Latest News by Industry
Goldman Sachs 3Q profits fall 33% as trading, investment banking remains stagnant
Goldman Sachs saw its third quarter earnings fall 33%, with the investment bank seeing muted market conditions that allowed fewer deals and market making opportunities for the firm
NEW YORK (AP) — Goldman Sachs saw its third-quarter earnings fall 33%, with the investment bank seeing muted market conditions that allowed fewer deals and market making opportunities for the firm.
The bank also saw a notable rise in expenses in the quarter, as the bank had to write down its investment in lending platform GreenSky as well as its real estate investments.
The New York-based firm had earnings of $2.06 billion, or $5.47 a share, down from a profit of $3.07 billion, or $8.25 a share, in the same period a year ago.
Analysts had low expectations for Goldman this quarter, with sluggish markets and the firm announcing earlier this year that it was pulling out of its nascent consumer lending business. The bank is selling off its GreenSky business, which the bank had to write off this quarter.