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Goldman Sachs (GS) earnings Q1 2024

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Goldman Sachs (GS) earnings Q1 2024

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What Goldman Sachs' earnings could mean for the sector at large

Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday.

Here’s what Wall Street expects:

  • Earnings: $8.56 per share, according to LSEG
  • Revenue: $12.92 billion, according to LSEG
  • Trading Revenue: Fixed income of $3.64 billion and equities of $2.95 billion, per StreetAccount
  • Investing Banking Revenue: $1.77 billion, per StreetAccount

Goldman Sachs CEO David Solomon has taken his lumps in the past year, but hope is building for a turnaround.

Dormant capital markets and missteps tied to Solomon’s ill-fated push into retail banking should give way to stronger results this year.

Rivals JPMorgan Chase and Citigroup posted better-than-expected trading results and a rebound in investment banking fees in the first quarter; investors will be disappointed if Goldman doesn’t show similar gains.

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

After pivoting away from retail banking, Goldman’s new emphasis for growth has centered on its asset and wealth management division. The business could see gains from buoyant markets at the start of the year, though it also has taken write-downs tied to commercial real estate in the past.

Solomon may also field questions about the latest examples of an exodus in senior managers, including his global treasurer Philip Berlinski and Beth Hammack, co-head of the bank’s global financing group.

On Friday, JPMorgan, Citigroup and Wells Fargo each posted quarterly results that topped estimates.

This story is developing. Please check back for updates.

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