Goldman profit hurt by weak underwriting, M&A

(Reuters) – Goldman Sachs Group Inc (N:) reported a 27% slump in quarterly profit on Tuesday, hit by lower fees from advising on deals and weakness in underwriting.

The bank’s net earnings applicable to common shareholders fell 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.

Total net revenue fell 6% to $8.32 billion.

Analysts on average had expected earnings of $4.81 per share and revenue of $8.31 billion, according to the IBES estimate from Refinitiv. It was not immediately clear whether the reported numbers were compatible with the consensus forecast.

Expectations from most brokerages tracking the David Solomon-led investment bank were generally muted as macroeconomic conditions have been weighing on investor sentiment.

Goldman’s main rival Morgan Stanley (N:) is expected to report quarterly results on Thursday.

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