This week’s earnings announcement for Goldman Sachs (GS) is indeed special. It’s the first time in 12 years that the financial giant won’t have Lloyd Blankfein at the helm. As the results hit before the markets open on Tuesday, there is a high probability that a paradigm shift in market strategy could be announced. Follow our live earnings coverage and earnings transcript services to update yourself on the day of the earnings.
The new chief (and DJ) David Solomon, who started on the first of this month would likely be leading the conference call on Tuesday. Shares are down more than 8% since its last earnings announcement in July even as it exceeded market expectations in earnings and revenue. But legal and regulatory costs stucks out as sore thumbs for the financial mammoth as the market delivered its judgment.
As we move to the expected earnings, analysts are looking for about $5.4 a share in adjusted earnings – a jump of about 7.5% from last year. Revenue is expected to inch 0.4% higher to $8.36 billion.
Last quarter, Goldman Sachs saw fixed-income trading slide 40% pushing the overall trading revenue down 17%. Rival Morgan Stanley (MS), however, posted $3.2 billion in trading revenue, as against Goldman’s $3.1 billion making it look bad in comparision. There is still hope for Goldman this quarter, since competitor JP Morgan (JPM) has already hinted that trading was difficult in the third quarter. JPM shares slipped 1.5% on Friday after its third-quarter tax-charges-free fixed-income revenue shed 10%.
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