The Wall Street giant reported net profit of $2.06 billion, or $5.47 per share, for the three months ended Sept. 30, it said on Tuesday. Shares of the bank ...
The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the NYSE in New York - Goldman Sachs' profit fell in the third quarter, weighed down by a writedown on its GreenSky fintech business and its investments in real estate.
The bank took a $506 million writedown on GreenSky, adding to a $1.4 billion hit linked to the business in the second quarter. Real estate investments were another drag on earnings as the bank booked an impairment charge of $358 million. That weighed on revenue from its asset and wealth management unit, which slipped 20% to $3.23 billion.
Investment banking results have been mixed for peers, with JPMorgan Chase reporting a 6% decline in revenue, while Citigroup said fees jumped 34%.The U.S. Federal Reserve may raise interest rates one more time this year, while several bank executives have said they expected borrowing costs to stay higher for longer.
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