Goldman Sachs’ Profit Takes A Big Hit By Slowdown Of Trading And Retail Banking
Goldman Sachs experienced one of its weakest quarters as its profits took a hit after a slowdown of trade. The profits in the last quarter were the lowest in three years. This is due to a consumer retreat in retail banking and a slowdown in trading and real estate deals.
According to a report by Financial Times,
“The slump in earnings piles more pressure on chief executive David Solomon, who is trying to steer the bank out of its most challenging period since he took over in 2018.”
The earnings fell by 58% due to real estate markdowns, a slump in investment banking, and a slowdown in consumer business as well.
Furthermore, Goldman Sachs also faced a hit on Return on Equity, which is one of the principal measures of profitability. It fell to 4% in the last quarter, which is also the worst performance among all the top banks in the United States.
Goldman Sachs also claimed that the net income of the company dropped to $1.1 billion, that is by almost two-thirds in the second quarter. The value was $2.8 billion last year.
Here, CNN Business observes,
“The poor report will likely increase scrutiny of CEO David Solomon who has been under pressure for overseeing the bank’s shrinking consumer business.”
All these effects are due to the prolonged weakness in the investment banking sector, in addition to a slowdown in trading. It cannot be denied that trading is one of the main profit engines of Goldman Sachs.
The management is looking to smoothen down the volatile quarterly results, as it featured some big profits in the period after the pandemic. However, afterward, there were many missed profitability goals. The work of the investors now is to look for ways to steady the earnings.
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