Tr?id=566623520170033&ev=PageView&noscript=1

Goldman Sachs Profit Drops by 33%

Posted on December 13th, 2023 at 1:24 PM
Goldman Sachs Profit Drops by 33%

From the desk of Jim Eccleston at Eccleston Law 

Goldman Sachs Group Inc. experienced its second consecutive quarter of real estate writedowns and a continued dealmaking slump, reducing its profitability to approximately half of its targeted level.

As reported by AdvisorHub, property investments resulted in a loss of $212 million in the equity book last quarter, and an additional $358 million in impairments contributed to a 33 percent drop in profit. While trading revenue exceeded analysts' estimates and helped mitigate the impact, the company's shares declined by approximately 2.1 percent.

Goldman has suffered its eighth consecutive quarterly profit decline, and the firm's return-on-equity stands at 7.1 percent, significantly below the mid-teens target it has set for itself. Chief Executive Officer David Solomon is working to rejuvenate the bank's stock after scaling back its consumer banking expansion and refocusing efforts on its core business lines. Solomon expressed his optimism, anticipating "a continued recovery in both capital markets and strategic activity if conditions remain conducive." He also claimed that a resurgence in activity would benefit Goldman Sachs as the leader in M&A advisory and equity underwriting.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters. 

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

1786029344 Law
August 6, 2026
Account Takeover Fraud Continues to Rise as Cybercriminals Refine Their Tactics

Cybercriminals continue to refine account takeover schemes, driving billions of dollars in losses for businesses and consumers each year.

1785949175 Law
August 5, 2026
FINRA Arbitration Panel Orders Arkadios Capital to Pay $2.7 Million in Ponzi Scheme-Related Claim

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Arkadios Capital to pay $2.7 million in damages to an investor who alleged the firm failed to supervise a former registered representative whose father operated a long-running Ponzi scheme, according to InvestmentNews.

1785858278 Law
August 4, 2026
SEC Fines Former LPL Broker $125,000 for Undisclosed Conflicts in Private Securities Offerings

The Securities and Exchange Commission (SEC) has censured a former LPL Financial broker and imposed a $125,000 civil penalty after finding that he failed to disclose conflicts of interest related to private real estate securities offerings that generated nearly $1.5 million in compensation, as reported by AdvisorHub.