Major banks Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) reported their fourth quarter 2023 earnings results on Tuesday. Their peers JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and Bank of America (NYSE: BAC) posted their Q4 results on Friday. Here’s a summary of how these leading banks performed in the quarter:
Goldman Sachs
Goldman Sachs reported revenues of $11.32 billion for the fourth quarter of 2023, which increased 7% year-over-year and beat estimates of $10.8 billion. Net income grew 58% to $1.87 billion while EPS rose 65% to $5.48. Analysts had predicted EPS of $3.33 for the quarter.
The company saw double-digit revenue growth for its Asset & Wealth Management and Platform Solutions segments while its Global Banking & Markets segment witnessed a 3% decline in revenue. Net interest income fell 35% YoY to $1.34 billion while non-interest revenues grew 17% to $9.97 billion.
Goldman Sachs returned $1.92 billion of capital to shareholders in the fourth quarter, which includes $1 billion in share repurchases and $922 million in dividends.
Morgan Stanley
Morgan Stanley’s revenue inched up 1% to $12.9 billion in Q4 2023 compared to the same period a year ago and surpassed projections of $12.8 billion. Net income dropped 32% to $1.51 billion in the quarter. EPS fell 33% to $0.85, missing estimates of $1.04.
The company saw revenues remain flat on a year-over-year basis in its Wealth Management and Investment Management segments during the fourth quarter, while revenue in its Institutional Securities division grew 3%.
JPMorgan
In Q4 2023, JPMorgan’s net revenue increased 12% YoY to $38.5 billion, but fell short of estimates. Adjusted EPS of $3.97 surpassed projections.
Citigroup
Citigroup saw revenue decline 3% YoY to $17.4 billion in Q4 2023. The company reported a net loss of $1.16 per share caused by one-time charges. Excluding these charges, EPS would have been $0.84. Both the top and bottom line numbers missed estimates.
Wells Fargo
Wells Fargo reported revenue of $20.48 billion for Q4 2023, which was up 2% from the year-ago quarter and above projections. EPS grew 15% to $0.86.
Bank of America
In Q4, Bank of America’s revenues decreased 10% YoY to $22 billion and missed estimates. EPS fell 59% to $0.35 but managed to surpass projections.
Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.
Most Popular
Important takeaways from Conagra Brands’ Q3 2025 report
Conagra Brands, Inc. (NYSE: CAG) has reported weaker-than-expected revenue and profit for the February quarter, with sales declining across all business segments amid softer demand and persistent supply challenges. The
Main takeaways from Lamb Weston’s (LW) Q3 2025 earnings report
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) jumped 9% on Thursday after the company delivered better-than-expected results for the third quarter of 2025 and reaffirmed its outlook for the
Summary: Tesla (TSLA) reports Q1 2025 production, deliveries
Tesla Inc. (NASDAQ: TSLA) has announced results of vehicle production and deliveries for the first quarter of 2025. The company also provided data on the deployment of energy storage products
