Tuesday , November 5 2024
Home / Mike Norman Economics / Goldman Sachs Profit Jump 26%

Goldman Sachs Profit Jump 26%

Summary:
Now Goldman has killed it.... First-quarter revenue at the Wall Street firm rose 25% from a year ago to .04 billion. Profits of .83 billion, or .95 a share, were up 26%. Both figures beat analyst expectations. The .83B gets back already over half of the B hit they took due to the Jan 1 tax law changes... in just this one quarter.  They should get it all back and then some by end of June at this rate.That Jan 1 markdown was probably over B system wide but we have seen this quarter JPM report B, BAC about B, Citi about B, WFC about B so that is about B+ back from C, GS, BAC, JPM, and WFC so that is about it... its taken them just 1Q to get almost all of it back.Things should start to pick up again here shortly if no WW3. Goldman Sachs posts better-than-expected

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00

Mike Norman writes 24 per cent annual interest on time deposits: St Petersburg Travel Notes, installment three — Gilbert Doctorow

Lars Pålsson Syll writes Daniel Waldenströms rappakalja om ojämlikheten

Merijn T. Knibbe writes ´Fryslan boppe´. An in-depth inspirational analysis of work rewarded with the 2024 Riksbank prize in economic sciences.


Now Goldman has killed it....

First-quarter revenue at the Wall Street firm rose 25% from a year ago to $10.04 billion. Profits of $2.83 billion, or $6.95 a share, were up 26%. Both figures beat analyst expectations.
The $2.83B gets back already over half of the $5B hit they took due to the Jan 1 tax law changes... in just this one quarter.  They should get it all back and then some by end of June at this rate.

That Jan 1 markdown was probably over $30B system wide but we have seen this quarter JPM report $6B, BAC about $8B, Citi about $5B, WFC about $5B so that is about $25B+ back from C, GS, BAC, JPM, and WFC so that is about it... its taken them just 1Q to get almost all of it back.

Things should start to pick up again here shortly if no WW3.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *