Goldman Sachs profit plunges on impact from fintech sale, real estate bets
© Reuters. FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid/File Photo - Goldman Sachs' profit fell in the third quarter, weighed down by a writedown on its GreenSky fintech business and its investments in real estate.
CEO David Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. GreenSky, which facilitates home improvement loans for consumers, was sold to a consortium of investment firms led by Sixth Street Partners.
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.
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