Weak trading activity weighs on US bank’s results.
(Photo: Reuters)
new York Despite booming mergers and acquisitions, US investment bank Goldman Sachs’ profits shrank in the fourth quarter. Weak trading activity caused net income in the final quarter of 2021 to fall 13 percent year-on-year to $3.81 billion, the Wall Street Bank said on Tuesday.
Earnings per share were $10.81 on the books, up from $12.08 a year earlier. The institute thus missed the expectations on the stock exchange. Analysts had expected an average of $11.76 per share. The stock was down around 4 percent premarket.
Business was actually good for the full year 2021, with profits up 129 percent to $21.6 billion. However, this was also due to the reversal of provisions made for loans at risk of default due to the pandemic. Total earnings rose nearly a third to $59.3 billion.