David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.
Adam Galacia | CNBC
Goldman Sachs reported its third-quarter earnings before the opening bell Wednesday.
Here’s how the company did:
Earnings: $9.68 per share, vs. $5.57 expected by Refinitiv’s consensus estimates.
Revenue: $10.78 billion, vs. $9.46 billion expected by Refinitiv estimates.
Chief Executive Officer David Solomon just marked his second year atop Goldman Sachs, but he’s still putting his imprint on the firm.
Last month, he restructured several of his businesses and named new heads for the New York-based bank’s asset management and consumer and wealth management divisions.
While Goldman Sachs hasn’t been walloped by expected loan losses tied to the coronavirus like other big bank rivals, the firm has yet to convince investors its new businesses will drive earnings growth and share appreciation.
The 151-year-old investment bank is in the midst of a transformation, launching a slew of digital banking products in hopes of disrupting its established retail banking competitors.
It’s also pushing to get more revenue from wealth management, like rival Morgan Stanley, but hasn’t announced megadeals like the two major acquisitions Morgan Stanley disclosed this year.
Goldman shares have fallen 8.3% this year, a smaller decline than most big banks and the 31% drop of the KBW Bank Index.
On Tuesday, rivals JPMorgan Chase and Citigroup posted results that beat analysts’ expectations as both banks set aside less money for defaulting loans.
This story is developing. Please check back for updates.