Goldman Sachs reported a sharp drop in earnings on Wednesday as the core of the megabank's business is and is widespread. The Wall Street real estate titan has also been hurt by a near $1 billion decline in the value of its consumer and real estate businesses.
In the second quarter of 2023, Goldman's installation from investment banking was down about 20%, according to the latest earnings report released on Wednesday. Trading revenue also fell 14%. Overall, profits fell 58% year-over-year to $1.2 billion.
While Citigroup and Morgan Stanley also faced falling profits, Goldman reported the biggest drop in its production.
Source: CNN
Edited 20 Jul 2023, 17:21
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