Goldman Sachs Cuts Costs, Boosts Dividend as Revenue Tumbles 20%
This article is for subscribers only.
Goldman Sachs Group Inc., the world’s most profitable securities firm before the financial crisis, said earnings were little changed as the bank cut costs in response to a 20 percent drop in revenue. The firm increased its dividend 10 percent.
Shares of the company fell as revenue of $6.72 billion fell short of the $7.35 billion average estimate of 17 analysts surveyed by Bloomberg. Third-quarter net income rose to $1.52 billion, or $2.88 a share, from $1.51 billion, or $2.85, a year earlier, the New York-based company said today in a statement.