Jury’s Still Out On David Solomon’s Goldman

Oddly enough, Goldman didn't capitalize on the beginnings of an IB renaissance in Q2. Or at least not to the extent some might've expected. The firm said Monday that advisory fees were $688 million during the quarter, nearly $100 million short of consensus and just 7% higher YoY. That felt disappointing. Thankfully, debt underwriting and ECM revenue jumped 39% and 25% YoY, respectively, preventing a wide IB miss. Overall IB revenue of $1.733 billion rose more than 20% from the same period a y