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Search resuls for: "Niket Nishant Noor Zainab Hussain"


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☆ Goldman misses profit estimates as dealmaking, asset management take a hit
  + stars: | 2023-01-17 | by ( Niket Nishant Noor Zainab Hussain | Niket Nishant | Noor Zainab Hussain | ) www.reuters.com   time to read: +3 min
Jan 17 (Reuters) - Goldman Sachs Group Inc (GS.N) on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources to strengthen its core businesses such as investment banking and trading. Goldman's investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27% due to lower revenue from equity and debt investments. The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, missing the Street estimate of $5.48, according to Refinitiv IBES data. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.
☆ Goldman Sachs unveils revamp as profit shrinks
  + stars: | 2022-10-18 | by ( Niket Nishant Noor Zainab Hussain Saeed Azhar | Niket Nishant | Noor Zainab Hussain | ) www.reuters.com   time to read: +4 min
The bank will now have three operating segments - asset and wealth management, global banking and markets, and platform solutions. Goldman Sachs outlined leadership changes for the new units, with Marc Nachmann becoming global head of the asset and wealth management division. In the consumer and wealth management business, Goldman saw revenue jump 18% to $2.38 billion in the quarter, reflecting higher demand for loans and higher fees from managing assets. Goldman said its consumer unit will be folded into two separate businesses - wealth management and the newly created platform solutions. The Platform Solutions unit will include GreenSky, the fintech lender Goldman bought in a $2.2 billion deal.
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