Goldman Sachs posts weaker than expected third quarter results
Goldman Sachs 's results for the latest three month period came in short of forecasts for both its top and bottom line, due to the drag from falling revenues from its Investing&Lending and Investment Banking arms.
For the third quarter of 2019, the investment banking powerhouse posted total revenues of $8.32bn (consensus: $8.91bn) for net income of $1.88bn, resulting in earnings per share of $4.79 (consensus: $4.87).
In the year ago period, Goldman achieved EPS of $6.28.
Its return on common equity was only 9.0% over the third quarter.
That was despite holding onto the lead year-to-date in announced and completed mergers and acquisitions, equity and equity-related offerings, common stock offerings and initial public offerings.
Investment banking net revenues shrank 15% to $1.69bn and in Investment&Lending by 17% to $1.68bn, while in Investment Management they dipped by 20%.
Going the other way, net revenues in Institutional Client Services they grew by 6.0% to $3.29bn.
As of 1301 BST, shares of Goldman Sachs were down by 1.56% at $202.61.