Profits fell 6.4 per cent at Goldman Sachs compared with the same period a year earlier but still beat analysts’ forecasts
Three of America’s big-name banks beat expectations for their quarterly profits in a bumper day for the sector as they kick-started the US results season.
Profits fell 6.4 per cent to £1.8billion at Goldman Sachs compared with the same period a year earlier but still beat analysts’ forecasts.
At rival Wells Fargo, profits ticked 20 per cent higher to £5billion.
And JP Morgan’s profit hit a record level, surging 16 per cent to £7.8billion as its consumer banking arm grew and it generated more revenue from its credit card business.
But the trio’s share prices had a muted reaction to the profits, as the outlook appears choppier ahead.
The US Federal Reserve is widely expected to cut interest rates later this month.
JP Morgan and Wells Fargo are seen as more exposed to a rate cut than Goldman.
Wells Fargo shares fell 3 per cent, Goldman rose 1.9 per cent and JP Morgan stock was up 1.1 per cent.