank to trump they make a lot of money
thanks
How much is the big guys cut? JoeBiden