Goldman Sachs, Citigroup Wrap Up Big Bank Q4 Earnings

Last week saw earnings reports from many major banks, while Morgan Stanley kicked things off on Tuesday. A couple more of the big banks reported their earnings Wednesday morning.

Goldman Sachs

• Goldman Sachs Group Inc GS reported that it earned $5.08 per share in the fourth quarter on revenue of $8.17 billion.
• Wall Street analysts were expecting the company to earn $4.82 per share on revenue of $7.72 billion.
• Goldman Sachs CEO Lloyd Blankfein commented, "After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved. We continued to manage our expenses carefully and we enter the new year with industry leading positions across our businesses, as well as strong capital and liquidity."
• Shares of Goldman Sachs were trading higher by 0.53 percent at $237 following the report.

Citi

• Citigroup Inc C reported that it earned $1.14 per share on revenue of $17 billion.
• Wall Street analysts were expecting the company to earn $1.12 per share on revenue of $17.3 billion.
• Citigroup CEO Michael Corbat commented, "We had a strong finish to 2016, bringing momentum into this year. We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm. We achieved a full year Citicorp efficiency ratio of 58% as we had targeted, while again increasing our loans and deposits.
• Shares of Citigroup were trading lower by 0.7 percent at $57.95 following the report.