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Goldman Sachs misses revenue estimates after taking $470 million hit on Marcus loans



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David Solomon, chief executive officer of Goldman Sachs Group Inc., during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, US, on Tuesday, Dec. 6, 2022. Michael Nagle | Bloomberg | Getty ImagesGoldman Sachs posted first-quarter results Tuesday that missed analysts’ expectations for revenue after taking a $470 million hit tied to the sale of consumer loans.Here’s what the company reported:Earnings: $9.87 Adjusted vs. $8.10 estimate from RefinitivRevenue: $12.22 billion vs. $12.79 billionrelated investing news 20 hours agoThe bank said earnings fell 18% to $3.23 billion, or $8.79 a share, topping the estimate of analysts surveyed by Refinitiv. Excluding the impact of the loan sale, earnings would’ve been $9.87 per share. Companywide revenue fell 5% to $12.22 billion, below estimates on the consumer loan hit and weaker-than-expected bond trading and asset and wealth management results.Shares of the New York-based bank slipped 2% in morning trading.Unlike its more diversified rivals, Goldman gets the majority of its revenue from Wall Street activities, primarily trading and investment banking. Heading into the quarter, analysts wondered whether turmoil during March — in which two American banks failed and a global investment bank was forced to merge with a longtime rival — would provide a good or bad backdrop to trading.While JPMorgan Chase and Citigroup beat first-quarter estimates in part because of better-than-expected fixed income trading, Goldman’s traders didn’t fare as well.Bad compsFixed income trading revenue fe …

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