David Solomon, CEO of Goldman Sachs Group Inc., during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, USA, on Tuesday, December 6, 2022.
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Goldman Sachs is scheduled to report fourth-quarter earnings before the opening bell on Tuesday.
This is what Wall Street expects:
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- Earnings: $5.48 per share, down 49% from a year earlier, according to Refinitiv
- Revenue: $10.83 billion, 14% less than the previous year.
- Trading revenue: Fixed income $2.31 billion, stocks $2.14 billion
- Investment banking: $1.75 billion
How long will the investment banking drought last?
That’s one of the main questions analysts will have for Goldman CEO David Solomon.
While the fourth quarter was ugly for bankers, Wall Street rivals JPMorgan Chase Y Citigroup each posted declines in investment banking revenue of nearly 60% last week; analysts question the chances of a rebound sometime later this year.
They’ll also want to hear Solomon’s views on headcount and spending after the bank laid off 3,200 employees last week, as well as details on Goldman’s consumer operations as it scales back its ambitions there.
Goldman shares are up 8.9% this year ahead of Tuesday’s trading, compared with a 6.7% advance for the KBW bank index.
Last week, JPMorgan Chase and Bank of America beat earnings expectations on higher net interest income, while fargo wells and Citigroup posted mixed results. Morgan Stanley it is also scheduled to publish the results on Tuesday.
This story is unfolding. Please check for updates.