28147
Goldman Sachs Profits Plunge
World Economy

Goldman Sachs Profits Plunge

US banking giant Goldman Sachs has reported a sharp fall in profits as trading activity slowed owing to concerns about global economic growth, BBC reported. Net profits for the three months to 30 September were $1.43 billion, down more than a third on a year earlier. Revenue fell almost 20% to $6.9 billion. The results contrasted sharply with those of rival Citigroup, which posted a 50% jump in profits, to $4.29 billion. The bank said it was able to offset a fall in revenue by cutting costs. Goldman’s investment banking division saw revenues increase, but other divisions, particularly market making and bond trading, saw revenues drop. “We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth,” said the bank’s chief executive, Lloyd Blankfein. Earlier this week, other big US banks also reported a drop-off in trading during the quarter. US stock markets fell sharply in August, sparked by fears of a slowdown in the Chinese economy. Revenues at Citi fell by 5% to $18.69 billion, but the bank was able to cut costs dramatically. “Despite revenue headwinds, we once again proved our ability to manage our risk, our expenses and our capital,” said chief executive Michael Corbat.

Short URL : https://goo.gl/AQZl15
  1. https://goo.gl/ymrDuv
  • https://goo.gl/rhA2Y9
  • https://goo.gl/8LAihH
  • https://goo.gl/xP94wm
  • https://goo.gl/abVuek

You can also read ...

Report says China’s economic development must rely on integration between innovation and industrial production,  and work must be done to ensure that innovation progress was passed on to production.
China's new economy will account for an estimated 12% of the...
The process of building a new government could take weeks, so markets may well move on from the result quickly.
Politics dominated trading on Monday, with the euro sliding as...
World countries are casting a shadow on the future of the global economic system.
Next month, when finance ministers and central bank governors...
EU Seeks Protection for Uber-Style Jobs
The European Commission said on Monday it wants more social...
The economy’s return to growth has eased pressure  on the authorities.
Now that Nigeria’s economy is recovering from its worst slump...
US to See Slower Growth
The pace of US economic growth will stay stuck in the low 2%...
One mining services company said it laid off more than 50 employees.
New laws and a crackdown on mining firms in Tanzania has...
Japan PM Announces $17.8b Economic Stimulus Package
Japanese Prime Minister Shinzo Abe said he would seek to...

Trending

Googleplus