Overview

• Goldman Sachs reported a 51% rise in quarterly profit to $1.9 billion, exceeding expectations, driven by a 23% increase in its asset and wealth management unit's revenue.
• Despite the strong quarter, Goldman Sachs' annual profit for 2023 was down 24% from 2022, marking its worst annual profit in four years.
• Morgan Stanley's fourth-quarter profit dropped 32% to $1.52 billion, missing estimates, due to $535 million in charges related to a deposit insurance assessment and a settlement over block trading impropriety.
• Morgan Stanley's revenue rose 1.6% to $12.9 billion, exceeding forecasts, with its investment banking business seeing a 5% increase in revenue.
• Both banks faced significant challenges in 2023, with Goldman Sachs winding down its consumer lending operations and Morgan Stanley dealing with regulatory charges.