Goldman Sachs International, the world’s second largest investment bank said its profit for 2016 fell by 37%.
This is a huge drop given the fact that its 2016 profit is USD1.46 billion.
The major downside in its business was its institutional investment advisory business. Its net revenue frll by 7% to USD6.55 billion.
Other units were also disappointing for the group in general. Goldman Sachs noted that Investment Management were significantly lower and net revenues in Investment Banking were lower.
Its business in Europe, Middle East and Africa also took a slight dip. Revenue from EMEA region fell to USD5 billion compared to USD5.2 billion in 2015.
On the positive side, Goldman Sachs said its total assets rose to 934.32 billion, representing an increase of USD83.83 billion from December 2015, reflecting increases in financial instruments owned of $46.89 billion, collateralised agreements of USD20.90 billion, debtors of USD9.21 billion and cash at bank and in hand of $6.91 billion.
Goldman Sachs International (GSI or the company) provides a wide range of financial services to clients located worldwide.
The company also operates a number of branches across Europe, the Middle East and Africa (EMEA).