NEW YORK: Goldman Sachs reported a steep drop in second quarter profits today as it continued to struggle with an anaemic merger and acquisition market and weakness in trading.Revenues fell 8% to US$10.9 billion.
Revenues also tumbled in trades connected to fixed income, commodities and currencies; revenues were flat in equities trading. In a June interview on CNBC, Goldman Sachs chief executive David Solomon had warned of the hit to commercial real estate in the wake of higher interest rates and a shift to remote work.