Goldman Sachs\u0027 profit plunged as the Wall Street giant notched one of its weakest quarters under chief executive David Solomon. Read on.
“They’ve come out and revealed all the problems,” said Sandy Pomeroy, a money manager at Neuberger Berman Group. “They need to come out and articulate some confidence that we are at the bottom from a cyclical perspective and that they’ve cleaned up all of their problems.”
Equity-trading revenue was one bright spot, coming in ahead of the firm’s major rivals at US$3 billion, compared with estimates for US$2.47 billion. Goldman has now clinched the top rank in that business in three of the past four quarters.Article content Unlike most of its major competitors, Goldman has aggressively used its own balance sheet to make investments, a strategy that can lead to big swings in results. The firm has been looking to rely more on fees from investing money for other institutions and cut back its own wagers.
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