David Solomon, executive director of Goldman Sachs Group Inc., during Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, USA, Tuesday, December 6, 2022.
Michael Ngale | Bloomberg Getty Images
Goldman Sachs is scheduled to report fourth-quarter earnings before the opening bell Tuesday.
Here’s what Wall Street wants:
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- Earnings: $5.48 per share, 49% lower than a year earlier, according to Refinitiv
- Revenue: $10.83 billion, 14% lower than a year earlier.
- Trading Revenue: Fixed Income $2.31 billion, Equity $2.14 billion
- Investment Banking: $1.75 billion
How long will the investment banking drought?
This is one of the most asked questions by analysts for Goldman CEO David Solomon.
During the fourth quarter something bad happened to the bankers – Wall Street rivals JPMorgan Chase and Citigroup each posted a decline in investment banking revenue of nearly 60% last week – Analysts question the odds of recovery sometime later this year.
They also wanted to hear Solomon’s views on headcount and costs after the bank cut up to 3,200 jobs last week, as well as details on Goldman’s consumer operations as it scaled back its ambitions there.
Goldman shares have risen 8.9% this year to trade on Tuesday, compared with a 6.7% advance for the KBW Bank Index.
Last week, JPMorgan Chase and Bank of America topped profit expectations on surging net interest income, while Wells Fargo and Citigroup posted mixed results. Morgan Stanley also scheduled for the release of results Tuesday.
This story is evolving. Please check back for updates.