Goldman Sachs posts its worst earnings miss in a decade – with profits plunging 66%

Goldman Sachs has posted its biggest earnings miss in more than a decade, after suffering steep declines in deal-making and asset management revenue.

The investment banking giant on Tuesday reported fourth-quarter net earnings of $1.33 billion, down 66 percent from last year, and 39 percent below what Wall Street analysts had expected.

Last week, Goldman Sachs cut 3,200 jobs, dismissing workers in the company’s New York, London and Hong Kong offices. 

‘Widely expected to be awful, Goldman Sachs’ Q4 results were even more miserable than anticipated,’ said Octavio Marenzi, CEO of consultancy Opimas.

‘The real problem lies in the fact that operating expenses shot up 11 percent, while revenues tumbled. This strongly suggests more cost-cutting and layoffs are going to come,’ he added.

The results marked Goldman’s biggest miss of Wall Street expectations since 2011, according to Refinitiv, and its shares dropped more than 5 percent in morning trading. 

Faced with declining revenue…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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