Goldman Sachs reported earnings before the bell Wednesday.
Goldman said earnings for the three months ending in December came in at $4.69 per share, down 41% from the same period last years and well shy of the $5.46 Street consensus forecast. Litigation charges of around $1.1 billion, taking a notable chunk from the bank's bottom line. Group revenues, Goldman said, rose 23% to 9.96 billion, well ahead of analysts' forecast of an $8.906 billion tally.
Fixed-income trading revenues rose to $1.8 billion, which compared to $822 million over the same quarter last year, while consumer and wealth management revenues were marked 8% higher at $1.41 billion.
“Strong performance in the fourth quarter helped us to deliver solid results for the year, while continuing to invest in new businesses," said CEO David Solomon. "We aim to drive higher returns in the future, and look forward to sharing our strategic goals and financial targets at Investor Day later this month.”
Jeff Marks, senior portfolio analyst with Action Alerts PLUS, weighed in on the earnings and what led to the volatility after the company reported.
Watch the full video above for more.
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