Goldman Sachs Q3 Profit Falls 33% On Fintech Sale Impact, Trading, Investment Banking Remain Stagnant
Portfolio Pulse from Vandana Singh
Goldman Sachs Group Inc (NYSE:GS) reported a 33% fall in Q3 profit due to the impact of a fintech sale, with trading and investment banking remaining stagnant. The bank's Q3 EPS was $5.47, down from $8.25 a year ago, but beat the consensus of $5.31. Net revenues were $11.82 billion, almost in line with Q3 FY22. The bank took a $506 million write-down on GreenSky, adding to a $1.4 billion hit linked to the business in Q2. GS shares are down 0.20% at $313.75 during the premarket session on the last check Tuesday.

October 17, 2023 | 1:22 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Goldman Sachs reported a 33% drop in Q3 profit, with stagnant trading and investment banking. The bank's shares are down 0.20% in premarket trading.
Goldman Sachs reported a significant drop in Q3 profit due to the impact of a fintech sale, with trading and investment banking remaining stagnant. This negative earnings report is likely to have a short-term negative impact on the bank's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100