Goldman Sachs’ profits plunged two-thirds last quarter, missing expectations and capping a grim year that has forced the bank to embark on its largest cost-cutting exercise since the financial crisis.
It was the Wall Street bank’s fifth straight quarter of falling profits and Goldman has already moved to cut more than 3,000 jobs, slash bonuses and launch a review of spending.
The drop in fourth-quarter profit reported on Tuesday was led by a sharp slowdown in investment banking activity as higher interest rates and a weakening global economy ended a multi-year dealmaking boom.
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