(New York) Goldman Sachs net income fell 62% in the second quarter to $1.1 billion, hurt again by a lack of M&A deals as well as lower activity in asset management. ‘assets.
Turnover stood at $10.90 billion over the same period, the banking group announced on Wednesday.
Both data are in line with the consensus forecast of analysts from FactSet.
On the other hand, diluted per share and excluding exceptional items, earnings amounted to 3.08 dollars for the quarter against 7.73 dollars a year earlier. Analysts had expected $3.10.
Goldman Sachs’ performance also suffered a sharp decline compared to the first quarter of the year (-65% for profit), which had already been marked by a drop in the activity of its investment bankers and its brokers.
In trading prior to the opening of Wall Street, Goldman Sachs stock was near flat (-0.18%).
David Solomon, CEO of the US bank, said in a statement that he remains “fully confident that the continued implementation (of the group’s strategy) will enable us to achieve our exit targets. and create significant shareholder value.”
The annualized return on equity for the time being is still very low at 4% for the quarter and 7.8% for the first half, when management’s objective is to obtain around 15%.
The fall in turnover in the Global Banking and Markets branch (mergers and acquisitions, IPOs, capital raising) and in asset management was partially offset by the increase in the Platform Solutions branch (financial products ), noted the group.
In investment banking, Goldman Sachs saw a “significant decline across the industry in completed mergers and acquisitions.”
