The S&P 500 has had a great run this year and is now up more than 23%. The S&P 500 index has had a fantastic year, with the benchmark index up nearly 23% so far in 2024 and reaching new all-time highs. But many individual stocks have performed even better, including the well-known investment bank Goldman Sachs (GS -0.10%). The stock price has jumped more than 37% this year. Founded in 1869, Goldman has long been viewed as a best-in-breed investment bank in an incredibly competitive industry. Is the stock st ...

CEO and Co-Founder Tony Smith Among the Most Exceptional Entrepreneurs at 2024 Builders and Innovators SummitIRVINE, Calif., Oct. 18, 2024 /PRNewswire/ -- Today, Goldman Sachs (NYSE:GS) is recognizing Restaurant365 CEO and Co-Founder Tony Smith as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California.Goldman Sachs selected Smith from multiple industries to be honored at the two-day event.Smith's career has centered on using software to solve busine ...

SAN FRANCISCO, Oct. 17, 2024 /PRNewswire/ -- Augusto Marietti, the CEO and co-founder of Kong Inc., a leading developer of cloud API technologies, was recognized once again by Goldman Sachs (NYSE:GS) as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California. Goldman Sachs selected Mr. Marietti from multiple industries to be honored at the two-day event.Mr. Marietti is an inventor, technology entrepreneur, and angel investor. As the CEO and co-founde ...

Goldman Sachs Group Inc GS reported on Tuesday upbeat earnings for its third quarter.The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.Oppenheimer On Goldman SachsAnalyst Chris Kotowski reiterated an Outperform rating while raising the price target from $577 to $614.Goldman Sachs reported earnings of $8.40 per share, beating consensus of $6.89 per share, with core operating earnings of around $9.02 per share, Kotowski said in a note. "This, in turn, would ...

Goldman Sachs reported a 45% surge in profits on Tuesday, fueling hope for a dealmaking rebound.The firm pointed to growth in core businesses like M&A advisory and stock and bond underwriting.Here are four primary takeaways from the results shared by CEO David Solomon. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a pe ...

As is always the case when Wall Street heavy hitters weigh in with earnings, the markets and financial trade publications parse the data and management commentary for insight on investment banking. For Goldman Sachs, the latest earnings report on Tuesday (Oct. 15) offered variations on a recurring theme: as the shift away from Main Street progresses, the goal of massing an even greater Wall Street — and corporate lending — presence continues.CEO David Solomon noted on the earnings call with analysts that gr ...

Goldman Sachs Group Inc (NYSE:GS) reported strong third-quarter results before the open this morning, with profits jumping 45% to earnings of $8.40 per share. Investment banking and stock trading revenue gave earnings a boost, while CEO David Solomon cited an “improving operating environment."GS initially soared to a record high of $540.51 after the event this morning, though it's pulled back since then -- last seen down 0.5% at $520.32. Year to date, the equity is up 35.3%, with its two larger pullbacks ov ...

Financial Data and Key Metrics Changes - The company reported net revenues of $12.7 billion, an increase of 7% year-over-year, and earnings per share of $8.40, up 54% year-over-year [4][12] - Return on equity (ROE) was 10.4% and return on tangible equity (ROTE) was 11.1%, with a reduction of 80 basis points in ROE due to selected items [4][12] Business Line Data and Key Metrics Changes - Global Banking and Markets generated revenues of $8.6 billion, with advisory revenues of $875 million, up both sequentially and year-over-year [13] - FIC net revenues were $3 billion, down from the previous year, but financing revenues reached a record $949 million, up 30% year-over-year [14] - Equities net revenues were $3.5 billion, an 18% increase year-over-year, with intermediation revenues up 29% [14] - Asset and Wealth Management revenues were $3.8 billion, up 16% year-over-year, with management and other fees reaching a record $2.6 billion [15] Market Data and Key Metrics Changes - Total assets under supervision reached a record of $3.1 trillion, with significant inflows across asset classes [17] - Alternative assets under supervision totaled $328 billion, contributing to $527 million in management fees [17] Company Strategy and Development Direction - The company aims to strengthen its leadership in Global Banking and Markets while focusing on growth opportunities in Asset and Wealth Management [22] - There is a commitment to reducing the consumer footprint, which is expected to enhance overall returns [11][63] Management's Comments on Operating Environment and Future Outlook - The U.S. economy shows resilience, with decreasing inflation and supportive unemployment data, leading to optimism for increased economic activity [9] - Management expressed confidence in the trajectory of the company, emphasizing the strength of client relationships and the ability to adapt to regulatory changes [10][26] Other Important Information - The company returned $2 billion to shareholders, including dividends and stock repurchases, and maintained a common equity Tier 1 ratio of 14.6% [20] - The firm is focused on improving the durability of its revenue base and expects to exceed $60 billion in fundraising for 2024 [8][20] Q&A Session Summary Question: Comments on regulatory perception of trading - Management acknowledged the challenges of regulatory environments but emphasized the strength and adaptability of their market business [24][26] Question: Competitive threats from non-bank trading venues - Management noted that while competition exists, their integrated services and client relationships position them well against new entrants [32][33] Question: Path to achieving mid-teens ROE - Management outlined the need for continued execution in Global Banking and Markets and improvements in Asset and Wealth Management to reach mid-teens ROE [35][36] Question: Strength in Private Banking - Management highlighted the strategic decision to increase lending to ultra-high net worth clients, which is expected to drive growth [42][44] Question: Update on the GM card platform - Management confirmed the transition is signed but not yet closed, with ongoing operating losses expected until the transfer is complete [55][56] Question: Investment backlog and sponsor activity - Management indicated that while M&A activity is below historical averages, there is potential for increased sponsor activity in the near future [50][58] Question: Fee rates in alternative asset management - Management acknowledged that fee rates can vary based on the mix of assets and emphasized the importance of scale in driving margins [67][69]

The Goldman Sachs Group, Inc.’s (GS) third-quarter 2024 adjusted earnings per share of $8.40 surpassed the Zacks Consensus Estimate of $6.85. This compares favorably with $5.47 reported in the year-ago quarter.Find the latest earnings estimates and surprises on the Zacks Earnings Calendar.As expected, the investment banking (IB) business witnessed a solid growth. Equity underwriting fees jumped 25% and debt underwriting fees grew 45.8%. Also, advisory fees rose 5.3%. Overall, total IB fees were up 20% from ...

J.P. Morgan analyst Kian Abouhossein expressed the view on Goldman Sachs Group Inc.‘s GS third quarter financial results.Today, the company reported revenue of $12.70 billion, beating the consensus of $11.87 billion, and EPS of $8.40, beating the consensus of $7.03.In the conference call, CEO David Solomon highlighted strong client demand and a rising deal backlog and expects alternative fundraising to exceed $60 billion in 2024.He noted the firm remained below 10-year averages for equity and M&A volumes an ...