Goldman Sachs Chairman and CEO David Solomon speaks on CNBC’s Squawk Box on the World Economic Forum’s annual meeting in Davos, Switzerland, January 17, 2024.
Adam Galici | CNBC
Goldman Sachs is anticipated to report first-quarter results before the opening bell on Monday.
Here’s what Wall Street expects:
- Earnings: $8.56 per share, in accordance with LSEG
- Revenue: $12.92 billion, in accordance with LSEG
- Trading income: $3.64 billion in fixed income and $2.95 billion in equities, per StreetAccount
- Investing banking revenue: $1.77 billion, per StreetAccount
Goldman Sachs CEO David Solomon has had his share of weaknesses over the past 12 months, but hopes are growing for a turnaround.
Dormant capital markets and missteps related to Solomon’s ill-fated foray into retail banking should lead to raised results this 12 months.
Rivals JPMorgan Chase And Citigroup reported better-than-expected trading results and a recovery in investment banking fees in the primary quarter; Investors shall be upset if Goldman doesn’t show similar profits.
Unlike more diversified competitors, Goldman derives the vast majority of its revenue from Wall Street activities. This can result in inflated returns during boom times and underperformance during times when markets will not be cooperating.
After moving away from retail banking, Goldman’s latest growth focus was on its wealth management division. The company may benefit from buoyant markets at first of the 12 months, even though it has also taken write-downs related to business real estate previously.
Solomon may additionally raise questions on recent examples of executive exodus, 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 reported quarterly results that beat estimates.
This story is developing. Please check back for updates.
