Goldman Sachs Group Inc
"We're confident that the work we're doing now provides us a much stronger platform for 2024," said David Solomon, chairman and CEO, in a statement.
Net revenues were $11.82 billion, almost in line with Q3 FY22, reflecting significantly lower net revenues in Asset & Wealth Management, offset by higher net revenues in Global Banking & Markets and Platform Solutions.
The bank's return on equity, a measurement of how well an investment bank is performing with the assets it holds, was 7.1% in the quarter.
Also Read: Goldman Sachs Wants to Opt Out Of Consumer Lending - Including Apple Card
Net revenues in Asset & Wealth Management were $3.23 billion for 2023, 20% lower than Q3 FY22 and 6% higher than Q2 FY23, mainly due to net losses in Equity investments.
Global Banking & Markets revenues were $8.01 billion, up 6% Y/Y and 11% sequentially.
The bank saw a 1% rise in investment banking revenues from last year, and its trading business of bonds, currencies, and commodities was down 6% Y/Y. Equities trading was up 8%.
The bank took a $506 million write-down on GreenSky, adding to a $1.4 billion hit linked to the business in Q2.
Real estate investments were another drag on earnings as the bank booked an impairment charge of $358 million.
Price Action: GS shares are down 0.20% at $313.75 during the premarket session on the last check Tuesday.
