NEW YORK (CNNMoney)
Goldman Sachs reported first quarter earnings Thursday that handily beat analyst estimates
The firm said revenue from investment banking, which includes such activities as advising mergers and acquisitions and underwriting initial public offerings, was the highest since 2007 -- before the financial crisis.
Shares popped 2% in premarket trading.
Goldman managed to outperform despite having overall revenues and profits that were down from a year ago.
Like its rivals on Wall Street, Goldman's revenue from bond trading, traditionally a money engine for the bank, fell as interest rates have stayed persistently low.
Related: Legal costs hit Bank of America's bottom line
Still, investors seem pleased with the firm's earnings of $4.02 per share on revenues of $9.3 billion. Although the bank was able to keep down expenses and boost profit margins, its revenue was down 7.5% compared to the first three months of 2013.
The bank said it set aside roughly $4 billion for compensation in the first quarter, or 8% lower than the same period in 2013.
Goldman's earnings comes on the heels of Morgan Stanley's (MS, Fortune 500) solid earnings announcement Thursday that also beat forecasts. Morgan Stanley reported higher profits and revenues compared to a year ago, bolstered by strong performance in its investment banking wealth management businesses. Shares of the firm bounced over 3% in premarket trading.
First Published: April 17, 2014: 8:29 AM ET
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