5 Insightful Analyst Questions From Goldman Sachs's Q4 Earnings Call

Goldman Sachs delivered a fourth quarter that exceeded Wall Street’s revenue and profit expectations, prompting a significant positive market reaction. Management attributed the outperformance to robust investment banking activity, record asset and wealth management inflows, and progress on narrowing the firm’s strategic focus. CEO David Solomon highlighted the firm’s leading M&A advisory franchise and ongoing gains in equity and fixed income financing, noting, “We maintained our position as the number one M&A adviser in investment banking and number one equities franchise.” The successful transition of the Apple Card portfolio also contributed to the bottom line, aided by a reserve release that more than offset the related revenue decline.

Is now the time to buy GS? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Goldman Sachs’s Q4 Earnings Call

• Glenn Schorr (Evercore): Asked how Goldman Sachs plans to scale its wealth management beyond the ultra-high-net-worth segment. CEO David Solomon emphasized investment in third-party channels and partnerships with RIAs, stating, “We’re making significant investments in our third-party wealth capability.”

• Ebrahim Poonawala (Bank of America): Questioned if the firm’s improved returns represent a new sustainable floor. Solomon responded that growth in durable revenues and diversification have significantly “uplifted the floor,” but returns could still fluctuate with market conditions.

• Erika Najarian (UBS): Inquired about the stage of the current capital markets cycle and the potential for exceeding 2021 activity levels. Solomon suggested that “2021 is not the ceiling,” and that upcoming years could see even higher M&A and capital markets activity unless disrupted by macro shocks.

• Mike Mayo (Wells Fargo Securities): Sought specifics on the expected benefits from AI and the One GS 3.0 initiative. Solomon explained that six processes are being redesigned for efficiency, with future updates planned to quantify improvements in productivity and operating leverage.

• Steven Chubak (Wolfe Research): Asked about opportunities in tokenization and market structure innovation. Solomon highlighted active exploration of these areas, noting large teams are evaluating how technologies like stablecoins and prediction markets could enhance existing businesses and client offerings.

Catalysts in Upcoming Quarters

In coming quarters, the StockStory team will be watching (1) the pace at which Goldman Sachs converts its record M&A and advisory backlog into completed deals and related revenues, (2) the success of margin expansion efforts in asset and wealth management, especially as new products and third-party partnerships roll out, and (3) measurable productivity improvements from the One Goldman Sachs 3.0 and Ella AI initiatives. Shifts in the regulatory landscape and the firm’s progress on strategic exits will also be key areas of focus.

Goldman Sachs currently trades at $955.40, up from $932.72 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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