David Solomon, CEO of Goldman Sachs, speaks on the World Financial Discussion board in Davos, Switzerland on January 23, 2020.
Adam Galacia | CNBC
Goldman Sachs is predicted to put up a 3rd quarter revenue forward of the opening bell on Wednesday.
Here is what Wall Road expects:
Earnings: $ 5.57 per share, 16% greater than a yr earlier, in accordance with Refinitiv.
Income: $ 9.46 billion, up 14% from a yr earlier.
Buying and selling quantity: Fastened Earnings $ 2.03 billion, shares $ 2.02 billion in accordance with FactSet.
Funding banking income: $ 1.85 billion.
Shopper Banking & Wealth Administration: $ 1.42 billion
Chief Government Officer David Solomon has simply accomplished his sophomore yr at Goldman Sachs, however he’s nonetheless shaping the corporate.
Final month he restructured a number of of his companies and appointed new heads for Asset Administration and Shopper and Wealth Administration for the New York-based financial institution.
Whereas Goldman Sachs has not been hit by anticipated coronavirus-related credit score losses like different main banking rivals, the corporate has but to persuade traders that its new companies will drive earnings progress and inventory appreciation.
The 151-year-old funding financial institution is within the midst of change, launching a variety of digital banking merchandise to disrupt established retail opponents.
It’s also pushing for extra wealth administration income like rival Morgan Stanley however has not introduced megadeals like the 2 massive acquisitions Morgan Stanley introduced earlier this yr.
Goldman inventory is down 8.3% this yr, a smaller decline than most main banks and a 31% decline within the KBW Financial institution Index.
On Tuesday, rivals JPMorgan Chase and Citigroup launched outcomes that exceeded analysts’ expectations as each banks made much less cash out there for defaulting loans.
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