{"id":2368,"date":"2023-10-17T11:53:58","date_gmt":"2023-10-17T11:53:58","guid":{"rendered":"https:\/\/infundpros.com\/business\/goldman-profits-drop-36-after-pullback-from-retail-banking\/"},"modified":"2023-10-17T11:53:58","modified_gmt":"2023-10-17T11:53:58","slug":"goldman-profits-drop-36-after-pullback-from-retail-banking","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2368","title":{"rendered":"Goldman profits drop 36% after pullback from retail banking"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=b69bb541-927b-494a-a038-98a44f46797c\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Goldman Sachs has reported a 36 per cent drop in third-quarter profits, the bank\u2019s eighth straight quarter of falling earnings, as it grapples with a slowdown in fixed income trading revenues and losses following its pullback from retail banking.<\/p>\n<p>However, the bank eked out a year-on-year increase in investment banking revenues for the first time in almost two years in a sign that the dealmaking drought may be coming to an end. <\/p>\n<p>Goldman said on Tuesday that net income for the quarter was $1.88bn, down from $3bn a year earlier and just shy of analysts\u2019 estimates for about $1.96bn, according to data compiled by Bloomberg. <\/p>\n<p>Goldman\u2019s earnings were hit during the quarter by a loss on the sale of home improvement lending platform GreenSky to a private equity-led consortium, which was confirmed last week, and the sale of what the bank called \u201csubstantially all\u201d of its Marcus loan portfolio, as it nears an exit from its retail lending business.<\/p>\n<p>Unlike peers JPMorgan Chase and Morgan Stanley, Goldman lacks the same diversification in other businesses to compensate for a period of weaker performance in its core investment banking and trading activities. <\/p>\n<p>Chief executive David Solomon, who has come under criticism from some employees over his running of the bank, has outlined a strategy of diversification into asset and wealth management, but those activities still make up a relatively modest part of Goldman\u2019s profits.<\/p>\n<p>\u201cWe continue to make significant progress executing on our strategic priorities and we\u2019re confident that the work we\u2019re doing now provides us a much stronger platform for 2024,\u201d Solomon said in a statement. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/b69bb541-927b-494a-a038-98a44f46797c\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Goldman Sachs&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-2368","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goldman profits drop 36% after pullback from retail banking | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Goldman Sachs has reported a 36\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=2368\" \/>\n<meta property=\"og:locale\" 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