Goldman Sachs just released results from its fourth-quarter, beating analyst expectations with adjusted earnings of $5.68 per share.
Wall Street analysts had been expecting adjusted earnings of $4.90 a share.
Like the other big banks, Goldman Sachs took a hit from the recently passed tax law. The bank took a hit of $4.40 billion in the fourth quarter related to the tax legislation.
JPMorgan reported a $2.4 billion fourth-quarter loss because of the new tax law, and Citigroup reported a $22 billion loss. The CEOs of each firm nonetheless praised the potential long-term benefits of the law.
Here are the key numbers:
- Revenues of $7.83 billion, ahead of $7.6 billion expected.
- The bank hauled in $2.14 billion in investment banking revenues in the fourth quarter, up 44% year-on-year and 19% quarter-on-quarter. The bank said its dealmaking backlog increased compared to the third quarter.
- The Institutional Client Services group, which houses equity and fixed income trading, posted $2.37 billion in revenues for the fourth quarter of 2017, down more than a third on last year and 24% on the third quarter.
- The bank said that both the equities and fixed income units "continued to operate in a challenging environment characterized by low levels of volatility and low client activity."
- The investment and lending business and asset management business both posted increases in revenue, with both units delivering $1.66 billion in revenue each.
- Non-adjusted net income of -$2.14 billion, a smaller loss than the $2.35 billion loss expected.