Goldman Sachs (GS) 02 (May 10 - Dec 24)

[behappyalways]

Goldman's Credit-Card Losses Are Soaring - "Well Above Subprime Lenders"
https://www.zerohedge.com/personal-fina ... me-lenders

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Goldman Jumps As Traders Spark Q3 Revenue Beat But Total Earnings Plunge 45% As Investent Bank Slump Continues
https://www.zerohedge.com/markets/goldm ... bank-slump

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Goldman Sachs' Epic Hiring Spree Ends With Biggest Round Of Job Cuts Ever
https://www.zerohedge.com/markets/goldm ... -cuts-ever

[winston]

not vested

Goldman Sachs Group on Tuesday (Jan 17) reported a bigger-than-expected 69 per cent drop in fourth-quarter profit due to heavy losses in its consumer business and a slump in dealmaking that hit its investment banking unit.

The bank reported a profit of US$1.19 billion, or US$3.32 per share, for the three months ended Dec 31, compared with US$3.81 billion, or US$10.81 per share, a year earlier.

Goldman’s investment banking fees fell 48 per cent in the quarter.

The bank also reported a pre-tax loss of US$778 million in its platform solutions unit, which houses transaction banking, credit card and financial technology businesses.

Fixed income, currency and commodities trading revenue was up 44 per cent, while revenue from equities trading fell 5 per cent.

Overall net revenue was down 16 per cent at US$10.6 billion.

Source: Phillips

[behappyalways]

Goldman Tumbles After Big Revenue, EPS Miss; Loan Loss Provisions Soar 183%
https://www.zerohedge.com/markets/goldm ... s-soar-183

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Goldman Slides After FICC Revenue Unexpectedly Tumbles
https://www.zerohedge.com/markets/goldm ... ly-tumbles

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Goldman Sachs Prepares For Third Round Of Layoffs As M&A Activity Slumps
https://www.zerohedge.com/markets/goldm ... ity-slumps

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Goldman Sachs Cuts Over Hundred Managing Directors As M&A Activity Sours
https://www.zerohedge.com/markets/goldm ... vity-sours

[winston]

not vested

Shares are down nearly 10% year-to-date. Some of that is due to the banking industry crisis, but people have been griping about Goldman’s performance in particular, as well.

Revenues from IPOs and merger advising naturally fell as the bear market reduced demand for capital markets services. Goldman is now aggressively cost-cutting to deal with the slowdown in deal activity.

However, investors shouldn’t fret over this too much. For one thing, markets are already heating back up. We’ve seen high-profile IPOs such as the Cava (NYSE:CAVA) offering in recent weeks which should bring back demand for Goldman’s services.

On the consumer side, Goldman should enjoy substantial growth in the coming years. For example, Goldman is the bank partner for Apple Card’s new high-yield savings program. This should bring in a ton of new deposits for Goldman to invest profitably from Apple’s loyal user base.

With the recent pullback, GS stock is back under 10 times forward earnings and offers a 3.2% dividend yield.

Source: Trades Of The Day

[winston]

not vested

Goldman Sachs’ Q2 earnings missed estimates, partly because it wrote down last year’s acquisition of GreenSky, a consumer lending platform, by $504 million.

It saw revenue decline broadly across its businesses, yet analysts were expecting worse.

Revenue was $10.9 billion. Wall Street expected $10.7 billion.

Source: The Street