{"id":110624,"title":"Goldman Sachs saw its profits slump by a third in the three months to September","publisher":"Share Talk","author":"sharetalk","published":"2023-10-17T15:46:42+00:00","modified":"2023-10-17T15:46:42+00:00","canonical_url":"https://www.share-talk.com/goldman-sachs-saw-its-profits-slump-by-a-third-in-the-three-months-to-september/","markdown_url":"https://www.share-talk.com/goldman-sachs-saw-its-profits-slump-by-a-third-in-the-three-months-to-september.md","json_url":"https://www.share-talk.com/goldman-sachs-saw-its-profits-slump-by-a-third-in-the-three-months-to-september.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["china","David Solomon","EU","European","European Union","exports","Far East","G7","gas","Goldman Sachs","Japan","Liquified","LNG","Russian","Sakhalin-2","Saul Kavonic","Share Talk","South Korea","USA"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2018/05/Goldman-Sachs-760x400.jpg?fit=600%2C400&ssl=1","format":"news","language":"en-GB","content":"Goldman Sachs experienced a 33% decline in profits during the three months ending September, due to fewer transactions in a subdued market environment.\n\nThe bank’s expenses surged in the third quarter, largely because of the need to write down its stake in the lending platform GreenSky and its real estate holdings.\n\nFor this period, Goldman reported earnings of $2.06 billion (£1.69 billion) or $5.47 per share, a significant drop from $3.07 billion (£2.52 billion) or $8.25 per share a year prior.\n\nGoldman’s performance this quarter was anticipated to be low by analysts, especially after the bank announced its decision to exit its emerging consumer lending segment earlier in the year.\n\nFurthermore, Goldman is in the process of divesting its GreenSky division, which was written off this quarter.\n\nCEO David Solomon expressed optimism, stating, “We believe the initiatives we’re undertaking now will set us up for a more robust 2024.”"}