Posted on 07/19/2023 5:44:43 AM PDT by NautiNurse
Goldman Sachs reported significantly lower profit for the second quarter, hurt by write-downs in its consumer and asset-management businesses.
The bank on Wednesday said quarterly profit was $1.22 billion, down 58% from a year ago.
That amounted to $3.08 per share, which missed the $3.16 per share expected by analysts polled by FactSet.
Revenue was $10.9 billion, down 8% from a year ago. That still beat the $10.61 billion expected by analysts.
Goldman is the only one among its big-bank peers to miss per-share earnings expectations. And while Citigroup and Morgan Stanley also reported profit declines, Goldman’s was the biggest.
JPMorgan and Wells Fargo reported higher profits for the second quarter, boosted by their big consumer arms.
[Snip]
Goldman’s trading revenue fell 14%. Trading revenue was also down at Morgan Stanley, JPMorgan and Citigroup.
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(Excerpt) Read more at wsj.com ...
I got a brilliant idea. Let's back ESG, destroy our cities and pump up our urban based CRE portfolio.
Sounds good, I’m all in….
Done!
And the next brilliant step - we turn to the taxpayers to bail us out of our losses and make us whole.
Factor in 10% to the Big Guy.
I like it.
Can we make sure all salaries and bonuses are paid?
That’s important to me as an investor.
Goes without saying. Those are just usual terms that hardly need mentioning.
I would like a detailed explanation on how bankers benefit society overall.
I’ve seen CC rates at 26%. How is that not usury?
I should have been a finance guy.
I wasted my time serving in the USAF doing nuclear test ban treaty monitoring and then did ChemE and EE. I’m a chump.
Bank credit cards have used a weasel way to avoid usury definitions forever. The only way to avoid is to pay off balance monthly. Then the credit card companies call you a deadbeat. Warms my heart to be a credit card deadbeat.
Goldman Sachs going bankrupt with management jumping out of windows would be a great day for America.
May they die burn as painfully as possinle.
I don’t think bank executives jump out of windows anymore after they bring down their employer. Instead, they get hired by another bank. Rinse and repeat.
I’m a deadbeat as well.
I’m a minimalist, besides books, and not much of a consumer.
Healthy food, exercise, books, meditation, and sleep are my “go to” things.
I’m reminded of the jerk who headed Merrill Lynch, which would have gone under but for the taxpayer bailout in 2008. John Thain, then CEO of ML, wanted a $ 10 million bonus which the acquiring company, Bank of America, refused to pay. Thain was nonetheless able to pay over $ 600 million in “bonuses” to the executives who helped bring about this wonderful performance. I never heard of “bonuses” for crap work; you don’t get them in other professions but then again other professions aren’t bailed out by our tax money.
The recently defunct Silicon Valley Bank made sure bonuses were paid before opening the books, revealing their financial distress.
Sounds like the good life.
Sounds like another bailout is on the way...woohoo!
Inner peace is underrated.
I prefer thoughts and experiences to things.
Works for me. :)
You have to lose to win real big. Join the league of the 3rd raters.
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