Goldman Sachs equities traders posted a decline in the fourth quarter, adding to evidence that the frenzied activity touched off by the pandemic is cooling.
Adjusted earnings were expected to total $US11.65 a share, according to the average estimate in a Bloomberg survey.New York
Revenue from the bank’s trading operation slid 7 per cent, missing analysts’ estimates for a small gain. The surprise letdown came from its equities business, which declined 11 per cent, according to a statement. Compensation and benefits, the single biggest driver of expenses at Goldman, jumped 33 per cent to $US17.7 billion in 2021, an indication of big rewards for employees after a record year.Co and Citigroup last week took turns lowering expectations for Wall Street profit this year after posting bigger-than-expected declines in trading for the last three months of 2021. JPMorgan shares dropped 6.2 per cent on Friday, their biggest drop in more than 18 months.
The company’s earnings call will mark the public debut of Denis Coleman III as chief financial officer. Coleman previously led the global financing group and replaces Stephen Scherr, who held the position for more than three years.In a time when competition for talent and pay pressures have become major themes, Goldman is rewarding its partners -- roughly 400 executives -- with a special one-time award, Bloomberg reported last week.
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