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Goldman Sachs Gains as Trading Outperformance Drives Earnings Beat

Stock Markets Oct 18, 2022 09:38
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By Senad Karaahmetovic

Shares of Goldman Sachs (NYSE:GS) are trading nearly 4% higher in pre-market Tuesday after the banking giant delivered a strong Q3 earnings beat.

GS reported an EPS of $8.25 to easily top the consensus of $7.80. Revenue also came in higher - $11.98 billion vs $11.37 expected. Although revenue slipped -12% YoY, the results were still better-than-feared.

Goldman's Trading unit excelled as revenue there increased +11% to $6.20 billion, ahead of the $5.69 billion consensus. FICC sales and trading revenue soared +41% to $3.53 billion while equity sales and trading revenue dropped -14% YoY to $2.68 billion.

Net interest income (NII) came in at $2.04 billion, u +31% YoY and higher than the $2.05 billion consensus.

Asides from the earnings, GS also confirmed rumors that it is reorganizing its business into three units - asset and wealth management, global banking and markets and platform solutions.

Ashok Varadhan, Dan Dees, and Jim Esposito are named as global co-heads of Global Banking & Markets. Marc Nachmann is the new global head of the asset and wealth management division, while Stephanie Cohen will become the global head of Platform Solutions.

Goldman Sachs Gains as Trading Outperformance Drives Earnings Beat
 

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