Stock Spotlight: Goldman Sachs clears restructuring worries with strong results

While the results were poor compared to last year, with profits falling 43% to $3.1bn and revenue slipping 12% to $12bn, both came in above expectations. The firm's revenue and profit decline had been expected after a boom in IPOs last year was followed by a relative lack of them in 2022. Shares of the bank rose more than 4% on the morning of the results, partially due to the results revealing an unexpected jump in fixed income trading revenue, growing 41% from last year to $3.5bn. Meanwhile, asset management revenue fell 20% to $1.8bn due to lower gains from private equity stakes,...