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Goldman Sachs profit falls on investment banking weakness, higher costs

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Goldman Sachs profit falls on investment banking weakness, higher costs GlobeBusiness

Goldman Sachs Group Inc. on Wednesday reported quarterly profit that missed analysts’ estimates by a wide margin, hurt by weakness in its investment banking business and higher operating costs.

Analysts on average had expected earnings of $5.47 per share, according to the IBES estimate from Refinitiv.Revenue from investment banking fell 6 per cent to $2.06 billion, hurt by lower M&A advisory fees, as well as a slowdown in corporate lending. Earlier in January, Goldman reshuffled most of its major reporting lines and, for the first time, unveiled the size of its consumer business, responding to long-standing requests for more transparency from analysts and investors.Provision for credit losses rose 51 per cent to $336 million in the fourth quarter, while the bank recorded net provisions of $1.24 billion for 2019, mainly due to legal costs related to the 1MDB litigation.

 

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