David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC’s Squawk Box on the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. seventeenth, 2024.
Adam Galici | CNBC
Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday.
Here’s what Wall Street expects:
- Earnings: $8.56 per share, based on LSEG
- Revenue: $12.92 billion, based on LSEG
- Trading Revenue: Fixed income of $3.64 billion and equities of $2.95 billion, per StreetAccount
- Investing Banking Revenue: $1.77 billion, per StreetAccount
Goldman Sachs CEO David Solomon has taken his lumps previously yr, but hope is constructing for a turnaround.
Dormant capital markets and missteps tied to Solomon’s ill-fated push into retail banking should give solution to stronger results this yr.
Rivals JPMorgan Chase and Citigroup posted better-than-expected trading results and a rebound in investment banking fees in the primary quarter; investors might be disillusioned if Goldman doesn’t show similar gains.
Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. That may result in outsized returns during boom times and underperformance when markets don’t cooperate.
After pivoting away from retail banking, Goldman’s latest emphasis for growth has centered on its asset and wealth management division. The business could see gains from buoyant markets initially of the yr, though it also has taken write-downs tied to business real estate previously.
Solomon can also field questions on the newest examples of an exodus in senior managers, including his global treasurer Philip Berlinski and Beth Hammack, co-head of the bank’s global financing group.
On Friday, JPMorgan, Citigroup and Wells Fargo each posted quarterly results that topped estimates.
This story is developing. Please check back for updates.
