Goldman Sachs posted fourth-quarter results on Tuesday that missed analysts’ estimates for profit amid steep declines in investment banking and asset management revenue.Here’s what the company reported:The bank said quarterly profit fell 66% from a year earlier to $1.33 billion, or $3.32 per share, well below the Refinitiv estimate. Revenue held up better at $10.59 billion, down 16% from a year earlier and edging out the consensus estimate.Shares of the New York-based bank dipped 2.4% in premarket trading.How long will the investment banking drought last?That’s one of the top questions analysts will have for Goldman CEO David Solomon.While the fourth quarter was an ugly one for bankers — Wall Street rivals JPMorgan Chase and Citigroup each posted declines in investment banking revenue of nearly 60% last week — analysts question the odds of a rebound sometime later this year.They’ll also want to hear Solomon’s views on headcount and expenses after the bank laid off up to 3,200 employees last week, as well as details about Goldman’s consumer operations as it scales back ambitions there.Goldman shares have climbed 8.9% this year going into Tuesday’s trading, compared with a 6.7% advance for the KBW Bank Index.Last week, JPMorgan Chase and Bank of America topped profit expectations on surging net interest income, while Wells Fargo and Citigroup posted mixed results. Morgan Stanley is also scheduled to release results Tuesday.Full article: https://www.cnbc.com/2023/01/17/goldman-sachs-fourth-quarter-results-are-coming-what-the-street-expects.htmlGoldman Sachs (GS) is currently down 2.4%in the premarket trading after reporting its earnings today that missed analysts estimates. How much further do you think GS will fall?
