00:00It's the headline number that's going to catch everybody's attention.
00:02A huge beat for equity trading, $5.3 billion.
00:07To be clear, this is a record in a quarter not only for Goldman, but for any bank ever on
00:13Wall Street.
00:13It beats its prior high watermark by $1 billion.
00:16You can see, though, shares are off nearly six-tenths, or now more than one percent.
00:20This might be the reason, because even though they have a huge beat when it comes to equity tradings,
00:25a huge miss when it comes to their FIC expectations.
00:28$4 billion as revenue is what comes in for FIC trading.
00:31The estimate was closer to $5 billion, so they're off by about $0.8 billion,
00:38which is a disappointment for this market, because many had expected equities trading revenue to be strong.
00:43Elsewhere, M&A results, advisory fees 89 percent higher than this time last year.
00:48We knew it was a record quarter for M&A for the entirety of this market,
00:52so Goldman Sachs earnings reflecting that, too.
00:54Their global banking and markets net revenue comes in just below $13 billion,
00:58at $12.7 billion.
00:59That is a beat.
01:01Just looking for anywhere in these results, you might see some credit fears.
01:04Provisions for credit losses did go up about 9, 10 percent over a year at $315 million,
01:11but we have certainly seen it higher in prior quarters.
01:14In their asset management, you did see AUM beat expectations $3.7 trillion.
01:19Goldman Sachs had said that they were immune for most of the fears of private credit selling
01:24that you've seen in some retail funds, though net revenues did fall compared to the same period last year.
01:29Also, a note of caution when it comes to the geopolitics in this earnings as well.
01:34The geopolitical landscape remains very complex, so discipline risk management must remain core to how we operate.
01:41Shares, though, continue to fall, John.
01:42It seems to be that that thick miss, a dark spot on an otherwise solid earnings result.
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