| Log in

Down But Not Out: Goldman Sachs’ Profits Fall 70%

16 September, 2008

The good news is Goldman Sachs is not going bust. The bad news the firm has posted a 70% drop in fiscal third-quarter net income, reports Wall Street Journal. 

However, Goldman can heave a sigh of relief since the decline in profits it recorded is not as serious as what Lehman did in third quarter. Lehman had $4 billion losses after a new $5-billion write downs on account of mortgage exposures.

Goldman, which is one of the two remaining major independent investment banks in the US. – the other one being Morgan Stanley – said it earned $845 million, or $1.81 a share in the quarter, compared to $2.09 billion, or $4.58 a share a year ago. 

Total revenues declined 43%, to $13.63 billion from $23.8 billion a year ago.

Goldman’s rival Lehman Brothers on Monday filed for protection under chapter 11 of bankruptcy law in US courts. The other large bank Merrill Lynch has been sold to Bank of America 

Goldman Sachs’ Chief Executive Lloyd C. Blankfein said his firm is “well-positioned” to meet clients’ needs and “act on the right market opportunities.” He termed it “solid” results.


Leave Your Comment
Goldman Sachs Puts NSE Stake On the Block

Goldman Sachs Puts NSE Stake On the Block

Madhav A Chanchani 9 years ago
UPDATE: Goldman Sachs has said that it has no plans to sell its stake in...
Weak Trading Bites Into Goldman Profits

Weak Trading Bites Into Goldman Profits

Reuters 6 years ago
Goldman Sachs’ anemic second-quarter results on Tuesday rattled investors...
Goldman Sachs stumbles as earnings miss expectations

Goldman Sachs stumbles as earnings miss expectations

Reuters 7 months ago
Goldman Sachs Group Inc (GS.N) fell short of earnings expectations on Tuesday...
No Comments

Down But Not Out: Goldman Sachs’ Profits Fall 70%

Powered by WordPress.com VIP