Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank’s business, dry up. The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses.
Goldman saw its investment banking revenue decline by about 20% in the second quarter of 2023, according to its latest earnings report, released Wednesday. Trading revenue also fell by 14%. Overall, profit fell by 58% from a year ago, to $1.2 billion.