Goldman Sachs (GS) earnings Q1 2024

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107360252 1705501487219 1J7A0705

David Solomon, Chairman & CEO of Goldman Sachs, was speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.

Goldman Sachs is set to report first-quarter earnings before the opening bell on Monday. Here’s what Wall Street expects:
– Earnings: $8.56 per share
– Revenue: $12.92 billion
– Trading Revenue: Fixed income of $3.64 billion and equities of $2.95 billion
– Investing Banking Revenue: $1.77 billion

Goldman Sachs CEO David Solomon has faced challenges in the past year, but there is optimism for a turnaround. Dormant capital markets and retail banking missteps are expected to be overcome by stronger results this year.

Rivals JPMorgan Chase and Citigroup have posted positive trading results and increased investment banking fees in the first quarter. Investors are hoping for similar gains from Goldman Sachs.

Goldman is focusing on its asset and wealth management division for growth after shifting away from retail banking. The division may benefit from market gains at the beginning of the year but has seen losses related to commercial real estate.

There have been recent senior manager departures at Goldman, including the global treasurer and co-head of the financing group. JPMorgan, Citigroup, and Wells Fargo all exceeded quarterly estimates.

This story is still developing, so check back for updates.

Goldman Sachs is expected to report first-quarter earnings before the opening bell on Monday. Wall Street analysts are anticipating earnings of $8.56 per share and revenue of $12.92 billion. Trading revenue is expected to be $3.64 billion for fixed income and $2.95 billion for equities, while investing banking revenue is anticipated to be $1.77 billion.

CEO David Solomon has faced challenges in the past year, particularly with the bank’s ill-fated push into retail banking. However, there is hope for a turnaround as dormant capital markets are expected to show improvement. Rivals JPMorgan Chase and Citigroup have already posted better-than-expected results in the first quarter, and investors are hoping for similar gains from Goldman Sachs.

Goldman Sachs, unlike its more diversified rivals, relies heavily on Wall Street activities for revenue. This could lead to outsized returns during boom times, but underperformance during market downturns. After pivoting away from retail banking, the bank is now focusing on growth in its asset and wealth management division. This division could see gains from buoyant markets at the start of the year, though it has also faced write-downs related to commercial real estate.

Solomon may also have to address the recent exodus of senior managers, including the global treasurer Philip Berlinski and co-head of the global financing group Beth Hammack. The departure of these key executives could raise concerns among investors.

Overall, investors will be closely watching Goldman Sachs’ first-quarter earnings report for signals of a potential turnaround and future growth prospects. The financial industry as a whole has been showing signs of improvement, with JPMorgan, Citigroup, and Wells Fargo all surpassing estimates in their recent quarterly results.

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