Goldman Sachs, BofA Reverse Roles With Core Business Disappointments
- Bank of America beats on trading while Goldman boosts lending
- Both firms’ stocks jumped more than 30% after Trump’s election
Breaking Down the Earnings From the Big Banks
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When Bank of America Corp. and Goldman Sachs Group Inc. posted earnings Tuesday, one had record income from lending while the other had better-than-expected trading. The surprise is which was which.
Goldman Sachs, the vaunted trading house, pointed to growth in its effort to lend to wealthy people as a bright spot. Bank of America, with 4,500 branches across the U.S., relied on a smaller drop from its trading unit to help beat revenue estimates.