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Goldman Sachs profit soars on post-election surge in trading
January 18, 2017 / 12:47 PM / 8 months ago

Goldman Sachs profit soars on post-election surge in trading

Jan 18 (Reuters) - Goldman Sachs Group Inc reported a nearly four-fold rise in quarterly profit on Wednesday as it benefited, like other big banks, from a surge in trading following Donald Trump’s surprise win in November’s presidential election.

Goldman's net income attributable to common shareholders soared to $2.15 billion in the fourth quarter ended Dec. 31 from $574 million a year earlier, when the Wall Street bank was hit with a $5 billion legal settlement. (bit.ly/2jnjZYL)

Earnings per share increased to $5.08 from $1.27.

Analysts on average had expected a profit of $4.82 per share, according to Thomson Reuters I/B/E/S, but it was not immediately clear if the reported figures were comparable.

Goldman’s revenue from trading fixed-income securities, currencies and commodities jumped 78.3 percent to $2.00 billion.

Morgan Stanley, Goldman’s closest rival, reported on Tuesday that its revenue from fixed-income trading jumped about 173 percent in the latest quarter.

While Goldman typically relies more on trading than its competitors, the bank has been trying to shift its model over the last few years to rely less on the business and more on stable markets such as investment management.

The bank has also made a push into consumer lending, launching an online platform called Marcus late last year. (Reporting by Richa Naidu in Bengaluru and Olivia Oran in New York; Editing by Ted Kerr)

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