Goldman Sachs (GS) fourth-quarter results trounced analyst expectations on both earnings and revenue. The bank's strong performance was driven by a 23% year-over-year growth in its asset and wealth management revenue.

Net income was $2.01 billion for the quarter and Goldman Sachs reported a diluted earnings per share (EPS) at $5.48 per share. That figure was 65% higher compared to the same period in the prior ye🍨ar and was meani﷽ngfully greater than the $4.64 than analysts consensus compiled by Visible Alpha. Meanwhile, revenue of $11.32 billion for the period was roughly 7% higher than the year-ago quarter.

In 2023, Goldman Sachs struggled in the aftermath of a few missteps it took in its consumer banking foray. However, the b👍ank moved away from those endeavors to focus on its core business.

That strategy, combined with a special assessment from the Federal Deposit Insurance Corporation (FDIC) lowered its earnings by $283 million and EPS by $0.83 for the quarter.