Beats Earnings by ~2% & Beats Revenue expectations by ~3%
Total Revenue: $12.73 Bn, up 17% YoY, down 10% QoQ
Net earnings: $3.04 Bn, up 150% YoY, down 26% QoQ
Shares down ~1% after results
Key Takeaways:
Global Banking & Markets Revs: $8.18 Bn, up 14% YoY, down 16% QoQ
Asset & Wealth Management Revs: $3.88 Bn, up 27% YoY, up 2% QoQ
Platform Solutions Revs: $669 MM, up 2% YoY, down 4% QoQ
Provision for credit loss: $282 MM, down 54% YoY, down 11% QoQ
CEO David Solomon On Strategy Shift:
“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management. Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment.”
