Wall Street giant’s return on equity was worst among top US banks
Goldman Sachs had been tamping down market expectations before the release of the numbers. Photograph: Michael M Santiago/GettyGoldman Sachs’s profit plunged as the Wall Street giant notched one of its weakest quarters under chief executive Officer David Solomon.
The firm had been actively tamping down expectations heading into the report, prompting analysts to slash their estimates for quarterly profit by almost half since mid-June. Shares of the company fell 1 per cent in early New York trading. Goldman’s asset-and wealth-management business posted revenue of $3.05 billion, down 4 per cent from a year earlier. Analysts predicted revenue of $3.5 billion for the division. The unit was buffeted by the bank’s exposure to the real estate sector, with writedowns both on its lending portfolio and its equity investments contributing to a $1.15 billion pretax earnings hit tied to its principal investments.
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