Source: Unsplash | Photographer: Floriane Vita
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On Wednesday, one of the leading U.S. banks, Goldman Sachs, announced better-than-expected Q3 2020 results due to strong bond trading and asset management performance. Shortly after the news, the bank’s shares rose by an extra 0.6% on top of the 2.2% gains achieved in premarket trading.
The main financial highlights in Goldman Sachs’ earnings release are:
– Total earnings: $10.78 billion (30% increase year-over-year) vs. expectations for $9.46 billion. According to the bank, this growth was mainly driven by the trading and asset management divisions.
– Net earnings: $3.62 billion
– Earnings per share: record $9.68 vs. expectations for $5.57
– Trading Revenue: The trading division generated $4.55 billion in revenue (29% increase year-over-year) thanks to strong bond trading results ($2.5 billion) and trading revenue from equities ($2.05 billion).
– Asset management division: The asset management division generated $2.77 billion in revenue (71% increase year-over-year).
The 151-year-old investment bank is currently undergoing a major internal restructuring and has already launched several digital banking products in an attempt to catch up on its competition.
“Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year.”
David Solomon, CEO
Goldman Sachs is also pushing to get more revenue from wealth management, similarly to its rival Morgan Stanley, but it has yet to announce any major acquisitions.
Upcoming reports
See the full list of upcoming earnings reports for 19 – 23 October in the tables below.
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