Goldman Sachs reported lower profit for the third quarter, hurt by losses from selling off pieces of its consumer-lending business and a big drop in revenue in its asset and wealth-management division. The bank on Tuesday said quarterly profit was $2.1 billion, down 33% from a year ago. Goldman is pinning much of its hopes for diversifying its revenue on its asset and wealth-management business. The unit’s revenue dropped 20%, partly because of one-time write-downs. This marks the eighth quarter in a row where Goldman reported a year-over-year profit decline.

Source: Wall Street Journal October 18, 2023 04:39 UTC