“We will not be complacent waiting for the market to return,” Solomon said on a conference call with analysts, referring to bond trading, a business whose structural issues have forced the bank to rethink its overall business model.
Goldman reported profits of $2.3 billion in the fourth quarter, compared to a loss of $2.1 billion in the same quarter the year prior when the bank took on a one-time hit from the U.S. tax reforms. The profits of $6.04 per share in the fourth quarter vastly outstripped expectations for a $4.45 per share gain. Furthermore, total revenue was $8.1 billion, compared to average estimates of $7.6 billion.
The fourth quarter results were also a stark turnaround as Goldman was among the worst performing among Wall Street banks last year.
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