Goldman Sachs' Q2 Profits Tumble Due To Tepid M&A Activity - Earnings Report
Benzinga
2023-07-19
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Goldman Sachs Group Inc (NYSE:GS) reported Q2 EPS of $3.08, which plunged 60% Y/Y, missing the consensus of $3.18.
Net revenues were $10.90 billion, 8% lower than the second quarter of 2022 and 11% lower than the first quarter of 2023, reflecting lower net revenues in Global Banking & Markets and slightly lower net revenues in Asset & Wealth Management, partially offset by higher net revenues in Platform Solutions.
Global Banking & Markets net revenues were $7.19 billion, down 14% Y/Y and 15% lower sequentially.
Investment banking fees were $1.43 billion, 20% lower than in the second quarter of 2022, primarily due to significantly lower net revenues in Advisory, reflecting a significant decline in industry-wide M&A activity.
Net revenues were $10.90 billion, 8% lower than the second quarter of 2022 and 11% lower than the first quarter of 2023, reflecting lower net revenues in Global Banking & Markets and slightly lower net revenues in Asset & Wealth Management, partially offset by higher net revenues in Platform Solutions.
Global Banking & Markets net revenues were $7.19 billion, down 14% Y/Y and 15% lower sequentially.
Investment banking fees were $1.43 billion, 20% lower than in the second quarter of 2022, primarily due to significantly lower net revenues in Advisory, reflecting a significant decline in industry-wide M&A activity.
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