Goldman Sachs had a very good fourth quarter.
The company announced Tuesday morning that it had brought in about $11.3 billion in revenue, while earnings per share came in at $5.48 in the final months of the year.
Those numbers blew away Wall Street expectations. Analysts surveyed by FactSet had expected revenue of $10.8 billion and earnings per share of $3.62.
Goldman’s profit also increased by about 51% from a year ago, to just over $2 billion.
The New York-based investment bank focused on simplifying its strategy this year and investing in its core asset and wealth management division. That appeared to be a winning strategy, with revenue growing by 23% from a year ago.
Other divisions didn’t fare quite as well. Revenue from investment banking fell 12% from a year ago to just under $1.7 billion. Trading revenue fell 2.5% to $4.6 billion over the same period.
“This was a year of execution for Goldman Sachs,” said CEO and chairman David Solomon, in a release. “With everything we achieved in 2023 coupled with our clear and simplified strategy, we have a much stronger platform for 2024.”
Last year, the bank narrowed its ambitions in consumer markets and stopped offering new loans on Marcus, its consumer platform. The company is currently trying to end credit card partnerships with Apple and General Motors, as well.
Much like its banking peers, Goldman was also assessed a one-time fee by the Federal Deposit Insurance Corporation to help pay for the regional banking crisis last spring. Goldman paid $529 million to help clean up the mess that Silicon Valley Bank and Signature Bank left in the wake of their collapses.
That’s a hefty fee, but scores less than the largest US banks paid.
JPMorgan Chase paid $2.9 billion to the FDIC, Bank of America paid $2.1 billion and Citigroup paid $1.7 billion.
Shares of Goldman were trading about 1.3% higher in premarket trading.
This story is developing and will be updated.
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