Profit in the second quarter fell to
The drop was primarily driven by a decline in Goldman's core business areas. Investment banking fees fell 20 per cent compared to last year, with a particularly steep fall in advisory revenue. Goldman also reported a 26 per cent fall in revenue from fixed income, an area of weakness for many banks this quarter.
The fall in advisory revenue reflected "a significant decline in industry-wide completed M&A transactions," the bank said. Chair and chief executive
Goldman's operating expenses were 12 per cent higher than last year due to writedowns.
The results come off the back of a difficult start to the year for Goldman. In the first quarter, profit dropped by
(c) 2023 City A.M., source