David M. Solomon, Chairman and CEO of Goldman Sachs, speaks in the course of the Milken Institute’s 22nd annual International Convention in Beverly Hills, April 29, 2019
Mike Blake | Reuters
Goldman Sachs is scheduled to report fourth-quarter earnings earlier than the opening bell Wednesday.
This is what Wall Road expects:
Earnings: $5.47 a share, a 9.5% decline from a yr earlier, in response to Refinitiv.
Income: $8.51 billion, a 5.3% improve from a yr earlier.
Buying and selling Income: Fastened Revenue $1.16 billion, Equities $1.72 billion.
Funding Banking Income: $1.86 billion.
CEO David Solomon has had a busy few months.
Final week, Goldman disclosed that it’s reorganizing its businesses to extra carefully resemble its big-bank friends and provides retail banking operations its personal class for the primary time. It additionally launched a mobile app for its Marcus client finance enterprise.
The financial institution can be in superior negotiations with the U.S. Division of Justice to pay about $2 billion to resolve an investigation into Goldman’s 1MDB scandal, in response to individuals with data of the matter. The agency will doubtless must create an impartial monitor to supervise compliance efforts, the individuals mentioned.
However extra importantly to buyers, later this month Goldman is holding its first-ever investor day, the place Solomon will disclose the outcomes of a enterprise evaluation and his plans to turbocharge progress and hit new monetary targets.
Goldman shares climbed 37% final yr, however the financial institution nonetheless has the bottom valuation among the many massive six U.S. lenders, a scenario Solomon wish to treatment.
On Tuesday, J.P. Morgan and Citigroup each posted revenue that beat analysts’ expectations on surging bond-trading outcomes and robust income from credit-card operations. Wells Fargo missed analysts’ revenue estimates because it booked prices tied to its faux accounts scandal.
This story is creating. Please test again for updates.