Goldman Sachs third-quarter results miss expectations
Third-quarter results from banking giant Goldman Sachs missed expectations on Thursday, as trading revenues were hit by worries about global economic growth.
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Net earnings for the quarter ended 30 September fell to $1.43bn or $290 a share, from $2.24bn or $4.57 a share a year earlier and against expectations of $3.00.
Revenue for the period came in at $6.86bn, lower than the $7.14bn consensus estimate.
Revenue from fixed income, currency and commodity trading fell 33% to $1.46bn.
“We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth,” said chairman and chief executive officer Lloyd C. Blankfein.
“We continue to see strong levels of activity in Investment Banking and growth in Investment Management, and looking ahead, are encouraged by the competitive positioning of our global client franchise. Our focus on serving our clients and improving operating leverage puts us in a strong position to generate superior returns for our shareholders.”