Wall Street’s biggest banks are facing several challenges in growing their revenue, largely due to the ongoing U.S.-China trade war and concerns about further interest rate cuts by the U.S. Federal Reserve.
Under Chief Executive Officer David Solomon, Goldman has undertaken a major shift in strategy from its focus on trading to building a bigger consumer business in a bid to shield its revenue from wild swings in financial markets. Goldman, which recently launched a credit card with Apple, has also attempted to build out new businesses, but top executives at the bank have warned in previous quarters that those efforts will take time to bear fruit.
The bank’s net earnings applicable to common shareholders fell 27% to $1.79 billion in the quarter ended Sept. 30 from $2.45 billion a year ago. Earnings per share fell to $4.79 from $6.28 a year earlier.Analysts on average had expected earnings of $4.81 per share and revenue of $8.31 billion, according to the IBES estimate from Refinitiv.
Expectations from most brokerages tracking the investment bank were generally muted as macroeconomic conditions have been weighing on investor sentiment.Reporting by Anirban Sen in Bangalore and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty
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