Goldman Sachs' Profit Plummets as GreenSky and Real Estate Take a Toll

Goldman Sachs reported second-quarter profit below analysts' expectations due to writedowns related to commercial real estate and the sale of its GreenSky lending unit. The bank's profit fell 58% to $1.22 billion, or $3.08 a share, while companywide revenue declined 8% to $10.9 billion. Goldman faces challenges in its investment banking and trading businesses, and has warned of write-downs on commercial real estate and impairments tied to the planned sale of GreenSky. The bank's reliance on volatile Wall Street activities makes it susceptible to market fluctuations. Analysts will likely question CEO David Solomon about plans to retrench from consumer banking, and Goldman's shares have dipped nearly 2% this year.