Goldman Sachs profits fall by a third in Q3

(Sharecast News) - Goldman Sachs said on Tuesday that its profits fell by a third in the three months to the end of September. Net earnings fell to $2.06bn, or $5.47 a share, from $3.07bn, or $8.25 a share in the same period a year prior.

The bank highlighted write-downs on its fintech business GreenSky, and property investments. It pointed to a write-down of intangibles of $506m related to GreenSky and impairments of $358m related to consolidated real estate investments.

Net revenue came in at to $11.82bn, essentially unchanged. Goldman said "significantly" lower net revenues in asset & wealth management were offset by higher revenues in global banking & markets and platform solutions.

Chairman and chief executive David Solomon said: "We continue to make significant progress executing on our strategic priorities and we're confident that the work we're doing now provides us a much stronger platform for 2024.

"I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs."