NEW YORK (CNNMoney)
Goldman Sachs (GS) reported a fourth-quarter profit of $2.2 billion, or $4.38 a share, Friday morning. That was better than analysts' expectations of $4.32 a share.
Revenues came in at $7.69 billion for the quarter, also topping forecasts.
But shares of Goldman Sachs fell nearly 2% in premarket trading.
Investors may be disappointed because profits and revenue were down from a year ago, largely due to big drops in Goldman's investment banking and market-making business units.
What's more, Goldman's earnings were expected to be much better as recently as a week ago. The consensus estimate on Wall Street was for a profit of $4.70 a share.
Analysts slashed their expectations ahead of earnings as it became more clear just how tough the fourth quarter was for all Wall Street banks.
Rivals JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) all reported earnings this week that were viewed as duds by investors. The main source of weakness was a slowdown in trading -- the bread and butter business for Goldman Sachs.
Still, Goldman Sachs CEO Lloyd Blankfein said in a statement that the company was "pleased" with how the company did "during a year characterized by mixed global economic and financial conditions." He also sounded upbeat about this year, saying the firm sees "evidence of a continued pick up in momentum for the global economy."
Employees at Goldman Sachs were rewarded handsomely as well. Total compensation expenses, numbers often referred to as Wall Street's bonus pool, were relatively unchanged from a year ago.
The company paid out $12.69 billion to its 34,000 workers last year. That works out to an average of $373,265 per employee.
First Published: January 16, 2015: 8:16 AM ET
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