- NEWS Desk Global
GOLDMAN SACHS PROFIT BEATS AS INVESTMENT BANKING FUELS HIGHEST EARNINGS SINCE 2021
Goldman Sachs' profit surpassed Wall Street expectations, driven by a resurgence in underwriting, deals, and bond trading during the first quarter. This rebound propelled its earnings per share to the highest level since late 2021. Similarly, competitors JPMorgan Chase and Citigroup also announced profits that exceeded market forecasts, citing favorable conditions for dealmaking. However, executives from these banks expressed caution regarding the economic outlook, particularly regarding the uncertain trajectory of U.S. interest rates.
In the first quarter, Goldman's profit increased by 28% to $4.13 billion, or $11.58 per share, surpassing analysts' expectations of $8.56 earnings per share. This marks the highest earnings per share since the third quarter of 2021 and exceeded market estimates, which anticipated a slight decline. Despite challenges in the market, Goldman's stock has risen by more than 4% this year, in contrast to the nearly 7% decline observed in the stock of rival Morgan Stanley.