????2013年第四季度，高盛（Goldman Sachs）實(shí)現(xiàn)利潤23億美元，比上年同期下降了19%，但仍然遠(yuǎn)高于分析師預(yù)期。

????高盛首席執(zhí)行官勞埃德?布蘭克梵在業(yè)績發(fā)布會上說：“隨著經(jīng)濟(jì)繼續(xù)復(fù)蘇，我們相信自己已經(jīng)為實(shí)現(xiàn)高額回報做好了充分的準(zhǔn)備；隨著情況有了實(shí)質(zhì)性改善，我們已經(jīng)能為我們的股東帶來可觀的上升空間。”

????看來這家公司有能力利用正在改善的美國經(jīng)濟(jì)和一路上揚(yáng)的股票市場獲利。高盛是一些新上市公司的主承銷商，比如第四季度首發(fā)上市的Twitter，這些業(yè)務(wù)讓高盛的承銷費(fèi)同比增長了105%，達(dá)到了6.22億美元。

????2013年第三季度，高盛的交易業(yè)務(wù)步履維艱，第四季度則實(shí)現(xiàn)反彈。高盛的自營業(yè)務(wù)，包括一些對未上市公司的投資，也在這個季度為它帶來了14億美元的利潤。

????上周四開盤前，高盛的股價稍有上升。

????總之，第四季度高盛實(shí)現(xiàn)每股收益4.60美元——比分析師預(yù)測的4.24美元高了近10%。收入87億美元，比上年同期下降了5%，但和盈利一樣，它的收入也遠(yuǎn)高于預(yù)期。

????2013年全年，高盛的利潤略高于80億美元，比2012年的75億美元提高了8%，部分原因是這家公司在2013年全面下調(diào)了薪酬。包括福利、工資和獎金，2013年高盛的薪酬費(fèi)用為126億美元。這家公司共有32900名員工，人均薪酬支出383374美元。顯然這是一大筆錢，但仍然低于2012年399056美元的人均工資。

????投資者一直迫不及待地尋找跡象，希望看到高盛能夠恢復(fù)成金融危機(jī)爆發(fā)前的賺錢機(jī)器。這場危機(jī)爆發(fā)后出臺的法規(guī)限制了大型投資銀行所能實(shí)施的交易數(shù)量和種類，再加上業(yè)務(wù)量下降，削弱了高盛的盈利能力。第四季度，高盛稱它的股市回報率已回升至13%左右，但仍然遠(yuǎn)低于2008年之前逾20%的水平。

????不過，似乎有人悄悄猜測，第四季度高盛在交易業(yè)務(wù)上失去了準(zhǔn)繩。這家公司來自固定收益證券、大宗商品以及外匯交易的收入比第三季度上升了38%，但同比下降了15%。

????高盛的很大一部分利潤都來自自有資金投資業(yè)務(wù)。這家公司表示，在這些所謂的本金交易中，大部分都符合2013年12月份頒布的《沃爾克規(guī)則》（Volcker Rule）的要求。高盛340億美元的總收入中，這些投資帶來的收入接近70億美元。本金交易收益比上年同期增長了近20%，但交易收入占高盛總收入的比重遠(yuǎn)低于之前的水平。

????2013年底美國銀行業(yè)基本上狀況良好，高盛的業(yè)績就是最新的證明。摩根大通（JPMorgan Chase）、富國銀行（Wells Fargo）和美銀（Bank of America）披露的第四季度利潤都好于預(yù)期。但花旗集團(tuán)（Citigroup）似乎是個例外。這家公司上周四公布的收入和利潤都低于預(yù)測值，股價也因此下跌。（財富中文網(wǎng)）

????譯者：Charlie

????

????Goldman Sachs' profits in the last three months of 2013 fell 19% from a year earlier to $2.3 billion, but the earnings were much better than analysts had expected.

????"We believe that we are well positioned to generate solid returns as the economy continues to heal and provide considerable upside for our shareholders as conditions materially improve," Goldman's CEO Lloyd Blankfein said in a press release announcing the earnings.

????Goldman (GS) appeared to be able to capitalize on the improving U.S. economy and a buoyant stock market. Deals such as Twitter's (TWTR) fourth-quarter IPO, on which Goldman was the lead banker, drove fees from stock underwriting up 105% from a year ago to $622 million.

????Goldman trading business rebounded after stumbling in the third quarter. And Goldman's own equity investments, some of which are in private companies, generated an additional $1.4 billion in gains in the quarter.

????Shares of Goldman were up slightly in pre-market trading.

????In all, Goldman's earnings came in at $4.60 per share -- nearly 10% better than the $4.24 analysts had expected. Revenue was down 5% from a year ago to $8.7 billion, but, like earnings, was far better than expected.

????For the year, Goldman earned just over $8 billion, up 8% from $7.5 billion in 2012. Part of the earnings bump was due to Goldman cutting its overall compensation in 2013. Compensation expenses, which include benefits, salaries, and bonuses, were $12.6 billion last year. With 32,900 employees, that works out to an average of $383,374 each. That's obviously a lot of money, but it was down from $399,506 per employee in 2012.

????Investors have been eager to see signs that Goldman can once again be the profit powerhouse it once was before the financial crisis. Since then, regulations that seek to limit the amount and type of trading large banks can do, along with fewer deals, have curtailed Goldman's profitability. In the fourth quarter, the investment bank said its return on equity rose to nearly 13%. That's well down from pre-2008, when the firm's ROE often topped 20%.

????Still, the fourth quarter seemed to somewhat quiet questions about whether Goldman had lost its touch in its trading business. The firm's revenue from so-called fixed income, commodities, and currency trading was up 38% from the third quarter. But it was still down 15% from a year ago.

????A good portion of Goldman's profits continue to come from the unit that invests the firm's own money. Goldman says much of these so-called principal transactions will still be allowed after the Volcker Rule, which was finalized in December. Revenue from those investments generated nearly $7 billion of the firm's $34 billion in total revenue. Gains from principal transactions were up nearly 20% from a year ago. But trading revenue is still way down as a portion of the bank's total revenue from where it used to be.

????Goldman's results are the latest sign that the end of 2013 was mostly a good period for the nation's banks. JPMorgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC)have all reported better-than-expected earnings for the fourth quarter. Citigroup (C) appears to be the anomaly. It announced revenue and earnings that were lower than expectations on Thursday and its stock fell as a result.