US - Goldman Sachs Group posted a 43% slump in Q3 profits on the same period last year.
The New York headquartered group reported a US$468m figure compared to £824m on 2000.
But the firm’s investment unit figures buoyed results. The management and securities services unit posted net revenues of US$1.32bn - up 21% on the same period last year, despite being down 12% on the previous quarter.
The asset management division alone increased its revenues to US$380m from US$327m at Q3 2000. Assets under management also increased for the fourth consecutive year on the period to stand at US$324.9m - a 6% increase on Q3 2000.
Other key results included:
- securities services net revenues of US$295m increased 26% over the sale the same period last year; - net revenues in investment banking were down to US$1.10bn - 17% lower then Q3 2000;- trading and principal investments were fell both on the proceeding quarter and on the same period last year at US$1.24, compared with the US$2.12bn for Q3, 2000.- operating expenses were 8% lower than last year’s third quarter at US$2.89bn;- total capital was US$48.24bn (US$17.96bn in shareholder equity, US$30.28bn in long-term debt).
Goldman Sachs chairman and chief executive officer Henry Paulson added: “We are very confident about the longterm outlook for out business, but believe that the immediate impact will be a further weakening in the operating environment and a delay in the economic recovery.”
By Madhu Kalia
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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