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Goldman’s total revenue was $8.1 billion, above analysts’ average estimate of $7.6 billion. The biggest line-item gain was the $1.2 billion of M&A advisory fees Goldman reported. The bank’s $1.6 billion of quarterly equities trading revenue was up 17 percent, with bond trading revenue dropping 18 percent to $822 million. Goldman took in more than $6 billion in quarterly bond-trading revenue at the business’s peak. Goldman tends to be more sensitive to market fluctuations than peers that have large, stable revenue streams from other businesses.
Even so, Wall Street banks including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Bank of America Corp (BAC.N) reported similar trends this week, with their bond trading down 15 percent to 21 percent, The industry also reported declines in stock and bond underwriting revenue, which swank cufflinks onyx was expected, Under Solomon’s plan, Goldman is trying to look more like its rivals by growing its fledgling consumer bank, expanding further into wealth management and building a corporate cash management business..
Growing deposits from consumers and businesses will also help Goldman lessen its cost of funding. The bank has so far gathered $35 billion in deposits from its Marcus consumer business, including $7 billion from its recent expansion into the United Kingdom, Chief Financial Officer Stephen Scherr said on the call. Despite its efforts, Goldman’s shares have been underperforming peers due to worries about its possible exposure to 1MDB-related costs. “The 1MDB situation is like the real hold up for people right now,” said Evercore ISI analyst Glenn Schorr.
CHICAGO (Reuters) - U.S, grain merchant Archer Daniels Midland Co (ADM) has looked at buying rivals including Bunge Ltd, and dozens of other companies but decided the time is not right for “monster” acquisitions, swank cufflinks onyx the company’s chief executive told Reuters, ADM’s overture to Bunge last year, reported by Reuters and other media, fueled Wall Street speculation of further consolidation among the world’s major trading houses that sell, store and ship crops, “I cannot run ADM and say Bunge is out there, oh, I never made an analysis of Bunge, Of course we do,” CEO and Chairman Juan Luciano said in a rare interview to discuss M&A strategy, He explained ADM has also analyzed other companies in the past including Cargill Inc [CARG.UL] and Louis Dreyfus Co [LOUDR.UL], the other members of the so-called ABCD group of grain traders..
Luciano declined to comment on whether ADM had formally made a bid for New York-based Bunge. ADM is pursuing growth in its nutrition business through smaller acquisitions and potential joint ventures in agricultural processing and other areas, he said. “We feel we don’t need that monster transformational transaction,” Luciano said at ADM’S Chicago headquarters. High valuations and M&A competition are also deterrents from large acquisitions, Luciano said. “When credit becomes tighter, we might flex our balance sheet a little bit more, when there’s a little bit less competition,” he said.
Acquiring Bunge would be “a nice optimization,” Luciano said, “But I have a lot of the things that Bunge has,” so there is “not a lot of urgency to me.”, Bunge shares fell about 2 percent swank cufflinks onyx after Luciano’s comments were published, ADM’s shares briefly turned positive and then traded down 0.3 percent, Analysts have said ADM’s conservative trading strategy and diversification into flavors and nutrition helped it weather a deep slump in commodity prices better than some rivals during a global soy and corn surplus and the U.S.-China trade war..
Still, it is the only major trading company without crushing capacity in Luciano’s native Argentina, the world’s top exporter of soy meal and oil made by processing soybeans. That has increased investor expectations of ADM striking a deal with Bunge or acquiring an Argentine crushing company such as Molinos Agro. “At the right time, we will go into Argentina,” Luciano said. He said crushing plants in Argentina were running at around 65 percent capacity and would only fall further if ADM built a new plant, limiting profit margins and further flooding the marketplace.
ADM announced on Friday the acquisition of flavors and fragrances firm Florida Chemical Company (FCC), a division of Flotek Industries, for $175 million, Luciano said ADM evaluates more than 50 companies each year, and added he was open swank cufflinks onyx to more joint ventures with competitors, like the one ADM did with privately held Cargill in Egypt, ADM does not have any JVs with Bunge, which was approached by commodity trader Glencore Plc in 2017, “We don’t have joint ventures with Bunge, candidly, because they were in turmoil during this time,” he said..