Goldman Profit Slumps 33% as Solomon Pleads Patience on Pivot

Bank’s earnings slide after $212 million loss in equity book
Flat trading revenue compares with expectations for a 13% drop

WATCH: Goldman’s property investments drove a $212 million loss in the equity book last and an additional $358 million in impairments contributed to a 33% drop in profit. Su Keenan reports..Source: Bloomberg

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By Sridhar Natarajan

October 17, 2023 at 11:41 AM UTC

Updated on

October 17, 2023 at 3:02 PM UTC

This article is for subscribers only.

Goldman Sachs Group Inc. posted a second straight quarter of real estate writedowns and a continued dealmaking slump, leaving the firm’s profitability at about half the level it’s targeting.

Property investments drove a $212 million loss in the equity book last quarter and an additional $358 million in impairments contributed to a 33% drop in profit. Trading revenue that surpassed analysts’ estimates helped soften the blow, but the shares sank as much as 2.1%.