Goldman Sachs earned nearly $4 billion, but that wasn't good enough

The investment banking powerhouse said Tuesday that it earned $3.9 billion in the fourth quarter, or $10.81 a share. But analysts had been forecasting a profit of $4.1 billion, or $11.70 a share. Shares of Goldman Sachs tumbled nearly 8% on the news.

The company has also stepped up its efforts to cater to consumers and not just businesses, Goldman Sachs' consumer and wealth management business, which includes the company's Marcus online banking unit, posted record revenue last year. Solomon also warned investors on the company's conference call with analysts that inflation brought about by rising wages and supply chain disruptions tied to the outbreak of the Omicron variant of Covid-19 will likely persist for some time.

Still, Solomon expressed hope that the global economy will soon be past the worst of the Covid-19 pandemic. Goldman Sachs, like most other Wall Street firms, has delayed plans to have many of its employees return to its Manhattan headquarters.

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