????新高盛（Goldman Sachs）粉墨登場，依稀仍有昔日高盛的風范。

????本周三早間，高盛宣布，2012年最后3個月，公司實現凈利潤近29億美元。這一數字比分析師的預測高出了10多億美元。每股收益5.60美元，同比增長2倍多，也大大超出分析師預期。高盛宣布，2012年全年凈利潤72億美元，大大高于上一年的25億美元。高盛股票在盤前交易中上漲近2%。

????這些利潤數據同時也顯示了高盛轉型的開始。過去約一年時間里，受新法規限制，高盛被迫退出了某些交易業務。此后，它一直在努力強化貸款業務。這個戰略在2012年取得了成效。2012年貸款收入增至18億美元，大大高于上一年的不足1億美元。這比高盛傳統業務的表現好很多。投資銀行和投資管理業務的收入基本與上一年持平。

????但在利率處于歷史低點時，擴張貸款業務也有它自身的風險。2012年第四季度，高盛的利息收入減少了近20億美元。

????不過，昔日高盛的一些影子依然揮之不去。高盛從自營交易獲得了59億美元的收入；所謂自營交易，即高盛以自有賬戶進行的交易。但這筆收入可能很快就要減少一大塊。金融危機之后通過的法律擬禁止高盛和其他銀行用自有資金進行高風險交易。相關法規完全生效估計至少還要等上一年。

????目前來看，高盛將再一次支付高額獎金。該公司薪酬總額增長6%，逼近130億美元。按這個數字計算，高盛員工人均薪酬收入399,506美元，高于2011年的約367,000美元。該公司在2012年第四季度還裁掉了200人。

????當季高盛的盈利能力也在顯著提升。公司表示，備受關注的銀行業指標——權益回報率已升至16.5%。該數據在金融危機前總是在20%左右，2012年初曾經下降到個位數。

????“雖然去年大部分時間經濟狀況仍然充滿了挑戰，但我們憑借領先的業務模式、強大的客戶基礎以及注重自律管理，仍向股東交出了出色的業績，”高盛CEO勞埃德?布萊克費恩在業績發布新聞稿中稱。“公司的戰略定位為業務增長和創造優異回報打下了堅實的基礎。”

????高盛發布收益當天，其競爭對手摩根大通（JPMorgan Chase）也發布了好于預期的收益，但由于倫敦鯨（London Whale）丑聞造成的損失，摩根大通CEO杰米?戴蒙的獎金遭到削減。摩根大通股票在盤前交易中略微走低。美國銀行（Bank of America）和花旗（Citigroup）計劃于周四發布業績。摩根士丹利（Morgan Stanley）將于周五發布業績，為美國大銀行收益季畫上句號。富國銀行（Wells Fargo）已于上周公布了不錯的業績，但按揭再融資活動降溫引起了投資者的擔憂。（財富中文網）

????譯者：早稻米

????Here comes the new Goldman Sachs. And it looks a little bit like the old Goldman Sachs.

????Goldman (GS) said Wednesday morning that it earned nearly $2.9 billion in the last three months of 2012, more than $1 billion more than analysts were expecting. Earnings per share more than tripled from a year ago to $5.60, which was also a lot more than analysts were expecting. For all of 2012, Goldman said it earned $7.2 billion, up from $2.5 billion a year earlier. The stock rose nearly 2% in pre-market trading.

????The earnings also showed the beginnings of a shift at the firm. In the past year or so, Goldman, forced by new regulations to retreat from some of its trading businesses, has been trying to beef up its lending operations. That move paid off in 2012. Revenue from lending rose to $1.8 billion in 2012, from less than $100 million a year ago. That was much better than Goldman did in its traditional businesses. Revenue from investment banking and investment management were basically flat from a year ago.

????But the move into lending, at a time when interest rates are at historic lows, comes with its own risks. The money Goldman made from interest payments dropped nearly $2 billion from the fourth quarter of 2012.

????But there were also signs of the old Goldman as well. The company had $5.9 billion in revenue from so-called principal transactions, which are trades Goldman made for its own account. Much of that revenue could be going away soon though. Regulations passed after the financial crisis are expected to ban Goldman and other banks from making risky trades with its own money. The regulations are not expected to fully go into effect for at least another year.

????It looks like Goldman is paying heftier bonuses again as well. Overall compensation was up 6% to just under $13 billion. That works out to $399,506 per employee. That's up from about $367,000 per employee in 2011. The company also reduced its headcount by 200 staffers in the fourth quarter.

????Goldman also was remarkably more profitable in the quarter. The company said its return on equity, a closely watched metric for banks, rose to 16.5%. That number, which was regularly around 20% for Goldman before the financial crisis, had shrunk to the single digits in early 2012.

????"While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders," said Goldman's CEO Lloyd Blankfein in a statement released with the earnings. "The firm's strategic position provides a solid basis on which to grow and generate superior returns."

????Goldman's report came on the same day that rival JPMorgan Chase (JPM) also reported better-than-expected earnings -- and that CEO Jamie Dimon had his bonus cut due to the London Whale losses. JPMorgan's stock was slightly lower in pre-market trading. Bank of America (BAC)and Citigroup (C) are on tap to report results on Thursday. Morgan Stanley (MS) will wrap up the round of big bank earnings on Friday. Wells Fargo (WFC) posted healthy results last week but investors were worried about a drop in mortgage refinancing activity.