Goldman Sachs Beats Estimates Despite Profit Drop on Dealmaking Strength
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Goldman Sachs' third-quarter profit dropped 33% to $2.06 billion but beat estimates. Dealmaking activity cushions hits from GreenSky and real estate writedowns.
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Goldman took an $864 million charge related to its GreenSky fintech business after acquiring it last year. Also booked $358 million in real estate impairment charges.
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Investment banking fees largely unchanged at $1.55 billion. Equity underwriting revenue jumped 26%, debt underwriting up 27%.
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Asset and wealth management revenue fell 20% to $3.23 billion due to GreenSky and real estate writedowns.
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CEO Solomon said bank is well positioned for recovery in capital markets and deal activity in 2024 after strategic changes.
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