Dick Bove Says Goldman Sachs (GS) Needs to Change with the Times
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Goldman posts weakest results in four years, revenue tumbles 40 percent
April 19, 2016 7:46 AM EDTBy Olivia Oran and Sudarshan Varadhan
(Reuters) - Goldman Sachs Group Inc reported the worst quarterly results in more than four years on Tuesday as volatile markets kept clients from trading, investing or issuing new securities.
Goldman's report wrapped up a dismal quarter for big U.S. banks. The previous day, its most comparable rival, Morgan Stanley, also said its profit fell by more than one-half due to tough markets.
Goldman's first-quarter revenues tumbled 40 percent, hit by sliding commodity prices, worries about the Chinese economy and uncertainty about U.S. interest rates. Profit fell even more sharply,... More
Goldman Sachs (GS) Tops Q1 EPS by 23c; Investment Banking Revenue Fell 23%
April 19, 2016 7:36 AM EDT(Updated - April 19, 2016 7:41 AM EDT)
Goldman Sachs (NYSE: GS) reported Q1 adjusted EPS of $2.68, $0.23 better than the analyst estimate of $2.45. Revenue was $6.34 billion, versus $6.73 billion expected.
The operating environment this quarter presented a broad range of challenges, resulting in headwinds across virtually every one of our businesses, said Lloyd C. Blankfein, Chairman and Chief Executive Officer. Looking ahead, we will continue to focus on delivering superior service to our clients and managing our business efficiently, which remain essential to generating shareholder value over the long term.
Investment Banking
Net... More
