The bank’s profits plummeted.
(Photo: Reuters)
new York The slump in the business with takeovers and mergers has depressed profits at US bank Goldman Sachs. The fifth-largest lender in the United States, with its core business in investment banking, announced third-quarter net income of $2.96 billion on Tuesday. In the same period last year, the profit was still at 5.28 billion dollars.
Bank boss David Solomon announced a restructuring in which the money house wants to realign its commission business due to the weak investment banking business. “Today, we are entering our next phase of growth with a realignment of our businesses that will allow us to leverage our dominant business model,” said Solomon.
The institute is to be focused on three business areas: wealth management, global banking and market and platform solutions.
Goldman Sachs earned $8.25 per share in the third quarter. A year earlier, earnings were $14.93 per share. Analysts were expecting a weaker reading of $7.69.
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