Goldman Sachs reported net profit of $2.06-billion, or $5.47 per share, for the three months ended Sept. 30. That was lower than $3.07-billion, or $8.25 per share, a year ago
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 per cent to $3.23-billion.
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