NEW YORK, Jan 19 ― Shares in Goldman Sachs Group fell as much as 8 per cent yesterday after Wall Street's premier investment bank missed quarterly profit expectations, hampered by weaker trading revenues and rising expenses.
The Fed's intervention had fuelled trading activity as clients bought and sold more stocks and bonds, repositioning their portfolios to match the changing economic environment. But fourth-quarter earnings from large US banks have showed the market backdrop returning to more normal levels. “Goldman Sachs had an impressive record year, but a thud of a quarter,” said Viola Risk Advisers analyst David Hendler.
Aside from the trading slowdown, Goldman was also handicapped by a 23 per cent rise in operating expenses, mainly reflecting higher compensation and benefits costs. “Our philosophy remains to pay for performance, and we are committed to rewarding top talent in a competitive labor environment,” Chief Financial Officer Denis Coleman told analysts on a conference call.
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