Goldman Sachs’ quarterly profit fell by 33% – Kommersant

Today, October 17, leading American investment bank Goldman Sachs reported about the results of its activities based on the results of the third quarter. Total revenue was $11.8 billion, down 1% from the third quarter of 2022. Net profit reached $2 billion, which is 33% less than a year earlier.

The significant decline in the bank’s overall profit was due to losses it incurred on the sale of its retail lending operations. Analysts expected such profit dynamics, so the bank’s quarterly results turned out to be no worse than experts’ forecasts. Revenue per share was $5.47, while analysts were waiting $5.31. Total revenue was $11.8 billion versus a forecast of $11.2 billion. In addition, the bank exceeded analysts’ forecasts in operations such as bond and stock trading. Revenue from bond trading was $3.4 billion, $600 million more than expected. Revenue from trading in stocks and derivatives reached $2.96 billion, exceeding expert forecasts by $200 million.

Late last week in the US reported three leading banks at once – JPMorgan Chase, Wells Fargo and Citigroup. Despite the difficult macroeconomic situation in the world, their key indicators improved markedly in the third quarter.

Evgeny Khvostik