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Morning, it’s Adam here in Sydney, gearing up for the start of the Women’s World Cup later this evening. Here’s everything you need to know to start your day. Today’s must-reads: • Profit plunges at Goldman Sachs • Penfolds launches first China-made premium wine • Chinese swarm for Australian property Profit tumbled at Goldman Sachs as the Wall Street giant notched one of its weakest quarters under CEO David Solomon. Second-quarter earnings fell 58% on an investment-banking slump, real estate markdowns and a goodwill writedown in the consumer business, which...

Goldman Profit Plunges As Banking, FICC Miss; CEO DJ Sol Hammered By Multiple Writedowns After what was a lengthy and very uncharacteristic guide-down process by a bank that has historically never preannounced earnings (and certainly not bad earnings), with Bloomberg reporting that Goldman "has embraced a new game plan to avoid a third straight quarter of disappointing investors on earnings day" and breaking "with its own long-standing convention, Goldman executives have been actively downplaying expectations for results that will be disclosed next week", this morning Goldman did not disapp

It’s a tough time to be in the real estate business. That means Goldman Sachs Group Inc. is feeling some pain, too. The bank isn’t the largest property lender, but it has more than $14 billion of real estate investments. Writedowns of those bets helped drive a $1.15 billion hit in the second quarter. The firm didn’t detail which properties drove the loss, which was spread across equity and debt investments on its balance sheet as well as some consolidated investment entities. Goldman added a slide on its commercial real...

Goldman Sachs reported a sharp drop in profit on Wednesday as dealmaking and trading, a core part of the mega bank’s business, dry up. The Wall Street titan also felt the pain of a nearly $1 billion reduction in the value of its consumer and real estate businesses. Goldman saw its investment banking revenue decline by about 20% in the second quarter of 2023, according to its latest earnings report, released Wednesday. Trading revenue also fell by about 12%. Overall, profit fell by 58% from a year ago, to $1.2...

Goldman Sachs GS 3.08%increase; green up pointing triangle reported significantly lower profit for the second quarter, hurt by write-downs in its consumer and asset-management businesses. The bank on Wednesday said quarterly profit was $1.22 billion, down 58% from a year ago. That amounted to $3.08 per share, which missed the $3.16 per share expected by analysts polled by FactSet. Revenue was $10.9 billion, down 8% from a year ago. That still beat the $10.61 billion expected by analysts. Goldman is the only one among its big-bank peers to miss per-share...

Goldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. The bank in particular highlighted write-downs in the value of its commercial real estate portfolio, a $1.2 billion hit to profit, and the buy-now-pay-later firm GreenSky, which subtracted nearly $700 million from its earnings. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Quarterly revenue, at $10.9 billion, was 8 percent lower than last year. The bank employed 44,600 people at the...

Goldman Sachs Group Inc. GS, stock was down 0.7% in premarket trades Wednesday after the bank reported second-quarter earnings that fell short of Wall Street’s lowered expectations. Goldman Sachs said its earnings for the three months ended June 30 fell by more than half to $1.07 billion, or $3.08 a share, from $2.79 billion, or $7.73 a share, in the year-ago period. Goldman fell short of the analyst expectation for earnings of $3.16 a share, according to estimates compiled by FactSet. Goldman Sachs’s second-quarter revenue fell to $10.9 billion, from...

July 19 (Reuters) - Goldman Sachs Group's (GS.N) second-quarter profit fell as the Wall Street giant took a $504 million writedown tied to its GreenSky business, while the investment banking business took a hit from lower dealmaking volumes. It reported on Wednesday a profit of $1.07 billion, or $3.08 per share, for the quarter ended June 30, compared to $2.79 billion, or $7.73 per share, a year earlier. Ten straight rate hikes by the Federal Reserve have left the economy on a shaky ground, with many executives predicting a slowdown...

Goldman Sachs is the last big bank out of the gate with second-quarter earnings, and things don’t look pretty. Profit fell 58% from one year ago, to $1.22 billion. That amounted to $3.08 per share, missing the $3.16 per share that analysts polled by FactSet had expected. Revenue fell 8% to $10.9 billion, though that beat the $10.61 billion analysts forecast. Some big news: Earnings took a big hit from Goldman’s ongoing exit from consumer lending. Goldman wrote down $504 million of “goodwill” related to its consumer platforms unit. That...