Goldman Sachs 4Q profits jump 51%, but full year reflects difficult quarter for the bank
Goldman Sachs’ profits jumped 51% from a year earlier, the investment banks said Tuesday, helped by the strong returns in the overall market in the last three months of the year
NEW YORK (AP) — Goldman Sachs' profits jumped 51% from a year earlier, the investment banks said Tuesday, helped by the strong returns in the overall market in the last three months of the year.
However the storied investment bank closed out a difficult 2023 with its profits down nearly a third from 2022, as the bank wrote off its consumer banking franchise and laid off employees in what the bank has called a turnaround year.
Goldman posted a profit of $2 billion in the last three months of the year, up from $1.33 billion in the same period a year earlier. On a per-share basis, Goldman earned $5.48 per share, beating analysts' expectations.
The bank saw modest improvements in its trading and investment management divisions, but saw declines in its important investment banking and advising revenues. A number of companies held off doing any big deals in 2023, due to the high cost of financing, which means Goldman and the other investment banks had fewer deals to put together.
