Goldman Sachs jumps on outperformance in trading business by Investing.com


© Reuters.

By Senad Karaahmetovic

Shares of Goldman Sachs (NYSE: ) rose nearly 4% in pre-trade Tuesday after the banking giant posted a strong .

GS reported EPS of $8.25, beating the consensus estimate of $7.80. Revenue was also higher – $11.98 billion versus the expected $11.37. Although revenue fell by 12% compared to the previous year, the results are still above forecasts.

Goldman’s trading unit stood out with an 11% rise in revenue to $6.20 billion, beating consensus of $5.69 billion. FICC sales and trading revenue increased +41% to $3.53 billion, while equity sales and trading revenue fell -14% year-over-year to $2.68 billion.

Net interest income (NII) came in at $2.04 billion, up 31% from a year earlier and above consensus of $2.05 billion.

Along with the results, GS also confirmed rumors that it is reorganizing its business into three units: Asset and Wealth Management, Global Banking and Markets and Platform Solutions.

Ashok Varadhan, Dan Dees and Jim Esposito are appointed Global Co-Heads of Global Banking & Markets. Marc Nachmann is the new global head of the asset and wealth management division, while Stephanie Cohen becomes the global head of Platform Solutions.

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