Goldman Sachs Chairman and CEO David Solomon speaks on CNBC’s Squawk Box at the World Economic Forum Annual Meeting on January 17, 2024 in Davos, Switzerland.
Adam Galich | CNBC
Goldman Sachs First-quarter earnings are scheduled to be released before the market opens on Monday.
Here’s what Wall Street expected:
- Earnings per share were $8.56, according to LSEG
- Revenue: $12.92 billion, according to LSEG
- Trading revenue: $3.64 billion in fixed income and $2.95 billion in equities, according to StreetAccount
- Investment banking revenue: $1.77 billion per StreetAccount
Goldman Sachs Chief Executive David Solomon has struggled over the past year, but hopes of a turnaround are growing.
Dormant capital markets and stumbles from Salomon’s failed push into retail banking should lead to stronger results this year.
opponent JPMorgan and Citigroup Investment bank fees rebounded after better-than-expected trading in the first quarter; investors will be disappointed if Goldman doesn’t show similar gains.
Unlike its more diversified rivals, Goldman Sachs derives most of its revenue from activities on Wall Street. This can lead to huge returns in good times and poor performance when markets don’t cooperate.
After moving away from retail banking, Goldman Sachs’ new growth focus is on its asset and wealth management divisions. The business is likely to benefit from buoyant markets early this year, although it has taken writedowns related to commercial real estate in the past.
Solomon is also likely to answer questions about the latest example of top executive exodus, which includes his global finance chief Philip Berlinski and Beth Hammack, co-head of the bank’s global financing group.
On Friday, JPMorgan Chase, Citigroup and FuGuo bank Each company reported quarterly results that topped expectations.
This story is developing. Please check back for updates.
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