Goldman Sachs tops estimates on stronger-than-expected bond trading
Publishing timestamp: 2023-10-17 16:06:37
Summary
Goldman Sachs reported third-quarter profit and revenue that exceeded analysts' estimates, driven by stronger-than-expected trading revenue. However, the bank's shares fell and its profit and revenue declined compared to the previous year. The bank cited strength in interest rate products and mortgages, but also faced challenges in trading of currencies, commodities, and credit. Goldman Sachs is heavily reliant on investment banking and trading revenue, and analysts will be looking for updates on the bank's pipeline of deals. The bank also faced losses from its retrenchment away from retail banking and exposure to commercial real estate.
Sentiment: MIXED
Keywords: earnings, investment strategy, breaking news: earnings, david solomon, business news, goldman sachs bdc inc, morgan stanley, coronavirus: business, breaking news: investing, breakingnewsglobal, wall street, breaking news: markets, wells fargo & co, banks, goldman sachs group inc,
Source: https://www.cnbc.com/2023/10/17/goldman-sachs-gs-earnings-3q-2023.html