00:00 It's Benzinga and here's what's on the block.
00:02 Goldman Sachs' second quarter profit dropped 58% to $1.22 billion and revenue declined
00:08 by 8% to $10.9 billion during the quarter, missing analysts' expectations.
00:13 The losses are mainly due to the sale of its Green Sky lending unit and commercial real
00:17 estate investments impacting per share earnings.
00:20 The current economic climate poses challenges to the banking giant as investment banking
00:25 and trading activities experience a slump.
00:27 The bank heavily depends on Wall Street activities for revenue, which exposes it to market volatility.
00:32 Nonetheless, the company remains confident in its strategic execution and ability to
00:37 meet return targets.
00:39 Goldman Sachs' shares have slipped 2% this year, while the broader KBW Bank Index has
00:44 dropped 18%.
00:46 Major banks such as JP Morgan, Citigroup, Wells Fargo, Bank of America and Morgan Stanley
00:51 posted earnings that surpassed expectations supported by high interest rates.
00:54 For all things money, visit Benzinga.com.
00:56 (laughs)
Comments