Our take on US banking results

First quarter results from Goldman Sachs and JP Morgan have fuelled sector gains on both sides of the Atlantic this week

Michael Wong, CPA 16 April, 2009 | 4:46PM Jim Sinegal
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Goldman Sachs' surprise results release at the beginning of the week sent banking stocks climbing higher across the globe. Similarly, JP Morgan's earnings release today has prompted another sector rally. Here's our take on the two US banks' first quarter numbers.

Goldman Sachs
Goldman Sachs surprised investors by reporting results a day ahead of its scheduled release, reporting earnings much better than the consensus estimate, and announcing that it plans to raise $5 billion of equity. The company reported net earnings of $1.81 billion and diluted earnings per share of $3.39. We don't expect to change our fair value estimate.

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Michael Wong, CPA  Michael Wong is a stock analyst at Morningstar.

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