Goldman Sachs has registered net earnings of $1.87bn in the third quarter (Q3) of 2019.

This is a 26% slump from last year’s earnings of $2.52bn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The group’s net revenues were also down, falling 6% to $8.32bn from $8.82bn.

The decrease in profit was the result of being hit by losses from investments in WeWork and Uber Technologies.

Net revenues in Investment Banking of $1.69bn in the three-month period ended 30 September 2019 was 15% lower than last year.

In Financial Advisory, net revenues plummeted 22% year-on-year to $716m. Net revenues in Underwriting decreased 9% on a year-on-year basis, which was said to be driven by reduced net revenues in equity underwriting.

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.

However, Institutional Client Services’ net revenues of $3.29bn were 6% higher than the previous year.

Net revenues also increased in Fixed Income, Currency and Commodities (FICC) Client Execution, growing 8% to $1.41bn.

The growth in FICC was attributed to “higher net revenues in commodities, credit products, mortgages and interest rate products”.

Net revenues in Equities were $1.88bn in Q3 of 2019, up 5% from the same quarter in 2018. The rise was said to be driven by higher commissions and fees.

In Investment Management, net revenues dropped 2% year-on-year to $1.67bn driven by lower incentive fees.

Goldman Sachs chairman and CEO David Solomon said: “Our results through the third quarter reflect the underlying strength of our global client franchise and its ability to produce solid results in the context of a mixed operating environment.

“We continue to execute on our strategic priorities, including investing in important growth opportunities in our existing and new businesses and in delivering for our clients in the most efficient and effective manner possible.”