January 15, 2020 / 12:36 PM / 12 days ago

Goldman Sachs profit falls on investment banking weakness, higher costs

Jan 15 (Reuters) - Goldman Sachs Group Inc reported a 26% drop in quarterly profit on Wednesday, hurt by weakness in its investment banking business and higher operating costs.

The bank’s net earnings applicable to common shareholders fell to $1.72 billion in the quarter ended Dec. 31 from $2.32 billion a year earlier. Earnings per share fell to $4.69 from $6.04.

Total net revenue, however, jumped 23% to $9.96 billion.

Earlier in January, Goldman reshuffled most of its major reporting lines and, for the first time, unveiled the size of its consumer business, responding to long-standing requests for more transparency from analysts and investors. (Reporting by Anirban Sen in Bangalore and Elizabeth Dilts in New York; Editing by Anil D’Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below