Goldman Sachs 3Q profits fall 33% as trading, investment banking remains stagnant

FILE - The logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. 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, Tuesday, Oct. 17, 2023.

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. “We’re confident that the work we’re doing now provides us a much stronger platform for 2024,” said David Solomon, chairman and CEO, in a statement.

The bank saw a 1% rise in investment banking revenues from last year, and its trading business of bonds, currencies and commodities was down 6% in the period. Equities trading was up 8%.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman Sachs Wants Out of the Apple Card Business, Report ClaimsThe Wall Street giant is expected to disappoint in Tuesday's third-quarter earnings, with the Apple partnership facing intense scrutiny.
Source: Gizmodo - 🏆 556. / 51 Read more »

How Goldman Sachs Fumbled Its Consumer BusinessWhen Goldman Sachs entered the credit card space in 2019, many consumer banks were concerned that a new competitor had emerged. But just four years later, the firm is pulling back. We explain why. Photos: Reuters
Source: WSJ - 🏆 98. / 63 Read more »

Hedge funds short food, beverage and tobacco stocks amid soaring bond yields -Goldman SachsHedge funds short food, beverage and tobacco stocks amid soaring bond yields -Goldman Sachs
Source: Investingcom - 🏆 450. / 53 Read more »