Goldman Sachs profit plunges on impact from fintech sale, real estate bets

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Goldman Sachs profit plunges on impact from fintech sale, real estate bets
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SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWire - 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. It was bought for $1.7 billion last year although it was valued at $2.2 billion when the deal was first announced in 2021. But investment banking offered some hope as fees at $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up.

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