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Goldman Sachs (GS) Q1 2024 earnings




Goldman Sachs (GS) Q1 2024 earnings

David Solomon, chairman and CEO of Goldman Sachs, speaks on CNBC’s Squawk Box at the annual meeting of the World Economic Forum in Davos, Switzerland on January 17, 2024.

Adam Galic | CNBC

Goldman Sachs First-quarter figures are scheduled to be reported before the opening bell on Monday.

Here’s what Wall Street expects:

  • Earnings: $8.56 per share, according to LSEG
  • Revenue: $12.92 billion, according to LSEG
  • Trading revenues: Fixed income of $3.64 billion and equities of $2.95 billion, per StreetAccount
  • Bank income from investing: $1.77 billion, per StreetAccount

Goldman Sachs CEO David Solomon has lost his fortune in the past year, but hopes are emerging for a turnaround.

Dormant capital markets and missteps linked to Solomon’s ill-fated move into retail banking should give way to stronger results this year.

Rivals JPMorgan Chase And Citi Group delivered better-than-expected trading results and a recovery in investment banking costs in the first quarter; investors will be disappointed if Goldman doesn’t show comparable profits.

Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street operations. This can lead to excessive returns during boom times and underperformance when markets do not cooperate.

After breaking away from retail banking, Goldman’s new emphasis on growth focused on its wealth management division. The company could see gains from buoyant markets at the start of the year, although it has also made writedowns related to commercial real estate in the past.

Solomon may also raise questions about the latest examples of an exodus among senior executives, including his global treasurer Philip Berlinski and Beth Hammack, co-head of the bank’s global finance group.

On Friday, JPMorgan, Citigroup and Wells Fargo each posted quarterly results that beat estimates.

This story is developing. Check back later for updates.

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