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%.

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