Goldman Sachs (GS) earnings Q4 2024

Goldman Sachs Mercuri released fourth-quarter results that beat estimates on stronger-than-expected trading revenue.

Here’s what the company said:

• Earnings: $11.95 per share vs. $8.22 LSEG estimate
• Revenue: $13.87 billion vs. $12.39 billion expected

The bank said profit nearly doubled from a year earlier to $4.11 billion, or $11.95 per share, as revenue rose while expenses fell. Revenue jumped 23% to $13.87 billion, helped by higher equity and fixed income trading revenues, and increased investment banking results.

Goldman Sachs is riding a wave of enthusiasm over a recovery in Wall Street business.

The bank’s shares have jumped nearly 50% in the past year, outperforming its big banking rivals, as the Federal Reserve’s easing cycle and the November election of Donald Trump raised expectations of mergers and stock business.

Goldman’s fourth-quarter results will give investors a preview of what to expect this year, as investment banking and trading fees are both expected to rise by double-digit percentages. Investment banking revenue for the industry jumped 29% in the quarter, according to Dealogic figures, fueled by growth in consulting and capital markets activity.

In addition, the buoyant stock market at the end of last year should boost results in the firm’s asset and wealth management division, which CEO David Salomon he called the company’s growth engine.

For Salomone, the installation could not be more different than a year before, after a strategic pivot far from an unfortunate one. incursion in consumer finance. At the time, Salomon was under pressure to appease internal stakeholders, including Goldman’s partners, as consumer finance losses mounted, and Wall Street bids dried up due to of increased tariffs and increased regulatory control.

JPMorgan Chase also reported results on Wednesday, along with Wells Fargo and Citigroupwhile Bank of America and Morgan Stanley are due to report on Thursday.

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