So far this earnings season, big banks have mostly outperformed their smaller peers, helped by an influx of deposits after Silicon Valley Bank's meltdown.
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.reported first-quarter earnings before the opening bell Tuesday.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $12.22 billion, vs. $12.79 billionUnlike its more diversified rivals, Goldman gets the majority of its revenue from Wall Street activities including trading and investment banking. With the advisory business remaining subdued because the IPO window remains mostly shut, it's up to traders to pick up the slack.
Heading into the quarter, analysts wondered whether turmoil during March — in which two American banks and a global investment bank was forced to merge with a longtime rival — would provide a good or bad backdrop to trading.
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