CNBC’s Wilfred Frost joins ‘Squawk Box’ to break down Goldman Sachs’ latest quarterly earnings, which beat Wall Street’s estimates on the top and bottom line. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Goldman Sachs posted third-quarter results on Friday that exceeded analysts’ expectations as investment banking revenue surged nearly 90% and the bank reaped record fees from equities financing.

Here are the numbers:

Earnings: $14.93 a share vs. $10.18 consensus estimate, according to Refinitiv.
Revenue: $13.61 billion vs. $11.68 billion consensus estimate.
Profit at the bank surged 63% to $5.28 billion, or $14.93 a share, as revenue climbed 26% to $13.61 billion. Shares of the New York-based bank rose 1.8%.

Goldman, led by CEO David Solomon, has the world’s premier investment banking franchise, and analysts had expected strong revenue from mergers and IPO activity in the quarter. That theme played out at rivals from JPMorgan Chase to Morgan Stanley.

But Goldman exceeded expectations, producing $3.7 billion in investment banking revenue, an 88% increase from a year earlier and roughly $750 million more than the StreetAccount estimate. Those results were driven by a rise in completed merger transactions and debt and equity underwriting; the bank said advisory revenue hit a record high.

Revenue in the bank’s markets division climbed 23% to $5.61 billion, as Wall Street’s slowdown in bond trading was offset by a surge in financing results.

Bond trading revenue of $2 billion edged out the $1.97 billion StreetAccount estimate, while equities trading of $1.92 billion missed the $2.08 billion estimate. Equities financing revenue rose more than 100% from a year earlier to a record $1.18 billion, the bank said. Fixed income financing rose 55% to $513 million.

Meanwhile, its consumer-facing division posted gains from high equity values in wealth management and increased credit card and deposit balances. The firm’s consumer and wealth management division saw revenue rise 35% to $2.02 billion, exceeding the $1.79 billion estimate.

Analysts are likely to ask Solomon about the rationale for his $2.24 billion acquisition of fintech lender GreenSky. The deal is expected to close by the first quarter of 2022.

The bank said last month that CFO Stephen Scherr would step down by year-end, to be replaced by Denis Coleman, the current co-head of the firm’s Global Financing Group.

Goldman shares have climbed 47% this year before Friday, exceeding the 37% rise of the KBW Bank Index

Goldman is the last of the six biggest U.S. banks to report earnings. JPMorgan, Bank of America, Morgan Stanley, Citigroup and Wells Fargo all exceeded expectations for profit and revenue, helped by reserve releases and strong investment banking revenue.
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Find out how to secure your place as an analyst or summer analyst with Goldman Sachs. With over 200,000 applications for these roles being made each year, you need to know exactly what you need in order to make a successful application and ace the Goldman Sachs interview process. This video is going to be packed with practical advice to help you get an internship at the prestigious investment bank Goldman Sachs.

Time stamps:
00.56 What to expect
03.23 The preparation phase
06.15 The application phase
09:06 The online interview phase
11.23 The final interview
06:43 Barclays application process
13.44 The second process

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Goldman Sachs, the Wall Street investment bank, has a storied history. Founded by Marcus Goldman 150 years ago, his son Henry revolutionized the industry with company valuations and IPOs. It was the gold standard in investment banking for decades and partners got rich when the company went public. But the firm’s reputation took a beating during the financial crisis, eventually leading to one of the most interesting pivots in Wall Street history.

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How Goldman Sachs Became Wall Street’s Most Powerful Investment Bank