Goldman Scores a Win With Sharply Higher Earnings

Goldman Sachs reported sharply higher earnings for the fourth quarter, giving the Wall Street Goliath a boost after a run of lackluster results.

Profit was up 51%, a welcome change after eight quarters of declines. But the strength wasn’t in Goldman’s traditional powerhouses, investment banking and trading. Instead, it was asset and wealth management, where Goldman Chief Executive David Solomon has pinned much of its hopes. The unit reported a 23% jump in revenue, while revenue from both investment banking and trading were down.