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Goldman Sachs expected to report record assets under management for Q1

Published 2024-04-11, 10:08 a/m
© Reuters Goldman Sachs expected to report record assets under management for Q1
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Proactive Investors - Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) is expected to post record total assets under management for the fiscal first quarter when big bank earnings kick off next week.

The global banking, securities, and investment management firm is expected to report total Assets Under Supervision (AUS) of $2.85 trillion, up from $2.67 trillion in the year-ago quarter, according to the Zacks Consensus Estimate.

This would mark a new all-time high after Goldman Sachs reported a record $2.81 trillion AUS in the fourth quarter of 2023.

Investment banking is seen reaching $1.69 billion, up from $1.58 billion in Q1, 2023, while net interest income is forecast to decrease from $1.78 billion to $1.64 billion.

In terms of profits, Goldman Sachs expected to report a 1.5% decrease in earnings per share when compared to the year-ago quarter to $8.66.

Goldman Sachs and other large financial institutions like JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup and Bank of America (NYSE:BAC) are expected by analysts to report a sequential improvement in profits for Q1, but down when compared to the year-ago period.

Goldman Sachs’ revenue is set to increase by 5.5% year-over-year to $12.9 billion.

The company will report its first quarter 2024 financial results on Monday, April 15, before the stock market opens.

Shares of Goldman Sachs traded hands at $398 on Thursday morning and are up 2.5% in the year to date.

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