Seeking Alpha

Goldman FICC business slides, but beats estimates

  • Institutional Client Services revenue of $3.41N is off 22% from a year ago, but gained 19% from Q3. FICC revenue of $1.72B is off 15% Y/Y (consensus was for a 23% decline). Company notes an improvement from Q3, but "economic uncertainty persisted and levels of activity generally remained low." Equity revenue of $1.68B fell 27% Y/Y after the sale of Goldman's Americas insurance unit.
  • Investing & Lending revenue of $2.06B is up 4% from a year ago.
  • Investment Management revenue of $1.6B is up 5% Y/Y.
  • Operating expenses of $5.23B fall 6% Y/Y, with compensation expense of $2.189B off 11%.
  • The bank's ROE jumps to 12.7% from 8.1% in Q3.
  • Repurchases of 39.3M shares during 2013 at an average price of $157.11. 8.5M shares bought back in Q4 at average price of $164.90. Remaining authorization is for 57.2M shares.
  • GS +0.4% premarket
  • CC at 9:30 ET
  • Press release, Q4 results

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