Goldman Sachs profit hit by weakness in trading, underwriting

Goldman Sachs profit hit by weakness in trading, underwriting

FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) – Goldman Sachs Group Inc (GS.N) reported a 6% fall in quarterly profit on Tuesday as the Wall Street investment bank was hurt by muted fixed income trading activity and weakness in debt underwriting.

The bank’s net earnings applicable to common shareholders fell to $2.20 billion in the quarter ended June 30 from $2.35 billion a year ago. Earnings per share fell to $5.81 from $5.98 a year earlier.

Total net revenue fell 2% to $9.46 billion. (bit.ly/2lwdUOM)

Analysts had expected earnings of $4.89 per share and revenue of $8.83 billion, according to IBES estimate from Refinitiv. It was not immediately clear if the reported numbers were comparable with estimates.

Goldman’s main rival Morgan Stanley (MS.N) is expected to report quarterly results later in the week.

Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty

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