高盛利润下降，完胜外界预期

    2013年第四季度，高盛（Goldman Sachs）实现利润23亿美元，比上年同期下降了19%，但仍然远高于分析师预期。

    高盛首席执行官劳埃德•布兰克梵在业绩发布会上说：“随着经济继续复苏，我们相信自己已经为实现高额回报做好了充分的准备；随着情况有了实质性改善，我们已经能为我们的股东带来可观的上升空间。”

    看来这家公司有能力利用正在改善的美国经济和一路上扬的股票市场获利。高盛是一些新上市公司的主承销商，比如第四季度首发上市的Twitter，这些业务让高盛的承销费同比增长了105%，达到了6.22亿美元。

    2013年第三季度，高盛的交易业务步履维艰，第四季度则实现反弹。高盛的自营业务，包括一些对未上市公司的投资，也在这个季度为它带来了14亿美元的利润。

    上周四开盘前，高盛的股价稍有上升。

    总之，第四季度高盛实现每股收益4.60美元——比分析师预测的4.24美元高了近10%。收入87亿美元，比上年同期下降了5%，但和盈利一样，它的收入也远高于预期。

    2013年全年，高盛的利润略高于80亿美元，比2012年的75亿美元提高了8%，部分原因是这家公司在2013年全面下调了薪酬。包括福利、工资和奖金，2013年高盛的薪酬费用为126亿美元。这家公司共有32900名员工，人均薪酬支出383374美元。显然这是一大笔钱，但仍然低于2012年399056美元的人均工资。

    投资者一直迫不及待地寻找迹象，希望看到高盛能够恢复成金融危机爆发前的赚钱机器。这场危机爆发后出台的法规限制了大型投资银行所能实施的交易数量和种类，再加上业务量下降，削弱了高盛的盈利能力。第四季度，高盛称它的股市回报率已回升至13%左右，但仍然远低于2008年之前逾20%的水平。

    不过，似乎有人悄悄猜测，第四季度高盛在交易业务上失去了准绳。这家公司来自固定收益证券、大宗商品以及外汇交易的收入比第三季度上升了38%，但同比下降了15%。

    高盛的很大一部分利润都来自自有资金投资业务。这家公司表示，在这些所谓的本金交易中，大部分都符合2013年12月份颁布的《沃尔克规则》（Volcker Rule）的要求。高盛340亿美元的总收入中，这些投资带来的收入接近70亿美元。本金交易收益比上年同期增长了近20%，但交易收入占高盛总收入的比重远低于之前的水平。

    2013年底美国银行业基本上状况良好，高盛的业绩就是最新的证明。摩根大通（JPMorgan Chase）、富国银行（Wells Fargo）和美银（Bank of America）披露的第四季度利润都好于预期。但花旗集团（Citigroup）似乎是个例外。这家公司上周四公布的收入和利润都低于预测值，股价也因此下跌。（财富中文网）

    译者：Charlie

    Goldman Sachs' profits in the last three months of 2013 fell 19% from a year earlier to $2.3 billion, but the earnings were much better than analysts had expected.

    "We believe that we are well positioned to generate solid returns as the economy continues to heal and provide considerable upside for our shareholders as conditions materially improve," Goldman's CEO Lloyd Blankfein said in a press release announcing the earnings.

    Goldman (GS) appeared to be able to capitalize on the improving U.S. economy and a buoyant stock market. Deals such as Twitter's (TWTR) fourth-quarter IPO, on which Goldman was the lead banker, drove fees from stock underwriting up 105% from a year ago to $622 million.

    Goldman trading business rebounded after stumbling in the third quarter. And Goldman's own equity investments, some of which are in private companies, generated an additional $1.4 billion in gains in the quarter.

    Shares of Goldman were up slightly in pre-market trading.

    In all, Goldman's earnings came in at $4.60 per share -- nearly 10% better than the $4.24 analysts had expected. Revenue was down 5% from a year ago to $8.7 billion, but, like earnings, was far better than expected.

    For the year, Goldman earned just over $8 billion, up 8% from $7.5 billion in 2012. Part of the earnings bump was due to Goldman cutting its overall compensation in 2013. Compensation expenses, which include benefits, salaries, and bonuses, were $12.6 billion last year. With 32,900 employees, that works out to an average of $383,374 each. That's obviously a lot of money, but it was down from $399,506 per employee in 2012.

    Investors have been eager to see signs that Goldman can once again be the profit powerhouse it once was before the financial crisis. Since then, regulations that seek to limit the amount and type of trading large banks can do, along with fewer deals, have curtailed Goldman's profitability. In the fourth quarter, the investment bank said its return on equity rose to nearly 13%. That's well down from pre-2008, when the firm's ROE often topped 20%.

    Still, the fourth quarter seemed to somewhat quiet questions about whether Goldman had lost its touch in its trading business. The firm's revenue from so-called fixed income, commodities, and currency trading was up 38% from the third quarter. But it was still down 15% from a year ago.

    A good portion of Goldman's profits continue to come from the unit that invests the firm's own money. Goldman says much of these so-called principal transactions will still be allowed after the Volcker Rule, which was finalized in December. Revenue from those investments generated nearly $7 billion of the firm's $34 billion in total revenue. Gains from principal transactions were up nearly 20% from a year ago. But trading revenue is still way down as a portion of the bank's total revenue from where it used to be.

    Goldman's results are the latest sign that the end of 2013 was mostly a good period for the nation's banks. JPMorgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC)have all reported better-than-expected earnings for the fourth quarter. Citigroup (C) appears to be the anomaly. It announced revenue and earnings that were lower than expectations on Thursday and its stock fell as a result.