David Solomon, CEO of Goldman Sachs, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building in Washington, D.C., on Dec. 6, 2023.
Win Mcnamee | Getty Images
Goldman Sachs on Monday posted first-quarter results that topped analysts’ expectations on stronger-than-expected equities trading revenue.
Here’s what the company reported:
- Earnings: $14.12 a share vs. $12.35 LSEG estimate
- Revenue: $15.06 billion vs. expected $14.81 billion
The bank said profit rose 15% from the year earlier period to $4.74 billion, or $14.12 per share, as revenues climbed a more modest 6% to $15.06 billion. The bank said that rising trading revenue in the quarter offset a slight decline in asset and wealth management revenue.
CEO David Solomon hinted at the turmoil caused by President Donald Trump’s escalation of trade tensions this month: “While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients,” Solomon said.
On Friday, rivals JPMorgan Chase and Morgan Stanley each topped expectations for first-quarter results on booming equities trading.
Equities trading revenue surged 48% and 45% at the banks, respectively, thanks to volatility in the opening months of President Donald Trump’s tenure amid his efforts to reshape global trade agreements.
This story is developing. Please check back for updates.