Goldman Sachs Group Inc. (NYSE: GS) reported its fourth-quarter financial results before the markets opened on Wednesday. The investment bank posted $5.68 in adjusted earnings per share (EPS) and $7.83 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $4.92 in EPS and revenue of $7.61 billion. In the same period of last year, it said it had EPS of $5.08 and $8.17 billion in revenue.

Keep in mind that the tax legislation gave a net loss of $1.93 billion to the bank, or about $5.51 per share.

For this quarter, the company reported its segments as follows:

• Net revenues for Investment Banking totaled $2.14 billion, 44% higher than the fourth quarter of 2016.
• Net revenues in Financial Advisory were $772 million, 9% higher, reflecting higher net revenues in the United States.
• Net revenues in Underwriting were $1.37 billion, 76% higher.
• Net revenues in Institutional Client Services were $2.37 billion for the fourth quarter of 2017, 34% lower.
• Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.00 billion for the fourth quarter of 2017, of 50% lower.
• Net revenues in Equities were $1.37 billion, 14% lower.

Goldman Sachs’ Standardized Common Equity Tier 1 ratio was 12.1% at the end of the quarter, compared with 14.5% in the same period last year.

During the quarter, book value per common share was $181.00, and tangible book value per common share was $170.61.

Lloyd C. Blankfein, board chair and chief executive, commented:

Last year, we delivered higher revenue and stronger pre-tax margins despite a challenging environment for our market-making businesses. With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September.

Shares of Goldman Sachs traded down about 2.5% early Wednesday at $252.08, with a consensus analyst price target of $266.48 and a 52-week range of $209.62 to $262.14.

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