Megabank stocks rise in premarket as Pfizer deal boosts underwriting

Goldman Sachs Group Inc

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Company profile

The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a diversified client base that includes corporations, financial institutions, governments, and individuals. It operates through three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across various asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. Platform Solutions include consumer platforms, such as partnerships offering credit cards and point-of-sale financing, transaction banking and other platform businesses.

Megabank stocks rise in premarket as Pfizer deal boosts underwriting

7:43 am ET May 17, 2023 (MarketWatch) Print

Stocks for the largest U.S. banks rose in premarket trades on Wednesday, amid an uptick in underwriting activity following a $31 billion debt offering from pharmaceutical giant Pfizer Inc. (PFE). Bank of America Corp. 's (BAC) BofA Securities unit, Citigroup Inc. (C), Goldman Sachs Group Inc. (GS) and J.P. Morgan Chase & Co. (JPM) are joint lead managers and joint book-running managers for the Pfizer offering, which consisted of eight tranches priced between 4.45% and 5.34%. Bank of America stock is up 0.6%, Citigroup is up 0.7%, Goldman Sachs is up 0.5% and JPMorgan Chase is up by 0.7%.

-Steve Gelsi

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May 17, 2023 07:43 ET (11:43 GMT)