goldman
New York (AFP) - Goldman Sachs reported a jump in fourth-quarter profits Tuesday as a surge in revenues for equity trading offset weaknesses in other areas, including merger advising revenues. The New York investment bank reported profits of $1.9 billion, up 58 percent from the year-ago period. Revenues rose seven percent to $11.3 billion. The fourth quarter enabled a positive finale to a difficult year for Chief Executive David Solomon after earlier quarters saw hefty write-downs and losses tied to the unwinding of large consumer-oriented businesses that Goldman had previously touted. In the ...
AFP
New York (AFP) - US investment bank Goldman Sachs reported a fall in third quarter profits on Tuesday, noting net losses in equity investments compared with a year ago. The bank reported profits of $1.9 billion, down 36 percent from the same period last year. Its net revenues were essentially unchanged in this timeframe, at $11.8 billion. The bank reported net losses from real estate investments among other areas. This weighed on its asset and wealth management unit, which saw 20 percent lower net revenues from a year ago. But its results topped expectations, and chief executive David Solomon...
AFP
New York (AFP) - Goldman Sachs reported a dive in profits Wednesday on weak merger and acquisition activity, but shares rallied as executives said an improvement could be near. While Chief Executive David Solomon described the second quarter as a "tough" period, he said on a conference call with analysts that "the environment feels better" in regards to market sentiment. "If the environment feels better and the environment turns out to be better, you'll see better performance," Solomon said. Profits came in at $1.1 billion, down 62 percent from the same period a year ago. Revenues fell eight p...
AFP
New York (AFP) - Goldman Sachs reported a steep drop in second-quarter profits Wednesday as it continued to struggle with an anemic merger and acquisition market and weakness in trading. Profits came in at $1.1 billion, down 62 percent from the year-ago period. Revenues fell eight percent to $10.9 billion. The big investment bank, which has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers, pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions" as a drag on its critical global banking and markets divisi...
AFP
New York (AFP) - US authorities are investigating Goldman Sachs' work for Silicon Valley Bank in connection with the events surrounding the California bank's collapse, Goldman disclosed in a securities filing Thursday. Goldman is "cooperating with and providing information to various governmental bodies" on its activities for SVB in March just before the tech-oriented bank went under, according to the filing. Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central r...
AFP
New York (AFP) - Goldman Sachs reported a steep decline in fourth-quarter earnings Tuesday, on much lower merger activity in results that missed analyst expectations and weighed on shares. The big investment bank pointed to a "significant decline" in completed mergers and acquisitions as fewer big companies bought rivals and the number of initial public offerings fell sharply compared with recent years. Goldman's profit drop comes on the heels of a trove of mixed results last week from other financial giants, with some large banks pointing to a "mild recession" as a likely scenario. The result...
AFP
New York (AFP) - Goldman Sachs could cut up to eight percent of its staff, or around 4,000 jobs, according to reports Friday, as the financial giant eyes sluggish global growth in 2023. The job cuts are expected early in 2023, according to reports in Semafor and CNBC that said the final figure could ultimately be smaller than eight percent. Goldman Sachs typically trims about one to five percent of headcount each year, targeting underperforming staff. This year's culling will be deeper than usual in light of the uncertain economic outlook and the growth in Goldman's staffing in recent years, a...
AFP
New York (AFP) - Goldman Sachs reported lower profits Tuesday on a big drop in revenues tied to corporate merger advising, but the firm still topped analyst expectations on strong trading revenues. The big New York investment bank, which unveiled details of a reorganization plan, pointed to a "significant decline in industry-wide completed mergers and acquisitions," as well as lower revenues from debt and equity underwriting. But that drag was offset by elevated volatility in financial markets during the period, which led to "significantly higher" revenues in interest rate products and currenc...
AFP
New York (AFP) - Despite mounting worries over inflation, just-released bank earnings painted a resilient picture of the US economy and consumer, generating talk that any recession might be milder than earlier downturns. Reports from six US banking giants showed a significant drop in profits from the heady year-ago period, with most of the group establishing fresh provisions in case of defaults. Executives expressed caution about what's to come in light of the growing hit from higher gasoline and food prices, along with the burden of increased lending costs following several Federal Reserve in...
AFP
New York (AFP) - Goldman Sachs reported a jump in third-quarter profits Friday behind robust gains in its financial advisory and trading divisions, capping a strong week of results for large US banks. The big New York investment bank reported profits of $5.3 billion, up 63 percent on a 26 percent increase in revenues to $13.6 billion. Key drivers for Goldman during the quarter included a jump in revenues tied to completed mergers and acquisitions, initial public offerings and capital-raising efforts by private companies. Goldman also turned in a strong performance in its global markets divisio...
AFP
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