00:00It's a beat for Goldman Sachs. Let's go through the main numbers here. Fixed sales and trading for the fourth quarter beating at $3.1 billion. The estimate was for just under $3 billion. Equities trading that comes at $4.3 billion. The estimate for that was $3.6. They're also going to be increasing their quarterly dividend. The investment banking revenue that comes in just below the prior quarter, $2.58 billion.
00:25This is a segment that executives had been flagging as animal spirits reawakening deal pipelines looking strong. So the fourth quarter, a little bit weaker than the third. Maybe it's like of the likes we saw from JP Morgan where things have been delayed. One of the reasons you're seeing Goldman shares little change might be because of this. It's something that the weight on the other bank results. It is their total operating expenses. Those come in much higher than expected. $9.72 billion. The estimate was for $8.8 billion.
00:54So again, maybe that's why you're seeing Goldman underperform. It is the best performing bank over the past year of the big six banks.
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