By Senad Karaahmetovic
Shares of Goldman Sachs (NYSE:) are up nearly 4% before trading on Tuesday, after the banking giant posted a strong .
GS reported EPS of $8.25, well beating consensus of $7.80. Revenue was also higher – $11.98 billion vs. 11.37 expected. Although the turnover fell by 12% compared to the previous year, the results remain above forecasts.
Goldman’s trading unit stood out with an 11% rise in revenue to $6.20 billion, beating consensus of $5.69 billion. FICC sales and trading revenue climbed +41% to $3.53 billion, while equity sales and trading revenue was down -14% year-on-year to $2.68 billion. dollars.
Net interest income (NII) came in at $2.04 billion, up 31% from a year earlier and above the consensus of $2.05 billion.
Along with the results, GS also confirmed rumors that it is reorganizing its business into three units: Asset and Wealth Management, Global Banking and Markets, and Platform Solutions.
Ashok Varadhan, Dan Dees and Jim Esposito are appointed Global Co-Heads of Global Banking & Markets. Marc Nachmann is the new global head of the asset and wealth management division, while Stephanie Cohen becomes the global head of Platform Solutions.