Goldman Sachs Group Inc missed Wall Street estimates for quarterly profit on Tue...
Scherr said those investments comprise 40% of the bank’s $2.3 billion invested in public companies, and they “were the largest contributors to the downdraft.”
“Overall, GS posted mixed results this quarter. While the top line beat to us was a positive, it was driven by more trading which tends to be less persistent and investment banking results were weak,” analysts at Keefe, Bruyette & Woods said in a note to clients on Tuesday. Wall Street’s biggest banks are facing several challenges in growing their revenue, largely as concerns of slowing growth have deterred companies from tapping public markets for funds, but Chief Executive David Solomon sounded optimistic on a call with analysts.Under Solomon, Goldman has undertaken a major shift in strategy from its focus on trading to building a bigger consumer business in a bid to shield its revenue from wild swings in financial markets.
Solomon has pushed his top lieutenants to bring in at least $5 billion of new revenue from those businesses by 2020, while simultaneously conducting a full-scale review of the business that has led to a number of new efficiency initiatives and a culling of its partnership pool of top executives.
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