Actionable news
All posts from Actionable news
Actionable news in GS: GOLDMAN SACHS GROUP Inc,

Goldman Sachs Earnings Sag on Weak Trading Numbers

Goldman Sachs Group Inc. (NYSE: GS) reported third-quarter results before markets opened Thursday. The investment bank and financial services giant reported diluted earnings per share (EPS) of $2.90 on net revenue of $6.86 billion. In the same period a year ago, the bank reported EPS of $4.57 on net revenue of $8.39 billion. Third-quarter results also compare to the consensus estimates for EPS of $2.91 on revenue of $7.12 billion.

Investment banking revenues in the quarter rose 6% year over year and dropped 23% sequentially to $1.56 billion. Institutional client services revenues fell 15% year over year to $3.21 billion, and were 11% lower sequentially. The big hit came in fixed income currency, and commodities, down 33% year over year and 9% sequentially.

The bank attributed the drop in institutional client services to “significantly lower net revenues in mortgages and, to a lesser extent, currencies and interest rate products...