Goldman’s ill-fated foray into consumer banking, which has lost US$3 billion over three years, continued to weigh. – ReuterspicGoldman Sachs' third-quarter profit dropped less than expected as a nascent recovery in dealmaking offset an US$864 million writedown related to its GreenSky fintech business and real estate investments.
Goldman was an underwriter for high-profile initial public offerings in September, including SoftBank Group’s chip designer Arm Holdings and grocery delivery app Instacart. Goldman saw weakness in fixed income instruments, currencies, and commodities , with net revenue down 6%. FICC results from other banks were mixed with Bank of America up 6% and JPMorgan up 1%.
“I’m happy that we pivoted,” said Solomon about the retreat in consumer banking. “With hindsight, you will do certain things differently. We obviously reflect. We learn from the things that we do.”
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