Goldman Sachs posted record third-quarter results on Tuesday, driven by a strong performance from the Wall Street giant’s rainmakers who raked in $2.6 billion in investment banking fees.
Goldman said it had hit revenues of $15 billion in the period from July 1 to Sept. 30, generating earnings per share of $12.25.
That was well ahead of forecasts compiled by the London Stock Exchange Group of earnings per share of $11 and revenues of $14.1 billion.
Insiders said it was the bank’s best third-quarter performance ever.
Goldman shares were up 3% in premarket trading.
“This quarter’s results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment. Across our business, clients continue to turn to us for their most complex and consequential matters,” said CEO David Solomon.
Trading desks across Wall Street have benefitted as President Donald Trump’s tariff policies have roiled markets for bonds, currencies, commodities and stocks.
The price of Goldman stock has surged by 37% this year. In January, the company announced fresh deals for Solomon and his second-in-command, chief operating officer John Waldron.
Both men agreed $80 million golden handcuffs bonuses in January that will fully vest after five years.
The results came one day after Goldman announced it plans to snap up Industry Ventures, a venture capital firm with $7 billion in assets under management.
Goldman said it would pay $665 million in cash and equity, and up to $300 million more based on the firm’s future performance through 2030.
The deal is expected to close early next year.
Credit: Source link
