Goldman Sachs' earnings report, delivered a day earlier than expected, was much better than expected. Total revenue was $11.88 billion in the first quarter versus a consensus forecast of $7.20 billion. Whew! Earnings per share came in at $3.39; the consensus forecast was about $1.65. Strong fixed income and derivatives performances powered the results.

Understand, however, that Goldman Sachs began fiscal 2009 on Jan. 1 instead of Dec. 1 of last year. So December fell into sort of a grey zone that wasn't as profitable; the bank lost $1 billion, or $2.15 per share, in the month, reports the AP. The bigger news may be the confirmation that Goldman Sachs will indeed raise $5 billion via a common equity offering. That will help it pay back the $10 billion in TARP funds it took last year. We're not sure when it will be paid back this year--or even if it will happen. But Goldman is a good bet to make it happen before any other big bank. This certainly puts some pressure on Bank of America and JPMorgan Chase. 

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