Goldman Sachs is another famous wealth management institution. According to the latest update, it reported record-high assets under management of $2.81 trillion in Q4 2023. The number was 5% up from the previous quarter and over 10% higher YoY. Its strength in equity sales and trading offset the investment banking unit's weakness.

Net revenue of Goldman Sachs soared by 7% to $11.32 billion in the three month period ended on Dec. 31, which topped analyst consensus at $10.84 billion. Diluted earnings per share at $5.48 did not rise compared to Q3, yet adding 65% vs $3.32 in the last quarter of 2022. And the number was well above analysts’ estimates of a possible retreat to $3.80 per share.

Growing bets on the reversal in the Federal Reserve's interest rate path was an effective driver for a broad market rally before Christmas. So, Goldman's equities trading operations with stocks, derivatives and prime financing benefited much from the bullish mood. This segment's revenue gained by more than a fourth YoY to $2.61 billion.

At the same time, the Goldman Sachs investment banking reportedly decreased by 12% to $1.65 billion, as activity in mergers and acquisitions was depressed with many companies paused big-name deals to diminish key advisory fees. Fixed income and currencies trading revenue also dropped by 24%. On an annual basis, net income hit its lowest mark since 2019, while operating expenses increased by 11% due to higher impairments related to consolidated real estate investments and a $506 million write-down linked to the sale of an online lending platform GreenSky.

Other Goldman Sachs expenses included a goodwill impairment of $504 million on its consumer businesses and a special $529 million assessment fee to the government's deposit insurance fund. "This was a year of execution for Goldman Sachs. With everything we achieved in 2023 coupled with our clear and simplified strategy, we have a much stronger platform for 2024," Goldman Sachs CEO David Solomon commented on the earnings report.

The initial price gains of Goldman Sachs at nearly 1.5% soon after the news release was later eaten up by the general correction of the rest of the banking sector and broad U.S. market.

A positive price momentum that drove stocks from $305 in early November to above $380 has not been wasted. This suggests drawing an upside pattern to aim for the next target area. From a technical perspective, it could be located between $400 and $417, as the latter number corresponds to the highest peak of November 2021.