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Goldman’s Strong Q3 Results
Goldman Sachs’ profit beat estimates in Q3 2024, fueled by a rebound in bond sales, stock offerings and mergers.
The bank posted a 45% surge in total profit, reaching $2.99 billion, or $8.40 per share, surpassing the consensus estimate of $6.89.
Investment banking fees rose 20% to $1.87 billion, fueled by robust investment-grade debt underwriting.
Equity underwriting also saw higher revenues, supported by a wave of secondary share sales.
A significant highlight for the bank was its advisory role in Kellanova’s nearly $36 billion acquisition by Mars, the largest U.S. deal this year.
Source: Yahoo Finance
Goldman Sachs’ asset and wealth management division, serving institutions and high-net-worth individuals, saw a 16% increase in revenue compared to last year.
The bank managed a record $3.1 trillion in assets during the third quarter.
These gains mirrored those of JPMorgan Chase, which also benefited from debt and equity offerings as client confidence grew.
Strong U.S. job and wage growth highlighted the economy’s resilience, while the Federal Reserve’s interest rate cut further encouraged corporate transactions.
Goldman Sachs Strong Performance Reflected in its Share Price
Source: Tradingview
Goldman Sachs is up 36.7% in 2024, outperforming the broader financial sector as represented by the S&P Financial Select Sector ETF (XLF), which gained 26.2% over the same period.
The bank’s outperformance can be attributed to strong momentum in its investment banking division and resilient trading revenues. Despite mid-year volatility, Goldman has rallied sharply since August, widening the performance gap with the sector.
XLF has shown steady gains, supported by solid earnings across the financial sector.
Investors can long Goldman Sachs and/or the US Financial sector using our 2x Goldman Sachs, 3x Financials.
Alternatively, traders can short Goldman Sachs and/or the US Financial sector using our -1x Goldman Sachs, -3x Financials.
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
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This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).
The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.
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