goldman Markets

Goldman Delivers Big Revenue Beat As FICC Surges, EPS Misses On Legal Charge

Also, the new divisional revamp makes for an interesting read.

Given blockbuster FICC results from JPMorgan and Citi, where bond traders delivered one of the best fixed income performances in recent memory, one would have expected Goldman to post similarly impressive results. And they did. Trading revenue surged 33% YoY in Q4 to $3.48 billion. FICC trading - where revenue rose 8% YoY last quarter - generated $1.77 billion in Q4, up 63% YoY. The bank cites an easy compare with Q4 2018 (obviously), improved market conditions compared with the third quarter, but lower client activity levels sequentially. In equities - which was a bright spot for Goldman in the second quarter, but came in more subdued in Q3 - trading revenue was $1.71 billion in Q4. That represents a 12% YoY jump. Although the compare with Q4 2018 was an easy one, some are still surprised by just how good the FICC numbers coming out of the street are, especially given relatively low volatility, although there's more life in rates than in equities and FX. Plus, curve steepening in Q4 apparently boosted spread products at JPMorgan and Citi. BofA's numbers (out Wednesday morning) were less spectacular, but still showed a 27% YoY jump in FICC trading. Goldman provides some addit
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