Goldman Sachs CEO David Solomon.
Brendan McDermid/Reuters
Goldman Sachs posted a strong fourth-quarter earnings report Tuesday.
Its profits for the three months ending December 31 jumped 51% to over $2 billion.
Revenue for the bank’s asset-management and stock-trading businesses came in above Wall Street’s expectations.
Goldman Sachs posted a better-than-expected fourth-quarter earnings report Tuesday, bringing a sometimes turbulent financial year for the bank and its CEO David Solomon to a close.
Goldman’s profits for the three months ending December 31 jumped 51% year-over-year to just over $2 billion, or $5.48 per share – way clear of the $3.51 per share figure analysts polled by Refinitiv had been expecting.
Its revenue for the quarter came in at $11.3 billion, slightly higher than Wall Street’s forecast of $10.8 billion, thanks to strong growth in its asset-management and stock-trading departments.
Goldman had previously positioned 2023 as a transitional year where it would pivot away from its consumer banking business, where it had racked up billion-dollar losses.
“This was a year of execution for Goldman Sachs,” Solomon said in a statement. “With everything we achieved in 2023 coupled with our clear and simplified strategy, we have a much stronger platform for 2024.”
More to follow.
