4Q Snap: EPS beat mainly due to lower tax rate
GS beat adj. 4Q17 EPS estimates by 14 % mostly driven by a lower than expected effective tax rate (ex tax reform charge). Revenues were 2% above consensus, driven by much higher IB fees and I&L revenues. Costs were elevated with an efficiency ratio of 60.3%, 60bp above consensus. Tax reform charges amounted to $4.4bn and lowered the CET1 ratio by 70bp.Goldman Sachs Group is a bank holding company and financial holding company. The company is a global investment banking, securities and investment management firm that provides a range of financial services to corporations, financial institutions, governments and individuals. The company operates in four business segments: Investment Banking, which serves public and private sector clients and provides financial advisory services; Global Markets, which serves its clients who come to the company to buy and sell financial products, raise funding and manage risk; Asset Management, which provides investment services; and Consumer & Wealth Management, which provides a range of wealth advisory and banking services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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