Q2 snap: franchise strength shows through
GS beat adj. 2Q18 EPS estimates by 29% with IB, I&L and IM all surprising strongly to the upside. FICC revenues were up 45% YoY (in line with consensus) while equity trading was flat YoY. I&L was very strong with higher PE realisations and higher NII. IB fees were driven by an 88% YoY increase in ECM with advisory only up 7%. Investment Management revenues climbed 21% YoY with much higher incentive fees. The efficiency ratio of 65% was 4pp lower than consensus. As a result, the 2Q18 ROE was 12.8% while the CET1 ratio stayed healthy at 11.5%. Overall, this was another 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.