Despite the annual slip in net income, fourth-quarter earnings for the bank topped analyst estimates. Stock rose 0.7% on Tuesday.
Goldman Sachs GS released its fourth-quarter earnings report which came out on top of analyst consensus. The heavyweight bank reported December earnings of $5.48 a share, easily beating estimates for $3.62 and resulting in net income of $2 billion, or a 51% jump from the year-ago quarter.
For the year, Goldman picked up earnings of $22.87 a share, which topped Wall Street’s call for $21.31 a share. The figure, amounting to net income of $8.5 billion, was the firm’s lowest annual profit since 2019. Goldman’s stock, however, didn’t flinch and ended the day higher by 0.7%.

The major slump in profits for the investment mainstay marks a stark contrast to banking juggernaut JPMorgan JPM and its record $49.6 billion annual profit. Goldman’s profit decline was in large part triggered by sizable losses from ditching consumer banking via the desperate sale of its GreenSky lending business.