CNBC’s Wilfred Frost reports on Goldman Sachs’ latest earnings report. Goldman Sachs reported second-quarter earnings that blew past Wall Street expectations, propelled by strong performance in investment banking amid a robust IPO market. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Goldman Sachs on Tuesday reported second-quarter earnings that blew past Wall Street expectations, propelled by strong performance in investment banking amid a robust IPO market.

Here are the numbers:

Earnings: $15.02 per share vs. $10.24 expected by analysts polled by Refinitiv. A year earlier Goldman recorded earnings per share of $6.26 (53 cents per share if accounted for costs related to the 1MDB settlement.)
Revenue: $15.39 billion vs. $12.17 billion expected

Shares of Goldman were flat in morning trading following the earnings release. The stock is already up 45% in 2021 as investors anticipated strong results amid the economic comeback from the pandemic.

Goldman’s investment banking segment posted its second-highest revenue quarter ever, behind the first quarter of 2021, as a booming IPO market boosted its equity underwriting.

Companies are rushing to go public this year to take advantage of a stock market at record highs. Capital raised via traditional IPOs in 2021 totaled a record-breaking $135 billion, far surpassing a five-year average of only $53 billion annually, according to FactSet.

Goldman’s net revenues from investment banking totaled $3.61 billion, ahead of FactSet’s consensus estimate of $3 billion. The backlog increased significantly from the end of 2020, ending the second quarter at a record level, the bank said.

Year to date, the New York-based bank ranked number one in mergers and acquisitions globally, worldwide equity and equity-related offerings, common stock offerings and initial public offerings.

Goldman’s trading businesses saw an expected slowdown as the boom from pandemic-induced volatility started to fade. Net revenues totaled $4.90 billion in the last quarter, compared with $7.58 billion in the first quarter of 2021. The sum was split between $2.23 billion in equities trading and $2.58 billion in fixed income. Both figures came in slightly above FactSet estimates.

Its asset management unit generated record revenues of $5.13 billion in the second quarter, boosted by record sales from equity investments.

Goldman also announced that its board approved a planned 60% increase in the quarterly dividend to $2 per share beginning in the third quarter.

JPMorgan Chase also reported second-quarter profit and revenue that exceeded analysts’ expectations as the banking giant released money set aside for loan losses.

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An introduction to Transaction Banking and career opportunities within. Visit https://www.db.com/careers to start your own role search.

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In this video I share my thoughts and views on the leaked Goldman Sachs Working Conditions Survey conducted by 13 first year investment banking analysts. I touch on every slide (11 in total) of the survey and compare the hours and various pieces of information with that of a typical experience of working as a first year analyst in the asset management division. This video is for educational purposes and insight and so I hope you can learn something new from watching it. Were you surprised by anything you learned from this leaked deck? Has this put you off working in the world of investment banking? Let me know in the comments. Thanks for passing by and enjoy the video!

TIMESTAMPS:
00:00 – Intro
00:53 – Hours worked
04:00 – Near term retention
05:41 – Effect on physical and mental health
07:21 – Analyst treatment (1/3)
09:03 – Analyst treatment (2/3)
11:38 – Analyst treatment (3/3)
13:23 – Analyst satisfaction
15:21 – Possible impact to GS
16:43 – Select analyst quotes
18:11 – Rectifying the situation
22:42 – My thoughts

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“Exchanges at Goldman Sachs” Podcast – In this episode, Hari Moorthy, head of Transaction Banking for Goldman Sachs, talks about innovations in banking technology for corporations and what it’s been like to build the first-ever digital-only transaction bank over the past two years.

For more episodes of “Exchanges at Goldman Sachs” please visit us at https://www.goldmansachs.com/insights… or subscribe on iTunes https://podcasts.apple.com/us/podcast

This podcast was recorded on June 15, 2020.

This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this recording was obtained from publicly available sources, has not been independently verified by Goldman Sachs, may not be current, and Goldman Sachs has no obligation to provide any updates or changes. All price references and market forecasts are as of the date of recording. This podcast is not a product of Goldman Sachs Global Investment Research and the information contained in this podcast is not financial research. The views and opinions expressed in this podcast are not necessarily those of Goldman Sachs and may differ from the views and opinions of other departments or divisions of Goldman Sachs and its affiliates. Goldman Sachs is not providing any financial, economic, legal, accounting, or tax advice or recommendations in this podcast. The information contained in this podcast does not constitute investment advice or an offer to buy or sell securities from any Goldman Sachs entity to the listener and should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken to constitute such person a client of any Goldman Sachs entity. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.