Q1 Snap: Trading and I&L drive 25% beat
GS beat adj. 1Q18 EPS estimates by 25% with trading revenues and I&L revenues surprising strongly to the upside. FICC revenues were up 23% YoY (in line with consensus) while equity trading was up 38% YoY (20% above consensus). I&L was also very strong with higher PE realisations and higher NII from debt securities. IB fees were in line while Investment Management revenues climbed 18% YoY. The efficiency ratio of 66% was 3pp below consensus. As a result, the 1Q18 ROE was 15.4%, the highest level in over 5 years, while the CET1 ratio stayed healthy at 11.1%. Overall, this was a very strong result.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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