Goldman Sachs (GS) earnings 2Q 2024

Goldman Sachs said Monday that it topped second-quarter profit and revenue estimates on better-than-expected fixed income results.

Here’s what the company reported:

• Earnings: $8.62 per share vs. $8.34 per share LSEG estimate
• Revenue: $12.73 billion vs. $12.46 billion estimate

Goldman said profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank’s results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business.

Revenue rose a more modest 17% to $12.73 billion on growth in the bank’s core trading, advisory and asset and wealth management operations.

Expectations have been set high for Goldman Sachs, with Wall Street businesses in the midst of a rebound after a dismal 2023.

That’s because out of the six biggest U.S. banks, Goldman is the most reliant on investment banking and trading to generate revenue.

Another focal point for the quarter will be in asset and wealth management, areas that Goldman CEO David Solomon has wagered can be a growth engine for the bank.

On Friday, rivals JPMorgan Chase and Citigroup both topped expectations thanks to surging investment banking fees and better-than-expected equities trading results.

Bank of America and Morgan Stanley report results on Tuesday.

This story is developing. Please check back for updates.