The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Goldman Sachs: Earnings not enough to quell investor concerns

Senate committee report might deter clients; Stock price under pressure

Goldman Sachs chairman and chief executive Lloyd Blankfein

"Goldman Sachs has not had half the problems other Wall Street firms have had and Blankfein deserves credit for that. Why should he be under any pressure to step down now?"

Goldman Sachs’s first-quarter earnings beat analyst expectations. The firm reported revenues of $11.9 billion for the quarter and earnings per share of $1.56, exceeding some estimates by $2 billion and 40 cents respectively. However, results were down on the first quarter last year and the firm’s stock performance continues to disappoint. In 2011 to April 20, Goldman Sachs stock dropped 8.63%, compared with the S&P500, which was up 5.83%, and JPMorgan, which was up 4.8%.

It’s a quandary for the investment bank, which cannot shake public sentiment that it has not been punished enough for its role in the credit crisis. In early April Goldman was once again the subject of headlines as a Senate subcommittee published a 635-page report on the crisis alluding to the fact that the firm had positioned itself against clients without their knowledge.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree