Goldman Sachs Earnings Collapse in Wells Fargo’s Record Year
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Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may report its lowest quarterly profit since the 2008 financial crisis. Far from Wall Street, Wells Fargo & Co. is headed for record earnings.
Third-quarter U.S. bank earnings, which kick off with JPMorgan Chase & Co. on Oct. 13, will show that investment-banking businesses such as bond trading and merger advice declined, while retail operations like mortgage lending prospered, according to analysts including Richard Staite at Atlantic Equities LLP in London.