Goldman Sachs Group Inc on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit due to heavy losses in its consumer business and a slump in dealmaking that hit its investment banking unit.
A view of the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kellyon Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit due to heavy losses in its consumer business and a slump in dealmaking that hit its investment banking unit.The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, compared with $3.81 billion, or $10.81 per share, a year earlier.
The bank also reported a pre-tax loss of $778 million in its platform solutions unit, which houses transaction banking, credit card and financial technology businesses.The market volatility, spurred by the Federal Reserve's quantitative tightening has, however, boosted Goldman's trading business. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva
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