Goldman Sachs beat expectations, but investment management division misses targets
- US Market
- 9 months ago
Goldman Sachs beat Wall street’s expectations as it posted above-average earnings, thanks by large to the lender’s compensation scheme for its employees.
However its smallest division, investment management missed as revenue fell to $1.56 billion, a drop of 12%, mainly due to tough market conditions.
Nevertheless, CEO David Solomon was upbeat as he noted, “We are pleased with our performance in the first quarter, especially in the context of a muted start to the year.”
“Our core businesses generated solid results driven by our strong franchise positions. We are focused on new opportunities to grow and diversify our business mix and serve a broader range of clients globally.”
The bank did generate $2.25 billion of profit in the period, transcending in $5.71 a share, compared with the $4.89 estimated by analysts.
Source: Smart Trend Team