Financial stock to watch: Goldman Sachs Group Inc (NYSE: GS)

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Goldman Sachs Group Inc (NYSE: GS) stock fell over 1.3% on 17 Jul, (as  of 10:55 AM GMT-4; Source: Google finance) after the company delivered a better-than-expected second quarter profit. The group has appointed bank insider David Solomon to replace long-time Chief Executive Lloyd Blankfein. The net income of the bank rose 44 percent in the second quarter due to the strong performance of investment banking, asset management and its merchant bank division.

GS in the second quarter of FY 18 has reported the adjusted earnings per share of $5.98, beating the analysts’ estimates for the adjusted earnings per share of $4.46, according to Thomson Reuters. The company had reported the adjusted revenue growth of 19.1 percent to $9.40 billion in the second quarter of FY 18, beating the analysts’ estimates for revenue of $8.74 billion.

Moreover, net revenues in Institutional Client Services were $3.57 billion for the second quarter of 2018, which is 17% higher than the second quarter of 2017 and 19% lower than the first quarter of 2018. The net revenues in Fixed Income, Currency and Commodities (FICC) Client Execution were $1.68 billion, which is 45% higher than the second quarter of 2017, due to higher net revenues across all major businesses, including significant increases in commodities, interest rate products and credit products. Net revenues in Equities were $1.89 billion, essentially unchanged compared with the second quarter of 2017.

Additionally, the total shareholders’ equity was $86.60 billion (common shareholders’ equity of $75.40 billion and preferred stock of $11.20 billion) as of June 30, 2018. The firm’s Standardized common equity tier 1 ratio was 12.6% and 12.1% as of June 30, 2018 and March 31, 2018, respectively.

Goldman Sachs Tower in Jersey City, New Jersey on June 1st, 2013. Completed in 2004 the 42-story tower is the tallest building in New Jersey


In addition, GS has declared a dividend of $0.80 per common share to be paid on September 27, 2018 to common shareholders of record on August 30, 2018.

Meanwhile, Goldman Sachs Group Inc has named David Solomon as its next chief executive officer. This change is a turning point for the company, which is trying to generate another $5 billion in annual revenue by growing its fledgling consumer bank, squeezing more from businesses like asset management and changing the way it approaches trading. The management had detailed parts of that plan last September after years of insisting that Goldman’s once-lucrative trading business would come roaring back to life when markets picked up. Blankfein will remain chairman until the end of the year, and Solomon, currently the bank’s chief operating officer, will take the helm at the start of October.

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