Goldman, M. Stanley profits plunge as dealmaking dries up
Goldman, M. Stanley profits plunge as dealmaking dries up
The profits for two iconic Wall Street firms — Goldman Sachs and Morgan Stanley — plunged sharply last quarter as volatile markets cut deeply into investment banking.
Goldman’s profits tumbled 66% to $1.33 billion in the fourth quarter, it said Tuesday, well below what Wall Street had expected. Profits at Morgan Stanley slumped 40% to $2.2 billion, barely beating analyst projections.
Expectations for Goldman and Morgan were already grim after quarterly results last week from JPMorgan Chase, Citigroup and Bank of America.
Goldman on Tuesday disclosed to investors that its consumer banking division was struggling far more than what was previously known publicly. The bank set aside $972 million to cover potential credit losses in the quarter, which the bank said came from higher charge offs in its rather new credit card business.
“Widely expected to be awful, Goldman Sachs’ Q4 results were even more miserable than anticipated,” said Octavio Marenzi, CEO of consulting company Opimas LLC, in an email.
READ MORE: https://apnews.com/article/technology-morgan-stanley-business-450cb793310cb559aceed83423af697b
Links for B.C.
Visit My Website
https://bcbegley.com
Subscribe To My Patreon
https://www.patreon.com/bcbegley
Watch Me On YouTube
https://www.youtube.com/channel/UCGoU...
Follow Me On Twitter
https://twitter.com/BC_News1
Watch Me On Rumble
https://rumble.com/c/c-280191
Follow Me On Gab
https://gab.com/BC_Begley
Follow Me On Parler
https://parler.com/profile/Bcbegley20...
Watch Me On BitChute
https://www.bitchute.com/channel/FYML...
Subscribe To The Apocalypse Watch App
https://newapocalypsewatch.com
-
1:00
B.C. Begley
1 day agoA chunk of space debris found in N.C. came from a SpaceX capsule, NASA says
117 -
1:50:42
Twisted History
1 day agoIllegal Dumping
21.7K17 -
1:00:59
Kimberly Guilfoyle
3 days agoOn Their Records, It's No Debate: Trump & Biden Face off in Atlanta, Live with Jeffery Clark & Tim Murtaugh | Ep. 137
94.3K71 -
LIVE
MissesMaam
4 hours agoEvil Achievement Grind | Stardew Valley 💚✨
374 watching -
51:36
Line Drive Podcast
4 hours agoEven after debate debacle, Dems say Biden is fine!
30.7K23 -
2:17:12
vivafrei
16 hours agoEp. 217: Biden Debate Debacle; SCOTUS Jan. 6; SCOTUS Chevron; Trump AND MORE!
149K542 -
2:00:31
RealAmericasVoice
5 hours agoNEXT MAN UP: STEVE BANNON, CHARLIE KIRK, AND JACK POSOBIEC
48K45 -
1:16:29
The Late Kick with Josh Pate
8 hours agoLate Kick Live Ep 526: FSU’s ACC Exit | SEC vs Texas & OU | Lanning Is Kirby | EASports CFB25
39.2K5 -
4:23:09
Due Dissidence
12 hours agoLiberals' Post-Debate MELTDOWN CONTINUES, Russ Interviews 'Pod Save America' Fans in NYC
51.3K56 -
27:33
Texas Strong
2 days agoThe Texas Revolution - Episode 01 - 06-28-24
33K3