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Goldman Sachs profit falls on investment banking weakness, higher costs

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Goldman Sachs Group Inc reported a 26per cent drop in quarterly profit on Wednesday, hurt by weakness in its investment banking business and ...

REUTERS: Goldman Sachs Group Inc reported a 26per cent drop in quarterly profit on Wednesday, hurt by weakness in its investment banking business and higher operating costs.

The bank's net earnings applicable to common shareholders fell to US$1.72 billion in the quarter ended Dec. 31 from US$2.32 billion a year earlier. Earnings per share fell to US$4.69 from US$6.04.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.

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