Goldman Sachs (NYSE:GS) is expected to report another big decline in earnings when it releases its third-quarter results after the market close on October 17, 2023.
The bank has been affected by a decline in corporate activity, which has whittled away at the fees it earns from investment banking.
Revenue for the three months ended September 30, 2023, is expected to be down by more than a third to $11.15 billion, according to the consensus estimate of Wall Street analysts.
Earnings per share are likely to be down by a similar margin, falling 36% from a year ago to $5.32, according to Zacks Investment Research, based on 8 analysts' forecasts.
The company also reported a big decline in second-quarter earnings after it wrote down its investment in home improvement lender GreenSky and due to a decline in M&A activity.
Reporting its 2Q earnings in July, the bank noted that a 20% decrease in investment banking fees reflected a “significant decline in industry-wide completed mergers and acquisitions transactions.”
Ahead of its results, Goldman Sachs (NYSE:GS) shares were up 0.3% at $310.68 in early Friday afternoon trading in New York. They’ve fallen 10.3% year to date.
Contact the author at stephen.gunnion@proactiveinvestors.com