Goldman Sachs Group Inc on Wednesday reported quarterly profit that missed analy...
) on Wednesday reported quarterly profit that missed analysts’ estimates by a wide margin, 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. Revenue from investment banking fell 6% to $2.06 billion, hurt by lower M&A advisory fees, as well as a slowdown in corporate lending.
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.Provision for credit losses rose 51% to $336 million in the fourth quarter, while the bank recorded net provisions of $1.24 billion for 2019, mainly due to legal costs related to the 1MDB litigation.
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