“Global markets did exceptionally well, particularly compared with other institutions, as did asset management. Octavio Marenzi, chief executive of Opimas, the capital markets management consultancy, said: “These results are really solid, and the underlying businesses are in robust health, with the exception of investment banking, which saw some softness this quarter. Goldman's revenues from mergers and acquisitions advice and underwriting fell 7% last year, to $7.6bn, with fees falling across all business lines. “We aim to drive higher returns in the future, and look forward to sharing our strategic goals and financial targets at investor day later this month.” Solomon will attempt to convince investors of the bank’s new strategy later this month during a highly anticipated investor day.ĭelivering the full-year earnings, the chief executive said: “Strong performance in the fourth quarter helped us to deliver solid results for the year, while continuing to invest in new businesses. READ Bank of America profits slip as bond traders fail to match Wall Street rivals Last year was a critical one for Goldman, which is reshaping its business under chief executive David Solomon by pushing into consumer and commercial banking and revitalising its direct investments division. Bond trading revenues rose 63% in the quarter, mirroring the big gains of JPMorgan and Citigroup, and helped the markets division to end the year slightly up on 2018. The full-year profit drop took the gloss off a strong finish for Goldman in 2019, spurred by a sharp 33% gain in trading revenues to around $3.5bn.
In its results statement, Goldman revealed a 6% rise in operating expenses to almost $25bn, which the bank linked to higher provisions for legal and regulatory proceedings, technology investment and the $750m purchase last July of United Capital, the financial management firm.
0 kommentar(er)
