Market Watch
April 17, 2018
Goldman Sachs Group Inc. reported higher profit and revenue from a year ago, catching the wave of lower taxes and newly active markets that boosted other big banks’ quarterly earnings.
Revenue at the Wall Street firm rose to $10.04 billion from $8.03 billion a year ago. Goldman’s profit was $2.83 billion, or $6.95 a share, up from the year-ago first quarter when the bank’s traders made bad bets on the dollar and interest rates.
Analysts, on average, were expecting earnings of $2.21 billion, or $5.58 a share, on revenue of $8.74 billion, according to Thomson Reuters.
For all of Goldman’s changes in recent years — launching a consumer bank and embracing steadier businesses like asset management and corporate lending — it still relies heavily on its traders, who make money selling everything from stocks to interest-rate swaps to big investors. They account for about one-third of the firm’s revenue.
This article was posted: Tuesday, April 17, 2018 at 7:41 am
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