Goldman Sachs Group Inc has reported a drop in quarterly profit that came in larger than expected.
The bank saw a 69% profit drop in the fourth quarter, reeling from heavy losses in its consumer business and a slump in dealmaking.
The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31 compared with $3.81 billion, or $10.81 per share, a year earlier.
Goldman’s investment banking fees fell 48% in the quarter. The bank also reported a pre-tax loss of $778 million in its platform solutions unit.
