Artemis Investment Limited - Goldman Sachs Shares Decline Due to Declining Profits

The Goldman Sachs Group Inc. (GS) shares dropped close to 2% after the company reported declining earnings due to losses in its consumer loans and investment banking divisions.
ADMIRALTY, Hong Kong - June 7, 2023 - PRLog -- GS's revenue decreased to $12.22 billion, down from $12.93 billion a year ago and below the $12.8 billion forecast. GS's first-quarter earnings were $8.79 per share, down from $10.76 per share a year ago, but higher than analyst's forecasts of $8.34 per share.

The management of the New York-based bank has announced a reduction in consumer banking services such as loans, checking accounts and credit cards. GS disclosed that it sold a portion of its Marcus consumer loan portfolio, incurring a $470 million revenue loss. It is also attempting to sell GreenSky, another lender it acquired within the past year.

One of GS's primary businesses, investment banking, experienced a 26% decline in revenue due to the drying up of transactions. Advisory fees decreased by 27%, and fixed-income trading revenue also decreased. GS increased its assets and wealth management business's revenue.

The Goldman Sachs Group Inc. (GS) stock price has increased 3.9% over the past year but has declined 2.8% so far in 2018.

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Cherry Hwuang
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Artemis Investment Limited
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