Goldman Sachs (GS) – Get Free Report reported dismal This fall 2022 earnings Jan. 17. The financial institution might not have been alone, with fellow funding financial institution Morgan Stanley (MS) – Get Free Report additionally posting a decline in revenue, however its surprising derailment stole headlines across the monetary world.
“We tried to do too much too quickly,” CEO David Solomon mentioned on the earnings name. “I think we probably in some places haven’t had all the talent that we needed to execute the way we wanted.”
The downside in all probability is not only a matter of expertise, as quarterly income declined a whopping 66% and earnings-per-share got here in at $3.32 — 39% beneath the estimated $5.48.
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Goldman Sachs’ Problems Run Deep
Goldman has been forecasting bother for some time now. The funding financial institution introduced company-wide layoffs earlier in January. All instructed, the financial institution has minimize roughly 6.5% of its workforce and warned that extra could possibly be on the way in which.
“If…
2023-01-17 14:22:00 Goldman Sachs Had a ‘Miserable’ Quarter — But Wider Market Destruction May Be Coming
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