Written by Sinad Karahimetovic
Shares of Goldman Sachs (NYSE:) are up nearly 4% ahead of trading Tuesday, after the banking giant posted strength.
GS reported an EPS of $8.25, well outperforming the consensus of $7.80. Revenue also increased – $11.98 billion vs. $11.37 expected. Although turnover decreased by 12% compared to the previous year, the results were still above expectations.
Goldman Sachs’ trading unit marked an 11% increase in revenue to $6.20 billion, beating expectations of $5.69 billion. FICC’s sales and trading revenue increased 41% to $3.53 billion, while stock sales and trading revenue decreased 14% year-over-year to $2.68 billion.
Net interest income (NII) came in at $2.04 billion, up 31% from the previous year and above expectations of $2.05 billion.
Besides the results, GS also confirmed rumors that it is reorganizing its business into three units: Asset and Wealth Management, Banking and Global Markets, and Platform Solutions.
Ashok Varadan, Dan Dis and Jim Esposito have been appointed Global Co-Chairs of Banking and Global Markets. Mark Nachman is the new Global Head of Asset & Wealth Management, while Stephanie Cohen becomes Global Head of Platform Solutions.