Goldman Sachs tops estimates for revenue on better-than-expected asset management results

Goldman Sachs on Tuesday posted fourth-quarter results that topped analysts’ expectations on better-than-expected asset management revenue.

Here’s what the company reported versus what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, expected:

• Earnings: $5.48 per share
• Revenue: $11.32 billion vs. $10.80 billion expected, according to LSEG

Wall Street analysts had expected per share earnings of $3.51, but it wasn’t immediately clear if that was comparable to reported earnings.

Goldman Sachs CEO David Solomon has endured a tough year, thanks to dormant capital markets and strategic missteps.

But hope is building that Goldman can turn a corner after pivoting away from Solomon’s failed consumer banking efforts.

Goldman’s core activities of investment banking and trading may not recover in the fourth quarter, but analysts will want to hear about the possibility of a rebound in 2024. Early signs are that corporations that have waited on the sidelines to acquire competitors or raise funds may finally be ready to act this year.

Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street. That can lead to outsized returns during boom times and underperformance when markets don’t cooperate.

On Friday, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo each posted results that were marred by a litany of one-time items.

This story is developing. Please check back for updates.