Goldman Sachs Group, Inc. reported a 19% increase in year-over-year earnings to $5.6 billion, or $17.55 per share, on April 17, 2023. The bank also noted a record equities trading revenue of $5.33 billion, a 27% increase. Despite beating expectations, Goldman Sachs shares dipped 2% post-announcement, raising concerns about the sustainability of this growth.
JPMorgan Chase & Co. followed suit, announcing a 13% increase in earnings to $16.5 billion, or $5.94 per share, on the same day. Revenue rose 10% to $50.54 billion, driven by a 21% increase in fixed income trading revenue. The company’s CEO highlighted investor uncertainties and lowered the 2026 net interest income guidance. JPMorgan’s shares fell about 2% as well.
On April 19, Bank of America Corporation reported its highest earnings per share in nearly 20 years, rising 17% to $1.11, and an increase in revenue to $30.43 billion, up 7.2%. Unlike its peers, Bank of America’s growth was fueled by strong consumer spending. Following the report, its shares rose about 2%. Collectively, these earnings reports suggest that while parts of the economy are resilient, caution remains warranted.
