Goldman Sachs Chairman and CEO David Solomon speaks on CNBC’s Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland on January 17, 2024.
Adam Garisi | CNBC
goldman sachs It is scheduled to report first-quarter earnings before the opening bell on Monday.
Here’s what Wall Street is expecting.
- Earnings: $8.56 per share, according to LSEG.
- Revenue: $12.92 billion (according to LSEG)
- Trading income: $3.64 billion in fixed income and $2.95 billion in equity income per street account.
- Investment banking revenue: $1.77 billion per street account
Goldman Sachs CEO David Solomon has suffered some bumps over the past year, but hopes are high for a turnaround.
With capital markets dormant and the missteps associated with Mr. Solomon’s ill-fated entry into retail banking, better results are expected this year.
rival JP Morgan Chase and citygroup The first quarter saw better-than-expected trading results and a recovery in investment banking fees. Investors will be disappointed if Goldman doesn’t show similar returns.
Unlike its more diversified rivals, Goldman derives most of its revenue from activities on Wall Street. This can lead to exorbitant profits in good times and poor performance when markets don’t cooperate.
After pivoting away from retail banking, Goldman placed a new focus on growth, focusing on its asset and asset management division. While the business is likely to benefit from strong market activity at the start of the year, it has also recorded write-downs related to commercial real estate in the past.
Mr. Solomon may also answer questions about the latest example of a senior executive exodus, including global finance chief Philip Berlinsky and Beth Hammack, co-head of the bank’s global finance group. .
On Friday, JPMorgan, Citigroup, wells fargo Each announced quarterly results that exceeded expectations.
This story is developing. Please check back for the latest information.