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

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...

February 3, 2026
FINRA Accuses Spartan Capital of Widespread Churning That Allegedly Harmed Customers

The Financial Industry Regulatory Authority (FINRA) has brought a disciplinary complaint against Spartan Capital Securities and several senior leaders of the New York City–based broker-dealer, alleging that the firm facilitated excessive trading that generated millions of dollars in revenue while causing substantial losses to customers.

February 2, 2026
California Investors Allege Unsuitable DST Recommendations in FINRA Arbitration

Two investors from the San Francisco Bay Area have filed a FINRA arbitration claim against brokerage firm Realized Financial and its financial advisors.