David Solomon, Chairman & CEO Goldman Sachs, talking on CNBC’s Squawk Field on the World Financial Discussion board Annual Assembly in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
Goldman Sachs is scheduled to report first-quarter earnings earlier than the opening bell Monday.
Here is what Wall Avenue expects:
- Earnings: $8.56 per share, in accordance with LSEG
- Income: $12.92 billion, in accordance with LSEG
- Buying and selling Income: Fastened earnings of $3.64 billion and equities of $2.95 billion, per StreetAccount
- Investing Banking Income: $1.77 billion, per StreetAccount
Goldman Sachs CEO David Solomon has taken his lumps prior to now yr, however hope is constructing for a turnaround.
Dormant capital markets and missteps tied to Solomon’s ill-fated push into retail banking ought to give method to stronger outcomes this yr.
Rivals JPMorgan Chase and Citigroup posted better-than-expected buying and selling outcomes and a rebound in funding banking charges within the first quarter; traders will probably be dissatisfied if Goldman does not present comparable positive factors.
Not like extra diversified rivals, Goldman will get most of its income from Wall Avenue actions. That may result in outsized returns throughout growth occasions and underperformance when markets do not cooperate.
After pivoting away from retail banking, Goldman’s new emphasis for progress has centered on its asset and wealth administration division. The enterprise might see positive factors from buoyant markets initially of the yr, although it additionally has taken write-downs tied to industrial actual property prior to now.
Solomon might also subject questions concerning the newest examples of an exodus in senior managers, together with his world treasurer Philip Berlinski and Beth Hammack, co-head of the financial institution’s world financing group.
On Friday, JPMorgan, Citigroup and Wells Fargo every posted quarterly outcomes that topped estimates.
This story is growing. Please test again for updates.