David Solomon's Goldman Sachs Just Posted a Record $20.98 in Quarterly Earnings Per Share. Here's What Powered It.
The investment bank is reporting records all around, and shareholders are benefiting.
Overview
Goldman Sachs (NYSE: GS) has gone through better and worse times over its storied, 157-year history, and these are definitely better times. Among a large array of capital markets activity in the second quarter, the most prominent was its role as the lead underwriter on the Space Exploration Technologies (SpaceX) initial public offering (IPO).
Goldman Sachs stock hit a record last week, topping $1,150, and there's still momentum building as the investment bank services its long backlog of client demand. But is there anything left for new investors?
Details
Goldman Sachs is the largest investment bank in the world, and it thrives in strong bull markets. The S&P 500 hit new highs in the second quarter, during which it gained 14.6%, and that drives business for investment banks. CEO David Solomon noted that the artificial intelligence (AI) cycle is creating large capital markets needs, and clients are coming to Goldman Sachs for services like financing and risk management.
Source
Originally published at www.fool.com.