Goldman Sachs reported a decline in profits in the most recent quarter
The American bank recorded a 69% decrease in net profits for the period from October to December 2022 compared to the same period last year.
Goldman Sachs headquarters in New York.
Photo: J.Blue/Bloomberg
Weak earnings from mergers and acquisitions and losses in retail banking weighed on Goldman Sachs’ fourth-quarter earnings. The fifth-largest US lender, with its core investment banking business, on Tuesday reported a net profit of $1.19 billion (€1.10 billion) for the October-December 2022 period, down 69% from the same period last year. According to Refinitiv data, analysts expected a much higher net profit of $2.16 billion. Earnings per share amounted to $3.32.
In mid-January, Goldman Sachs reported $3.03 billion in losses over the past three years in its platform solutions business, which should diversify the enterprise’s business model and make it less reliant on its traditional dealmaking business.
Like its competitors, Goldman Sachs dramatically increased provisions for bad loans in the fourth quarter, returning $972 million (previous year: $344 million).
Reuters
Found an error?Report now.
Stock alert
From ABB to Züblin – you will receive an email as soon as a new article about the company of your choice appears.
To use this service, you must log in or register.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
The first F1 team with over $600 million
Mercedes-Benz recalls 261,000 SUVs
With a private cabin Markets: Aegean flies on long-haul flights with the Airbus A321 LR