Goldman’s second quarter results lag behind those of rivals JPMorgan Chase, Bank of America, Morgan Stanley, and Citigroup.
Goldman Sachs on Wednesday said earnings fell by a whopping 58% in the second quarter as the Wall Street giant blamed a retreat from consumer businesses and declining investment values for its worst results in three years.
“Global banking and markets delivered solid returns in an environment with cyclically low activity,” he added, citing the bank’s top ranking in M&A league tables for completed deals. Goldman took a writedown of $504 million tied to its GreenSky business, which facilitates home improvement loans to consumers, and $485 million related to its real estate investments.
Goldman agreed to acquire GreenSky for $2.2 billion in 2021 and later closed the deal at $1.7 billion.
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