Goldman Sachs earnings dropped on Tuesday morning, US time:
There were some market-pertinent comments on the call from Chief Executive David Solomon:
- "Recent events in the banking sector are loweringg growth expectations, and there is a higher risk of credit contractions given the environment is limiting banks' appetite to extend credit"
Solomon was referring to the aftermath of the banking sector turmoil in March after Silicon Valley Bank and Signature Bank failed. These have been two of the largest collapses in U.S. banking history.
Add in the Federal Reserve's rate hikes to address high inflation and the subsequent concerns over an economic downturn.
On a more encouraging note, Solomon said the worst of the banking sectro woes has passed.
When he is not spinning financial results he is doing so with discs.
ps not directly related but the GS call on the European Central Bank: