Total revenues at the bank fell 16% to $10.59bn in Q4. Credit: Mediamodifier from Pixabay.

Goldman Sachs has posted net earnings of $1.33bn for the fourth quarter of 2022, down 66% compared with $3.93bn a year ago.

For the quarter ended 31 December 2022, the group’s diluted earnings per common share (EPS) stood at $3.32 versus $10.81 in the year ago quarter.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Total revenues fell 16% to $10.59bn from $12.63bn in the furth quarter of 2021.

The decline in quarterly revenues was driven by reduced net revenues from the bank’s asset and wealth management unit as well as global banking and markets.

Net revenues in the bank’s asset and wealth management arm dropped 27% year-on-year to $3.56bn during the quarter.

This decline was mainly due to lower net revenues from the group’s equity investments and debt investments business, according to Goldman Sachs.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Total net revenues in the investment banking division dropped 48% to $1.87bn from $3.6bn in the fourth quarter of last year.

Besides, the banking group’s total operating expenses rose 11% to $8bn due to increased compensation and benefits expenses, higher transaction related expenses along with the addition of NN Investment Partners (NNIP) and GreenSky, among others.

Goldman Sachs CEO David Solomon said: “Against a challenging economic backdrop, we delivered double-digit returns for our shareholders in 2022.

“Our clear, near-term focus is realizing the benefits of our strategic realignment which will strengthen our core businesses, scale our growth platforms and improve efficiency. “The foundation of all of our strategic efforts is our client franchise which is second to none.”