Goldman Sachs Revenue Down 8%
  • 9 months ago
Goldman Sachs' second-quarter profit dropped 58% to $1.22 billion and revenue declined by 8% to $10.9 billion during the quarter, missing analysts' expectations. The losses are mainly due to the sale of its GreenSky lending unit and commercial real estate investments, impacting per-share earnings. The current economic climate challenges the banking giant as investment banking and trading activities experience a slump. The bank heavily depends on Wall Street activities for revenue, which exposes it to market volatility. Nonetheless, the company remains confident in its strategic execution and ability to meet return targets. Goldman Sachs shares have slipped 2% this year, while the broader KBW Bank Index has dropped 18%. Major banks such as JPMorgan, Citigroup, Wells Fargo, Bank of America, and Morgan Stanley posted earnings that surpassed expectations, supported by higher interest rates.
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