Goldman misses profit estimates as dealmaking slumps, consumer business hit

on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking, a drop in asset and wealth management revenue and booked losses at its consumer business.

Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources on strengthening its core businesses such as investment banking and trading. "We tried to do too much too quickly," he said about the consumer business such as its direct-to-consumer unit Marcus. "We didn't execute perfectly on some so we've taken a hard look at those, and you make adjustments."

Full-year net loss for the platform solutions business was $1.67 billion, the bank said, even though net revenue of $1.50 billion for 2022 was 135% above 2021.

Goldman Sachs made a major mistake with its new retail unit, Marcus, and took a position against the Biden Administration for its own portfolio. They are firing junior staff when senior staff is to blame.

Poor possums.

Gee, only 1.19 billion profit? Looks like they’ll have to shut the lights off at night to save on overhead.

😳

Yeah we don’t care, fuck em, moving on….

Biden did that

OK working people, get ready to pay some bail out money. 'Financiers, wealth makers, professionals of money making' lost few trillions. Come on! Pay their debts now!

Hate to see it.

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