• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Banking

      FBN Holdings appoints new Non-Executive Director

      December 11, 2019

      Finance

      Insurance sector to attract N200bn post-recapitalization – Onyema

      December 10, 2019

      Finance

      Uganda holds key interest rate to help shield economy

      December 9, 2019

      Finance

      CBN gets new director of currency operations

      December 6, 2019

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Frontpage

      Stocks pare loses on skepticism around reports of US tariff delay

      December 10, 2019

      Business News

      Standard Chartered removes charges for ATM withdrawals, transfers

      December 10, 2019

      Frontpage

      Inflation may rise in coming months – LCCI

      December 6, 2019

      South Africa

      On South Africa GDP contraction 

      December 4, 2019

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Energy

      Who will fund Rosneft’s $157bn mega oil project?

      December 11, 2019

      Energy

      84 women graduate from Intels’ empowerment programme in Rivers 

      December 11, 2019

      Energy

      Surprise crude oil build threatens oil rally

      December 11, 2019

      Energy

      Nigeria, Ghana top list of markets to watch for key LNG project developments

      December 10, 2019

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analysis

      On Nigeria’s cyber security skill gap

      December 10, 2019

      Analysis

      Nigeria’s resilience against global risks

      December 3, 2019

      Analysis

      Getting the Board on board GRC implementation

      December 3, 2019

      Analysis

      How much money do you need?

      December 3, 2019

Earnings

Equity trading performance spurs Goldman Sach’s quarterly growth

July 16, 2019236 views0 comments

Goldman Sachs Group Inc reported a higher-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equities trading revenues.

The bank said equities trading revenue increased by 6 percent from a year ago to $2 billion, the second highest in four years. Goldman said clients were more active than the same period a year ago.

According to the investment bank, it benefited from higher revenues in equities client execution, including an improved performance in cash products and derivatives. The bank said clients were more active than in the prior quarter.

However, Goldman’s fixed income business suffered another disappointing quarter with net revenue falling by 13 percent. The bank said that reflected significantly lower net revenue from interest rate products and currencies.

Goldman is shifting the focus of its business model away from trading to a more stable, consumer-oriented revenue stream. Despite the better-than-expected performance, revenue still fell at three of its four major businesses, with the biggest declines in trading and investment management.

Like its rivals, the bank faces a challenge to increase revenue in the face of rising geopolitical uncertainties and concerns about the impact of future interest rate cuts by the U.S. Federal Reserve.

Institutional client revenue, which includes trading, slipped 3 percent, while investment banking revenue was down 9 percent. However, revenue from the bank’s investing and lending business rose 16 percent, its highest quarterly performance in eight years.

Evercore ISI analyst Glenn Schorr said Goldman had delivered a “pretty good quarter” with most business lines performing “a little better than expected.”

“Looking ahead, we expect management to continue to invest in new initiatives and businesses and return plenty of capital,” Schorr said.

Chief Executive David Solomon, who was promoted to the role in October last year, is undertaking a strategic review of the business and plans to announce the results early next year.

The bank has already made moves to further develop its consumer division, by expanding online bank Marcus and launching a credit card with Apple Inc. It also announced plans in May to acquire United Capital, a boutique wealth management firm.

It is aiming to generate $5 billion in new revenue by 2020.

While overall revenue slipped in the quarter, lower compensation expenses provided some relief. Total operating expenses were nearly flat at $6.12 billion.

The bank’s net earnings applicable to common shareholders in the second quarter fell 6 percent to $2.20 billion. Earnings per share fell to $5.81 from $5.98 a year earlier.

Total net revenue fell 2 percent to $9.46 billion.

About Post Author

Businessam Staff

See author's posts

Related posts:

First Homes Africa to leverage tech innovation to deliver 60,000 houses in four years
82% of Fidelity Bank's total transactions done via digital platforms says CEO
UBA declares N0.20 interim dividend on 30% PAT growth
Stanbic IBTC HY 2019 results mixed as top line increases 3%, bottom line dips 16%
Jumia reports 94% increase in 2019 second quarter
GTBank grows half year post tax profit to N99bn declares 30k interim
NB posts 4% revenue growth q/q as strong performance of premium brands cushion excise duties effect
Nigerian Breweries records N13bn tax on N170bn revenue in 2019 first half
Sterling Bank reports 19.1% net interest income growth, as earnings, profit dip
Pasta sales beef up Honeywell Flour Mills first quarter performance
Share on Facebook Tweet Email
TagsEarnings Equities Goldman Sachs
PreviousSEC begins verification of 4,160 Dantata investors
NextRivers traders ecstatic as multi-billion-naira ultramodern Mile One Market, Fruit Garden set for inauguration by Wike

Leave a comment

- Cancel reply

MARKET DATA

Recent Posts

  • NCC assures telecoms licensees on Account Separation Framework
  • Nigeria becoming West Africa’s trade hub through harnessing of dry port opportunities
  • Elomaz Hotel stands tall amidst tight competition by foreign brands
  • Workplace romance: Did McDonald’s make the right call?
  • Air Peace connects Ibadan from Abuja, Kano, Owerri

World

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

Ethiopia considers sale of minority stakes in telecoms, airline to foreign investors

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Oil edges lower, but hopes on easing trade tensions cap losses

Frontpage August 20, 2019

1
2

NSE moves 462.31m shares worth N7.92bn in negative trading, sheds N33bn

Frontpage September 25, 2019

3

Crude oil price hits 4-year high as Saudi Arabia, Russia reject call for output raise

Frontpage September 25, 2018

4

Nigeria’s state oil firm issues crude oil contracts expected to last for two years

Frontpage May 14, 2018

5

Elections pose risks to African investment markets, say analysts

Frontpage September 25, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.