New York-based investment bank Goldman Sachs (NYSE:GS) forecasts Wall Street analysts with a surge in profits as investment banks, asset management and bonds, currency and commodity trading sectors all thrived during the pandemic It surpassed.
Goldman Sachs recorded a 135% increase from the fourth quarter of 2019, with 18% increase from a year ago and net profit of $4.5 billion.
The bank reported record revenue of $9.42 billion from investment bank units due to increased demand for the initial public offering and increased merger activity. Goldman Sachs ranked number one worldwide, completing mergers and acquisitions, announced its global stock and equity related offerings, and common stock offerings.
Goldman Sachs also earns global market revenue in 10 years, primarily with strong trading volumes (FICC) for both bonds, currency and commodities (FICC) He said he recorded the best year in the year. Record the third highest annual net revenue in intermediates and net revenue in funding. This includes record net revenues from derivatives.
Among other successes was asset management, which generated net revenue of $7.988 billion, but consumer and asset management was able to deliver record net assets management revenues and significantly higher consumer bank net revenues. It generated record net revenue of $6 billion, including.
Earnings per share increased to $24.74 in 2020, up from $21.03 in 2019. It rose to $12.08 per share from $21.03 in the last quarter, up from $4.69 in the previous year to $8.98 in July and September. Analysts were expecting an average profit of $7.47 per share, according to IBES data from Refinitiv.
“It’s been a challenging year in many respects,” Chairman and CEO David Solomon said in a press release, “I hope this year will bring a lot of needed stability and a rest from the pandemic.” I added.
Reuters put pressure on Goldman’s results, noting that banks have recently benefited from several large stock market floats.
“Goldman’s performance is consistent with the broader profits of trading units across Wall Street Bank, and JPMorgan Chase reports stronger results than expected as financial market volumes remain consistently high. The Wall Street giant also benefits from record levels of capital market activity throughout the quarter, as it has generated handsome underwriting fees from many well-known IPOs such as Airbnb, Doordash, Lufax, and Root. I’ve received it.
Meanwhile, Octavio Marenzi, CEO of Opimas, a capital market management consultancy, told the Guardian that Goldman Sachs’ revenues were “shockingly good.”
“We were expecting strong performance, but Goldman outperformed on almost every business line. Other banks like JP Morgan and Citigroup have also been found to have a slightly softer retail and corporate banking unit. Although it had to fight, Goldman’s activities focus head-on on investment banking and trading.
Wall Street Bank stocks fell -0.72% at 15:56 GMT to USD 299.00, keeping recent profits peaking last week, reaching an annual peak.
