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☆ Goldman Sachs is set to report third-quarter earnings — here's what Wall Street expects
  + stars: | 2023-10-17 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
David Solomon, chief executive officer of Goldman Sachs Group Inc., at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs is scheduled to report third-quarter earnings before the opening bell Tuesday. Here's what Wall Street expects:Earnings: $5.31 a share, according to LSEG, formerly known as RefinitivRevenue: $11.19 billionTrading revenue: fixed income $2.8 billion, equities $2.73 billion, per StreetAccountInvestment banking revenue: $1.48 billionIs Wall Street deal-making on the mend? Among its big bank peers, Goldman Sachs is the most reliant on investment banking and trading revenue. Last week, Goldman said that its sale of lending business GreenSky will result in a 19 cents per share hit to third-quarter results.
Persons: David Solomon, Goldman Sachs, it's, That's, Goldman, Wells, Morgan Stanley Organizations: Goldman Sachs, Inc, Goldman Sachs Financial Services, Investment, Federal Reserve, Apple Card, KBW, JPMorgan, Citigroup Locations: New York, Wells Fargo
☆ Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky
  + stars: | 2023-10-11 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
David Solomon, CEO of Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York on Dec. 6, 2022. Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The move is the latest step CEO David Solomon has taken to retrench from his ill-fated push into retail banking. Goldman also sold a wealth management business and was reportedly in talks to offload its Apple Card operations. Read more: Goldman Sachs faces big write down on CEO David Solomon’s ill-fated GreenSky deal
Persons: David Solomon, Goldman Sachs, Goldman, retrench, GreenSky, Solomon, Read, David Solomon’s Organizations: Bloomberg Television, Goldman Sachs Financial Services, Sixth, Apple Card, KKR, Bayview Asset Management Locations: New York, Banc, California
☆ Goldman Sachs is set to report second-quarter earnings — here’s what the Street expects
  + stars: | 2023-07-19 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
CEO David Solomon, Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs is scheduled to report second-quarter earnings before the opening bell Wednesday. Here's what Wall Street expects:Earnings: $3.18 per share, according to RefinitivRevenue: $10.84 billionTrading revenue: Fixed income $2.78 billion; equities $2.42 billion, per FactSetInvesting banking revenue: $1.49 billionExpectations have been set low for Goldman this quarter. Unlike more diversified rivals, Goldman gets the majority of its revenue from volatile Wall Street activities, including trading and investment banking. Investment banking has been weak because of subdued issuance and IPOs amid the Federal Reserve's interest rate increases.
Persons: David Solomon, Goldman Sachs, Goldman, David Solomon's, outsized, JPMorgan Chase, Solomon, Wells Fargo, Morgan Stanley Organizations: Bloomberg Television, Goldman Sachs Financial Services, Refinitiv Revenue, Goldman, Investment, JPMorgan, Apple Card, American Express, KBW, Citigroup, Bank of America Locations: New York
☆ Goldman Sachs CEO David Solomon warns of pain ahead for commercial real estate
  + stars: | 2023-06-12 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
CEO David Solomon, Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, Dec. 6, 2022. Goldman Sachs CEO David Solomon said Monday that his bank will disclose markdowns on commercial real estate holdings as the industry grapples with higher interest rates. Solomon told CNBC's Sara Eisen the New York-based firm will post impairments on loans and equity investments tied to commercial real estate in the second quarter. "There's no question that the real estate market, and in particular commercial real estate, has come under pressure," he said in an interview on CNBC's "Squawk on the Street." Goldman posted almost $400 million in first-quarter impairments on real estate loans, according to Solomon.
Persons: David Solomon, Goldman Sachs, Solomon, CNBC's Sara Eisen, Goldman Organizations: Bloomberg Television, Goldman Sachs Financial Services Locations: New York, York, U.S
☆ JPMorgan CEO Jamie Dimon refused to answer a question on whether a second Trump term would be good for the US economy
  + stars: | 2023-04-07 | by ( Cheryl Teh | ) www.businessinsider.com   time to read: +3 min
Jamie Dimon did not respond to a query on whether a second Trump term could be good for the economy. "I'm not going to answer that question," Dimon told CNN's Poppy Harlow. "I'm not going to answer that question," Dimon said. "I think I could beat Trump," Dimon said at a JPMorgan Chase event, per CNBC. During the interview with CNN, Dimon told Harlow that his political philosophy remains the same: He said that his heart is Democratic, but his brain is Republican.
☆ Goldman Sachs is set to report fourth-quarter earnings — here's what the Street expects
  + stars: | 2023-01-17 | by ( Hugh Son | ) www.cnbc.com   time to read: +1 min
David Solomon, chief executive officer of Goldman Sachs Group Inc., during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, US, on Tuesday, Dec. 6, 2022. Goldman Sachs is scheduled to report fourth-quarter earnings before the opening bell Tuesday. Here's what Wall Street expects:Earnings: $5.48 per share, 49% lower than a year earlier, according to RefinitivRevenue: $10.83 billion, 14% lower than a year earlier. Trading Revenue: Fixed Income $2.31 billion, Equities $2.14 billionInvesting Banking: $1.75 billionHow long will the investment banking drought last? Goldman shares have climbed 8.9% this year going into Tuesday's trading, compared with a 6.7% advance for the KBW Bank Index.
☆ Stocks making the biggest moves midday: GameStop, Dexcom, Cano Health and more
  + stars: | 2022-12-08 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
Traders work on the trading floor at the New York Stock Exchange (NYSE) below GameStop signage in New York, August 8, 2022. Check out the companies making headlines in midday trading Thursday. GameStop — Shares of the video game retailer and meme stock jumped more than 8% even after the company reported a wider-than-expected loss for the third quarter. The enterprise artificial intelligence software company reported a loss of 11 cents per share on revenue of $62.4 million. Analysts polled by Refinitiv were forecasting a loss of 16 cents per share on revenue of $60.9 million.
☆ Blackstone CEO says financially distressed investors driving REIT redemptions
  + stars: | 2022-12-07 | by ( Chibuike Oguh | ) www.reuters.com   time to read: +3 min
Blackstone relies on the REIT for about 17% of its earnings. Large redemptions have been seen at other such funds, with investment firm Starwood Capital informing investors last week that its $14.6 billion non-traded REIT also had raised the gates. There has also been a wave of redemptions at other non-traded Blackstone funds marketed to high net-worth investors. He added the redemptions did not mean the investors were not happy with the REIT and its profits. Blackstone has reported a 9.3% year-to-date return for its REIT, net of fees, a contrast to the publicly traded Dow Jones U.S.
☆ Investors focus on lower earnings outlook for 2023, but the evidence is so far mixed
  + stars: | 2022-12-07 | by ( Bob Pisani | ) www.cnbc.com   time to read: +2 min
The boomlet from Fed Chair JeromePowell's speech is now over. Second, a string of hot economic reports (November nonfarm payrolls, strong hourly earnings, strong ISM Services report), has convinced many that the much anticipated year-end stock rally is not going to happen. At the Goldman Sachs Financial Services Conference on Tuesday, CEOs were cautious but not gloomy. While some chose to focus on one or two CEOs warning of a slowing economy, most CEOs at the conference were not pessimistic. The bottom line: Investors, for the moment, are choosing to believe that the outlook for 2023 is leaning more to "earnings are going lower" rather than "earnings will be flat."
☆ 'We don’t lay off people’: This is how Bank of America's CEO plans to reduce employee levels
  + stars: | 2022-12-06 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. Brian Moynihan is no stranger to laying off workers — it's one of the key ways he helped shape Bank of America after the 2008 financial crisis. The bank had 213,270 employees as of Sept. 30, about 3,900 more than the year earlier. Organizations as large as Bank of America are constantly losing and hiring employees, a churn that adds to expenses. Moynihan has used technology — from consolidating back-end processes to offering updated mobile apps — to help reduce noncustomer-facing employees.
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