© Reuters. Goldman Sachs (GS) Gains as Trading Outperformance Drives Earnings Beat
By Senad Karaahmetovic
Shares of Goldman Sachs (NYSE:) are trading nearly 4% higher in pre-market Tuesday after the banking giant delivered a strong beat.
GS reported an EPS of $8.25 to easily top the consensus of $7.80. Revenue also came in higher – $11.98 billion vs $11.37 expected. Although revenue slipped -12% YoY, the results were still better-than-feared.
Goldman’s Trading unit excelled as revenue there increased +11% to $6.20 billion, ahead of the $5.69 billion consensus. FICC sales and trading revenue soared +41% to $3.53 billion while equity sales and trading revenue dropped -14% YoY to $2.68 billion.
Net interest income (NII) came in at $2.04 billion, u +31% YoY and higher than the $2.05 billion consensus.
Asides from the earnings, GS also confirmed rumors that it is reorganizing its business into three units – asset and wealth management, global banking and markets and platform solutions.
Ashok Varadhan, Dan Dees, and Jim Esposito are named as global co-heads of Global Banking & Markets. Marc Nachmann is the new global head of the asset and wealth management division, while Stephanie Cohen will become the global head of Platform Solutions.
Be the first to comment