David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.
Adam Galici | CNBC
Goldman Sachs reported third-quarter earnings before the opening bell Tuesday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings: $8.40 per share, vs. $6.89 estimate
- Revenue: $12.70 billion, vs. $11.8 billion estimate
How much will falling interest rates help Goldman Sachs?
Over the past two years, the Federal Reserve’s tightening campaign has made for a less-than-ideal environment for investment banks like Goldman.
Now that the Fed is easing rates, that positions Goldman to benefit as corporations that have waited on the sidelines to acquire competitors or raise funds begin to take action.
Goldman’s asset and wealth management division is also positioned to benefit from rising asset values across markets as rates decline.
Last week, rival JPMorgan Chase set expectations high with better-than-anticipated results from trading and investment banking, factors that helped the bank top earnings estimates.
Wells Fargo also exceeded estimates on Friday on the back of its investment banking division.
This story is developing. Please check back for updates.
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